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From YouTube: Ask the Expert: The Economics and Governance of Blockchain Networks - Stephanie Hurder, Prysm Group
Description
Ask the Expert: The Economics and Governance of Blockchain Networks - Stephanie Hurder, Prysm Group
Dr. Stephanie Hurder will be holding an "Ask the Expert" session addressing questions on blockchain economics and governance. As a Founding Economist at Prysm Group, Dr. Hurder is a seasoned industry professional who has worked on these topics in dozens of networks by both startups and large enterprises. She will be addressing a variety of topics including issues around network economic value drivers, bootstrapping strategy and growth path optimization, data and interoperability trade-offs, evaluation of costs and benefits of network adoption by stakeholder groups, initial and long-term monetization strategies, fee pricing models, network economic design, token economics, simulations strategies, proposal process design, information distribution mechanisms & decision-making procedures, best practices for implementation, and taxonomy of membership types.
To learn more about Hyperledger, the open source community focused on developing a suite of stable frameworks, tools and libraries for enterprise-grade blockchain deployments. Which serves as a neutral home for various distributed ledger frameworks including Hyperledger Fabric, Sawtooth, Indy, as well as tools like Hyperledger Caliper and libraries like Hyperledger Ursa click here: https://www.hyperledger.org/
Session Details & Slides (if available)- https://sched.co/j3ba
Access All Sessions: https://events.linuxfoundation.org/hyperledger-global-forum/program/schedule/
----
Hyperledger – Open Source Blockchain Technologies
Hyperledger is an open source community focused on developing a suite of stable frameworks, tools and libraries for enterprise-grade blockchain deployments.
It serves as a neutral home for various distributed ledger frameworks including Hyperledger Besu, Fabric, Sawtooth, Indy, as well as tools like Hyperledger Avalon, Cactus and libraries like Hyperledger Aries, Ursa. Learn more about Hyperledger projects: https://www.hyperledger.org/use
Case Studies: https://www.hyperledger.org/learn/case-studies
Training & Certification: https://www.hyperledger.org/learn/training
Tutorials: https://www.hyperledger.org/use/tutorials
Webinars: https://www.hyperledger.org/learn/webinars
Events: https://www.hyperledger.org/events
Vendor Directory: https://www.hyperledger.org/use/vendor-directory
Subscribe to the Hyperledger Newsletter: https://www.hyperledger.org/newsletter
Follow-us on Twitter @Hyperledger
Learn about Hyperledger Membership: https://www.hyperledger.org/about/join
#Hyperledger #HyperledgerGlobalForum2021 #Blockchain
A
A
A
A
Okay,
great
so
this
half
an
hour
is
going
to
be
about
the
economics
and
governance
of
blockchain
networks
focused
on
consortia,
but
also
open
to
other
questions.
So,
as
I
mentioned,
I'm
a
founding
economist
of
prism
group,
where
an
economics
and
governance
advisory
focused
on
on
blockchain
projects.
So
why
would
you
need
economics
to
think
about
blockchain,
so
at
a
fundamental
level,
economics,
and
specifically
microeconomics,
is
thinking
about
the
study
of
individual
choice
and
strategic
interaction
under
constraints
right.
A
So
for
anyone
who's
interested
in
this,
please
don't
hesitate
to
reach
out
and
we'll
be
marketing
this
more
in
the
future.
But
this
is
a
very
exciting,
a
recent
development
for
us
and
we
think
we'll
fill
a
significant
need
in
the
market
for
up-to-date,
clear
explanations
of
of
the
economic
benefits
of
blockchain
and.
A
A
We
may
be
applying
monetary
economics
to
think
about
the
fundamental
value
of
blockchain
tokens
and
how
they
can
be
managed
and
everything
in
between
if
I
have
a
chance
I'll
I'll,
come
back
to
this
a
little
bit
later,
especially
when
we're
thinking
about
how
do
you
apply
blockchain
to
a
network
or
a
consortium?
There's
a
multi-step
process
that.
A
So
for
those
of
you
who
might
be
interested
in
a
little
bit
of
reading,
we
do
write
on
a
regular
basis.
These
are
just
we
have
a
medium
post
that
has
a
lot
of
our
greatest
hits.
We
also
gave
a
course
now,
a
couple
years
ago,
at
the
usc
viterbi
school
of
engineering,
which
was
the
very
first
economics
for
blockchain
course
offered
and
so
happy
to
share
any
of
these.
D
D
That's
fine,
so
it's
definitely
a
question
for
you
when
you're
working
with
your
clients
and
different
projects
which
come
through,
is
there
a
pattern
that
you
see
based
upon
the
profile
of
your
clients,
for
example,
startups
versus
enterprise
clients
versus
institutions
in
terms
of
how
the?
How
do
they
approach
the
economic
question
around
the
blockchain
project?.
A
I
think
that's
a
great
set
of
questions
and
there's
a
lot
there,
so
I
think
the
different
types
of
clients,
first
of
all,
will
tend
to
interact
at
different
levels
with
the
underlying
technology
right.
So
we
have
a
number
of
startup
clients
that
are
protocols,
they're
thinking
about
sort
of
the
intricacies
of
consensus
and
the
economics
around
there
and
how
to
design
incentives
for
many
of
our
enterprise
clients.
There's
going
to
be
the
decision
about
what
protocol
or
protocols
do
we
use,
and
how
do
we
build
on
them?
A
There
tends
to
be
very
much
a
focus
on
the
use
case,
so
why?
Why
are
we
the
business,
putting
the
money
into
this,
whereas
with
startups,
especially
once
funded
by
token,
raises
there's
a
little
bit
more
room
for
exploration
and
sort
of
thinking
about?
Not
only
is
how
is
this
going
to
be
used,
but
also,
why
is
this
just
a
really
cool
and
interesting
project?
B
B
C
A
B
D
D
How
do
you
envision
that
they
might
be
of
use
from
a
strategic
perspective
for
enterprises?
You
know
they're,
seeing
a
lot
of
traction
they're,
seeing
a
lot
of
traction
from
from
creatives,
but
from
an
enterprise
perspective.
What
how
how
an
enterprise
could
use
them
to
further
their
own
marketing
or
strategy.
A
A
I
think
it's
really
important
for
an
nf
when
you,
when
you
have
an
nft
or
you
offer
it
to
understand.
What
exactly
does
the
possession
of
the
nft
give
you
right?
So,
for
example,
it
might
be
that
the
nft
gives
you
access
to
a
url
and
the
piece
of
art
or
whatever
it
is
that
you've
purchased
is
actually
stored.
You
know
somewhere
else,
and
so
the
question
is
okay.
So
what
exactly
have
you
purchased
and
how
do
you
enforce
your
ownership
of
that
more
or
less?
A
And
so
I
think
that
just
in
general,
being
really
really
clear
about
that
is,
is
very
important
or
else
you're
going
to
end
up
paying
a
lot
for
a
broken
url
and
nothing
good
will
come
of
it
right
in
terms
of
enterprise
applications
of
nfts.
I
think
it's
still
very
open.
One
place
we've
potentially
actually
seen.
A
Applications
for
this
is
in
the
gaming
space,
because
many
of
these
gaming
economies,
for
those
of
you
who
know
I
mean
they're,
just
absolutely
enormous
in
terms
of
actual
monetary
value
and
there's
a
facility
and
ease
with
digital
assets.
That's
already
there
right,
and
so
we
think
about
how
do
we
use
blockchain
and
distributed
ledger
technology
to
sort
of
expand
property
rights
and
allow
people
to
maybe
transfer
assets
across
games
or
stuff
like
that,
and
so.
A
I
think,
just
in
terms
of
the
the
business
applications,
you
know
you
really
need
to
be
in
a
setting
where
you
know
whatever
digi
you
you
feel
like.
You
know,
you're
going
to
have
multiple
entities,
which
is
why
you
need
a
distributed
ledger
and
you
have
a
non-fungible
asset
that
can
be
represented
by
an
nft,
and
I
don't
know
exactly
what
that's
going
to
be
yet.
But
I
think
that
if
you
go
through
and
really
understand
what
exactly
does
this
give
you
who's
going
to
be
controlling,
blockchain
and
so
forth?
D
A
A
I
think
in
in
our
practices
that
the
bespoke
ip,
that
we
produce
belongs
to
the
client.
So
if
we
build
a
specific
token
model
or
something
like
that,
it
typically
is,
is
you
know,
as
with
most
consulting
firms,
that's
the
clients
in
terms
of
general
best
practices.
I
there
are
many
fine
ip
lawyers
out
there.
I'd
chat
with
them.
A
A
What
do
they
get
and
what
do
they
contribute
right
and
there's
going
to
be
different
level
like
levels
of
membership,
so,
for
example,
in
a
consortium
you
could
have
sort
of
the
founding
members
who
are
the
initial
set
of
organizations
that
come
together,
typically
they're
going
to
be
taking
higher
risk,
they're
going
to
be
putting
in
more
money,
they're
going
to
be
sort
of
putting
themselves
out
there
more
and
they'll
typically
expect
higher
return,
and
that
can
take
different
forms
it
can
take.
It
can
be
monetary
return.
You
know.
A
You
know.
The
bulk
of
the
participation
comes
from
a
relatively
small
set
of
people,
which
is
not
necessarily
surprising.
People
are
entities,
and
so
I
think,
figuring
out
in
any
governance
project
sort
of
who
were
the
it's
never
going
to
be
completely
open.
You're,
never
going
to
have
a
thousand
people
contributing
proposals
to
your
governance
system
right.
So
it's
all
about
sort
of
who
do
you
need
to
be
in
the
group?
A
A
I
think
so
in
any
consortium
project.
The
reason
that
there's
a
consortium
is
that
the
value
comes
from
some
kind
of
network
effects
right.
So
the
point
is
that
if
we,
you
know
if,
if
a
single
company
standalone
could
offer
these
products
or
these
services,
which
is
typically
sort
of
the
sharing
and
aggregation
of
data
in
some
way,
if
a
single
company
could
do
this,
then
we
wouldn't
need
a
blockchain,
and
so
all
you
know,
fundamentally,
these
consortium
projects
are
about.
A
So
I
go
to
my
doctor.
I
go
to
a
hospital
and
I
need
something
done,
and
my
doctor
says:
okay,
who
would
be
willing
to
pay
for
this?
What
insurance
do
you
have
and
frequently
I
have
more
than
one
insurance
provider,
and
some
of
them
are
only
you
know
willing
to
be
backups
right,
they're,
not.
They
won't
be
the
primary
payers
for
specific
and
varies
by
procedure
and
varies
by
all
sorts
of
other
stuff,
and
so
in
sort
of
pre-blockchain.
A
What
you
would
do
is
you
would
have
some
you
know,
poor
person
at
the
doctor's
office,
calling
all
the
insurance
agencies
and
trying
to
figure
out
how
to
coordinate
this.
One
of
the
key
proposals
in
a
lot
of
healthcare,
blockchain
based
networks
is:
can
we
set
up
some
kind
of
distributed,
ledger
based
data
sharing
system
so
that
some
of
this
coordination
of
benefits
querying
is
automated
and
obviously
you're
not
going
to
take
every
element
of
healthcare
data
and
put
it
on
blockchain,
that's
insane,
but
you
can
sort
of
facilitate
the
finding
of
this.
A
If
I
mean
that
would
be
incredibly
valuable,
but
that
only
works
if
a
sufficient
density
of
healthcare
providers
and
insurance
companies
are
in
this
network,
whatever
it
is
right,
and
so
that
would
be
incredibly
valuable
thing
to
sell
people
would
be
very,
very
interested.
It
would
save
a
lot
of
time
and
money,
but
in
order
for
there
to
be
value,
you
need
to
have
enough
adoption
across
the
relevant
networks,
and
so
I
would
say
that
that
is
currently
the
biggest
monetization
challenge
in
terms
of
how
do
you
tackle
these?
A
A
A
A
A
Having
worked
especially
you
know,
with
a
number
of
different
projects
is
one
of
the
most
fundamental
questions
we
get
for
from
enterprises
is
sort
of
how
do
we?
How
do
we
know
that
we
need
a
blockchain
right
and
I
think,
we've
all
seen
that
flow
chart.
That's
very
short
that
says:
do
you
need
a
blockchain
and
then
an
arrow?
And
it
says
no,
you
know
we're
not
there,
but
I
think
we
have
what
we
call
a
three
c's
framework.
A
A
A
What
what's
the
point
of
that?
Why
is
it
necessary?
Why
do
we
want
multiple
people,
updating
this
multiple
entities,
updating
the
ledger
at
all?
What
is
the
economic
value
of
that?
What,
if
you're,
going
to
have
a
token?
Why
do
you
need
the
token
right?
What
is
the
economic
purpose
of
that?
Are
you
going
to
be
using
smart
contracts?
If
so,
what
are
the
real
economic
benefits
of
the
smart
contract?
Are
they
going
to?
You
know,
reduce
administrative
costs?
Are
they
going
to
increase
the
ability
to
credibly
commit
to
things
in
the
future?
A
How
does
that
interact
with
the
specific
use
case
and
then?
Finally,
the
third
thing
is
control.
Sometimes
you'll
see
you
know,
applications
of
zero
knowledge
proofs
around
here,
but
just
how?
How
can
the
technology
facilitate
the
coordination
of
data
while
still
allowing
entities
to
retain
some
privacy?
You
know
without
sort
of
having
to
to
upload
everything
to
the
same
server.
A
E
Yes,
I
appreciate
having
a
mic
on
yeah.
We
have
a
large
distributed
national,
a
democracy
clientele,
and
we
want
to
entitle
and
and
incentivize
our
membership
for
education
participation
purposes
to
form
a
value
system
around
particularly
communities
of
disadvantage,
neighborhood
locality,
state
district
based
so
that
they
can
build
a
sense
of
value
system
around
their
own
community.
That's
true
distributed
democracy.
E
E
A
A
Some
of
them
have
existed
for
almost
a
century,
but
they
were
basically
communities
of
different
sizes,
introducing
an
alternative,
complementary
currency
to
whatever
is
being
used
for
a
variety
of
different
purposes,
and
just
because
they've
been
around
for
so
long,
they
sort
of
highlight
some
of
the
challenges
that
can
arise
and
I
think,
when
you're
introducing
a
currency
to
a
community,
the
most
important
question
is
actually.
What
can
you
do
with
this
right
and
if
we're
thinking
about
there
are
different
models
that
can
take
place
right.
A
You
could
think
about
this
as
a
currency
that
enables
time
exchange
right.
You
could
think
about
this
as
a
currency
that
can
be
used
to
purchase
goods
and
services
from
actual
stores
figuring
out
first,
exactly
what
it
is
that
derive
that
derives
value
is
sort
of
the
first
step
and
then
from
there
once
you
think
about
you
know.
How
often
will
this
be
used?
Will
local
merchants
accept
this?
Why
does
this
have
any
fundamental
value?
A
Then
you
can
start
to
figure
out
sort
of
about
how
much
you
know
how
much
business
is
going
to
take
place
in
this.
What
do
we
think
and
then
you
can
modulate
the
the
total
supply
to
that,
but
I
think
we
typically
focus
if
you
look
at
these
complementary
currencies,
some
of
which
have
existed
for
almost
a
century.
The
biggest
challenge
is
getting
merchants
to
accept
alternative
currency
right
because
their
suppliers
don't
necessarily
live
in
the
neighborhood,
and
they
don't
necessarily
accept
that.
F
F
Yes,
yeah
yeah,
hi
stephanie,
you
just
talked
about
okay.
If
you
want
to
take
a
picture,
a
big
picture
about
you
know
how
blockchain
can
can
govern
and
what
are
the
things
we
can
explain
about?
There
are
three
things
right.
One
is
called
coordination,
one
is
commitment
and
one's
control,
and
can
you
yeah?
You
can
use
more
example
to
showcase
that
what
what
are
possible
use
cases
or
what
are
directions
for
us
to
explore
their
innovation.
A
Yes,
so
this
is
a.
This
is
a
framework
that
we
use
a
lot.
You
can
read
about
it
on
our
medium,
but
when
we
think
about
this
sort
of
the
the
coordination
piece
is
really
around
one
of
the
most
standard.
You
know
types
of
app
benefits
that
you
see
talking
about
a
lot,
which
is
how
do
we
transfer
information
or
make
payments
between
organizations
more
quickly?
More
simply,
how
do
we
reduce
administrative?
A
A
The
question
there
is
really
about
you
know
what's
on
chain
what's
off
chain?
How
do
you
make
sure
that
you
know
whatever
you
know,
system
that
you're
using
can?
Actually,
you
know,
query
across
disparate
different,
you
know
database
systems
and
that
you
know
what's
being
provided,
is
accurate
and
up-to-date
and
sort
of
integrated
and
how
precisely
is
it
going
to
work,
but
we've
seen
this
is
sort
of
we've
seen
applications
in
healthcare.
You
know
this
is
one
of
the
key
parts
of
applications
and
trade
in
terms
of
commitment.
A
Commitment
has
you
know
when
we
think
about
the
benefits
of
commitment.
It's
really
around
smart
contracts
right.
So,
if
we
think
about
how
contracts
work
without
blockchain,
typically,
we
have
some
kind
of
a
legal
agreement
and
that,
if
it
is,
you
know
not
in
force,
there's
always
some
risk
that
the
other
side
isn't
gonna
do
what
they
want.
And
then
we
appeal
to
whatever
legal
jurisdiction.
We're
in
you
know.
Obviously,
if
you
have
a
smart
contract,
you're
limited
by
what
can
be
programmed
into
the
smart
contract
and
the
inputs,
but.
A
And
so
here
we're
really
thinking
about
what
are
the
types
of
of
things
that
can
be
credibly
automated
and
there's
a
concept
called
contractual
incompleteness,
which
basically
says
that
you're
never
gonna
be
able
to
fully
automate
every
transaction
in
smart
contracts,
that's
impossible,
but
they're
just
sort
of
what
are
what
are
sort
of
very
automated.
You
know
types
of
of
transactions
that
could
be
enforced
in
code
and
then
control
is
around
thinking
about
solving
something
called
the
holdup
problem.
A
That's
costly,
that's
risky,
you
might
have
to
convert
it
to
a
different
format,
and
then
you
know
what
happens
if
the
consortium
doesn't
work
out.
What
happens
if
you've
converted
your
data
into
some
proprietary
format
and
you've
decided
this
consortium
is
not
working
for
your
organization
and
you
want
to
leave
and
you've
made
this
huge
investment,
and
you
have
to
figure
out
how
to
basically
unwind
it.