a16z: 8 reasons why blockchain mechanism design is challenging

1. Lack of trust: In permissionless blockchain protocols, design becomes difficult because there is no trusted party to enforce the mechanism, and it is necessary to assume that most nodes are honest.
2. Collusion problem: Blockchain participants may collude with each other, for example, in a second-price auction, a bidder can bribe the second-highest bidder to bid lower.
3. Larger design space: Mechanism design in Web3 requires rethinking all given problems, because many mechanisms involve payments and blockchain protocols can manipulate their own native currencies.
4. Native currencies may bring other problems: The use of native currencies may lead to macroeconomic consequences, such as Bitcoin's inflation rate must approach zero, while Ethereum's ETH is a net deflationary currency.
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