The blockchain can and needs to be governed by elected individuals and businesses. The so called committee (a set of many individuals), can change blockchain parameters such as block size, block confirmation time and others. Most importantly, though, they deal with the business plan of the blockchain and tweak costs and revenue streams (mainly transaction fees). In contrast to most existing crypto currencies, we are not hoping for a fee market to grow but instead have the committee members deal with fine-tuning of the business plan. Fortunately, the shareholders have the final say to approve the executive committee.
Hence, we see businesses competing for seats in the committee to define blockchain parameters.
If business ideas requires certain blockchain parameters or a particular set of fees to be profitable, there are several options:
- Argue with shareholders to approve committee members that vote in their favour
- Get elected as committee member by showing that the business is worth being available in that particular chain
- Deploy the innovative business idea as a smart contract on the blockchain and have the shareholders approve the upgrade in combination with Fee Backed Asset that pays future fees of the smart contract to holders of that asset (Fee Backed Asset)