Related papers: SoK: Stablecoins in Retail Payments
User transactions on Ethereum's peer-to-peer network are at risk of being attacked. The smart contracts building decentralized finance (DeFi) have introduced a new transaction ordering dependency to the Ethereum blockchain. As a result,…
Payment Channel Networks (PCNs) have been proposed as an alternative solution to the scalability, throughput, and cost overhead problems associated with blockchain transactions. By facilitating offchain execution of transactions, PCNs…
Cryptocurrency networks such as Bitcoin have emerged as a distributed alternative to traditional centralized financial transaction networks. However, there are major challenges in scaling up the throughput of such networks. Lightning…
Stablecoins have emerged as a significant component of global financial infrastructure, with aggregate market capitalization surpassing USD250 billion in 2025. Their increasing integration into payment and settlement systems has…
This paper examines the economic and security implications of Proof-of-Stake (POS) designs, providing a survey of POS design choices and their underlying economic principles in prominent POS-blockchains. The paper argues that…
Blockchain plays an important role in cryptocurrency markets and technology services. However, limitations on high latency and low scalability retard their adoptions and applications in classic designs. Reconstructed blockchain systems have…
With the advent of decentralised digital currencies powered by blockchain technology, a new era of peer-to-peer transactions has commenced. The rapid growth of the cryptocurrency economy has led to increased use of transaction-enabling…
Blockchain systems come with a promise of decentralization that often stumbles on a roadblock when key decisions about modifying the software codebase need to be made. This is attested by the fact that both of the two major…
Bitcoin and other similar digital currencies on blockchains are not ideal means for payment, because their prices tend to go up in the long term (thus people are incentivized to hoard those currencies), and to fluctuate widely in the short…
There are a multitude of Blockchain-based physical infrastructure systems, operating on a crypto-currency enabled token economy, where infrastructure suppliers are rewarded with tokens for enabling, validating, managing and/or securing the…
In recent years, significant research efforts have focused on improving blockchain throughput and confirmation speeds without compromising security. While decreasing the time it takes for a transaction to be included in the blockchain…
We study long-term equilibria that arise in the token monetary policy, or tokenomics, design of proof-of-stake (PoS) blockchain systems that engage utility maximizing users and validators. Validators are system maintainers who get rewarded…
Stablecoins serve as the fundamental infrastructure for Decentralised Finance (DeFi), acting as the primary bridge between fiat currencies and the digital asset ecosystem. While peg stability is well-documented, the structural role…
Payment channel networks are supposed to overcome technical scalability limitations of blockchain infrastructure by employing a special overlay network with fast payment confirmation and only sporadic settlement of netted transactions on…
Rollups have emerged as a promising solution to enhance blockchain scalability, offering increased throughput, reduced latency, and lower transaction fees. However, they currently rely on a centralized sequencer to determine transaction…
We present a scalable architecture for electronic retail payments via central bank digital currency and offer a solution to the perceived conflict between robust regulatory oversight and consumer affordances such as privacy and control. Our…
Blockchain technology enables secure tokens transfers in digital marketplaces, and recent advances in this field provide other desirable properties such as efficiency, privacy, and price stability. However, these properties do not always…
Cryptocurrency is a novel exploration of a form of currency that proposes a decentralized electronic payment scheme based on blockchain technology and cryptographic theory. While cryptocurrency has the security characteristics of being…
Stablecoins have turned out to be the "killer" use case of the growing digital asset space. However, risk management frameworks, including regulatory ones, have been largely absent. In this paper, we address the critical question of…
We argue that recent developments in proof-of-work consensus mechanisms can be used in accordance with advancements in formal verification techniques to build a distributed payment protocol that addresses important economic drawbacks from…