6 May 2019
One of Radoslawa’s recent working papers along with co-authors professors Daniel Ferreira (London School Of Economics) and Jin Li (Hong Kong University) was covered in Oxford Business Law blog. The focus of their paper, Corporate Capture of Blockchain Governance, is on permissionless (public) blockchains, which are governed by some form of direct voting by stakeholders. More specifically, they focus on the proof-of-work system - the system currently adopted by the largest blockchains (eg, Bitcoin and Ethereum) - and its vulnerability to capture by interest groups. Their main result is that the proof of work system leads to a situation where the governance of the blockchain may be captured by a large corporate stakeholder.