In life, one of the best ways to learn something is to observe what the best in those fields are doing. If they are the best in their fields, then they must be doing something right to get to that point. When it comes to governance, I think Singapore has done amazingly well. The country has seen prosperity and stability for years and for a tiny country with no natural resources, being one of the wealthiest countries in the world is no small achievement. It is no coincidence that Vitalik Buterin, Arthur Hayes, and many well-known celebrities made their home in this tiny country.
So how did a tiny country attracts such talents? I would argue that one of the main attractions is peace and stability. It doesn’t matter how much money you have, if you have to constantly fear for your life or wake up to hostility, I doubt you will want to stay very long. Would a peaceful and stable environment attract talents? I think the answer is an absolute yes.
The next question becomes, what kind of governance lead to such results? The short answer is meritocracy and let me explain why that makes logical sense. The human population follows a bell curve and that means most people are average folks. I will apologize upfront because what I will say may start to offend people, which wasn’t my intention. But average folks make average decisions. And experiments had shown that most humans tend to think they are above average, which mathematically speaking, is impossible. That leads to the conclusion that if we allow the majority to make decisions, then we will arrive at average or below average results (Dunning–Kruger effect).
So how can we arrive at above average results? Meritocracy means that people rise to the top based on their merits. And then decisions will be made by these people (with track records) will tend to have better outcomes. I am not saying that their decisions will be perfect, but in terms of probabilities, simply by merits of their previous track record, they are provably better decision makers.
I believe Bitcoin Cash could do better with such a decision making model, specifically having a group of people whom are known to have some sort of meritorious track record and an agreement where such a majority agrees on something, all stakeholders will do their best to execute on it. I hope the community may explore such an idea.
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source https://www.reddit.com/r/btc/comments/gouwj7/community_governance/
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