国际清算银行：代币经济学与区块链碎片化（英文版）

Money is a coordination device underpinned by strong network e§ects: the more others accept a form of money, the more I wish to adopt it too. The decentralisation agenda of public permissionless blockchains undercuts these network e§ects and leads to fragmentation of the monetary landscape. Validators who maintain the blockchain need to be rewarded to play their role with the necessary reward increasing in the degree of dependence on other validatorsíactions to sustain consensus. Since these rew