ВІД ІНСТИТУЦІЙ ДО АЛГОРИТМІВ: КРИПТОЕКОНОМІКА ЯК НОВА ПАРАДИГМА ТРАНСАКЦІЙНОСТІ ТА ФІНАНСОВОГО ПОСЕРЕДНИЦТВА

Abstract

The article explores cryptoeconomics as a new paradigm for the development of transaction theory and financial intermediation in the context of the digital transformation of the global economy. It is substantiated that the rapid introduction of blockchain technologies, smart contracts and asset tokenization mechanisms causes qualitative changes in the ways of organizing economic interaction, forming a transition from institutionally mediated to algorithmically managed trust systems. The evolution of theoretical approaches to transaction costs is revealed, in particular in the context of the ideas of R. Coase, O. Williamson and D. North, and their transformation in the digital environment is proven, where the key functions of coordination, control and verification are implemented through decentralized protocols. It is established that cryptoeconomics forms a new structure of transaction costs, in which the costs of coordination, monitoring and ensuring the execution of transactions are reduced, while the costs associated with the functioning of the network infrastructure appear. The main characteristics of the cryptoeconomic environment are highlighted: transparency, self-fulfillment of transactions, distributiveness of risks, autonomy of economic agents and the algorithmic nature of trust. Particular attention is paid to the role of decentralized finance (DeFi) and decentralized autonomous organizations (DAO) as new forms of organization of financial relations. A conceptual model of “new transactionality” is proposed, within which economic relations acquire a network character, and cryptocurrencies perform not only the function of a financial asset, but also an institutional mechanism of market self-regulation. It is proved that trust is transformed from a socio-legal category into a technologically guaranteed property of the protocol. It is concluded that cryptoeconomics forms the basis for the formation of a new financial architecture based on the principles of decentralization, digital trust and algorithmic management, determining the strategic directions of development of global economic systems in the 21st century