Description
We propose a simple model of the blockchain to argue that high mining rewards are not needed to attract `honest` miners and high entry costs are unable to deter `dishonest` miners. While it is true that lowering the costs of being a miner encourages the entrance of corrupt miners it also gives incentives to honest agents to do the same. This competition prevents any one miner from securing a majority share of computing power. Therefore, rather than discouraging agents from being miners via costly money burning activities one should do the reverse.
In order to access the seminar, one has to register no later than March 27th and bring the ID.
Information
National Bank of Ukraine, 9, Instytutska St., Kyiv, Room 306
15:30-16:45, March 28
Registration