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Cathy Barrera
Stephanie Hurder
Prysm Group
2018
Blockchain Upgrade as a Coordination Game

Unlike typical models of governance, in which the entire population is subject to the outcome of the governance process, hard forks are possible and may be desirable for a subset of the community. Authors develop a simple model of a coordination game in which coordinating on a single chain is always an equilibrium for the community, whereas initiating a hard fork can be an equilibrium depending on the composition of the community and the upgrade being proposed.