G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16752
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
URLhttps://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.
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