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Cryptoeconomic Theory: Basics of Social Order – BlockChannel
The story of most all scientific disciplines today, are those composed of large groups of free things/objects gracefully coalescing into order. Chemists ask how elements can be joined together to…
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1 week ago
Posting a quick snippet from the article:
From the rational justifications of authoritarian regimes by Hobbes to the “decentralization of knowledge” by Hayek, we have come a long way.
When designing social order, there was a time not so long ago when the simple answer was to create a dictatorship or monarchy, caste systems, and order peasants around.
It's often the more complex systems that are more efficient, albeit harder to understand.
What the Bitcoin network accomplished was incredible. This is the largest ever collaboration + coordination of humans without a ruling authority. The social order achieved was not only completely free-willed; but also efficient.
Questions for the future will be :
How can decentralized protocols be used to incentivize social order?
Is it now possible to ‘make’ spontaneous order?
What will economic theories look like when money is programmable?
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