Are Blockchains Really Decentralized? A Multimodal Perspective on Tokenized Decision Making and Venture Capital Investments in Web3

Abstract

Decentralization in Web3 projects is a polarizing topic, with proponents and critics presenting divergent views on blockchain governance. To navigate these tensions, this study employs an exploratory design science research approach. It utilizes a multiple-case study methodology to develop a framework for tokenized decision making and analyze venture capital investments in Web3 projects. We enable researchers and practitioners to grasp the phenomenon in a structured manner and address a critical sub-field of information systems research, which focuses on power concentration in Web3 ecosystems.