If Austrian economics is the theoretical foundation for Bitcoin, I think Ronald Coase is the inspiration for general cryptonetworks.

In 1937, Coase wrote a seminal paper titled “The Nature of the Firm”. It laid the groundwork for a whole new branch of microeconomics, called the theory of the firm, and won the 1991 Nobel Prize.

The mark of geniuses, in social sciences at least, is their ability to uncover important hidden truths that are so self-evident in hindsight. And Coase is one of these geniuses.

In a typical fashion, he asked a simple question that was of no interest to…

Qiao Wang

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