What did Satoshi get right that so many before got wrong? ViliLe takes a look at the past, and what it could mean for the future.
It’s an article of faith among crypto adherents that decentralization will solve many of society’s ills, including the problem of governance.
Many follow a similar life cycle: Charismatic founders who set out to change the world, guide their enterprises on a dazzling growth path but then crash against a hard wall of reality. They survive this collision, but not always for the better. He positions Nakamoto in a line of Digital Age libertarians, beginning with John Barlow, the cyberlibertarian “who dreamed of a virtual society in which order emerged independently of the authority of territorial states.” Nakamoto here is viewed through a political scientist’s lens. Lehdonvirta writes:
“To go through recently issued payment instructions, check that they were valid, and collate them into a record known as a block — an official record of transactions that could be used to determine who owned what in the system. Of course, the administrator would not have to check transactions by hand: all the work would be done automatically by the peer-to-peer ‘banking software’ running on their computer.
The justification in both instances was to avoid the corruption that inevitably comes with the concentration of power: According to Lehdonvirta, The DAO hack raised again the “age-old problem of political science that troubled ancient Athenians, too: The authorities protect us, but who will protect us from the authorities? How can we hold power to account?”In an interview with Cointelegraph last week, Lehdonvirta was asked: Given the myriad disappointments chronicled in, do you see reasons to be hopeful about digital platforms? Is there anything that makes you...
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