Bitcoin : An Impossibility Theorem for Proof-of-Work based Protocols

A key part of decentralized consensus protocols is a procedure for random selection, which is the source of the majority of miners cost and wasteful energy consumption in Bitcoin. We provide a simple economic model for random selection mechanism and show that any PoW protocol with natural desirable properties is outcome equivalent to the random selection mechanism used in Bitcoin

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Year of publication:	2019
Authors:	Leshno, Jacob D.
Other Persons:	Strack, Philipp (contributor)
Publisher:	[2019]: [S.l.] : SSRN
Subject:	Unmöglichkeitstheorem \| Impossibility theorem \| Theorie \| Theory \| Virtuelle Währung \| Virtual currency \| Neue politische Ökonomie \| Public choice \| Elektronisches Zahlungsmittel \| Electronic payment

Extent:	1 Online-Ressource (11 p)
Series:	Cowles Foundation Discussion Paper ; No. 2204, February 2019
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 11, 2019 erstellt
Other identifiers:	10.2139/ssrn.3467058 [DOI]
Classification:	C72 - Noncooperative Games ; D02 - Institutions: Design, Formation, and Operations ; d47
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012861529