智能合约和去中心化金融

IF 5 3区经济学 Q1 BUSINESS, FINANCE

Annual Review of Financial Economics Pub Date : 2023-07-31 DOI:10.1146/annurev-financial-110921-022806

Kose John, Leonid Kogan, Fahad Saleh

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引用次数: 2

摘要

我们将解释智能合约的机制。然后，我们强调了智能合约的好处，例如克服承诺问题。我们还讨论了限制，例如智能合约访问区块链外部信息的难度，以及将智能合约代码与传统执法相结合的难度。我们进一步强调了缺乏可信中介如何增加区块链应用程序的实施成本。最后，我们讨论了去中心化金融中最突出的智能合约应用:代币发行(例如，初始代币发行、不可替代代币)、去中心化交易所和可贷款资金协议。我们的调查涵盖了制度细节和相关文献。《金融经济学年度评论》第15卷的最终在线出版日期预计为2023年11月。修订后的估计数请参阅http://www.annualreviews.org/page/journal/pubdates。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Smart Contracts and Decentralized Finance

We explain the mechanics of smart contracts. We then highlight the 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 contract code with traditional legal enforcement. We further highlight how the absence of a trusted intermediary inflates implementation costs for blockchain applications. We conclude with a discussion of the most prominent smart contract applications in decentralized finance: token issuance (e.g., initial coin offerings, nonfungible tokens), decentralized exchanges, and protocols for loanable funds. Our survey covers both institutional details and relevant literature. Expected final online publication date for the Annual Review of Financial Economics, Volume 15 is November 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

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来源期刊

Annual Review of Financial Economics Multiple-

CiteScore

5.00

自引率

0.00%

发文量