Bitshares in Crisis: "Decentralized" in Name, Centralized in Practice – A Network Held Hostage
Bitshares was once the leading light of decentralized blockchain technology, promising a future where no single individual or entity could control the network. Yet today, the project is facing an unprecedented crisis, one that threatens its very existence and principles. Voting is disabled, worker proposals are at a standstill, and the network is in paralysis.
The "Decentralized" Blockchain Controlled by One Man: How Did We Get Here?
At the heart of Bitshares’ current dilemma lies abit, a longtime developer and powerhouse within the community. Holding an overwhelming majority of the committee votes, abit has a level of influence that goes directly against the ideals of decentralization. Currently, abit holds 81,692,777 votes—vastly more than all other committee members combined. This overwhelming share effectively centralizes power in the hands of one individual.
With voting disabled and no active worker proposals, the network’s users and token holders are unable to make meaningful changes. This creates a situation where Bitshares is effectively in a stranglehold, as the decision-making power rests in the hands of abit, while the rest of the community is left powerless to push for the changes needed.
Bitshares: Trapped in a Broken Governance System
When voting is disabled on a decentralized network, the foundation of democratic decision-making crumbles. The Bitshares community is left without any real control or recourse, unable to vote for new committee members, approve funding proposals, or make any necessary updates to the network.
Under these circumstances, Bitshares’ governance system is effectively broken:
- No Voting: With the voting system disabled, Bitshares has lost its key mechanism for decentralization.
- Frozen Proposals: No new proposals can be approved or funded, leaving development and community projects at a standstill.
- Single-Point Control: abit’s near-total control over committee decisions means that he can essentially dictate the future of the network.
Is This the End of Decentralization for Bitshares?
The idea that one individual can control a so-called decentralized blockchain network is a stark reminder of the challenges inherent in decentralized governance. Bitshares’ current state illustrates the risks of centralization, even within a system designed to avoid it. With abit holding near-absolute authority, Bitshares’ ability to function as a decentralized project is essentially nullified.
Bitshares is now faced with a crucial question: Is there a way out of this deadlock?
The Call for abit to Act: Restore Decentralization or Release Control
For Bitshares to survive as a meaningful project, abit needs to address this crisis head-on. The community requires a pathway to regain its voice and restore democratic governance. This could mean:
- Re-enabling the Voting System so that users can elect new committee members, vote on worker proposals, and participate in governance.
- Supporting Decentralization Efforts to ensure that no one individual holds such concentrated power moving forward.
Abit has the power to restore voting and enable a fairer, more balanced system. However, without action from him, Bitshares will remain in a state of stagnation and centralized control.
Is There Hope for Bitshares’ Future?
Bitshares was built on principles of decentralization, transparency, and community empowerment. But today, the network stands at a crossroads, held captive by a single entity. For Bitshares to have any future, the community must demand change and push for the return of voting rights and distributed decision-making.
Without these fundamental elements, Bitshares is no different from a centralized entity—defeating the very purpose it was created for. Let this be a call to abit and the Bitshares community: Restore decentralization, or watch the network fade into irrelevance.