paper
Incentives Don't Solve Blockchain's Problems
Shea Ketsdever, Michael J. Fischer
Incentives Don't Solve Blockchain's Problems
Shea Ketsdever, Michael J. Fischer
paper2019-05-12English
blockchain financearxiv
Description
A blockchain faces two fundamental challenges. It must motivate users to maintain the system while preventing a minority of these users from colluding and gaining disproportionate control. Many popular public blockchains use monetary incentives to encourage users to behave appropriately. But these same incentive schemes create more problems than they solve. Mining rewards cause centralization in "proof of work" chains such as Bitcoin. Validator rewards and punishments invite attacks in "proof of...
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