What is Decentralized Governance?

For blockchain networks and decentralized applications (dApps), decentralized governance refers to the processes through which the management of a platform is executed. It involves different methodologies for voting on platform tech, strategy, updates, rewards, and rules. Decentralized governance is typically conducted on-chain using blockchain-based voting systems. Usually, these votes can only be cast by platform users or holders of a project's governance token; many projects use a weighted-voting system that gives more voting power to users with more tokens. Decentralized governance is often enforced and managed through the use of a decentralized autonomous organization (DAO).