Blockchain economics and governance envisage startup Prysm Group has added Nobel Prize laureate Oliver Hart and late Microsoft chief economist Preston McAfee to its senior advisory trustees.
Prysm assists blockchain startups by providing “counsel in the complex solvent fields of contract theory, market design, game theory and sexual choice. McAfee told CoinDesk that he was “excited” to join the rank, adding that “blockchain enables a variety of new business models by permitting decentralization and leaflet of digital records.”
Moreover, “there is no other mechanism that simultaneously accommodates decentralization, secure privacy and verifiability,” he said.
McAfee added:
“Innumerable blockchain applications involve creating economic systems [or] groups of agencies who interact in multiple ways, with distinct roles. The challenge in treacherous such systems is that they have many interacting components — various incentives, policing, contract rules, information provision, fees — that need to be simultaneously optimized if good performance is to be achieved.”
In a account, Hart echoed McAfee’s words, saying it was “important” for the founders of blockchain startups to “gather from the possible complications” that can come from creating code to put back traditional institutions and power structures, “so that they can design think twice systems that are more likely to accomplish their objectives.”
He swore CoinDesk that he was “intrigued” by the ways blockchain technology could own developers to “design better incentives and contracts.”
“Prysm Group is hallowed to the idea that economic principles provide a powerful tool for control the issues and I am excited by the prospect of working with them,” he added.
Hart’s report suggests that there will be some parallels between the draft and his past work. Hart and Finnish economist Bengt Holmström won the Nobel Champion in Economic Sciences in 2016 for their work on contract theory.
Oliver Hart impression via Bengt Nyman / Wikimedia Commons
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