The Continuous Materiality of Blockchain

Abstract

Both cryptocurrency researchers and early adopters of cryptocurrencies agree that they possess a special kind of materiality, based on the laborious productive process of digital ‘mining’ [1]. This idea first appears in the Bitcoin White Paper [2] that encourages Bitcoin adopters to construct and justify its value in metaphoric comparison to gold mining. In this paper, I explore three material aspects of blockchain: physical infrastructure, human language and computer code. I apply the concept of 'continuous materiality' [3] to show how these three aspects interact in practical implementations of blockchain such as Bitcoin and Ethereum. I start from the concept of ‘digital metallism’ that stands for ‘fundamental value’ of cryptocurrencies, and end with the move of Ethereum to ‘proof-of-stake’, partially as a countermeasure against ‘evil miners’. I conclude that ignoring material aspects of blockchain technology can only further problematize complicated relations between their technical, semiotic and social materiality. Both cryptocurrency researchers and early adopters of cryptocurrencies agree that they possess a special kind of materiality, based on the laborious productive process of digital ‘mining’ [1]. This idea first appears in the Bitcoin White Paper [2] that encourages Bitcoin adopters to construct and justify its value in metaphoric comparison to gold mining. In this paper, I explore three material aspects of blockchain: physical infrastructure, human language and computer code. I apply the concept of 'continuous materiality' [3] to show how these three aspects interact in practical implementations of blockchain such as Bitcoin and Ethereum. I start from the concept of ‘digital metallism’ that stands for ‘fundamental value’ of cryptocurrencies, and end with the move of Ethereum to ‘proof-of-stake’, partially as a countermeasure against ‘evil miners’. I conclude that ignoring material aspects of blockchain technology can only further problematize complicated relations between their technical, semiotic and social materiality.