{"title":"Incentivizing Blockchain Participation Through Task Assignment Mechanisms: Evidence From a Natural Experiment of Consensus Protocols on Ethereum","authors":"Wei Yang","doi":"10.1002/joom.1358","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>This study examines how task assignment mechanisms affect the participation of workers on decentralized blockchains. In developing the theory, I highlight that blockchain represents a distinct organizational form for coordinating operations under a highly decentralized structure, in which the essential tasks of system infrastructure maintenance are assigned to third-party crowd workers through the unique governance mechanism of consensus protocol. I specifically focus on two widely adopted consensus protocols in the context of cryptocurrency, namely, proof-of-work (PoW), which assigns tasks that sustain the blockchain system operation based on workers' investments in computing power, and proof-of-stake (PoS), which assigns these tasks based on workers' investments in the native cryptocurrency as stakes. I argue that compared with PoW, PoS increases worker participation and task decentralization because the investment requirement of task participation in the form of blockchain native assets reduces workers' transaction costs in task contracting and their tendencies for hyper-competition. My empirical analysis leverages a natural experiment on Ethereum, namely, the “Merge” event on September 15, 2022, in which the blockchain changed the assignment rules by switching the consensus protocol from PoW to PoS. The results under a difference-in-differences research design confirm my arguments.</p>\n </div>","PeriodicalId":51097,"journal":{"name":"Journal of Operations Management","volume":"71 7","pages":"964-987"},"PeriodicalIF":10.4000,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Operations Management","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/joom.1358","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"MANAGEMENT","Score":null,"Total":0}
引用次数: 0
Abstract
This study examines how task assignment mechanisms affect the participation of workers on decentralized blockchains. In developing the theory, I highlight that blockchain represents a distinct organizational form for coordinating operations under a highly decentralized structure, in which the essential tasks of system infrastructure maintenance are assigned to third-party crowd workers through the unique governance mechanism of consensus protocol. I specifically focus on two widely adopted consensus protocols in the context of cryptocurrency, namely, proof-of-work (PoW), which assigns tasks that sustain the blockchain system operation based on workers' investments in computing power, and proof-of-stake (PoS), which assigns these tasks based on workers' investments in the native cryptocurrency as stakes. I argue that compared with PoW, PoS increases worker participation and task decentralization because the investment requirement of task participation in the form of blockchain native assets reduces workers' transaction costs in task contracting and their tendencies for hyper-competition. My empirical analysis leverages a natural experiment on Ethereum, namely, the “Merge” event on September 15, 2022, in which the blockchain changed the assignment rules by switching the consensus protocol from PoW to PoS. The results under a difference-in-differences research design confirm my arguments.
期刊介绍：
The Journal of Operations Management (JOM) is a leading academic publication dedicated to advancing the field of operations management (OM) through rigorous and original research. The journal's primary audience is the academic community, although it also values contributions that attract the interest of practitioners. However, it does not publish articles that are primarily aimed at practitioners, as academic relevance is a fundamental requirement.
JOM focuses on the management aspects of various types of operations, including manufacturing, service, and supply chain operations. The journal's scope is broad, covering both profit-oriented and non-profit organizations. The core criterion for publication is that the research question must be centered around operations management, rather than merely using operations as a context. For instance, a study on charismatic leadership in a manufacturing setting would only be within JOM's scope if it directly relates to the management of operations; the mere setting of the study is not enough.
Published papers in JOM are expected to address real-world operational questions and challenges. While not all research must be driven by practical concerns, there must be a credible link to practice that is considered from the outset of the research, not as an afterthought. Authors are cautioned against assuming that academic knowledge can be easily translated into practical applications without proper justification.
JOM's articles are abstracted and indexed by several prestigious databases and services, including Engineering Information, Inc.; Executive Sciences Institute; INSPEC; International Abstracts in Operations Research; Cambridge Scientific Abstracts; SciSearch/Science Citation Index; CompuMath Citation Index; Current Contents/Engineering, Computing & Technology; Information Access Company; and Social Sciences Citation Index. This ensures that the journal's research is widely accessible and recognized within the academic and professional communities.
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