kaal:claim:3808873-039

One token one vote on chain governance produces plutocracy: it allocates more power to holders of a significant share of supply so that majority token holders have more power than all other holders combined, reintroducing the defects of one share one vote legacy designs.

A one- token-one-vote design allocates more power to token holders who have a significant share of the total supply of a given token. Majority token holders have more power than the rest of the token holders combined.

Wulf A. Kaal, Decentralization Neutralizers (2021), XI. Lack of Decentralized Governance Systems, p. 31
https://ssrn.com/abstract=3808873 · source PDF

Wulf A. Kaal, Decentralization Neutralizers (2021). SSRN: https://ssrn.com/abstract=3808873

• on chain voting mechanisms of the early 2020s

mechanismsupport: arguedfailure: One Token One Vote Plutocracyfamily: plutocratic-capturegovernance-designtokenomics

• extends kaal:claim:3441904-021 A one token one vote mechanism in existing decentralized protocols with on chain governance resembles a plutoc...
• restates kaal:claim:3652481-030 The one token one vote designs popular in the early 2020s produced suboptimal voting outcomes because they all...
• restates kaal:claim:3799320-027 Suboptimal voting outcomes in existing decentralized protocols trace to one token one vote mechanisms, which a...
• generalizes kaal:claim:5887242-009 A reputation-based staking system sits at the core of the UDLC DAO's internal governance precisely because it ...

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