Fahad Saleh is the Emerson/Merrill Lynch Professor at the University of Florida. He is also the Cryptoeconomics Advisor at the Center for Digital Finance and Technologies (CDFT) at Columbia University. Professor Saleh’s research explains how blockchain protocol design affects economic outcomes such as settlement security, cryptoasset liquidity, and the viability of tokenized markets.
Abstract
Blockchain technology holds the promise of transforming our financial system, but a key question lingers regarding whether this technology can ensure secure settlement. We develop an equilibrium model to study that question with regard to the most prominent blockchain type, a Proof-of-Stake (PoS) blockchain. We demonstrate that blockchain settlement security increases with the economic productivity generated by the blockchain. Moreover, we show that blockchain settlement can be secured against arbitrarily large disruption incentives so long as the blockchain generates sufficient economic value.
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