In the very beginning of Bitcoin, for example, it was irrational to waste your GPU power or your CPU power on mining a useless currency because it had no value. So in order for the system to work, you needed essentially a few years worth of irrational miners. And we may get into this when we start talking about proof of stake as well. There is this irrationality assumption there as well where token needs to be valuable before it can be used and so on.
In this Blockchain 101 episode, we sit down with Axel Ericsson of Vest (previously 1Protocol) to talk about Cryptoeconomic Primitives, incentive models, designing smart equilibria, and staking.
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