35 lines
1.8 KiB
Org Mode
35 lines
1.8 KiB
Org Mode
:PROPERTIES:
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:ID: 83a99349-aae9-4be1-aa81-fa95018bd5c9
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:END:
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#+title: 2016-12-05
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* Governance of decentralised infrastructures :academia:UoN:@personal:
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:PROPERTIES:
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:CREATED: [2016-12-05 Mon 21:02]
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:MODIFIED: [2016-12-05 Mon 21:02]
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:IMPORTED: [2023-02-08 Wed 19:22]
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:END:
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The futility of trying to regulate decentralised infrastructures is
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evident, particularly as the infrastructures become both more secret and
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anonymous, using strong cryptography.
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Regulating traditional, centralised infrastructures relied on due process, which is in the final analysis a singularity, a monopoly of power to coerce. Indeed a singularity to break the law.
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In decentralised systems based on software, 'code is law'. Trying to
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regulate decentralised domains in the same, traditional way is harmful
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to progress, while also being a distraction away from the type of
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regulation suitable for a decentralised infrastructure. Monopoly on the
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power to coerce, to break the law, is the direction where policing
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should focus. Trying to maintain a monopoly, or at least strong
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advantage, on the power to coercion in traditional domains, can be
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paralleled by trying to maintain a monopoly, or at least a strong
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advantage on breaking code in the new, decentralised domains. While
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being itself subject to regulation, the state should try to stop
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regulated decentralised domains, and focus on being the strongest code
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breaker.
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As coloured coins continue to be lost or stolen, while deed holders continue to hold possession of property, smart property contracts will become less relevant in a blockchain and a new blockchain will need to be created (every Sabbath?) Or human overrides, vested in a sovereign or a judge or a jury, will need to be introduced.
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Smart contracts move us forward but towards a commerce system that corresponds more to common law contracts than statutes.
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