Background: Ethereum (ETH) founder Vitalik Buterin recently responded to a tweet from a netizen, saying that technically all currencies require authorization, and new holders need to obtain permission from existing holders. He mentioned that there is a trade-off in the degree of authorization, and in theory a structure can be designed so that becoming a member requires the permission of multiple existing members and still remains relatively open. He also suggested establishing a secondary funding mechanism based on existing member points to promote decentralized membership. This view provides an important perspective for our subsequent conversation.
Reporter: First of all, I would like to thank Mr. Wang Peng, the head of the BCH Ecological Fund, for accepting the interview. Mr. Wang, last week, when Vitalik answered netizens' questions about DAO governance on Twitter, he mentioned "currency that requires authorization" and his views on DAO governance, which triggered widespread discussion. What do you think of this view?
Wang Peng: Thank you, I am glad to participate in the discussion of this topic. Vitalik's point of view clearly points out a potential limitation in the traditional governance model, which is to rely on a single token holder to define membership. This authorization mechanism does have certain limitations, and the multi-permission structure he proposed just provides a new idea to make governance more flexible and decentralized.
Reporter: The "quadratic funding mechanism" mentioned by Vitalik has sparked a lot of discussion. Do you think we can implement such a mechanism in the BCH ecosystem?
Wang Peng: I think this is a feasible solution. If the existing membership points are used as weights to promote the mechanism of accumulating membership points, it will not only give contributing community members more voice and participation opportunities, but also motivate the community to maintain activity and contribution. This method can effectively balance the relationship between contribution and power distribution, making governance more decentralized.
Reporter: Based on Vitalik’s ideas, how do you think decentralized membership should be implemented in the governance of Web3?
Wang Peng: In Web3 governance, decentralized membership can be achieved by introducing a transparent evaluation mechanism and a multi-level governance structure. First, using on-chain data to measure the contribution of each member, and combining smart contracts to set corresponding weights and rules, can ensure that the participation and contribution of each member are fairly recorded and recognized.
Secondly, we can envision a consensus-based voting mechanism that requires candidate members to obtain endorsements from multiple existing members, rather than simply relying on token holdings. This will promote interaction between members and introduce more high-quality new members with similar values to the community.
Finally, the introduction of a dynamic qualification review mechanism can improve the flexibility of governance. For example, regularly evaluating member participation, contributions, and community feedback, and even setting up a proposal mechanism to allow members to adjust governance, so as to better adapt to the development and changes of the community.
Such an approach will ensure the decentralization of governance structures, enhance community participation, and improve the health and sustainability of the overall ecosystem.
Reporter: BCH Ecological Fund recently invested in 42DAO and participated in the incubation of the project. Can you share the reasons behind this decision and the expected results?
Wang Peng: We chose to invest in and participate in 42DAO's project incubation mainly because we saw the great potential of 42DAO in promoting community participation and driving innovation. By supporting 42DAO's incubation projects, we hope to bring more vitality and new ideas to the BCH ecosystem. At the same time, this also allows us to use the 42DAO platform to expand our influence and cooperation opportunities. We believe that this investment is not only to support a project, but also to recognize its concept. We look forward to exploring the development potential of the Web3 community with 42DAO.
Reporter: Thank you Mr. Wang for your wonderful sharing. These views on Vitalik and your insights will provide important inspiration for the future of DAO governance. We look forward to seeing the specific implementation of these concepts in the BCH and 42DAO ecosystems.
Wang Peng: Thank you. I also look forward to verifying these theories through practice and jointly promoting the innovation and development of DAO governance.
