State of governance in blockchain
In most public blockchain networks, the "weight" of the vote is proportional to the number of tokens owned by the entity - the larger this number, the more the weight.
1 token, 1 vote doesn’t allow for fault-tolerant security in that node operators with larger token balances have more influence over governance proposals, leading to more risk of a plutocracy forming.
What is 1 entity 1 vote?
An “entity” is a node, validator, miner, company, voter or anything that participates in the governance or protocol with its “vote”.
In //STORE, one entity has one vote, irrespective of the size of their token ownership.
A "vote" is a decision by the entity. Votes are placed on proposals to change the network, examples include changes to;
BlockfinBFT consensus mechanism
Quantity & composition of miners and markets
What if one entity controls several entities?
This attack, called a Sybil attack, is mitigated by STORE’s “Trust Your Network” system by incentivizing miners to approve other miners to join the network, more information on TYN can be found here: (link to TYN page)
What is a good example of 1 entity 1 vote?
If, for instance, a company has the money to purchase a large number of units or shares in a specific commodity market such as gas or electricity, then no matter what the size of their stake, they will still only be receiving one vote.
So even though centralized corporate actors can try to purchase as much power, electricity or money as they’re capable of, this will not allow them to buy more votes, influence decision making and ultimately prevent them from gaining majority control of a network.