"The rule by code, characterized by the instrumentalization of computer code to serve the interests of powerful tech companies, thus presents itself as the software equivalent of the rule by law, characterized by the arbitrary wielding of laws to serve the interests of powerful sovereigns. (...) While both traditional online platforms and blockchain-based systems rely on code to regulate online behaviors, there is nonetheless a fundamental difference in the way these two systems operate. Because there is no centralized authority controlling a public and permissionless blockchain network (i.e., there is no sovereign), blockchain technology provides for the establishment of code-based rules that are difficult to co-opt for the benefits of a few."