Governance
Governance in the context of cryptocurrency refers to the process by which decisions are made about the rules and operation of a blockchain network or cryptocurrency project.
This process of decision-making can take many forms depending on the specific cryptocurrency or blockchain network.
Some cryptocurrencies, like Bitcoin, operate on a decentralized model where choices are determined using a rudimentary consensus mechanism, in which nodes on the network reach an agreement after free and open discussion and debate. Other cryptocurrencies, like Ethereum, have codified their governance systems by implementing on-chain governance mechanisms that let token holders vote on proposals.
Furthermore, some crypto projects have added off-chain governance tools in addition to on-chain ones. These include community forums and social media platforms.