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PRODID:-//CREST - ECPv5.1.3//NONSGML v1.0//EN
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X-ORIGINAL-URL:https://crest.science
X-WR-CALDESC:Events for CREST
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TZID:Europe/Helsinki
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TZOFFSETFROM:+0200
TZOFFSETTO:+0300
TZNAME:EEST
DTSTART:20230326T010000
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TZNAME:EET
DTSTART:20231029T010000
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DTSTART;TZID=Europe/Helsinki:20231127T121500
DTEND;TZID=Europe/Helsinki:20231127T133000
DTSTAMP:20260710T232634
CREATED:20231016T100422Z
LAST-MODIFIED:20231113T065002Z
UID:16080-1701087300-1701091800@crest.science
SUMMARY:FABI Michele (CREST) "Blockchain design with transmission delays"
DESCRIPTION:Macro seminar\nTime : 12h15 – 13h30 \nDate : 27 November 2023 \nSalle 3001 \nFABI Michele (CREST) “Blockchain design with transmission delays” \nAbstract: I develop a parsimonious model of blockchain consensus with transmission delays. I characterize the optimal reward mechanism for miners\, showing that it includes both seigniorage from token emissions and transaction fees. Seigniorage convinces miners to operate when pending transactions are scarce. Fees make miners willing to record transactions by offsetting the higher forking risk stemming from increased block size. I demonstrate that transmission delays create a limited-scalability problem. I also show that rewarding forked blocks can raise welfare and that burning tokens can solve consensus incentive problems when verification delays replace transmission delays. \n Alessandro RIBONI (CREST) \n
URL:https://crest.science/event/fabi-michele-crest-t-b-a/
CATEGORIES:Macroeconomics,Seminars
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