What is Off-Chain Governance?
Let's find out Off-Chain Governance meaning, definition in crypto, what is Off-Chain Governance, and all other detailed facts.
When an Off-Chain Governance is established, public blockchain stakeholders challenge one another for control by trying to persuade the majority to join and promote their cause. Thus it has similarities with how politics work in real life. Stakeholders promote their interests via collaboration platforms like social media and forums, or during events, conferences, and other gatherings.
Off-chain governance network tries to consider everyone’s interests, but the power of decision-making mostly fluctuates between the core development team members and miners.
The most popular blockchain platforms like Bitcoin or Ethereum use their own off-chain governance variation. For example, Bitcoin users don’t receive any inherent voting rights just by owning BTC since Bitcoin hasn’t introduced an on-chain governance network or governance tokens. The possession of BTC can only do so much, such as make your voice heard in off-chain conversations.
Moreover, it doesn’t matter how many blocks a Bitcoin miner has verified, that mining power does not translate to governance power. It’s important to note that no matter what hash rate percentage you reach when mining, you won’t be rewarded with governance rights. Your responsibility for verifying and adding transactions to the blockchain always stays the same just like the type of rewards you receive.
Before any major changes are implemented within Bitcoin or Ethereum, the proposal is discussed by the crucial members of the platform. They include the members of the core development team, miners, researchers, and end-users. In addition, Bitcoin allows anyone to attend its core development team’s online meetings.
Ethereum also governs its platform in a similar fashion as Bitcoin. Vitalik Buterin who is often considered the crypto hero is in charge of the core development team of Ethereum.
The process of making important decisions off-chain starts much as it does on-chain. The core development team brings forward a formal proposal for implementing new code like Bitcoin improvement proposal (BIP) or Ethereum improvement proposal (EIP) which basically are improvement suggestions. In the latter cases, they’re held in the project’s official repository on Microsoft or GitHub.
Then stakeholders come together to discuss the proposal and express their approval or disapproval of it. It’s much like game theory.
Node operators, also known as validators, and miners are consulted to find out whether they approve of upgrading the software. If everyone approves, then the code is implemented without a hassle. Although it almost never goes that smoothly.
Each major update is announced in advance in order to keep the developers and stakeholders on the same page.
Now, in case of disagreement between stakeholders, there are two possible courses of action:
- Try to change the opinion of stakeholders by using persuasion techniques to bring the other stakeholders around;
- Don’t try to change the stakeholders' opinions. Instead, enforce the hard fork protocol. This way they’re able to make relevant and agreed-upon changes.
Different from on-chain transactions, off-chain ones are able to be performed in an instant. This process involves <strong>lower fees<\/strong>, speed, and increased privacy.<\/p>\n<h3>How Do Off-Chain Transactions Happen?<\/h3>\n<p>Off-chain transactions that take place outside a blockchain network can be carried out in several ways. One of which is utilizing payment chains like Bitcoin’s <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-lightning-network/">Lightning Network<\/strong><\/a> that manage <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-peer-to-peer-p2p/">peer-to-peer transactions.<\/p>\n<p>Another common procedure of off-chain transactions is to exchange <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-private-key-secret-key/">private keys<\/strong><\/strong><\/a> with a current wallet. A new owner is allocated to a specific wallet using this procedure. This has no effect on the blockchain network and is a quick way to complete the transaction.<\/p>\n<p>A few <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralized-exchange-dex/">decentralized exchanges (DEX)<\/strong><\/a> have implemented the concept of trust to act as a guarantee among two people ready to conduct an off-chain transaction. P2P trading on Binance is a famous illustration of a platform that allows users to swap a variety of crypto tokens and pay using a variety of off-chain payment methods like bank transfers, Payoneer, and PayPal.<\/p>\n<p>Usually, off-chain transactions happen through trusted individuals or parties. Since there are cost, time, and anonymity benefits, off-chain transactions are increasing in popularity.<\/p>\n<p>Nonetheless, Solana and many other comparable crypto projects are aiming for reduced costs on-chain transactions with high <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-transactions-per-second-tps/">TPS./nThe Difference Between Off-Chain and On-Chain Transactions<\/h3>\n<p>The blockchain network represents on-chain transactions on the distributed ledger. It entails miners validating the transaction by verifying the ledger by miners. Transaction information is captured including everything that is happening on-chain.<\/p>\n<p>The transaction is uploaded to the distributed ledger and made public on the blockchain as a whole. As a result, it is irrevocable.<\/p>\n<p>With numerous other transactions in the line awaiting validation and a lot of stages to be completed, it is simple to see the reason why on-chain transactions take longer to complete efficiently. Furthermore, there may be <strong>substantial costs<\/strong> connected with on-chain transactions.<\/p>\n<p>These are a few of the explanations for why many users choose off-chain transactions. Several initiatives, though, are attempting to improve the performance and reduce network costs in blockchain transactions in order to make them more effective.<\/p>\n<p>Rather than being obligated to wait for validations from the blockchain network, off-chain transactions happen in an instant by using a few different techniques. <\/p>\n<p>On-chain transactions, on the other hand, need <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-validator/">validators to authenticate the transactions and this has high costs. As opposed to off-chain transactions that are typically free or very low cost. <\/p>\n<p>Off-chain transactions, unlike on-chain transactions, can’t be seen on the blockchain, thus providing more privacy.<\/p>","definition":"transactions are processed outside of the blockchain network. They offer speed and low costs.","status":"published","meta_title":"What is Off-Chain? Definition & Meaning | Crypto Wiki","meta_description":"Off-Chain meaning: Off-Chain - transactions are processed outside of the blockchain network. They offer speed and low costs.","meta_keywords":null}"
:model="{"id":554,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Governance","level":"medium","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-10T11:02:19.000000Z","slug":"what-is-off-chain-governance","title":"What is Off-Chain Governance?","section":"O","keyword":"Off-Chain Governance","content":"<p>When an <strong>Off-Chain Governance<\/strong> is established, <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-public-blockchain/">public blockchain<\/strong><\/a> stakeholders challenge one another for control by trying to persuade the majority to join and promote their cause. Thus it has similarities with how politics work in real life. Stakeholders promote their interests via collaboration platforms like social media and forums, or during events, conferences, and other gatherings.<\/p>\n<p>Off-chain governance network tries to consider everyone’s interests, but the power of decision-making mostly fluctuates between the core development team members and miners.<\/p>\n<p>The most popular blockchain platforms like <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin or <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum use their own off-chain governance variation. For example, Bitcoin users don’t receive any inherent voting rights just by owning BTC since Bitcoin hasn’t introduced an on-chain governance network or governance tokens. The possession of BTC can only do so much, such as make your voice heard in off-chain conversations.<\/p>\n<p>Moreover, it doesn’t matter how many blocks a Bitcoin miner has verified, that mining power does not translate to governance power. It’s important to note that no matter what hash rate percentage you reach when mining, you won’t be rewarded with governance rights. Your responsibility for verifying and adding transactions to the blockchain always stays the same just like the type of rewards you receive.<\/p>\n<p>Before any major changes are implemented within Bitcoin or Ethereum, the proposal is discussed by the crucial members of the platform. They include the members of the core development team, miners, researchers, and end-users. In addition, Bitcoin allows anyone to attend its core development team’s online meetings.<\/p>\n<p>Ethereum also governs its platform in a similar fashion as Bitcoin. <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//who-is-vitalik-buterin/">Vitalik Buterin<\/strong><\/strong><\/a> who is often considered the crypto hero is in charge of the core development team of Ethereum. <\/p>\n<p>The process of making important decisions off-chain starts much as it does <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-on-chain/">on-chain. The core development team brings forward a formal proposal for implementing new code like <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-bitcoin-improvement-proposal-bip/">Bitcoin improvement proposal (BIP)<\/strong><\/a> or <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-ethereum-improvement-proposal-eip/">Ethereum improvement proposal (EIP)<\/strong><\/a> which basically are improvement suggestions. In the latter cases, they’re held in the project’s official repository on Microsoft or GitHub.<\/p>\n<p>Then stakeholders come together to discuss the proposal and express their approval or disapproval of it. It’s much like <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-game-theory/">game theory<\/strong><\/a>. <\/p>\n<p>Node operators, also known as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-validator/">validators, and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-miner/">miners are consulted to find out whether they approve of upgrading the software. If everyone approves, then the code is implemented without a hassle. Although it almost never goes that smoothly. <\/p>\n<p>Each major update is announced in advance in order to keep the developers and stakeholders on the same page.<\/p>\n<p>Now, in case of disagreement between stakeholders, there are two possible courses of action:<\/p>\n<ul>\n<li>Try to change the opinion of stakeholders by using persuasion techniques to bring the other stakeholders around;<\/li>\n<li>Don’t try to change the stakeholders' opinions. Instead, enforce the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hard-fork-blockchain/">hard fork<\/strong><\/a> protocol. This way they’re able to make relevant and agreed-upon changes.<\/li>\n<\/ul>","definition":"is a blockchain governance model that allows every stakeholder to have a say in public blockchains' decision-making via collaboration.","status":"published","meta_title":"What is Off-Chain Governance? Definition & Meaning | Crypto Wiki","meta_description":"Off-Chain Governance meaning: Off-Chain Governance - is a blockchain governance model that allows every stakeholder to have a say in public blockchains' decision-making via collaboration.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
:chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens 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current-chapter="O"
current-section="what-is-off-chain-governance">