Who Governs the Chain? An Investigation into Decentralized Governance on Blockchain Communities

Blockchain technology in the form of cryptocurrencies has ushered in a new paradigm in how digital assets can be stored and transferred electronically. Cryptocurrencies typically espouse decentralization in their governance with the community being responsible for proposing, debating and implementing improvements to the blockchain. However, research substantiating the extent of blockchain communities' governance has been lacking. In this paper, we use Bitcoin, the largest cryptocurrency based on market value, as a case study to analyze community-managed governance for a blockchain community. The results show that users ultimately dictate the governance of a blockchain despite the significant influence of miners, developers, exchanges and related companies.