Pandora’s Blocks
Pandora’s Blocks
Chapter 1 opens the lid on Bitcoin so that all of its attributes, problems, and connotations come spilling out. At the same time, it pulls these disparate strands back into focus by outlining the many discrepancies examined in subsequent chapters. So while in some ways the chapter acts like a primer for cryptocurrencies, blockchains, and their political economies, the material laid out works to set up the book’s underlying argument: asymmetric concentrations of power inevitably form though processes of algorithmic decentralisation. In the process, a short history of Bitcoin introduces some of its key stakeholders as well as some of its core technical functions.
Keywords: cryptoeconomics, Bitcoin mining, cryptocurrency exchanges, public key cryptography, hash functions, code is law, proof of work, consensus, entrepreneurship, mining pools
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