The Blockchain@X was created by the Ecole polytechnique with the support of Capgemini, Nomadic Labs and Caisse des Dépôts. It brings together researchers in computer science and economics whose research focus on blockchains and associated technologies.

OUR 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.
  • Author:Michele Fabi
  • Publication date: 02/2022
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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.
  • Author:Sarah Bordage, Jade Nardi, Daniel Augot
  • Publication date: 01/2022
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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.
  • Publication date: 11/2021
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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.
  • Author:Xavier Lavayssière, Julien Prat
  • Publication date: 09/2022
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EVENTS

Chair Event

CBER Forum, Sept. 30 2022 -“An Economic Model of Consensus on Distributed Ledgers“ – Hanna Halaburda

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...

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Chair Event

TEZOS Web 3.0. HACKATHON – HEC X POLYTECHNIQUE

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...

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Chair Event

CBER Forum, Oct. 13 2022 – STABLECOINS AND DEXS – GORDON LIAO (CIRCLE AND UNISWAP)

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...

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Chair Event

CBER Symposium: Decentralized Exchanges – OCT 20 2022 – hosted by Leonid Kogan (MIT)

The event will be hosted by Leonid Kogan (MIT) and will include the following presentations: – “The Need for Fees at a DEX: How Increases...

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EDUCATION

We provide a series of courses at the Ecole polytechnique for students and professionals that wish to foster their understanding of DLT and blockchains.

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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
Cryptography
Distributed Algorithms
Formal proof
Formal proof
Incentives & Governance
Incentives & Governance

Meet our Team

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