Before revision:  As well, it has a non-linear effect on the fundamental values of the cryptocurrency and blockchain  platform, depending on the severity of underlying adverse selection. The welfare of agents is also derived, and it is shown to be collinear with the fundamental value of cryptocurrency .
After revision:  As well, it has a non-linear effect on the fundamental values of the cryptocurrency and blockchain platform, its fundamental value, the price of cryptocurrency, and consumers' welfare. Moreover, a blockchain manager who controls the level of the innovation of the smart contract has an incentive to keep it lower than the first best when the underlying information asymmetry is not severe, leading to welfare loss for consumers .