{"id":5194,"date":"2022-11-13T11:39:13","date_gmt":"2022-11-13T10:39:13","guid":{"rendered":"https:\/\/bicon.li\/?p=5194"},"modified":"2026-02-17T17:34:18","modified_gmt":"2026-02-17T16:34:18","slug":"minimum-viable-decentralization","status":"publish","type":"post","link":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/","title":{"rendered":"Minimum Viable Decentralization (MvD): A Framework for Evaluating Decentralized Finance (DeFi) Protocols"},"content":{"rendered":"

The concept of Decentralized Finance (DeFi) has gained considerable attention as a transformative force in the financial sector, leveraging blockchain technology to offer financial services without traditional intermediaries. However, many projects labeled as \"DeFi\" exhibit significant centralization in key areas, leading to confusion about what truly constitutes decentralization<\/a>. To address this, I propose the concept of Minimum Viable Decentralization (MvD) as a pragmatic framework for evaluating DeFi protocols.<\/p>\n\n\n\n

Challenges of Complete Decentralization<\/h3>\n\n\n\n

Complete decentralization, where no aspect of a protocol relies on centralized entities or individuals, is extraordinarily difficult to achieve. Blockchain-based systems often require external inputs or infrastructure, such as oracles for real-world data, off-chain collateral, or market makers. Similarly, governance mechanisms, typically through decentralized autonomous organizations (DAOs), frequently suffer from token concentration, allowing a small number of entities to control decisions. These dependencies undermine the foundational principles of DeFi.<\/p>\n\n\n\n

Defining Minimum Viable Decentralization<\/h3>\n\n\n\n

MvD provides a threshold for determining whether a protocol can legitimately be considered decentralized. According to this framework:<\/p>\n\n\n\n

    \n
  1. No Centralized Dependencies<\/strong>: The protocol must not rely on centralized services for critical functions. For example, an Ethereum-based protocol that uses a centralized oracle service for price feeds cannot claim to be decentralized.<\/li>\n\n\n\n
  2. Distributed Governance<\/strong>: DAO tokens must be sufficiently distributed to prevent control by a single entity or small group. Concentrated token ownership undermines the democratic decision-making promised by DeFi.<\/li>\n\n\n\n
  3. Operational Independence<\/strong>: The protocol must be capable of functioning autonomously, without reliance on specific individuals or organizations for its operation or maintenance.<\/li>\n<\/ol>\n\n\n\n

    Protocols failing to meet these criteria should not be classified as DeFi. Instead, they represent Traditional Finance (TraFi) on a public blockchain<\/strong>, which requires regulatory oversight similar to conventional financial systems.<\/p>\n\n\n\n

    Implications for Regulation and Adoption<\/h3>\n\n\n\n

    Adopting MvD as a benchmark has significant implications for both the DeFi ecosystem and its regulation. By distinguishing between true DeFi protocols and centralized imitators, the framework can foster transparency and help regulators develop tailored approaches. Protocols that fail to meet MvD standards should not benefit from the regulatory flexibility afforded to DeFi but should instead adhere to compliance requirements imposed on traditional financial entities.<\/p>\n\n\n\n

    Drawing the Line<\/h3>\n\n\n\n
    \n

    Determining whether a protocol meets the MvD threshold is not straightforward. It involves assessing the decentralization of each layer<\/a> and component, from the technical infrastructure to the protocol layer, applications and governance. <\/p>\n<\/blockquote>\n\n\n\n

    Tools and methodologies for measuring decentralization, such as analysis of token distribution and reliance on off-chain services, are crucial for this evaluation.<\/p>\n\n\n\n

    Conclusion<\/h3>\n\n\n\n

    Minimum Viable Decentralization offers a practical lens to navigate the complex landscape of DeFi. While complete decentralization remains an aspirational goal, MvD ensures that protocols maintain a foundational level of decentralization to justify their classification as DeFi. <\/p>\n\n\n\n

    \n

    By promoting transparency and accountability, this framework can help the DeFi ecosystem mature while safeguarding its core principles of autonomy and trustlessness.
    <\/p>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"

    The concept of Decentralized Finance (DeFi) has gained considerable attention ... <\/p>\n

    Read Article<\/a><\/p>","protected":false},"author":1,"featured_media":6487,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_uag_custom_page_level_css":"","ub_ctt_via":"","advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","generate_page_header":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[17,24,55],"tags":[31],"class_list":["post-5194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-defi","category-governance","tag-english","infinite-scroll-item","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"featured_image_src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1792%2C1024&ssl=1","author_info":{"display_name":"Volkmar Ritter","author_link":"https:\/\/bicon.li\/en\/author\/wm\/"},"yoast_head":"\nMinimum Viable Decentralization (MvD): A Framework for Evaluating Decentralized Finance (DeFi) Protocols | BICon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Minimum Viable Decentralization (MvD): A Framework for Evaluating Decentralized Finance (DeFi) Protocols | BICon\" \/>\n<meta property=\"og:description\" content=\"The concept of Decentralized Finance (DeFi) has gained considerable attention ... Artikel lesen\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/\" \/>\n<meta property=\"og:site_name\" content=\"BICon\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/BIConConsulting\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/volkmar.ritter\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-13T10:39:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-17T16:34:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1792%2C1024&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"1792\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Volkmar Ritter\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@volkmarritter\" \/>\n<meta name=\"twitter:site\" content=\"@BIConConsulting\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Volkmar Ritter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/2022\\\/11\\\/13\\\/minimum-viable-decentralization\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/2022\\\/11\\\/13\\\/minimum-viable-decentralization\\\/\"},\"author\":{\"name\":\"Volkmar Ritter\",\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/#\\\/schema\\\/person\\\/f87d7a4f4803d1bfc49d3214d82e2b20\"},\"headline\":\"Minimum Viable Decentralization (MvD): A Framework for Evaluating Decentralized Finance (DeFi) Protocols\",\"datePublished\":\"2022-11-13T10:39:13+00:00\",\"dateModified\":\"2026-02-17T16:34:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/2022\\\/11\\\/13\\\/minimum-viable-decentralization\\\/\"},\"wordCount\":476,\"publisher\":{\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/2022\\\/11\\\/13\\\/minimum-viable-decentralization\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/bicon.li\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Strategy-1.webp?fit=1792%2C1024&ssl=1\",\"keywords\":[\"English\"],\"articleSection\":[\"Blockchain\",\"DeFi\",\"Governance\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/2022\\\/11\\\/13\\\/minimum-viable-decentralization\\\/\",\"url\":\"https:\\\/\\\/bicon.li\\\/en\\\/2022\\\/11\\\/13\\\/minimum-viable-decentralization\\\/\",\"name\":\"Minimum Viable Decentralization (MvD): A Framework for Evaluating Decentralized Finance (DeFi) Protocols | BICon\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/2022\\\/11\\\/13\\\/minimum-viable-decentralization\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/2022\\\/11\\\/13\\\/minimum-viable-decentralization\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/bicon.li\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Strategy-1.webp?fit=1792%2C1024&ssl=1\",\"datePublished\":\"2022-11-13T10:39:13+00:00\",\"dateModified\":\"2026-02-17T16:34:18+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/2022\\\/11\\\/13\\\/minimum-viable-decentralization\\\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/bicon.li\\\/en\\\/2022\\\/11\\\/13\\\/minimum-viable-decentralization\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/2022\\\/11\\\/13\\\/minimum-viable-decentralization\\\/#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/bicon.li\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Strategy-1.webp?fit=1792%2C1024&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/bicon.li\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Strategy-1.webp?fit=1792%2C1024&ssl=1\",\"width\":1792,\"height\":1024},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/2022\\\/11\\\/13\\\/minimum-viable-decentralization\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/bicon.li\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Minimum Viable Decentralization (MvD): A Framework for Evaluating Decentralized Finance (DeFi) Protocols\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/bicon.li\\\/en\\\/\",\"name\":\"BICon\",\"description\":\"Business & IT Consulting for the Financial Industry\",\"publisher\":{\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/bicon.li\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/#organization\",\"name\":\"BICon\",\"url\":\"https:\\\/\\\/bicon.li\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/bicon.li\\\/wp-content\\\/uploads\\\/2015\\\/08\\\/logo.png?fit=600%2C106&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/bicon.li\\\/wp-content\\\/uploads\\\/2015\\\/08\\\/logo.png?fit=600%2C106&ssl=1\",\"width\":600,\"height\":106,\"caption\":\"BICon\"},\"image\":{\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/BIConConsulting\\\/\",\"https:\\\/\\\/x.com\\\/BIConConsulting\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/7082461\\\/admin\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/bicon.li\\\/en\\\/#\\\/schema\\\/person\\\/f87d7a4f4803d1bfc49d3214d82e2b20\",\"name\":\"Volkmar Ritter\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/bicon.li\\\/wp-content\\\/litespeed\\\/avatar\\\/d2146d0239f250deff091ba5ec974d50.jpg?ver=1784283373\",\"url\":\"https:\\\/\\\/bicon.li\\\/wp-content\\\/litespeed\\\/avatar\\\/d2146d0239f250deff091ba5ec974d50.jpg?ver=1784283373\",\"contentUrl\":\"https:\\\/\\\/bicon.li\\\/wp-content\\\/litespeed\\\/avatar\\\/d2146d0239f250deff091ba5ec974d50.jpg?ver=1784283373\",\"caption\":\"Volkmar Ritter\"},\"sameAs\":[\"http:\\\/\\\/www.bicon.li\",\"https:\\\/\\\/www.facebook.com\\\/volkmar.ritter\",\"https:\\\/\\\/www.linkedin.com\\\/in\\\/volkmarritter\\\/\",\"https:\\\/\\\/x.com\\\/volkmarritter\"],\"url\":\"https:\\\/\\\/bicon.li\\\/en\\\/author\\\/wm\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Minimum Viable Decentralization (MvD): A Framework for Evaluating Decentralized Finance (DeFi) Protocols | BICon","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/","og_locale":"en_GB","og_type":"article","og_title":"Minimum Viable Decentralization (MvD): A Framework for Evaluating Decentralized Finance (DeFi) Protocols | BICon","og_description":"The concept of Decentralized Finance (DeFi) has gained considerable attention ... Artikel lesen","og_url":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/","og_site_name":"BICon","article_publisher":"https:\/\/www.facebook.com\/BIConConsulting\/","article_author":"https:\/\/www.facebook.com\/volkmar.ritter","article_published_time":"2022-11-13T10:39:13+00:00","article_modified_time":"2026-02-17T16:34:18+00:00","og_image":[{"width":1792,"height":1024,"url":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1792%2C1024&ssl=1","type":"image\/webp"}],"author":"Volkmar Ritter","twitter_card":"summary_large_image","twitter_creator":"@volkmarritter","twitter_site":"@BIConConsulting","twitter_misc":{"Written by":"Volkmar Ritter","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/#article","isPartOf":{"@id":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/"},"author":{"name":"Volkmar Ritter","@id":"https:\/\/bicon.li\/en\/#\/schema\/person\/f87d7a4f4803d1bfc49d3214d82e2b20"},"headline":"Minimum Viable Decentralization (MvD): A Framework for Evaluating Decentralized Finance (DeFi) Protocols","datePublished":"2022-11-13T10:39:13+00:00","dateModified":"2026-02-17T16:34:18+00:00","mainEntityOfPage":{"@id":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/"},"wordCount":476,"publisher":{"@id":"https:\/\/bicon.li\/en\/#organization"},"image":{"@id":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1792%2C1024&ssl=1","keywords":["English"],"articleSection":["Blockchain","DeFi","Governance"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/","url":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/","name":"Minimum Viable Decentralization (MvD): A Framework for Evaluating Decentralized Finance (DeFi) Protocols | BICon","isPartOf":{"@id":"https:\/\/bicon.li\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/#primaryimage"},"image":{"@id":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1792%2C1024&ssl=1","datePublished":"2022-11-13T10:39:13+00:00","dateModified":"2026-02-17T16:34:18+00:00","breadcrumb":{"@id":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/#primaryimage","url":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1792%2C1024&ssl=1","contentUrl":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1792%2C1024&ssl=1","width":1792,"height":1024},{"@type":"BreadcrumbList","@id":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/bicon.li\/en\/"},{"@type":"ListItem","position":2,"name":"Minimum Viable Decentralization (MvD): A Framework for Evaluating Decentralized Finance (DeFi) Protocols"}]},{"@type":"WebSite","@id":"https:\/\/bicon.li\/en\/#website","url":"https:\/\/bicon.li\/en\/","name":"BICon","description":"Business & IT Consulting for the Financial Industry","publisher":{"@id":"https:\/\/bicon.li\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bicon.li\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/bicon.li\/en\/#organization","name":"BICon","url":"https:\/\/bicon.li\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/bicon.li\/en\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2015\/08\/logo.png?fit=600%2C106&ssl=1","contentUrl":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2015\/08\/logo.png?fit=600%2C106&ssl=1","width":600,"height":106,"caption":"BICon"},"image":{"@id":"https:\/\/bicon.li\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/BIConConsulting\/","https:\/\/x.com\/BIConConsulting","https:\/\/www.linkedin.com\/company\/7082461\/admin\/"]},{"@type":"Person","@id":"https:\/\/bicon.li\/en\/#\/schema\/person\/f87d7a4f4803d1bfc49d3214d82e2b20","name":"Volkmar Ritter","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/bicon.li\/wp-content\/litespeed\/avatar\/d2146d0239f250deff091ba5ec974d50.jpg?ver=1784283373","url":"https:\/\/bicon.li\/wp-content\/litespeed\/avatar\/d2146d0239f250deff091ba5ec974d50.jpg?ver=1784283373","contentUrl":"https:\/\/bicon.li\/wp-content\/litespeed\/avatar\/d2146d0239f250deff091ba5ec974d50.jpg?ver=1784283373","caption":"Volkmar Ritter"},"sameAs":["http:\/\/www.bicon.li","https:\/\/www.facebook.com\/volkmar.ritter","https:\/\/www.linkedin.com\/in\/volkmarritter\/","https:\/\/x.com\/volkmarritter"],"url":"https:\/\/bicon.li\/en\/author\/wm\/"}]}},"author_meta":{"display_name":"Volkmar Ritter","author_link":"https:\/\/bicon.li\/en\/author\/wm\/"},"featured_img":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=600%2C343&ssl=1","jetpack_featured_media_url":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1792%2C1024&ssl=1","uagb_featured_image_src":{"full":["https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1792%2C1024&ssl=1",1792,1024,false],"thumbnail":["https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?resize=150%2C150&ssl=1",150,150,true],"medium":["https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=600%2C343&ssl=1",600,343,true],"medium_large":["https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=768%2C439&ssl=1",768,439,true],"large":["https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1024%2C585&ssl=1",1024,585,true],"1536x1536":["https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1536%2C878&ssl=1",1536,878,true],"2048x2048":["https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1792%2C1024&ssl=1",1792,1024,true],"trp-custom-language-flag":["https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=18%2C10&ssl=1",18,10,true]},"uagb_author_info":{"display_name":"Volkmar Ritter","author_link":"https:\/\/bicon.li\/en\/author\/wm\/"},"uagb_comment_info":0,"uagb_excerpt":"The concept of Decentralized Finance (DeFi) has gained considerable attention ... Artikel lesen","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/bicon.li\/en\/category\/blockchain\/\" class=\"advgb-post-tax-term\">Blockchain<\/a>","<a href=\"https:\/\/bicon.li\/en\/category\/defi\/\" class=\"advgb-post-tax-term\">DeFi<\/a>","<a href=\"https:\/\/bicon.li\/en\/category\/governance\/\" class=\"advgb-post-tax-term\">Governance<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Blockchain<\/span>","<span class=\"advgb-post-tax-term\">DeFi<\/span>","<span class=\"advgb-post-tax-term\">Governance<\/span>"]},"tags":{"linked":["<a href=\"https:\/\/bicon.li\/en\/category\/governance\/\" class=\"advgb-post-tax-term\">English<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">English<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 4 years ago","modified":"Updated 5 months ago"},"absolute_dates":{"created":"Posted on 2022-11-13","modified":"Updated on 2026-02-17"},"absolute_dates_time":{"created":"Posted on 2022-11-13 11:39","modified":"Updated on 2026-02-17 17:34"},"featured_img_caption":"","series_order":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9UXv9-1lM","jetpack-related-posts":[{"id":6403,"url":"https:\/\/bicon.li\/en\/2023\/10\/09\/panel-discusion-micar-centralisation-vs-decentralisation\/","url_meta":{"origin":5194,"position":0},"title":"Panel Discusion: MiCAR - Centralisation VS. Decentralisation","author":"Volkmar Ritter","date":"2023-10-09","format":false,"excerpt":"I am looking forward to an interesting panel discussion at the Token Summit Liechtenstein 2023 with a highly relevant topic. Possible discussion points that I see: MiCA and DeFi Is decentralisation according to MiCA* possible on the various DeFi levels (according to Fabian Sch\u00e4r): Settlement \/ Asset Layer Protocol \/\u2026","rel":"","context":"In "BICon News"","block_context":{"text":"BICon News","link":"https:\/\/bicon.li\/en\/category\/news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/10\/img_4072-1-scaled.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/10\/img_4072-1-scaled.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/10\/img_4072-1-scaled.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/10\/img_4072-1-scaled.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/10\/img_4072-1-scaled.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":3835,"url":"https:\/\/bicon.li\/en\/2021\/04\/15\/defi-p-e-ratios\/","url_meta":{"origin":5194,"position":1},"title":"DeFi \u00abP\/E Ratios\u00bb compared to Tech Stocks","author":"Volkmar Ritter","date":"2021-04-15","format":false,"excerpt":"Since the supply-side revenues (blue) are given to the lenders, liquidity providers etc. they are not relevant earnings wise.Under the admittedly idealistic assumption that all protocol revenue (red) remains within the protocol (no pay-outs to non-token holders) and is a 100% reflected as profit in the protocol token, the following\u2026","rel":"","context":"In "Blockchain"","block_context":{"text":"Blockchain","link":"https:\/\/bicon.li\/en\/category\/blockchain\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/04\/9A357C4B-584D-4002-8B0E-191DDECAB880.jpeg?fit=1200%2C629&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/04\/9A357C4B-584D-4002-8B0E-191DDECAB880.jpeg?fit=1200%2C629&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/04\/9A357C4B-584D-4002-8B0E-191DDECAB880.jpeg?fit=1200%2C629&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/04\/9A357C4B-584D-4002-8B0E-191DDECAB880.jpeg?fit=1200%2C629&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/04\/9A357C4B-584D-4002-8B0E-191DDECAB880.jpeg?fit=1200%2C629&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":5252,"url":"https:\/\/bicon.li\/en\/2022\/11\/28\/5-zertifikatsstudiengang-blockchain-und-fintech\/","url_meta":{"origin":5194,"position":2},"title":"5. Certificate Programme Blockchain and FinTech","author":"Volkmar Ritter","date":"2022-11-28","format":false,"excerpt":"Es freut mich sehr, auch im f\u00fcnften Durchgang des Zertifikatsstudienganges\u00a0Blockchain und FinTech an der Universit\u00e4t Liechtenstein zwei Bl\u00f6cke zu dozieren: Digitale Innovationen \/ FinTech Gesch\u00e4ftsmodelle und EconomicsM\u00f6gliche Strategien und Rollen\u00a0f\u00fcr\u00a0Finanzintermedi\u00e4re\u00a0 Introduction to DeFi (Decentralized Finance) Im ersten Teil ist das Ziel den Studierenden ein Verst\u00e4ndnis von folgenden Punkten zu vermitteln:\u2026","rel":"","context":"In "Blockchain"","block_context":{"text":"Blockchain","link":"https:\/\/bicon.li\/en\/category\/blockchain\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/02\/img_6623.png?fit=594%2C372&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/02\/img_6623.png?fit=594%2C372&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/02\/img_6623.png?fit=594%2C372&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":1015,"url":"https:\/\/bicon.li\/en\/2016\/10\/22\/middlemen-are-the-new-stars\/","url_meta":{"origin":5194,"position":3},"title":"Middlemen are the new Stars. How much longer?","author":"Volkmar Ritter","date":"2016-10-22","format":false,"excerpt":"Disintermediation, the removal of intermediaries from a supply chain, was a popular concept during the early days of the Internet and remains a frequently cited idea in discussions about technological disruption. Similarly, the contemporary observation that leading platforms in hospitality, transportation, and other sectors operate without owning assets highlights the\u2026","rel":"","context":"In "Blockchain"","block_context":{"text":"Blockchain","link":"https:\/\/bicon.li\/en\/category\/blockchain\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/10\/2015-12-22-16.45.30.jpg?fit=1200%2C795&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/10\/2015-12-22-16.45.30.jpg?fit=1200%2C795&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/10\/2015-12-22-16.45.30.jpg?fit=1200%2C795&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/10\/2015-12-22-16.45.30.jpg?fit=1200%2C795&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/10\/2015-12-22-16.45.30.jpg?fit=1200%2C795&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":4131,"url":"https:\/\/bicon.li\/en\/2022\/01\/11\/blockchain-and-wealth-management\/","url_meta":{"origin":5194,"position":4},"title":"Centro Law Expert Guest Series: Blockchain and Wealth Management","author":"Volkmar Ritter","date":"2022-01-11","format":false,"excerpt":"What to expect from blockchain applications when it comes to wealth management? Will Blockchain Technology disrupt Wealth Management? So far, the wealth management industry has primarily escaped disruption by blockchain technology. Presumably, challenges in scalability, regulatory uncertainty, and a cautious new technology adoption approach are some reasons. Meanwhile, wealth owners\u2026","rel":"","context":"In "BICon News"","block_context":{"text":"BICon News","link":"https:\/\/bicon.li\/en\/category\/news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2022\/01\/WM-blockchain.jpg?fit=1200%2C591&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2022\/01\/WM-blockchain.jpg?fit=1200%2C591&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2022\/01\/WM-blockchain.jpg?fit=1200%2C591&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2022\/01\/WM-blockchain.jpg?fit=1200%2C591&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2022\/01\/WM-blockchain.jpg?fit=1200%2C591&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":3142,"url":"https:\/\/bicon.li\/en\/2021\/02\/02\/defi\/","url_meta":{"origin":5194,"position":5},"title":"DeFi und der innere Wert von Crypto \u00abW\u00e4hrungen\u00bb","author":"Volkmar Ritter","date":"2021-02-02","format":false,"excerpt":"Im Schatten der Schlagzeilen zu Kursfeuerwerken von Bitcoin, Tesla sowie von Technologie Investments im Allgemeinen, fand die wahrscheinlich gr\u00f6sste Blockchain Innovation des letzten Jahres und der damit verbundene Kursanstieg nur wenig Erw\u00e4hnung in den Massenmedien: DeFi. Dieses K\u00fcrzel steht f\u00fcr Decentralized Finance. DeFi und Ethereum Um was geht es? Auf\u2026","rel":"","context":"In "Blockchain"","block_context":{"text":"Blockchain","link":"https:\/\/bicon.li\/en\/category\/blockchain\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6447-e1612095281279.jpg?fit=1200%2C795&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6447-e1612095281279.jpg?fit=1200%2C795&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6447-e1612095281279.jpg?fit=1200%2C795&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6447-e1612095281279.jpg?fit=1200%2C795&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6447-e1612095281279.jpg?fit=1200%2C795&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"publishpress_future_action":{"enabled":false,"date":"2026-07-31 02:29:02","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/posts\/5194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/comments?post=5194"}],"version-history":[{"count":0,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/posts\/5194\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/media\/6487"}],"wp:attachment":[{"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/media?parent=5194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/categories?post=5194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/tags?post=5194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}