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Democratic Blockchain Design

Author

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  • Yoan Hermstrüwer

Abstract

Democracy requires rules that are designed to prevent the abuse of power and money. Blockchain technology is sometimes heralded as a solution to mitigate the problems associated with voting procedures, such as counting errors, fraud,or the improper use of money to influence the outcome of the collective choice procedure. In this article, I argue that the democratic potential of the blockchain hinges on the specific design of the rules governing the validation of blocks.In support of this argument, I shed light on the governance problems raised by standard protocols such as proof-of-work, proof-of-stake, and on-chain voting.

Suggested Citation

  • Yoan Hermstrüwer, 2019. "Democratic Blockchain Design," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 175(1), pages 163-177.
    • Handle: RePEc:mhr:jinste:urn:doi:10.1628/jite-2019-0023
    DOI: 10.1628/jite-2019-0023
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    More about this item

    Keywords

    cryptocurrency; blockchain; democracy; market design; constitutional law; behavioral law and economics;
    All these keywords.

    JEL classification:

    • K16 - Law and Economics - - Basic Areas of Law - - - Election Law
    • K24 - Law and Economics - - Regulation and Business Law - - - Cyber Law
    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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