We explain the mechanics of smart contracts. We then highlight benefits of smart contracts such as overcoming commitment problems. We also discuss limitations such as the difficulty for smart contracts to access information external to the blockchain and the difficulty of integrating smart...

In this paper we develop a valuation framework for a Proof-of-Stake (PoS) payment system. Active network participants (proposers and validators) are required to stake tokens, and receive payments in return for their services. This property of the PoS system connects cash flows to token holdings,...