Cryptodemocracy: How Blockchain Can Radically Expand Democratic Choice [Hardcover]

A cryptodemocracy is cryptographically-secured collective choice infrastructure on which individuals coordinate their voting property rights. Drawing on economic and political theory, a cryptodemocracy is a more fluid and emergent form of collective choice. This book examines these theoretical characteristics before exploring specific applications of a cryptodemocracy in labor bargaining and corporate governance. The analysis of the characteristics of a more emergent and contractual democratic process has implications for a wide range of collective choice.

Darcy Allen is postdoctoral research fellow at the RMIT Blockchain Innovation Hub.

Chris Berg is senior research fellow at the RMIT Blockchain Innovation Hub.

Aaron M. Lane is affiliated researcher at the RMIT Blockchain Innovation Hub.

The problem of democracy is that it simultaneously invests power in the people while removing any incentive to use their power wisely. Cryptodemocracy is a thorough and rigorous investigation into an innovative solution: Turn votes into a kind of tradeable property right and allow voting markets. New blockchain technologies allow us to overcome the problems of older voter market proposals. This is a book that deserves to be widely read and discussedand we owe it to ourselves to experiment with its suggestions. Jason Brennan, Georgetown University and author of Against Democracy

Public choice theory has now ossified around the conventional practices of voting and legislation. In this volume, Darcy Allen, Chris Berg, and Aaron Lane show how that ossification might be transcended by bringing ideas from blockchain technology to bear on democratic governance. While the authors recognize that they have not written the final word on this topic, they have surely created a template that will provide analytical points of departure for pursuing political economy in new directions. Richard E. Wagner, George Mason University

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