Blockchain without Waste: Proof-of-Stake

【Author】 Saleh, Fahad

【Source】REVIEW OF FINANCIAL STUDIES

【影响因子】8.414

【Abstract】Permissionless blockchains require a protocol to generate consensus. Many prominent permissionless blockchains employ Proof-of-Work (PoW) for that purpose, but PoW possesses significant shortcomings. Various alternatives have been proposed. This paper provides the first formal economic model of the most famous alternative, Proof-of-Stake (PoS), and establishes conditions under which PoS generates consensus. A sufficiently modest reward schedule not only implies the existence of an equilibrium in which consensus obtains as soon as possible but also precludes a persistent forking equilibrium. The latter result arises because PoS, unlike PoW, requires that validators are also stakeholders.

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【发表时间】2021 MAR

【收录时间】2022-01-02

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