Complexities in a developing technology
Syren Johnstone · Edward Elgar Publishing eBooks · 2021
Elements of the technology that are still in flux render the task of finding appropriate regulatory nexuses not only more difficult but raise questions as to the rhythm of where and how to apply or to develop regulation, and with what overarching purpose and effect. This covers issues ranging from standards and interoperability, to the concept of immutability and how governance is implemented. How the industry has grappled with the consequences of “code as law” and the shift to “code as intent” is reviewed. The relationship between technical and social governance is considered at two distinct process levels, software and network, at which dialogue can meaningfully occur. The importance of interoperability to ecosystem development is explained, as is the potential regulatory challenges that may arise in relation to cryptoassets based on different, yet interoperable iterations of the technology.