Hanna Halaburda (New York University) Presenting “An Economic Model of Consensus on Distributed Ledgers“ Discussant: Cyril Monnet (University of Bern) Moderator: Thomas Moser (Swiss National...
Read moreOUR MISSION
The Blockchain@X combines academic excellence with business & tech leadership to foster blockchain innovation.
PUBLICATIONS
Optimal Cryptocurrency Design: Seigniorage versus Transaction Fees
This paper studies how transaction fees and seigniorage, equivalent to inflation in the cryptocurrency setting, affect miner incentives and trade congestion. Each cryptocurrency miner chooses how many new transactions to group into the next block of transactions that the miner competes to validate. The successful miner earns (i) transaction fees from traders seeking to record their transfers and (ii) the new cryptocurrency units or seigniorage created by block validation. Pro rata transaction fees encourage miners to include more transactions per proposed block but larger blocks transmit more slowly, raising the risk of invalidation. Raising the seigniorage to fee ratio reduces the number of transactions recorded per block. When miners choose small blocks, congestion levels rise and eventually trade breaks down, making the cryptocurrency unviable. This requires a minimal ratio of seigniorage to fees. Optimal cryptocurrency design maximizes trade efficiency subject to miner participation constraints and these miner incentives.
Keywords: Cryptocurrency miners, blockchain, congestion, seigniorage.
JEL Codes: E42, C73, D47.
Keywords: Cryptocurrency miners, blockchain, congestion, seigniorage.
JEL Codes: E42, C73, D47.
Efficient multivariate low-degree tests via interactive oracle proofs of proximity for polynomial codes
In STARK-like zero -knowledge proofs, like those of the Starware company, the major algorithmic and mathematical breakthrough which enables such great performance in applications is the invention of very efficient "low degree test" of univariate polynomials. Our work enables to perform such low degree test for multivariate polynomials, with the same efficiency. This is a first layer, and we think it can lay ground for still more optimization of STARKs.
Proceedings of Tokenomics 2020
Tokenomics is an international forum for theory, design, analysis, implementation and applications of blockchains and smart contracts. The goal of the conference is to bring together economists, computer science researchers and practitioners working on blockchains in a unique program featuring outstanding invited talks and academic presentations.
Outlooks
Central Bank Digital Currencies – The Quest for Public Digital Payment Infrastructures
Central Banks provide foundational public infrastructures for payments such as cash and gross settlement systems. In an evolving context, Central Bank Digital Currencies (CBDC) are efforts to leverage new patterns and technologies to provide infrastructures relevant to the digital age. Various research endeavors intend to anticipate their adoption vectors and potential consequences. However, CBDC projects are confronted with contradictory motivations and a large panel of design options.
EVENTS
09/30/2022 - 11-12PM EDT
Chair Event
From 10/07/2022 to 10/09/2022
Chair Event
This October HEC MBA Blockchain Club and Blockchain@X (Ecole Polytechnique) will collaborate for the first time to host a Web 3.0. TEZOS HACKATHON. During a...
Read more10/13/2022 - 12:15
Chair Event
This webinar features Gordon Liao (Circle and Uniswap) presenting on the topic of « Stablecoins and Decentralized Exchanges ». The session will be hosted by Andreas Park...
Read more10/20/2022 - 11 AM - 12:30 PM EST
Chair Event
The event will be hosted by Leonid Kogan (MIT) and will include the following presentations: – “The Need for Fees at a DEX: How Increases...
Read moreEDUCATION
We provide a series of courses at the Ecole polytechnique for students and professionals that wish to foster their understanding of DLT and blockchains.
TEAM
The Blockchain@X Research Center is directed by Daniel Augot and Julien Prat. It is composed of researchers and Ph.D. students at the Ecole Poytechnique as well as of associate researchers dedicated to these four areas of expertise :
Cryptography
Distributed Algorithms
Formal proof
