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Rules Versus Mechanisms

In: The Economics of Blockchain Consensus

Author

Listed:
  • Joshua Gans

    (University of Toronto)

Abstract

This chapter explores the potential of mechanisms as an alternative to rules in achieving consensus on blockchains. While rules offer simplicity, they can limit flexibility and fine-tuning. Mechanisms, on the other hand, provide greater adaptability and can enhance efficiency and sustainability. By integrating computer science and economic approaches, mechanism-based consensus protocols can offer advantages over existing Proof of Stake protocols, allowing users to manipulate trade-offs between finality and liveness. By examining the potential applications of mechanisms in both BFT and LCR-based Proof of Stake networks, the chapter highlights the expanded set of blockchain consensus options provided by these approaches.

Suggested Citation

  • Joshua Gans, 2023. "Rules Versus Mechanisms," Springer Books, in: The Economics of Blockchain Consensus, chapter 0, pages 103-116, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-33083-4_7
    DOI: 10.1007/978-3-031-33083-4_7
    as

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