The Crypto Paradox: Code is Law and Consensus Rules

As the world contemplates the future of cryptocurrencies and smart contracts – including whether and how to invest in them, to transact using them, and to regulate them – it will be important to recognize the significant implications of two core principles of most cryptocurrencies: Code is Law. Every digital asset is governed by code. The security, usefulness, availability, transferability, and general malleability of any digital asset are all determined through the code by which it is created and stored. In this way, code is law, and the rule of law controls the asset. Consensus Rules. At...
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