BGIN Block #9 - Reflection
Multistakeholder Blockchain Governance has to BGIN somewhere
A week ago, Nov 19th-22nd, 2023, we hosted the Blockchain Governance Initiative Network's Block #9 Meeting in Sydney.
What an incredible experience! The feedback we've received regarding the high calibre of conversations and the unique approach to discourse has been extraordinary. Thank you all for participating; it wouldn’t be possible without such a brilliant network of diverse expertise.
While I am still in the midst of processing everything discussed and analysed throughout the week, I’ve got some high-level notes to share with you on each of the days, which I consider a main takeaway.
Day 1 Governance
Although blockchain is a powerful tool, it faces similar governance challenges that many network-based innovations continually strive to resolve; governance is always going to be present as an evolving attempt to facilitate better and/or preserve human coordination in the face of technological advancement.
We should learn from existing open-source governance frameworks that attempt to assess risk and infrastructure collaboration, for example, IETF, ISO, IOSCO, ICAN, IGF, and OpenID to grow blockchain standards and policy coordination.
Liquid democracy is becoming relevant as an optionality to the current delegation systems in decentralised systems. Potentially, a goal for on-chain facilitated governance experiments soon. We have started issuing Soulbound tokens to BGIN participants as Knowledge Bound Tokens keen to see where that goes.
BGIN has a role in contributing to the standards and governance systems for self-regulation practices via multistakeholder coordination.
Day 2 - Financial Applications
There is an apparent symmetry in the challenges faced by traditional financial and decentralised finance; however - until this day, I had not seen these conversations of learned experience shared so succinctly.
Our discussion included a range of topics from decentralized finance (Dai), privately issued currencies (AUDD), USD-based systems (USDC), to Central Bank Digital Currencies (CBDC, like DFCRC). The themes of discourse fit into a few categories as I could tell;
Risks, their management and response to events that cause systemic risk. A deep dive into the events surrounding the SVB bank run and its effects on DAI / the ecosystem.
Real-time accounts of actions deliberated in different financial systems, from the traditional to the decentralised, globally.
Setting standards for blockchain technology has its challenges as the technology matures with R&D. With a small taste of AI in the mix, we mused the potential collaboration cause and effects.
The different ways standards can either be too quick or too slow and the results of these paths seen in history.
Privacy seems to be a recurring theme throughout the whole of BGIN - financial applications were no different within the context of CBDCs, stablecoins, deposit tokens and tokenisation more broadly.
Day 3 - Non-financial Applications
We started the day by introducing a concept still in its nascent stage: privacy pools. In the past 6 months, this innovation of creating association sets in a decentralised financial liquidity pool has fascinated builders and regulators. Using a collection of cryptography and smart contract technology, including tornado cash privacy pools, creates a potential vector for more privacy-preserving yet accountable compliance in decentralised finance applications.
Setting a tone of conversation, we examined the potential outcomes and challenges that the implementation of such technology could have.
Transitioning into the theme of Wallet governance, Open Wallet Foundation shared its vision of collaboration in a multistakeholder environment.
Combining the themes of wallets, privacy and digital identity with the context of blockchain governance, we evaluated some major themes the industry currently faces;
Accountable Wallets
ZKP Applications
Wallets Standardisation
Biometric governance and privacy
Digital identity open discussions
Day 4 - Industry
On this day, we heard from the event sponsors about their industry experiences and value propositions. As well as the Australian Blockchain industry leaders to explore the opportunities for collaboration within the region.
With a focused conversation on the governance of BGIN and what can happen next, including Block #10.
The day concluded with a fireside chat featuring two Ethereum pioneers sharing their insights and experiences in organizing a global, decentralized community.
Hosting the BGIN network in my hometown has been an immense honour. The impact of these conversations feels substantial. To all of the fellows who supported and participated in the journey to and throughout Block # 9 thank you for joining the path and supporting us in making this happen. To those who travelled internationally to experience our beautiful city, a big thank you; having you here was fantastic. :)
I met so many new colleagues in the industry throughout the past week; I feel an affinity with all of you, keep in touch.
I encourage everyone to continue progressing towards BGIN goals together, participating in ways you find most valuable.
International Blockchain Governance has to BGIN somewhere,
This post only scratches the surface of what was discussed and explored; expect more detailed reflections and documentation-based outcomes soon.
We host working groups every other week & are active on the discourse forum.
Onward
