Proof-of-Work versus Proof-of-Stake: A Comparative Economic Analysis
成果类型：
Article
署名作者：
John, Kose; Rivera, Thomas J.; Saleh, Fahad
署名单位：
New York University; McGill University; State University System of Florida; University of Florida
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhaf013
发表日期：
2025
页码：
1955
关键词：
摘要：
We develop an economic model to compare equilibrium security of Proof-of-Work (PoW) versus Proof-of-Stake (PoS) blockchains. We derive general conditions to determine when PoW blockchains are more secure than otherwise equivalent PoS blockchains and vice versa. Applying real-world parameter values to these conditions, we demonstrate that PoS blockchains are more secure than otherwise equivalent PoW blockchains. Furthermore, we demonstrate that PoS's security advantage over PoW is particularly salient for high-scale blockchains.