In modern monetary systems most money is created by commercial banks; we review how private money in the form of deposits circulates and discuss its possible tokenization. We show that a compelling case for the tokenization of bank deposits exists irrespective of the debate regarding central...

Given the potential benefits of blockchain, it is imperative to incorporate a stable decentralized governance structure capable of promoting network value and reliability through a set of community-agreed rules and behaviors. Political scientist Elinor Ostrom’s polycentric approach to...