HAL will be down for maintenance from Friday, June 10 at 4pm through Monday, June 13 at 9am. More information
Skip to Main content Skip to Navigation
Preprints, Working Papers, ...

Evolution of Shares in a Proof-of-Stake Cryptocurrency

Abstract : Do the rich always get richer by investing in a cryptocurrency for which new coins are issued according to a Proof-of-Stake (PoS) protocol? We answer this question in the negative: Without trading, the investor shares in the cryptocurrency are martingales that converge to a well-defined limiting distribution, hence are stable in the long run. This result is robust to allowing trading when investors are risk-neutral. Then, investors have no incentive to accumulate coins and gamble on the PoS protocol, but weakly prefer not to trade.
Document type :
Preprints, Working Papers, ...
Complete list of metadata

Contributor : Antoine Haldemann Connect in order to contact the contributor
Submitted on : Friday, July 10, 2020 - 12:26:30 PM
Last modification on : Sunday, August 2, 2020 - 8:44:04 AM




Ioanid Rosu, Fahad Saleh. Evolution of Shares in a Proof-of-Stake Cryptocurrency. 2020. ⟨hal-02896092⟩



Record views