From Bitcoin to Ethereum: ethics and antifragility of decentralization

Purpose The purpose of this study is to identify how Ethereum transforms the concepts of power, resilience and ethics in decentralized digital systems using the theories of Michel Foucault and Nassim Taleb. Design/methodology/approach The research relies on a conceptual approach that includes a literature review and qualitative analysis of key cases, such as the decentralized autonomous organizations (DAO) hack and Ethereum’s transition to the Proof of Stake mechanism. Data synthesis is carried out through the theoretical frameworks proposed by Foucault and Taleb. Findings Ethereum alters the dynamics of power through the use of smart contracts and DAO. The platform demonstrates antifragility by successfully adapting to crises and embodies the “Skin in the Game” principle through the staking mechanism. However, ethical challenges related to privacy arise, highlighting the importance of finding a balance between transparency and privacy. Research limitations/implications The research focuses exclusively on Ethereum, which limits the generalizability of the findings. Future research should consider other blockchain platforms. Social implications The work emphasizes the need to resolve the conflict between blockchain transparency and the right to privacy in the digital environment. Originality/value This work offers a new conceptual framework for studying decentralized systems by combining Foucault’s ideas on power with Taleb’s theories on antifragility and ethical participation. Special attention is given to the ethical aspects of digital governance.