Charles Hoskinson believes blockchains are ushering in a new era for both business and government administration, one defined by a peculiarly unprecedented quality: leaderless-ness.

The cofounder of the Ethereum and Cardano blockchains, two of the world’s most popular cryptocurrency networks, dropped by Fortune’s Balancing The Ledger studio to voice his concerns about his peers venturing into this uncharted territory, which is ruled “as a cooperative or as a bottom-up community,” as he says, rather than by “a president or king or committee or group that we’ve endowed with special powers.”

The new paradigm presents novel challenges. “We really do have a governance crisis,” says Hoskinson, who is also chief executive of IOHK, a blockchain consultancy and research firm based in Hong Kong.

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