Bitcoin and Beyond

被引：24
|
作者：
John, Kose [1 ]
O'Hara, Maureen [2 ]
Saleh, Fahad [3 ]
机构：
[1] NYU, Stern Sch Business, New York, NY 10012 USA
[2] Cornell Univ, Johnson Coll Business, Ithaca, NY USA
[3] Wake Forest Univ, Sch Business, Winston Salem, NC 27101 USA
来源：
ANNUAL REVIEW OF FINANCIAL ECONOMICS | 2022年 / 14卷
关键词：
blockchain; Bitcoin; fees; proof-of-work; PoW; proof-of-stake; PoS;
D O I：
10.1146/annurev-financial-111620-011240
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We survey extant literature on the economics of blockchain fundamentals, with particular focus on Bitcoin, proof-of-work, and proof-of-stake. We formally clarify Bitcoin's economic significance in solving the double-spending problem without a centralized entity. We then transition to the economics literature, highlighting the key endogenous economic interactions among participants in the Bitcoin ecosystem as well as the economics of proof-of-stake and other potential consensus algorithms. Along the way, we discuss various literature that provides important insights regarding fees, forks, and price volatility. We conclude by reflecting on the next generation of blockchain innovations.
引用
收藏
页码：95 / 115
页数：21
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