Bitcoin and Beyond

【Author】 John, Kose; O'Hara, Maureen; Saleh, Fahad

【Source】ANNUAL REVIEW OF FINANCIAL ECONOMICS

【影响因子】2.741

【Abstract】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.

【Keywords】blockchain; Bitcoin; fees; proof-of-work; PoW; proof-of-stake; PoS

【发表时间】2022

【收录时间】2022-11-16

【文献类型】综述

【主题类别】

区块链治理-市场治理-数字货币