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Introduction

In: The Economics of Blockchain Consensus

Author

Listed:
  • Joshua Gans

    (University of Toronto)

Abstract

This chapter discusses the intertwined origins of economics and computer science, highlighting the invention of the blockchain by the mysterious Satoshi Nakamoto. The chapter emphasises the importance of Nakamoto's innovation in creating a distributed ledger system, the permissionless blockchain, that requires no trust relationships. The chapter also delves into the economic implications of cryptocurrencies, arguing that tokens are essential to the operation of decentralised systems. The intention is to explore the inner workings of blockchain consensus and to make this literature more accessible to economists. The book focuses on trade-offs, such as security versus speed, and permissioned versus permissionless networks, and examines the incentives behind Proof of Work and Proof of Stake blockchains.

Suggested Citation

  • Joshua Gans, 2023. "Introduction," Springer Books, in: The Economics of Blockchain Consensus, chapter 0, pages 1-7, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-33083-4_1
    DOI: 10.1007/978-3-031-33083-4_1
    as

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