From Consensus to Constitution: Why Blockchain Governance Is More Than Code

Abstract

This article examines blockchain governance as a cultural and algorithmic paradigm, moving beyond code to constitutional logic. It analyzes Delegated Proof of Stake (DPoS) as a form of programmed democracy, highlighting its tension between efficiency and fairness and its risk of oligarchic drift. The study contrasts algorithmic transparency with centralized control in Web2, framing blockchain as a new public square where trust flows through cryptography rather than ballots. Cryptocurrencies are interpreted as algorithmic artifacts—symbols of a democratized code economy—while cases like Dogecoin reveal how humor and creativity shape value systems in decentralized networks. Ultimately, the paper argues that blockchain governance requires not only technical precision but symbolic legitimacy, balancing innovation with ethical responsibility.