Arruñada, BenitoGaricano, LuisUniversitat Pompeu Fabra. Departament d'Economia i Empresa2020-05-252020-05-252018-04-10http://hdl.handle.net/10230/44773By allowing networks to split, decentralized blockchain platforms protect members against hold up, but hinder coordination, given that adaptation decisions are ultimately decentralized. The current solutions to improve coordination, based on premining cryptocoins, taxing members and incentivizing developers, are insufficient. For blockchain to fulfill its promise and outcompete centralized firms, it needs to develop new forms of soft decentralized governance (anarchic, aristocratic, democratic, and autocratic) that allow networks to avoid bad equilibria.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative CommonsBlockchain: The birth of decentralized governance<resourceType xmlns="http://datacite.org/schema/kernel-3" resourceTypeGeneral="Other">info:eu-repo/semantics/workingPaper</resourceType><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">Blockchain</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">platforms</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">networks</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">hold‐up</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">coordination</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">relational capital</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">incomplete contracts</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">decentralized governance</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">Business Economics and Industrial Organization</subject><rights xmlns="http://datacite.org/schema/kernel-3">info:eu-repo/semantics/openAccess</rights>