标题： 区块链平台的经济影响 显示英文标题

标题： Economic Implications of Blockchain Platforms

摘要： 在存在不对称信息的经济中，区块链协议中的智能合约缓解了不确定性。 由于作为新的交易平台，区块链引发了市场分割以及买卖双方代理人的差异化，它重新组合了不对称信息，并在自身与传统平台之间的资产价格和质量上产生了价差。 我们表明，智能合约的边际创新和复杂性对区块链平台的交易价值、其基本价值、加密货币的价格以及消费者福利具有非单调影响。 此外，当底层的不对称信息不严重时，控制智能合约创新水平的区块链管理者有动机将其保持在次优水平以下，从而导致消费者福利损失。 显示英文摘要

摘要： In an economy with asymmetric information, the smart contract in the blockchain protocol mitigates uncertainty. Since, as a new trading platform, the blockchain triggers segmentation of market and differentiation of agents in both the sell and buy sides of the market, it recomposes the asymmetric information and generates spreads in asset price and quality between itself and a traditional platform. We show that marginal innovation and sophistication of the smart contract have non-monotonic effects on the trading value in the blockchain platform, its fundamental value, the price of cryptocurrency, and consumers' welfare. Moreover, a blockchain manager who controls the level of the innovation of the smart contract has an incentive to keep it lower than the first best when the underlying information asymmetry is not severe, leading to welfare loss for consumers.