Decentralization - Past, Present, and Future

45 Pages Posted: 1 Jul 2019 Last revised: 5 Dec 2019

See all articles by Wulf A. Kaal

Wulf A. Kaal

University of St. Thomas, Minnesota - School of Law

Date Written: June 28, 2019


This introduction to decentralization examines decentralization’s past, present, and future. By tracing the history of past and existing decentralized systems and by examining emerging decentralized technology solutions, the author highlights the trends that lead to higher levels of decentralization in commerce and society.

Keywords: Decentralization, Disruptive Innovation, Emerging Technology, Stable Cryptocurrencies, Illiquidity, Cost, Speculation, Inflation, Price Stability, Transparency, Feedback Effects, Market Stability, Stability Mechanisms, Monetary Policy, Crypto Economics, Token Models, Incentive Design, Tokens

JEL Classification: K20, K23, K32, L43, L5, O31, O32

Suggested Citation

Kaal, Wulf A., Decentralization - Past, Present, and Future (June 28, 2019). U of St. Thomas (Minnesota) Legal Studies Research Paper No. 19-23, Available at SSRN: or

Wulf A. Kaal (Contact Author)

University of St. Thomas, Minnesota - School of Law ( email )

MSL 400, 1000 La Salle Avenue
Minneapolis, MN Minnesota 55403-2005
United States

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