Identifying Influence Mechanisms in Permissionless Blockchain Communities: The Bitcoin Case

Presenter Information

Rewat Thapa, University of MuensterFollow
Pankajeshwara Sharma, University of OtagoFollow
Joschka Andreas Hüllmann, University of MuensterFollow
Bastin Tony Roy Savarimuthu, University of OtagoFollow

Paper Number

1689

Paper Type

Completed

Description

Research on Bitcoin blockchain suggests that the inner-working of Bitcoin is not decentralized. Building on such findings from previous research, this paper identifies ‘Bitcoin influencers’ who are central to the operation of Bitcoin. These influencers are identified by performing social network analysis on the mailing list conversation during the implementation and activation of two Bitcoin blockchain rule changes i.e. ‘Versionbits’ and ‘Segregated Witness’, and implementation of one Bitcoin blockchain rule ‘Taproot’. This paper further examines the activities of these Bitcoin influencers on a mailing list and IRC chat. Our findings suggest these Bitcoin influencers are steering the decisions to enact new rules for the Bitcoin blockchain. In order to do so, these influencers are using various tactics to seek support from other members and enact the Bitcoin blockchain rules. In this way, this paper argues Bitcoin influencers are guiding the operation of Bitcoin blockchain nodes, thus, governing the Bitcoin community.

Comments

08-Block

Recommended Citation

Thapa, Rewat; Sharma, Pankajeshwara; Hüllmann, Joschka Andreas; and Savarimuthu, Bastin Tony Roy, "Identifying Influence Mechanisms in Permissionless Blockchain Communities: The Bitcoin Case" (2021). ICIS 2021 Proceedings. 8.
https://aisel.aisnet.org/icis2021/fintech/fintech/8