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2 Notre Dame J. on Emerging Tech. 1 (2021)

handle is hein.journals/ndjet2 and id is 1 raw text is: VOLUME 2 MARCH 2021 JOURNAL ON EMERGING TECHNOLOGIES ©2 021 bythe NotreDame journal on EmergingTechnologies ARTICLES CAN PERMISSIONLESS BLOCKCHAINS AVOID GOVERNANCE AND THE LAW? EricAlston, Wilson Law, Ilia Murtazashvili & Martin Weiss INTRODUCTION ...................................................................3 I. INCOMPLETE GOVERNANCE AS DYNAMIC, COSTLY AND POLYCENTRIC ............ 7 II. DECENTRALIZED GOVERNANCE BY CODE: PERMISSIONLESS BLOCKCHAINS ..... 11 III. GOVERNANCE BY BLOCKCHAIN PROTOCOL ................................... 13 A. Consensus Mechanisms/AmendmentRules ...................... 14 B . Forking ............................................................. 16 C. Complex Smart Contracts andDAOs............................... 20 IV. GOVERNANCE SUBSIDIARY TO A CRYPTOCURRENCY BLOCKCHAIN ............. 21 V. COMPETITIVE GOVERNANCE OF CRYPTOCURRENCY BLOCKCHAINS .............. 24 VI. SUPERIOR GOVERNANCE OF CRYPTOCURRENCY BLOCKCHAINS ................. 27 CONCLUSION ................................................................... 30 1 ©2021by Eric Alston, Wilson Law, Ilia Murtazashvili & Martin Weiss ISSUE 1

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