Proof-of-Stake (PoS) protocols have been actively researched for the past five years. PoS finds direct applicability in open blockchain platforms and has been seen as a strong candidate to replace the largely inefficient Proof of Work mechanism that is currently plugged in most existing open blockchains. Although a number of PoS variants have been proposed, these protocols suffer from a number ...

A general equilibrium monetary model is developed to study the optimal design of a cryptocurrency system based on a blockchain. The model is then calibrated to Bitcoin transaction data to perform a quantitative assessment of the scheme. We formalize the critical elements of a cryptocurrency: the blockchain to keep a history of transactions, the distributed updating of information and consensus ...

Short abstract This paper in short1 presents the thesis that insecurity of software is due to interaction of technological and legal shortcomings, fostered by economic rationality. Ineffective liability laws further the distribution of unreliable and insecure software. Copyright protection for software hinders the quality improvement. Patent protection encourages the use of proprietary instead ...

The Big Carrot: High Stake Incentives Revisited This paper provides an empirical demonstration of high stakes incentives in relation to religious practice. It shows that, when both positive (carrot) and negative (stick) incentives are available, the former are more effective than the latter. Specifically, it is shown that beliefs in heaven are much more relevant than beliefs in hell when estima...