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- W2897137372 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." @default.
- W2897137372 created "2018-10-26" @default.
- W2897137372 creator A5036497037 @default.
- W2897137372 date "2018-01-01" @default.
- W2897137372 modified "2023-09-26" @default.
- W2897137372 title "Blockchain Without Waste: Proof-of-Stake" @default.
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- W2897137372 doi "https://doi.org/10.2139/ssrn.3183935" @default.
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