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BEGIN:VEVENT
UID:f42e42e08c3715eeaf1531f6017e1417
CATEGORIES:Seminars
CREATED:20261007T073525
SUMMARY:Lunch Seminar: Luana Zaccaria - LUISS, EIEF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt
 : auto; text-align: justify; line-height: normal;"><strong><span lang="EN-U
 S" style="font-size: 9pt; font-family: Arial, sans-serif;">Efficiency vs Re
 silience: Collateral and Delegation in Proof-of-Stake Blockchains</span></s
 trong><span lang="EN-US" style="font-size: 9pt; font-family: Arial, sans-se
 rif;"></span></p><p class="MsoNormal" style="mso-margin-top-alt: auto; mso-
 margin-bottom-alt: auto; text-align: justify; line-height: normal;"><strong
 ><span lang="EN-US" style="font-size: 9pt; font-family: Arial, sans-serif;"
 >Abstract</span></strong><span lang="EN-US" style="font-size: 9pt; font-fam
 ily: Arial, sans-serif;">:</span></p><p class="MsoNormal" style="text-align
 : justify; line-height: normal; background-image: initial; background-posit
 ion: initial; background-size: initial; background-repeat: initial; backgro
 und-attachment: initial; background-origin: initial; background-clip: initi
 al;">&nbsp;</p><p class="MsoNormal" style="mso-margin-top-alt: auto; mso-ma
 rgin-bottom-alt: auto; text-align: justify; line-height: normal;"><span lan
 g="EN-US" style="font-size: 9pt; font-family: Arial, sans-serif;">Decentral
 ization is the defining feature of blockchain technology: it reduces single
  points of failure by relying on many independent operators rather than few
  &nbsp; intermediaries (such as banks) to validate transactions. Yet, an in
 creasing share of blockchain validation activity is delegated to large prof
 essional managers, exposing networks to concentration risk. Motivated by th
 e September 2025 Kiln security incident, we develop a model of &nbsp;Proof-
 of-Stake blockchain protocols in which independent validators differ in bot
 h wealth and the cost of exerting &nbsp;effort to maintain a reliable infra
 structure, and are compensated in proportion to committed capital ("stake")
 , which also serves as collateral. Higher minimum stake requirements provid
 e stronger incentives for independent validators to invest in operational r
 eliability, but they also raise barriers to participation, shifting capital
  toward professional delegation. Delegation can improve efficiency, through
  economies of scale, but it also concentrates operational risk. The protoco
 l designer sets the minimum stake requirement to balance the benefits of de
 centralization (resilience), against those of professionalization and opera
 tional discipline (efficiency).</span></p><p>&nbsp;</p>
DTSTAMP:20261111T010245Z
DTSTART:20261118T130000Z
DTEND:20261118T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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