DeFi governance games: MakerDAO

Bitcoin was created as a peer-to-peer electronic cash system and therefore has (by design) limited functionality. However, one of the critical building blocks of Bitcoin is the Nakamoto consensus. This algorithm created a trustless environment for implementing Nick Szabo's idea of smart contracts.

Decentralized Autonomous Organizations (DAOs) became one of the key areas of application of smart contracts. In 2013, Vitalik Buterin even mentioned DAOs in one of the early versions of the Ethereum whitepaper on the possibility of using contracts for the “shareholder-run corporation” and “self-managed community.”