Cryptocurrencies like Bitcoin have proven to be a phenomenal success. Bitcoin-like systems use proofof-work mechanism which is therefore considered as 1-hop blockchain, and their security holds if the majority of the computing power is under the control of honest players. However, this assumption has been seriously challenged recently and Bitcoin-like systems will fail when this assumption is b...

One important role of corporate governance is to ensure that real options are exercised in the interest of the shareholders. This paper explores whether and how this can be achieved in start-up firms by the venture capitalist retaining a post-IPO equity stake. Our setting is a firm whose future prospects are uncertain and strategic choices remain to be made. The payoff to entrepreneur and share...

We design and implement TwinsCoin, the €rst cryptocurrency based on a provably secure and scalable public blockchain design using both proof-of-work and proof-of-stake mechanisms. Di‚erent from the proof-ofwork based Bitcoin, our construction uses two types of resources, computing power and coins (i.e., stake). Œe blockchain in our system is more robust than that in a pure proof-of-work based s...