We develop a theory of blockchain governance. In our model, the proof-of-work system, the most common set of rules for validating transactions in blockchains, creates an industrial ecosystem with specialized suppliers of goods and services. We analyze the interactions between blockchain governance and the market structure of the industries in the blockchain ecosystem. We show that the proof-of-work system may lead to a situation in which some large firms in the blockchain industrial ecosystem—blockchain conglomerates—capture the governance of the blockchain.

中文翻译：

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区块链治理的企业捕获

我们开发了一种区块链治理理论。在我们的模型中，工作量证明系统是验证区块链交易的最常见规则集，它创建了一个具有专业商品和服务供应商的工业生态系统。我们分析了区块链治理与区块链生态系统中行业市场结构之间的相互作用。我们表明，工作量证明系统可能会导致区块链产业生态系统中的一些大公司——区块链集团——掌握区块链的治理。