Governance of Permissionless Blockchain Networks

Jeffrey Allen (), Richard Alley, Amber Seira and Cy Watsky
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Jeffrey Allen: https://www.federalreserve.gov/econres/jeffrey-s-allen.htm

No 2024-02-09, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: A permissionless blockchain network is a system of physically distributed computers running a copy of a shared ledger and using the same software rules that enable all network participants to “read, submit, and validate transactions” (Beck, Müller-Bloch, and King, 2018, p. 1022). A permissionless system’s accessibility stands in contrast to that of permissioned systems, in which a central authority pre-selects validators and potentially restricts viewing and submission rights (Krause, Natarajan, and Gradstein, 2017; Beck, Müller-Bloch, and King, 2018).

Date: 2024-02-09
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2024-02-09

DOI: 10.17016/2380-7172.3443

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