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That's a great question.
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When we go to Polkadot.js.org > Governance, we see "Democracy".
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Technically, this is not democracy. And it's good that's not democracy.
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Democracy is a beautiful word but it doesn't work.
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We actually have on Polkadot a governance based on "skin in the game".
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Indeed whales can force a bad decision on the network, but for this, they need to lock their tokens for a long time, which means that they are the ones that will most suffer from wrong decisions.
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That's similar to Bitcoin mining.
If Bitcoin's blocks were created by "democracy", it would have failed.
Instead, Bitcoin works because blocks are created based on game theory and the miners will rationally do what is better for the newtork, despite them being good or evil (because they want more money!).
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Skin in The + Math (Game theory) > Democracy
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But for many people, this is a hard pill to swallow.
Hello, everyone.
My name is Brad and it's my 4th book titled UnBrokable* II.
Charles Bukowski was the famous American poet in the 1970s and considered the laureate of American lowlife.
But, he bought his first house 23 years later than me: How did this happen?
We will talk more in detail.
This is one I have by an Irish author, Rory Gillen of Gillen Markets. 3 Steps to Investment Success: How to Obtain the Returns, While Controlling Risk https://www.amazon.co.uk/dp/B009R4NX4K/ref=cm_sw_r_cp_api_HARPF790E1XXX8QG9V1Y