Some simple economics of the blockchain Page 1 80 COMMUNICATIONS OF THE ACM |
JULY 2020 | VOL. 63 | NO. 7 review articles IN OCTOBER 2008, a few weeks after the …

Permissionless blockchains require a protocol to generate consensus. Many prominent
permissionless blockchains employ Proof-of-Work (PoW) for that purpose, but PoW …

The intersection of finance and technology, known as fintech, has resulted in the dramatic
growth of innovations and has changed the entire financial landscape. While fintech has a …

We investigate the role that transaction fees play in the bitcoin blockchain's evolution from a
mining-based structure to a market-based ecology. We develop a game-theoretic model to …

Blockchains are distributed ledgers, operated within peer-to-peer networks. We model the
proof-of-work blockchain protocol as a stochastic game and analyze the equilibrium …

Pump-and-dump schemes (P&Ds) pervade the cryptocurrency market. We find that P&Ds
trigger short-term episodes featuring dramatic increases in prices, volume, and volatility …

This paper examines the market for initial coin offerings (ICOs). ICOs are smart contracts
based on blockchain technology that are designed for entrepreneurs to raise external …

We address the valuation of bitcoins and other blockchain tokens in a new type of
production economy: a decentralized financial network (DN). An identifying property of these …

Over the past decade, blockchain technology has attracted tremendous attention from both
academia and industry. The popularity of blockchains was originated from the concept of …

We address the determination of bitcoin prices and decentralized security. Users forecast
the transactional and resale values of holdings, pricing the risk of systemic attacks. Miners …