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@ -176,4 +176,7 @@ in a public permissioned blockchain, what is stopping an attacker from registeri
what type of technology is bitcoin (DOI:[10.2139/ssrn.2811995](http://dx.doi.org/10.2139/ssrn.2811995)) makes the case that bitcoin/blockchain technology is not merely a new general purpose technology but a new institutional technology of governance.
"In an important sense the limits of this new technology are the limits of imagination in the same way that once upon a time it was hard to imagine what use computers could be, or to see what things computers could be applied to, before it eventually became clear that the answer was everything. The same pattern unfolded for the internet, and now everything is on the internet. It is Electronic copy available at: https://ssrn.com/abstract=2811995 11 not unreasonable to think this same dynamic will play out with blockchain, which is also made of computers and the interne"
"In an important sense the limits of this new technology are the limits of imagination in the same way that once upon a time it was hard to imagine what use computers could be, or to see what things computers could be applied to, before it eventually became clear that the answer was everything. The same pattern unfolded for the internet, and now everything is on the internet. it is not unreasonable to think this same dynamic will play out with blockchain, which is also made of computers and the internet"
p21
"Blockchain distributed ledger technology is a rare and special general purpose technology because it adds a further category to the suite of Williamson’s (1985) ‘economic institutions of capitalism’—namely, markets, hierarchies and relational contracting—with a new type of economic order: a Decentralized Collaborative Organization.16 A Decentralized Collaborative Organization (DCO) is a selfgoverning organization with the coordination properties of a market, the governance properties of a commons, and the constitutional properties of a nation state. It is an organization, but it is not hierarchical. It has the coordination properties of a market through the token systems that coordinate distributed action, but it is not a market because the predominant activity is production, not exchange. And it has the unanimous constitutional properties of a rule-of-law governed nation state, by complicit agreement of all ‘citizens’ who opt-in to such a DCO, and the automatic execution of the rules of that DCO through smart contract enforcement"