演講者簡介 : Professor Chung received his Ph.D. in Economics at University of Wisconsin-Madison in 1999. He is currently a Professor at Hong Kong Baptist University. His research interests are Chinese Economy, Political Economy, and Economic Theory.
演講摘要 : Ever since the first cryptocurrency, Bitcoin, was invented in 2008, the number of cryptocurrencies has exploded. Many of them were invented with various improvements over previous ones, such as a less wasteful consensus mechanism, a stronger cryptographic technology, and a more flexible transaction protocol. These innovations, just like innovations in more traditional economic sectors, are costly for the corresponding innovators. We introduce a quality-ladder model of digital currencies, and address the question of whether, in a decentralized market of privately-issued currencies, innovators have adequate incentives to innovate for the benefit of the society.
