Evolution of Shares in a Proof-of-Stake Cryptocurrency
Evolution of Shares in a Proof-of-Stake Cryptocurrency
复制标题
权益证明加密货币中股份的演变
DOI：
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发表时间：
2020
期刊：
影响因子：
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通讯作者：
Fahad Saleh
中科院分区：
文献类型：
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作者：
Ioanid Roşu;Fahad Saleh
富人总是通过投资一种加密货币而变得更富有吗？这种加密货币是根据权益证明（PoS）协议发行的。我们对这个问题的回答是否定的：没有交易，投资者在加密货币中的份额是鞅，收敛到一个定义良好的极限分布，因此，从长远来看是稳定的。当投资者是风险中性时，这一结果对于允许交易是稳健的。然后，投资者没有动力积累硬币并在PoS协议上赌博，但不喜欢交易。这篇论文被金融界的Kay Giesecke接受。
Do the rich always get richer by investing in a cryptocurrency for which new coins are issued according to a proof-of-stake (PoS) protocol? We answer this question in the negative: Without trading, the investor shares in the cryptocurrency are martingales that converge to a well-defined limiting distribution and, hence, are stable in the long run. This result is robust to allowing trading when investors are risk neutral. Then, investors have no incentive to accumulate coins and gamble on the PoS protocol but weakly prefer not to trade. This paper was accepted by Kay Giesecke, finance.