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UID:f42e42e08c3715eeaf1531f6017e1417
CATEGORIES:Seminars
CREATED:20261007T073525
SUMMARY:Lunch Seminar: Luana Zaccaria - LUISS, EIEF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Efficiency vs Resilience: Collateral and Delegation in Proof-of-Stake Block
 chains\nAbstract:\n \nDecentralization is the defining feature of bloc
 kchain technology: it reduces single points of failure by relying on many i
 ndependent operators rather than few   intermediaries (such as banks) 
 to validate transactions. Yet, an increasing share of blockchain validation
  activity is delegated to large professional managers, exposing networks to
  concentration risk. Motivated by the September 2025 Kiln security incident
 , we develop a model of  Proof-of-Stake blockchain protocols in which 
 independent validators differ in both wealth and the cost of exerting &nbsp
 ;effort to maintain a reliable infrastructure, and are compensated in propo
 rtion to committed capital ("stake"), which also serves as collateral. High
 er minimum stake requirements provide stronger incentives for independent v
 alidators to invest in operational reliability, but they also raise barrier
 s to participation, shifting capital toward professional delegation. Delega
 tion can improve efficiency, through economies of scale, but it also concen
 trates operational risk. The protocol designer sets the minimum stake requi
 rement to balance the benefits of decentralization (resilience), against th
 ose of professionalization and operational discipline (efficiency).\n\n\n&n
 bsp;\n
DTSTAMP:20261111T004821Z
DTSTART:20261118T130000Z
DTEND:20261118T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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