Background: Ethereum (ETH) founder Vitalik Buterin recently mentioned in response to a tweet from a netizen that technically all currencies require authorization, and new holders need the permission of existing holders. He mentioned that there is a trade-off in the degree of authorization, and theoretically, a structure could be designed to require multiple existing members' permission to become a member while still remaining relatively open. He also suggested establishing a secondary funding mechanism based on existing member points to promote decentralized membership. Such views provide an important perspective for our upcoming dialogue.
Reporter: First, thank you to Mr. Wang Peng, head of the BCH ecosystem fund, for accepting the interview. Mr. Wang, last week, Vitalik mentioned the 'authorized currency' and its implications for DAO governance in response to a netizen's question on Twitter, which sparked widespread discussion. How do you view this perspective?
Wang Peng: Thank you, I'm glad to participate in this topic discussion. Vitalik clearly pointed out a potential limitation in traditional governance models, which is the reliance on a single token holder to define membership. This authorization mechanism indeed has certain limitations, and the proposed multiple permission structure offers a new idea that allows governance to be more flexible and decentralized.
Reporter: Vitalik mentioned that the 'secondary funding mechanism' has sparked a lot of discussion. Do you think we can implement such a mechanism in the BCH ecosystem?
Wang Peng: I believe this is a viable solution. If we use existing member points as weights to promote a cumulative member points mechanism, it can not only empower contributing community members with more voice and participation opportunities but also motivate the community to maintain activity and contribution. This approach can effectively balance the relationship between contribution and power distribution, making governance more decentralized.
Reporter: In light of Vitalik's ideas, how do you think decentralized membership should be implemented in Web3 governance?
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 each member's contributions, combined with smart contracts to set corresponding weights and rules, can ensure that each member's participation and contributions are fairly recorded and acknowledged.
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 encourage interaction among members and introduce more high-quality, value-aligned new members to the community.
Finally, introducing a dynamic qualification review mechanism can enhance the flexibility of governance. For example, regularly assessing member participation, contributions, and community feedback, and even setting up a proposal mechanism to allow members to adjust governance, can better adapt to the community's development changes.
Such practices will ensure the decentralization of the governance structure, enhance community participation, and improve the overall health and sustainability of the ecosystem.
Reporter: The BCH ecosystem fund recently invested in 42DAO and participated in the project's incubation. Can you share the reasons behind this decision and the expected outcomes?
Wang Peng: We chose to invest in and participate in the incubation of the 42DAO project mainly because we see the huge 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 leverage 42DAO's platform to expand our influence and cooperation opportunities. We believe this investment is not just about supporting a project, but also recognizing its philosophy, and we look forward to exploring the development potential of the Web3 community together with 42DAO.
Reporter: Thank you, Mr. Wang, for your wonderful sharing. These insights about Vitalik's views and your insights will provide important inspiration for the future of DAO governance. We look forward to seeing these concepts concretely implemented in the BCH and 42DAO ecosystems.
Wang Peng: Thank you, I also look forward to validating these theories through practice and jointly promoting innovation and development in DAO governance.
