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22 Vand. J. Ent. & Tech. L. 273 (2019-2020)
The Very Brief History of Decentralized Blockchain Governance

handle is hein.journals/vanep22 and id is 273 raw text is: The Very Brief History of Decentralized Blockchain Governance Michael Abramowicz* ABSTRACT A new form of blockchain governance involving the use of formal games that incentivize participants to identify focal resolutions to normative questions is emerging. This symposium contribution provides a brief survey of the literature proposing and critiquing the use of such mechanisms of decentralized decision-making, and it evaluates early laboratory and real-world experiments with this approach. TABLE OF CONTENTS I. INTRODUCTION .............................................274 II. DECISION-MAKING THROUGH SCHELLING POINTS..... ......278 A. Informal Coordination with Schelling Points.... ......278 B. Formal Coordination with Schelling Points ....... ......281 C. Schelling Points in Cryptocurrency ........... .......284 1. Autonocoin, SchellingCoin, and TruthCoin Proposals.. 287 2. The P + Epsilon Attack ....................... 289 III. EXPERIMENTATION WITH SCHELLING POINT DECISION-MAKING. ................................. .....292 A. Laboratory Experimentation .............................293 B. Augur .......................................294 C. Token-Curated Registries .................... .....296 IV. RECOMMENDATIONS AND CONCLUSION ............... ...........297 Oppenheim Professor of Law, George Washington University. I am grateful to David Abrams and Omri Marian for helpful comments and to participants in workshops at Boston College and George Washington University. I am grateful to Amber Banks, Taylor Caleb, Caroline Hyde, Jin Yoshikawa, and the other editors at the Vanderbilt Journal of Entertainment & Technology Law for their excellent assistance in the publication process. All errors are my own. 273

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