| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16752 |
| DP16752 Distributed Ledgers and the Governance of Money | |
| Raphael Auer; Hyun Song Shin; Cyril Monnet | |
| 发表日期 | 2021-11-25 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Blockchain technology breathes new life into the classical analysis of money as a substitute for a ledger of all past transactions. While it involves updating the ledger through a decentralized consensus on the unique truth, the robustness of the equilibrium that supports this consensus depends on who has access to the ledger and how it can be updated. To find the optimal solution, Buterin’s “scalability trilemma” needs to be addressed, so that a workable balance can be found between decentralization, security (i.e. a robust consensus), and scale (the efficient volume of transactions). Using a global game analysis of an exchange economy with credit, we solve for the optimal ledger design that balances the three objectives of this trilemma. We characterize the optimal number of validators, supermajority threshold, fees and transaction size. When intertemporal incentives are strong, a centralized ledger is always optimal. Otherwise, decentralization may be optimal, and validators need to be selected from the set of users of the system. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Market design Money Distributed ledger technology Dlt Blockchain Decentralized finance Global game Consensus |
| URL | https://cepr.org/publications/dp16752 |
| 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/545686 |
| 推荐引用方式 GB/T 7714 | Raphael Auer,Hyun Song Shin,Cyril Monnet. DP16752 Distributed Ledgers and the Governance of Money. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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