Okay, interesting discussion, but the word “democracy” is charged with so many different meanings that a discussion keying off it becomes fuzzy. Democracy means “a society governed by the people,” but how that works in practice varies widely. Simple majoritarian or direct democracy, often referred to as one person-one vote, has all kinds of problems associated with it, mostly the tyranny of the majority. So, democracies that are constrained by written constitutions and/or representative elected agents help restrain tyrannical behavior. US democracy was designed around checks and balances as structured by the Constitution (btw, it was never intended to be governed by a simple majority voting mechanism. In that sense, one-person=one vote is a fiction).

Blockchains should be democratic to the extent that the benefits of the BC accrue to the community of users and empower those users. How BC protocols should be governed is an entirely different matter. Transparency and accountability are probably the more important criteria.