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Alma Mater Studiorum – Università Di Bologna in Cotutela Con Université Du Luxembourg DOTTORATO DI RICERCA in LAW, SCIENCE

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Alma Mater Studiorum – Università Di Bologna in Cotutela Con Université Du Luxembourg DOTTORATO DI RICERCA in LAW, SCIENCE Alma Mater Studiorum – Università di Bologna in cotutela con Université du Luxembourg DOTTORATO DI RICERCA IN LAW, SCIENCE, AND TECHNOLOGY – LAST-JD Ciclo XXXII Settore Concorsuale: IUS/20 Settore Scientifico Disciplinare: 12/H3 The Authority of Distributed Consensus Systems: Trust, Governance, and Normative Perspectives on Blockchains and Distributed Ledgers Presentata da: Crepaldi Marco Coordinatore Dottorato Supervisore Prof. Monica Palmirani Prof. Ugo Pagallo Co-supervisore Prof. Sjouke Mauw Esame finale anno 2020 ABSTRACT The subjects of this dissertation are distributed consensus systems (DCS). These systems gained prominence with the implementation of cryptocurrencies, such as Bitcoin. This work aims at understanding the drivers and motives behind the adoption of this class of technologies, and to – consequently – evaluate the social and normative implications of blockchains and distributed ledgers. To do so, a phenomenological account of the field of distributed consensus systems is offered, then the core claims for the adoption of systems are taken into consideration. Accordingly, the relevance of these technologies on trust and governance is examined. It will be argued that the effects on these two elements do not justify the adoption of distributed consensus systems satisfactorily. Against this backdrop, it will be held that blockchains and similar technologies are being adopted because they are regarded as having a valid claim to authority as specified by Max Weber, i.e., herrschaft. Consequently, it will be discussed whether current implementations fall – and to what extent – within the legitimate types of traditional, charismatic, and rational-legal authority. The conclusion is that the conceptualization developed by Weber does not capture the core ideas that appear to establish the belief in the legitimacy of distributed consensus systems. Therefore, this dissertation describes the herrschaft of systems such as blockchains by conceptualizing a computational extension of the pure type of rational-legal authority, qualified as algorithmic authority. The foundational elements of algorithmic authority are then discussed. Particular attention is focused on the idea of normativity cultivated in systems of algorithmic rules as well as the concept of decentralization. Practical suggestions conclude the following dissertation. 2 3 CONTENTS 1. Introduction .................................................................................................................................................. 6 1.1 Notes on methodology ........................................................................................................................... 9 1.2 Outlook ................................................................................................................................................ 12 2. The Phenomenology of Distributed Consensus Systems ......................................................................... 16 2.1 The Structures of Data ......................................................................................................................... 19 2.2 Relevant Components of Distributed Consensus Systems .................................................................. 26 2.3 Consensus Algorithms ......................................................................................................................... 33 2.4 Smart Contracts ................................................................................................................................... 39 2.5 Conclusion .......................................................................................................................................... 44 3. It’s not about trust: blockchains, control, and reliance ......................................................................... 45 3.1 Old and New Theories of Trust ........................................................................................................... 46 3.2 Interpersonal Trust in Distributed Consensus Systems ....................................................................... 52 3.3 Trust in Distributed Consensus Systems ............................................................................................. 58 3.4 Trust in Permissioned Systems ............................................................................................................ 64 3.5 Conclusion ........................................................................................................................................... 71 4. Governance and Distributed Consensus Systems .................................................................................... 73 4.1 Variables .............................................................................................................................................. 76 4.2 Real-world scenarios ........................................................................................................................... 83 4.3 Literature Review ................................................................................................................................ 88 4.4 The Incompleteness of Distributed Consensus Systems ..................................................................... 94 4.5 Conclusion ........................................................................................................................................... 99 5. Perspectives on the Legitimacy of Systems of Rules .............................................................................. 101 5.1 Looking at distributed consensus systems from the perspective of legitimacy ................................. 102 5.2 Normative Legitimacy ....................................................................................................................... 108 5.3 Legal Legitimacy ............................................................................................................................... 111 5.4 Sociological Legitimacy .................................................................................................................... 113 5.5 Choosing the Appropriate Level of Abstraction ................................................................................ 115 6. The Legitimacy of Distributed Consensus Systems from the Perspective of Max Weber ................. 119 4 6.1 Traditional Authority ......................................................................................................................... 121 6.1.1 Bitcoin as a social system grounded on tradition ................................................................. 122 6.1.2 Bitcoin as a technical system grounded on tradition ............................................................ 126 6.2 Charismatic Authority ....................................................................................................................... 129 6.2.1 Ethereum and Tron as social systems grounded on charisma .............................................. 130 6.2.2 Ethereum and Tron as technical systems grounded on charisma ......................................... 132 6.3 Rational-legal Authority .................................................................................................................... 136 6.3.1 EOSIO and Decreed as rational-legal social systems ........................................................... 137 6.3.2 EOSIO and Decreed as rational-legal technical systems ...................................................... 140 6.4 Is this enough? ................................................................................................................................... 143 7. Algorithmic Authority .............................................................................................................................. 146 7.1 The Meaning of Algorithmic Authority ............................................................................................ 148 7.2 The Elements of Algorithmic Authority ............................................................................................ 154 7.2.1 The roots of algorithmic authority ........................................................................................ 157 7.3 The Current Situation ........................................................................................................................ 159 7.3.1 Decentralization .................................................................................................................... 159 7.3.2 Network ............................................................................................................................... 162 7.3.3 Politics .................................................................................................................................. 163 7.4 The Law of Algorithmic Systems of Authority ................................................................................. 166 7.4.1 ≠ Techno-Regulation ............................................................................................................ 167 7.4.2 Perspectives from the Literature ........................................................................................... 171 7.4.3 Elements of normativity ....................................................................................................... 174 7.5 Conclusion .......................................................................................................................................
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