Abstract
The transparent and immutable nature of the blockchain provides incentives for organizations wishing to create and implement an open, decentralized governance structure. As members exercise their voting rights, a fault tolerant record accumulates on the blockchain that can be analyzed to diagnose and intercept potential threats to the governing body. To date, there has not been a systematic study of on-chain governance with respect to voting. In this paper, we provide an analysis of blockchain governance through a case study of the first cryptocurrency to adopt on-chain voting, Dash. Our analysis introduces the key characteristics of blockchain governance, steps through a data-driven exploration of Dash's on-chain voting system enabled only by the transparent nature of the blockchain and highlights exploitable attack vectors and vulnerabilities for the subversion of Dash's on-chain voting system via a novel network analysis methodology before concluding with guidelines for other organizations looking to implement similar blockchain governance solutions while maintaining integrity in their operations.
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