Coalition Formation for Sustainable Blockchain Governance: Insights From the Hedera Case
通过分析Hedera网络前10年的治理演变，提出联盟形成是动态多阶段战略过程，并引入可持续区块链联盟良性循环模型，为从业者实现去中心化治理提供实践指导。
ABSTRACT Sustainable governance is essential for blockchain networks to achieve widespread adoption and deliver long‐term business value. Prior blockchain initiatives indicate that inadequate governance structures often lead to limited adoption or eventual project failure, underscoring the importance of decentralised governance for building resilient blockchain networks. In this paper, we investigate this topic through a detailed analysis of Hedera's first 10 years—from the initial concept to a maturing coalition‐based governance structure—illustrating how a thoughtful coalition formation can guide effective governance development over time. We also critically examine Hedera's limitations to derive further practical insights. Building on this empirical foundation, we contribute to the governance discourse by defining blockchain coalition formation as a dynamic, multi‐phase strategic process for aligning interests, distributing authority, and achieving operational coherence within blockchain networks. We introduce the Virtuous Cycle for Sustainable Blockchain Coalitions to illustrate how effective coalition‐based governance reinforces stakeholder trust, drives platform adoption, and sustains long‐term collaboration. Finally, we provide specific recommendations that offer practitioners actionable guidance for achieving decentralised governance and sustaining lasting ecosystem value.