讲座题目：Coin Concentration of Proof-of-Stake Blockchains

主讲人：Felix Irresberger，博士，利兹大学 副教授

讲座时间：2018年12月20日（周四）11：00-12：30

讲座地点：bat365中文官方网站大楼318室

邀请部门：金融学系、金融工程研究所

 

讲座概要：

The security of Proof-of-Stake (PoS) blockchains rests on the assumption that a large number of contributors have incentives to maintain copies of the underlying distributed ledger. However, excessive block rewards may inflate the value of PoS coins and thus, make contributing less profitable. In this paper, we evaluate the tradeoff between the degree of decentralization and coin inflation in a simulation exercise in which we model the competition between actively staking nodes and their decision to contribute to the network. First, we provide empirical evidence on coin concentration in common PoS networks to guide our simulations and assumptions. Second, we simulate the evolution of coin concentration among contributors to PoS blockchains with respective to several crypteconomic designs such as coin supply with constant or dynamic inflation, different node selection criteria, and initial coin distributions. Our results based on simulated paths of the dynamics of nodes' coins at stake suggest that decentralization of PoS blockchains can be largely maintained with moderate constant or dynamically adjusted coin inflation while decreasing inflation yields a large loss in active staking nodes over time when coin prices are static. Target node participation rates are not only fairer in terms of coin distribution but also yield to higher value-weighted returns.

 

报告人简介：

Felix Irresberger，男, 27岁，博士，现任英国利兹大学银行与金融专业副教授。其研究“加密数字货币作为新的资产类型”获利兹大学bat365中文官方网站颁发的研究津贴（£1,817），2016年-2017年任英国卡迪夫大学金融专业讲师，2013年-2016年任德国TU 多特蒙德大学博士后。2015年9-12月美国天普大学访问学者，2016年3-4月加拿大卡尔加里大学访问学者，2016年7月瑞士圣加仑大学访问学者，2018年12月宁波诺丁汉大学访问学者。目前主要从事银行业和保险业方面研究，以及Blockchain & Cryptofinance相关课题。在区块链、金融保险等方面发表论文8篇。发表国际期刊论文的杂志包括：European Journal of Operational Research，European Journal of Finance, Journal of Risk & Insurance, North American Actuarial Journal, Review of Financial Economics, Journal of Banking & Finance, Journal of Banking &Finance。