In this lesson, we look at blockchain ecosystem. We'll discuss the dedicated networks of blockchain leadership and governance and discuss the need for ever greater leadership and governance. By governance of course, we don't mean goverment, we mean the stewardship of a global resource. We'll compare blockchain to a global technology that you're all very familiar with, the Internet. You'll learn how the Internet's Governance Model came to be. You'll also learn how blockchain stake holders can apply this model today and in doing so, how they can overcome many of the showstopper and safeguard this technology's future. In 1992, computer scientists David Clark said, "We reject kings, presidents, and voting. We believe in rough consensus and running code." Now, that was the mantra of first-generation Internet pioneers. This philosophy for governing the Internet as a global resource, was a huge shift away from the usual way of doing things. More on that in just a minute. Now, back in 1992, most people weren't online. Internet traffic was really mostly email. The worldwide web, as you and I browser it today, was still a couple of years away. Most people couldn't imagine how the Internet would become the new medium of communication and collaboration, how it would become commonplace in all of our daily lives. Now, when the open source movement did arrive, it followed almost half a century of state-based resource governance. Hierarchies were the dominant paradigm, chains of command gave us industrial scale solutions for war-torn global community. International Monetary Fund and the World Trade Organization were born at the Bretton Woods conference in 1944. The United Nations and the groups under its authority, received wide latitude to go out and solve the world's problems. Such centralized paradigms, aren't as effective in the digital age. The creation of an open-source Internet was a bellwether. It was a dramatic departure from the traditional hierarchical structure that we've discussed. It was decentralized and yet it worked. The second-gen Internet, is just as enthusiastic about openness and just as disdainful of hierarchy. Satoshi Nakamoto, Erik Voorhees, Nick Szabo and other pioneers embraced much of the same self-sovereignty that Clark espoused decades ago. Now, this philosophy allowed the Bitcoin block chain to takeoff. Satoshi's rejection of hierarchy cultivated a vibrant ecosystem. But, this hands-off governance starting to show some cracks. As with the Internet, the blockchain ecosystem contains lots of competing viewpoints. Even the core blockchain contingents, have kind of split. Different crypto camps are advocating their own agendas and the fine details are lost in translation to a novice public at large. Brian Ford, the former head of MIT's Digital Currency Initiative, told us in the lead up to Bitcoin's 2017 hard fork. In the media, he said, "It has been a debate about the block size. But I think what we're seeing is that it's actually a debate on governance." A great organizing principle, is not on its own an agent of progress. Open-source governance has transformed society and we will need coordination, organization, and leadership. Even Wikipedia and Linux have Jimmy Wales in Linus Torvalds and to be clear, a benevolent dictator like this is not the solution here, but greater governance and leadership is required. Code alone is just a tool. It is humans who must lead. We need all stakeholders in the blockchain ecosystem to come together. We have serious unanswered questions. We need to address mission critical issues. How will the technology scale? Can we scale it without consuming too much energy? Can we agree on standards without reverting to hierarchy? At present, there needs to be a greater collective momentum towards solutions and we researched many of these questions and we think governance networks are the answer not state-based institutions. The Internet overcame similar challenges as a global resource needing stewardship. It's now curated orchestrated and otherwise governed by a once unthinkable network of individuals, civil society organizations, and corporations. It even has the implicit and sometimes active support of governments and nation-states. Most important, no government, no country, no corporation, no state-based institution controls the Internet. The lesson here is clear. Diverse stakeholders can effectively steward a global resource with inclusivity, consensus, and transparency. Block chain stake holders in civil society, the private sector, and governments can and should collaborate. Call these collaboration's Global Solution Networks. Such networks can achieve new forms of cooperation, social change, and even produce public value. Blockchain technology comes from the open source community but it quickly gained diverse stakeholders and they all have different backgrounds and interests. In this module, you'll learn about nine categories of stakeholders. They include; developers, venture capitalists, and entrepreneurs. As well as, corporations, governments, and non-governmental organizations. Each has a role to play. We need all stakeholders globally to collaborate and provide leadership. Any questions or comments, we're here to help. Please check out the discussion forum. For more on all the players in the blockchain ecosystem, see Chapter 11 of blockchain revolution.