4 papers · 1 filter
Reserve Depletion and Security Runway in Proof-of-Stake Systems
Paolo Penna, Manvir Schneider
Many proof-of-stake protocols finance validator rewards from two sources: transaction fees and a finite reserve of tokens. This creates a dynamic hand-off problem. Early in the lif…
Blockchain Monetary Policy, Strategic Participation, and the Dynamics of Decentralization
Diodato Ferraioli, Paolo Penna, Manvir Schneider +1
Blockchain systems must navigate a fundamental tradeoff between rewarding capable participants for performance and preserving a sufficiently decentralized distribution of stake. We…
On Sybil-proofness in Restaking Networks
Tarun Chitra, Paolo Penna, Manvir Schneider
Restaking protocols expand validator responsibilities beyond consensus, but their security depends on resistance to Sybil attacks. We introduce a formal framework for Sybil-proofne…
Serial Monopoly on Blockchains with Quasi-patient Users
Paolo Penna, Manvir Schneider
In the face of limited block size, miners (e.g., in Bitcoin) prioritize high-bid transactions, forming a large part of their revenue. If the block size were to expand significantly…