Bitcoin is a popular cryptocurrency that records all transactions in a distributed append-only
public ledger called blockchain. The security of Bitcoin heavily relies on the incentive …

We survey extant literature on the economics of blockchain fundamentals, with particular
focus on Bitcoin, proof-of-work, and proof-of-stake. We formally clarify Bitcoin's economic …

We establish that cryptocurrency returns are driven and can be predicted by factors that are
specific to cryptocurrency markets. Cryptocurrency returns are exposed to cryptocurrency …

We develop a dynamic model of a platform economy where tokens serve as a means of
payment among platform users and are issued to finance investment in platform productivity …

We construct a comprehensive dataset on a near universe of non-fungible token (NFT)
transactions, create indices for the NFT market and its components, and analyze their …

In this paper, we provide a detailed analysis of the Bitcoin network. We build a novel Bitcoin
database and develop a methodology for identifying information about the main market …

Cryptocurrency markets exhibit periods of large, recurrent arbitrage opportunities across
exchanges. These price deviations are much larger across than within countries, and …

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

We develop a dynamic asset pricing model of cryptocurrencies/tokens that allow users to
conduct peer-to-peer transactions on digital platforms. The equilibrium price of tokens is …

Blockchain technology provides decentralized consensus and potentially enlarges the
contracting space through smart contracts. Meanwhile, generating decentralized consensus …