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...

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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...

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Tokens and ICOs: A review of the Economic Literature

Tokens and ICOs: A review of the Economic Literature, with Andrea Canidio, Vincent Danos and Stefania Marcassa, This article is a part of Principles of Blockchain Systems, Synthesis Lectures on Computer Science, 2021, Vol. 9, No. 2 About the book This book is the first to present the state of...

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Fundamental Pricing of Utility Tokens

We propose a framework for the fundamental valuation of utility tokens. Our model endogenizes the velocity of circulation of tokens and yields a pricing formula that is fully microfounded. According to our model, tokens are valuable because they have to be immediately accessible when the services are needed, a requirement...

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