If you are not aware already about the Arbitrum governance controversy, please read the situation HERE now before continuing.
After having some conversations about it with different leaders in the space, one probable issue lingers that everybody already feared.
If Arbitrum is able to just do as it wishes without caring about the results of a governance proposal, then is it a decentralized platform as it claims to be? Why are users holding ARB tokens then? Is it only as an investment with a long term goal of financial gain?
If that is the case, and lawyers are able to win this case if it ever goes to court, we are facing a very bad precedent. the ARB token will then be considered a security, since holders of this token have no other usage then an investment vehicle as the governance aspect, which is one aspect of what differs a security from a commodity.
The goal is to find a solution to enforce governance proposals on-chain and make sure that Code is Law above everything else. This is the reason why blockchain was created in the first place.
If you have an idea that you would like to implement or a startup that aims to solve that issue, we would be glad to listen.
Also, feel free to read our blog post on our opinion on why most blockchains are destined to fail!