Who is Liable for Collusion in Cryptocurrency Protocol Development?

26 Pages Posted: 3 May 2019 Last revised: 1 Oct 2019

Date Written: March 18, 2019

Abstract

Cryptocurrencies are based on cryptography-based asset disposals broadcasted peer-to-peer to be validated decentrally according to consensus mechanisms in compliance with consented protocols. Protocol development is associated with risks, and there are conflicts of interests. Collusion involving protocol developers may increase such risks. This paper explores liability for collusion in cryptocurrency protocol development. It is found that liability gives some, but not sufficient, protection against harmful collusion.

Keywords: Blockchain, Cryptocurrencies, Collusion, Liability, Open Source

JEL Classification: E42, G28, K21, K24, L17

Suggested Citation

Østbye, Peder, Who is Liable for Collusion in Cryptocurrency Protocol Development? (March 18, 2019). Available at SSRN: https://ssrn.com/abstract=3354868 or http://dx.doi.org/10.2139/ssrn.3354868

Peder Østbye (Contact Author)

Norges Bank ( email )

P.O. Box 1179
Oslo, N-0107
Norway

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