We explain the mechanics of smart contracts. We then highlight the benefits of smart
contracts, such as overcoming commitment problems. We also discuss limitations, such as …

Fintech and decentralized finance have penetrated all areas of the financial system and
have improved financial inclusion in the last decade. In this paper, we review the recent …

How financial technology impacts financial inclusion and democratic access to financial
services is central for policy discussions and applied research (World Bank Group, 2016; …

Stablecoins are at the center of debate surrounding decentralized finance. We develop a
dynamic model to analyze the instability mechanism of stablecoins, the complex incentives …

This paper examines the economic implications of scaling blockchains under two different
consensus protocols: Proof-of-Work (PoW) and Proof-of-Stake (PoS). We study an economic …

We construct an economic framework for understanding the incentives of the participants of
a permissioned blockchain for supply chains and other related industries. Our study aims to …

In recent years, the designs of many new blockchain applications have been inspired by the
Byzantine fault tolerance (BFT) problem. While traditional BFT protocols assume that most …

The rise of blockchain-based platforms and decentralized finance prominently
features``staking'': Besides offering a convenience yield for transactions as digital media of …

Abstract The Proof-of-Stake (PoS) protocol is booming in blockchain networks because of
excessive energy consumption and slow block generation associated with the Proof-of-Work …

We assess how the cost structure of cryptocurrency mining affects the response of miners to
exchange rate fluctuations and the immutability of cryptocurrency ledgers that rely on proof …