[dragonwriter]

That's only true with a restricted definition of stakeholders and majority (e.g., miners weighted by mining capacity in Bitcoin). It's not a majority of individuals in the community using the blockchain.

So I'm not sure that it's really all that distinct from legislative majorities in traditional legal system (and clearly less of a genuine majority than in legislative systems where the public retains, whether or not it chooses to frequently exercise them, powers of initiative and referendum.)

[onestone]

I actually meant economic majority because that's what gives the token its value. A >50% hashrate majority in a PoW blockchain can censor transactions, but it's powerless if most users (or most precisely, the users who own most of the tokens) collectively decide to hardfork.