The Economics Of Blockchain Consensus Exploring The Key Tradeoffs In Blockchain Design
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The Economics of Blockchain Consensus
"The author provides the reader with an innovative study of blockchain from an economics perspective. The author's personal experience and credentials adds substantially to the body of literature that aids in our understanding of the blockchain phenomenon. It differs from other comparable studies with his perspective of examining the methodology of constructing mechanisms to accomplish blockchain consensus." - Rosario Girasa, Distinguished Professor, Pace University, Pleasantville, New York, USA "Joshua Gans makes blockchain and consensus accessible to economists by applying his signature approach -- delving into a topic so deeply that he can extract its economic essence." - W. Scott Stornetta, Yugen Partners, Co-inventor of the Blockchain Blockchain technologies have been rapidly adopted for the creation of cryptocurrencies and have been explored for a myriad of applications. While this is of important economic interest, the computer science behind how blockchains operate to provide security and provenance has been largely inaccessible to economists. This book is a bridge between the computer science and the economics of blockchains. The focus is on the value and the achievement of blockchain consensus; that is, how distributed and independent nodes are able to reach an agreement on what the current state of digital ledgers, that are the product of blockchains, are. The book shows that the goals of computer scientists in designing blockchains place very high weight on security beyond what an economist trained in game theory and mechanism design would require. It shows how blockchains can be redesigned to account for key economic trade-offs, and will be of interest to researchers and students of economics, financial technology and computer science, alongside policymakers. Joshua Gans is a Professor of Strategic Management and holder of the Jeffrey S. Skoll Chair in Technical Innovation and Entrepreneurship at the Rotman School of Management, University of Toronto. He is also chief economist of its Creative Destruction Lab and oversees its blockchain program for startups.
The Economics of Blockchain Consensus
Blockchain technologies have been rapidly adopted for the creation of cryptocurrencies and have been explored for a myriad of applications. While this is of important economic interest, the computer science behind how blockchains operate to provide security and provenance has been largely inaccessible to economists. This book is a bridge between the computer science and the economics of blockchains. The focus is on the value and the achievement of blockchain consensus; that is, how distributed and independent nodes are able to reach an agreement on what the current state of digital ledgers, that are the product of blockchains, are. The book shows that the goals of computer scientists in designing blockchains place very high weight on security beyond what an economist trained in game theory and mechanism design would require. It shows how blockchains can be redesigned to account for key economic trade-offs, and will be of interest to researchers and students of economics, financial technology and computer science, alongside policymakers.
The Everything Token
A Harvard Business School professor and a16z crypto research partner and a career marketer and Web3 entrepreneur demystify the coming digital revolution, showing how NFTs will transform our online and offline interactions. NFTs aren’t just pictures on the internet, or a fad that has come and gone. Rather, they're a new technology for creating digital assets and providing irrefutable proof of ownership. NFTs open up markets that have never before existed, and are already revolutionizing commerce and brand-building at everything from hot startups to Fortune 500 companies. Kominers and Kaczynski have created a framework that explains what NFTs are, why they’re valuable, and how businesses can leverage them to build highly engaged and intensely loyal communities around their products and brands. Through original research and industry experience, Kominers and Kaczynski describe the possibilities of this new digital frontier with clarity and rigor. The Everything Token is the essential primer on this innovation that has the potential to transform all aspects of business.