— Arthur Breitman

Over the last three years, the appeal and utility of cryptographic ledgers has transcended political and commercial lines. Today, we find people from all over the world flocking to Bitcoin, Ethereum, and other leading ledgers to store value, transact, and speculate. Investment to fund building core infrastructure around cryptographic ledgers has amounted to the hundreds of millions of dollars, with projections growing daily.

Yet, to consider competition settled is another debate. In some cases, their design can be overwhelmingly resilient against externalities, but it comes at the cost of an inability to adapt dynamically. In other cases, they advance full steam ahead with tweaks and innovations, but this leaves a too much power in the hands of a few influential developers. …

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