decentralized framework that allows the users of a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain network to vote on any <strong>updates</strong> or improvements of the underlying <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-protocol/">protocol. Rather than relying on a centralized authority, many blockchains have delegated communities that manage the processes of protocol enhancements and fixes.</p>\n<p>Blockchain governance is responsible for making two types of decisions:</p>\n<ul>\n<li><strong>The underlying rules of the protocol in the code</strong>;</li>\n<li>The economic network incentive system.</li>\n</ul>\n<p>The process of governing a blockchain is complicated due to its decentralized structure. On-chain governance is frequently used in distributed <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cloud/">cloud-based systems to meet the agility needs and guarantee that the resources are appropriately allocated.</p>\n<p>DFINITY networks use <strong>proprietary AI systems</strong> alongside on-chain governance principles to distribute computing power throughout its network of companies and applications that connect to the same cloud architecture.</p>\n<p>Digital currencies like Tezos (XTZ) or Decred (DCR) apply on-chain governance by allowing the user base to vote on the vision of the platform, as well as make changes to the protocol that can improve user and developer experience.</p>\n<p>On-chain governance is one of the cornerstones of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-autonomous-organizations-dao/">decentralized autonomous organizations (DAOs)</strong></a>. DAOs act as <strong>community-run platforms</strong>. Members hold <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-governance-token/">governance tokens</strong></a> that they can use to decide on the rules of the protocol and have a direct impact on the development of the product.</p>\n<p>Some cryptocurrencies, like <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a>, use <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-off-chain-governance/">off-chain governance</strong></a> methods, which do not provide the same level of flexibility for investors that on-chain governance offers.</p>\n<p>In on-chain governance, three mechanisms are in play &ndash; <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-consensus/">consensus, <strong>incentive</strong>, and information.</p>\n<h3>Consensus</h3>\n<p>Consensus means that the members of the network can directly vote based on the principles of democracy. All decisions, updates, and changes are made on the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-distributed-ledger/">distributed ledger</strong></a> protocol. By voting, users can implement improvements to the blockchain system without an intermediary.</p>\n<h3>Incentive</h3>\n<p>Following the principles of <strong>incentive</strong>, users and developers can promote changes that may positively affect the performance of the protocol for their sake but negatively impact others. Such changes can include reduced transaction costs. Miners can suggest changes that may increase the block rewards they receive for their job.</p>\n<p>Incentives may be favorable only to the parties suggesting the changes and can cause issues to the network in the long run.</p>\n<h3>Information</h3>\n<p>Information provided in on-chain governance systems must maintain transparency. Some of the advantages to on-chain governance are:</p>\n<ul>\n<li><strong>Effective decision-making</strong> thanks to decentralization. No one person has more power over the network than the rest;</li>\n<li>On-chain governance offers more transparency as all network users have access to the code and can see what changes are being made;</li>\n<li>On-chain governance helps prevent <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hard-fork-blockchain/">hard forks</strong></a>, which may occur if the interests of some stakeholders clash with other organizations.</li>\n</ul>\n<p>Users that hold governance tokens and are part of the protocol management process may receive certain incentives to encourage further participation.</p>","level":"medium","meta_title":"What is On-Chain Governance? 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This is the base of all <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrencies, which must use a single copy of the same database shared among all partakers.</p>\n<p>Furthermore, on-ledger currencies are usually arranged on the basis of the supply, public or private nature of the database, the consensus technique employed, the ecosystem, the extent of utilization, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-liquidity/">liquidity, the emission rate, wallet support, and other qualities.</p>\n<p>As a result of the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-open-source/">open-source nature of blockchain technology, on-ledger currency can be <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fork-blockchain/">forked, and it is easy to use it to build a new on-ledger currency with adjusted features.</p>\n<p><a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin is the first and the most important illustration of an on-ledger currency, despite the fact that there are many more of these types of currencies nowadays. An on-ledger currency is noteworthy because it is not feasible for one or a few individuals with considerable influence to adjust its parameters. This essentially indicates that an on-ledger currency has to be free from centralized management.&nbsp;</p>\n<p>Moreover, on-ledger currencies have the possibility to evolve into a superior choice to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-off-ledger-currency/">off-ledger currencies</strong></a> or even <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fiat/">fiat. Typically they are impossible to counterfeit. On-ledger currencies are open, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized, accessible, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-pseudonymous/">pseudo-anonymous. They require the continuous and incentivized provision of computational power to maintain form. Also, they are kept in <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">digital wallets</strong></a>.</p>","level":"easy","meta_title":"What is On-Ledger Currency? Definition & Meaning | Crypto Wiki","meta_description":"On-Ledger Currency meaning: On-Ledger Currency - is a type of currency that's based on blockchain technology.","meta_keywords":null,"language":"en","created_at":"2022-03-24T14:14:07.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-on-ledger-currency"},"prevSection":{"id":569,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Orphaned Block (Orphan)?","slug":"what-is-orphaned-block-orphan","section":"O","keyword":"Orphaned Block (Orphan)","status":"published","definition":"a valid block that is not a part of the central blockchain and has no parent block.","content":"<p><strong>An orphaned block</strong> <strong>(an orphan, stale block, or detached block) is a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">block that doesn&rsquo;t have a parent block (or it is unknown). </strong>These blocks were created in earlier versions of the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Bitcoin</strong></a> core software when network nodes could accept blocks even if they didn't have any information about their parent blocks.&nbsp;</p>\n<p>However, orphaned blocks can&rsquo;t be created anymore on this blockchain after the release of Bitcoin Core v.0.10. Though the term &ldquo;orphaned block&rdquo; is still used to refer to a valid block that gets discarded from the main blockchain.</p>\n<p>How does that happen? When two distinct <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-miner/">miners transmit their legitimate blocks almost at the same time, the network splits into two competing copies of the blockchain until one of the blocks is detached. <strong>As a general rule, the longest chain wins over and the other one is abandoned</strong>.</p>\n<p>When this happens, even though both blocks are verified and legitimate, only one of them can stay on to the main chain, which results in the creation of an orphaned block.</p>\n<p>Now, because miners are constantly creating new blocks, there are a lot of cases when blocks are transmitted onto the network at the same moment. Since the network is decentralized, the transfer of information about these cases between nodes might take a long time.&nbsp;</p>\n<p>Thus, sometimes one group of nodes might decide to validate one block while another group might decide to validate another. This would essentially create two different versions of the same blockchain (this process is called a&nbsp;<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fork-blockchain/">fork).

/n

By factoring in propagation delay and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block-time/">block time</strong></a>, blockchain developers can limit the number of orphans. <strong>However, if the decentralized platform has a long propagation delay and a short block time, an orphaned block is likely to emerge</strong>.</p>","level":"easy","meta_title":"What is Orphaned Block (Orphan)? Definition & Meaning | Crypto Wiki","meta_description":"Orphaned Block (Orphan) meaning: Orphaned Block (Orphan) - a valid block that is not a part of the central blockchain and has no parent block.","meta_keywords":null,"language":"en","created_at":"2022-03-24T11:16:34.000000Z","updated_at":"2023-01-09T14:41:51.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-orphaned-block-orphan"},"currentChapter":"O","currentSection":"what-is-on-chain-governance","chapterTitle":"O","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-on-chain-governance","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

Crypto Terms: Letter O

What is On-Chain Governance?

On-Chain Governance MEANING:
On-Chain Governance - a decentralized framework used to organize change the underlying protocol of a blockchain network.
Medium
2 minutes

Let's find out On-Chain Governance meaning, definition in crypto, what is On-Chain Governance, and all other detailed facts.

On-chain governance is a decentralized framework that allows the users of a blockchain network to vote on any updates or improvements of the underlying protocol. Rather than relying on a centralized authority, many blockchains have delegated communities that manage the processes of protocol enhancements and fixes.

Blockchain governance is responsible for making two types of decisions:

  • The underlying rules of the protocol in the code;
  • The economic network incentive system.

The process of governing a blockchain is complicated due to its decentralized structure. On-chain governance is frequently used in distributed cloud-based systems to meet the agility needs and guarantee that the resources are appropriately allocated.

DFINITY networks use proprietary AI systems alongside on-chain governance principles to distribute computing power throughout its network of companies and applications that connect to the same cloud architecture.

Digital currencies like Tezos (XTZ) or Decred (DCR) apply on-chain governance by allowing the user base to vote on the vision of the platform, as well as make changes to the protocol that can improve user and developer experience.

On-chain governance is one of the cornerstones of decentralized autonomous organizations (DAOs). DAOs act as community-run platforms. Members hold governance tokens that they can use to decide on the rules of the protocol and have a direct impact on the development of the product.

Some cryptocurrencies, like Bitcoin (BTC), use off-chain governance methods, which do not provide the same level of flexibility for investors that on-chain governance offers.

In on-chain governance, three mechanisms are in play – consensus, incentive, and information.

Consensus

Consensus means that the members of the network can directly vote based on the principles of democracy. All decisions, updates, and changes are made on the distributed ledger protocol. By voting, users can implement improvements to the blockchain system without an intermediary.

Incentive

Following the principles of incentive, users and developers can promote changes that may positively affect the performance of the protocol for their sake but negatively impact others. Such changes can include reduced transaction costs. Miners can suggest changes that may increase the block rewards they receive for their job.

Incentives may be favorable only to the parties suggesting the changes and can cause issues to the network in the long run.

Information

Information provided in on-chain governance systems must maintain transparency. Some of the advantages to on-chain governance are:

  • Effective decision-making thanks to decentralization. No one person has more power over the network than the rest;
  • On-chain governance offers more transparency as all network users have access to the code and can see what changes are being made;
  • On-chain governance helps prevent hard forks, which may occur if the interests of some stakeholders clash with other organizations.

Users that hold governance tokens and are part of the protocol management process may receive certain incentives to encourage further participation.