The Blockchain Treasury Governance Dilemma
研究了区块链生态中财库（加密货币资金池）的治理机制如何通过降低独裁与混乱成本来建立信任，并分析了治理危机如何推动机制创新。
ABSTRACT Blockchain treasuries are pools of cryptocurrency earmarked for funding goods and services within a blockchain ecosystem, such as protocol upgrades. Blockchain participants, such as users and developers, face a trust problem in ensuring that the treasury is robust to opportunism, such as theft or misappropriation of the assets. Treasury governance structures, such as committees or stakeholder voting, seek to create trust in treasury functions. In this paper, we use new comparative economics to examine how treasury governance mechanisms minimize the costs of dictatorship and disorder, thereby bolstering trust. We interpret case studies of innovative treasury governance within this Institutional Possibilities Frontier (IPF) framework, showing that the costs shift throughout the lifecycle of a blockchain community, and those costs are often revealed or learned through governance crises. These changes lead ecosystem participants to choose and innovate on treasury governance.