Because governance guarantees are embedded in blockchain code, there is no need for a principal to institute oversight and monitoring, which eliminates the associated agency costs.
Source quote, verbatim
Hence, in the blockchain infrastructure, there is no need for the principal to institute oversight and monitoring with the associated agency costs.
From
Wulf A. Kaal, Decentralization - Past, Present, and Future (2019), Part 2: The Present, The Brave New World of Decentralization, p. 25 https://ssrn.com/abstract=3411897 · source PDF
Cite as
Wulf A. Kaal, Decentralization - Past, Present, and Future (2019). SSRN: https://ssrn.com/abstract=3411897
Holds when
assumes guarantees are genuinely enforced by the protocol
restateskaal:claim:3373393-021 Because governance guarantees are embedded in code, there is no need in the blockchain infrastructure for the ...
restated_bykaal:claim:3808867-035 Blockchain based guarantees remove agency costs because principals are less required to institute oversight an...
restateskaal:claim:3373393-018 Blockchain provides an alternative governance mechanism that eliminates agency costs, meaning the principal's ...
extendskaal:claim:3373393-002 Blockchain technology produces a substantial increase in the efficiency of the agency relationship and lowers ...
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