While I do not believe the only, or even the best, mechanism to implement decentralized governance process is through a one-token-one-vote scheme, I do believe that the token model is effective at translating social values into economic outcomes.

Formalizing stakeholders for on-chain governance today typically occurs through simple token ownership and the governance itself through tokenholder voting. Unfortunately, token holdings are not an accurate reflection of stakeholder value in a protocol for a number of reasons

-Participatory decision-making and cooperative business models: From this standpoint, crypto tokens represent one of the most promising innovations for enabling ownership to be distributed and transferred on the internet as easily as information.