| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14154 |
| DP14154 More (or Less) Economic Limits of the Blockchain | |
| Joshua Gans; Neil Gandal | |
| 发表日期 | 2019-11-28 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper extends the blockchain sustainability framework of Budish (2018) to consider proof of stake (in addition to proof of work) consensus mechanisms and permissioned (where the number of nodes are fixed) networks. It is demonstrated that an economically sustainable network will involve the same cost regardless of whether it is proof of work or proof of stake although in the later the cost will take the form of illiquid financial resources. In addition, it is shown that regulating the number of nodes (as in a permissioned network) does not lead to additional cost savings that cannot otherwise be achieved via a setting of block rewards in a permissionless (i.e., free entry) network. This suggests that permissioned networks will not be able to economize on costs relative to permissionless networks. |
| 主题 | Industrial Organization |
| 关键词 | Blockchain Proof-of-work Proof-of-stake |
| URL | https://cepr.org/publications/dp14154 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543041 |
| 推荐引用方式 GB/T 7714 | Joshua Gans,Neil Gandal. DP14154 More (or Less) Economic Limits of the Blockchain. 2019. |
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