ABSTRACT

This paper studies the economic functions of blockchain. First, by explaining blockchain technologies from an economic perspective, it introduces the Token Paradigm to summarize mainstream blockchain systems, discusses the true meanings of consensus and trustlessness in the blockchain field, and analyzes the functions of smart contracts. Next, it categorizes major blockchain applications according to how they use tokens and discusses relevant economic problems such as tokens’ monetary features, tokens’ impacts on blockchain platforms, blockchain’s governance functions, and the efficiency and security of blockchain systems. Finally, it discusses the concept of Blockchain as a Financial Infrastructure (BaaFI), which is represented by central bank digital currencies (CBDC) and global stable coins.

摘要

本文研究了区块链的经济功能。首先，通过从经济学角度解释区块链技术，引入令牌范式来总结主流区块链系统，讨论共识和不信任在区块链领域的真实含义，并分析智能合约的功能。接下来，它根据主要区块链应用程序对令牌的使用方式进行分类，并讨论相关的经济问题，例如令牌的货币功能，令牌对区块链平台的影响，区块链的治理功能以及区块链系统的效率和安全性。最后，它讨论了作为金融基础设施（BaaFI）的区块链的概念，以中央银行数字货币（CBDC）和全球稳定币为代表。