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Foundations of Cryptoeconomic Systems

Author

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  • Voshmgir, Shermin
  • Zargham, Michael

Abstract

Blockchain networks and similar cryptoeconomic networks aresystems, specifically complex systems. They are adaptive networkswith multi-scale spatiotemporal dynamics. Individual actions towards a collective goal are incentivized with "purpose-driven" tokens. These tokens are equipped with cryptoeconomic mechanisms allowing a decentralized network to simultaneously maintain a universal state layer, support peer-to-peer settlement, andincentivize collective action. These networks therefore provide a mission-critical and safety-critical regulatory infrastructure for autonomous agents in untrusted economic networks. They also provide a rich, real-time data set reflecting all economic activities in their systems. Advances in data science and network sciencecan thus be leveraged to design and analyze these economic systems in a manner consistent with the best practices of modern systems engineering. Research that reflects all aspects of these socioeconomic networks needs (i) a complex systems approach, (ii) interdisciplinary research, and (iii) a combination of economic and engineering methods, here referred to as "economic systems engineering", for the regulation and control of these socio-economicsystems. This manuscript provides foundations for further research activities that build on these assumptions, including specific research questions and methodologies for future research in this field.

Suggested Citation

  • Voshmgir, Shermin & Zargham, Michael, 2019. "Foundations of Cryptoeconomic Systems," Working Paper Series/Institute for Cryptoeconomics/Interdisciplinary Research 1, WU Vienna University of Economics and Business.
  • Handle: RePEc:wiw:wus051:7309
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    File URL: https://epub.wu.ac.at/7309/
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    Cited by:

    1. Andrew Clark, 2020. "A Pound Centric look at the Pound vs. Krona Exchange Rate Movement from 1844 to 1965," Economics Discussion Papers em-dp2020-22, Department of Economics, University of Reading.

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    Keywords

    blockchain; bitcoin; cryptoeconomics; tokens; complex systems; system theory; systems engineering; economics; network science;
    All these keywords.

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