The power of prediction: an experiment in vote buying

This week, early cryptocurrency adopter, Shayne Coplan, created several Augur-based prediction markets that test the limits of on-chain governance processes, adding extra-protocol incentives in order to alter the mechanism designs developed by protocol architects.

While still in their infancy, these market experiments may eventually threaten the value proposition of on-chain voting as efficient coordination infrastructure, transforming governance processes from ostensibly democratic demonstrations into purely plutocratic procedures.