The economics of cryptocurrency: Bitcoin and beyond
研究了加密货币作为支付手段的经济效率，通过激励约束模型分析双花问题与福利成本，发现最优设计是用铸币税而非交易费来支撑挖矿，比特币的主要成本来自挖矿但可通过优化奖励系统大幅降低。
Abstract How well can a cryptocurrency serve as a means of payment? Cryptocurrencies need to overcome double‐spending by costly mining and by delaying settlement. We formalize this insight through an incentive constraint that rules out double‐spending and pins down the welfare costs of a cryptocurrency. We find that it is optimal to use seignorage rather than transaction fees to finance costly mining. In supplementary material, we study an extension with endogenous transaction fees and show quantitatively that the prime cost of Bitcoin arises from mining, but can be reduced substantially by optimally designing the reward system.