City governments are often accused of being opaque, inefficient, and unaccountable. Blockchain technology could improve urban governance–at the very least, help us rethink it.
Distributed Autonomous Corporations offer a glimpse of what smart securities could enable–and the types of legal issues that DAOs need to address. There is plenty to figure out, but smart securities and DAOs promise more efficient flows of capital and new economic arrangements.
Blockchains offers new possibilities for issuing and trading securities. Modern securities trade is complex, but smart contracts could make it much more efficient and open totally new financial arrangements and corporate structures.
The power of linear and affine logic lies in their ability to model state change. However, in a trustless, peer-to-peer setting, it is difficult to force principals to commit to state changes. We show how to solve the peer-to-peer affine commitment problem using a generalization of Bitcoin in which transactions deal in types rather than […]
Although Bitcoin is often perceived to be an anonymous currency, research has shown that a user’s Bitcoin transactions can be linked to compromise the user’s anonymity. We present solutions to the anonymity problem for both transactions on Bitcoin’s blockchain and off the blockchain (in so called micropayment channel networks). We use an untrusted third party […]
This paper presents an extension to Bitcoin’s script language enabling covenants, a primitive that allows transactions to restrict how the value they transfer is used in the future. Covenants expand the set of financial instruments expressible in Bitcoin, and enable new powerful and novel use cases. We illustrate two novel security constructs built using covenants. […]