DetailsPrysm Group Founding Economist Stephanie Hurder, Ph.D. discusses the importance and challenges of establishing a governance system for a blockchain when hard forking is an option for
Prysm Group Founding Economist Stephanie Hurder, Ph.D. discusses the importance and challenges of establishing a governance system for a blockchain when hard forking is an option for part of the community. As a result of her research, Dr. Hurder finds that when choosing among policies in a governance setting, an individual’s preferred policy depends not only on what the individual wants, but what the other individuals on the chain want. This complexity of preferences cannot be captured by commonly advocated voting procedures, leading to problematic outcomes when those voting procedures are used. One critical observation is that, as blockchain governance processes are developed, blockchain developers may wish to encourage frequent, incremental proposals rather than infrequent, radical proposals in order to maintain a single community. Given the complexity of governing a blockchain, it is anticipated that blockchain developers will end up designing new and unique governance mechanisms. Some open questions to consider include what to use as the social planner’s objective, whether and when to try to prevent hard forks, and how to design a policy proposal process that works in harmony with the chosen governance.
Dr. Stephanie Hurder – Prysm Group
Further Information: Blockchain Upgrade as a Coordination Game
All Day (Thursday) PST
326 Galvez St, Stanford, CA
Comments are closed