Bazzanella, Danilo; Gangemi, Andrea - In: Financial innovation : FIN 9 (2023) 1, pp. 1-14
Since its inception, bitcoin has used the popular consensus protocol proof-of-work (PoW). PoW has a well-known flaw: it distributes all rewards to a single miner (or pool) who inserts a new block. Consequently, the variance of rewards and the mining enterprise risk are extremely high. In 2016,...