NEW PAPER: "The Public Blockchain Ecosystem: An Empirical Analysis" with Kose John, and Fahad Saleh.
This paper offers an organizing empirical framework to understand the largely unexplored public blockchain ecosystem. Our framework characterizes each blockchain in terms of three key economic attributes: scale, security, and adoption. We uncover associations between these attributes and consensus protocols. Our analysis shows that Proof-of-Work (PoW) blockchains dominate in adoption; Delegated Proof-of-Stake (DPoS) blockchains dominate in scale, and blockchains using nonstandard protocols dominate in security. We find that a small group of blockchains form the ecosystem's frontier, but no particular blockchain, not even Bitcoin, leads in all three attributes.