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Documents authored by Prat, Julien

Document
Short Paper
DOI: 10.4230/OASIcs.Tokenomics.2020.10
Revisiting the Liquidity/Risk Trade-Off with Smart Contracts (Short Paper)

Authors: Vincent Danos, Jean Krivine, and Julien Prat

Published in: OASIcs, Volume 82, 2nd International Conference on Blockchain Economics, Security and Protocols (Tokenomics 2020)

Abstract
Real-time financial settlements constrain traders to have the cash on hand before they can enter a trade [Khapko and Zoican, 2017]. This prevents short-selling and ultimately impedes liquidity. We propose a novel trading protocol which relaxes the cash constraint, and manages chains of deferred payments. Traders can buy without paying first, and can re-sell while still withholding payments. Trades naturally arrange in chains which contract when deals are closed and extend when new ones open. Default risk is handled by reversing trades. In this short note we propose a class of novel financial instruments for zero-risk and zero-collateral intermediation. The central idea is that bilateral trades can be chained into trade lines. The ownership of an underlying asset becomes distributed among traders with positions in the trade line. The trading protocol determines who ends up owning that asset and the overall payoffs of the participants. Counterparty risk is avoided because the asset itself serves as a collateral for the entire chain of trades. The protocol can be readily implemented as a smart contract on a blockchain. Additional examples, proofs, protocol variants, and game-theoretic properties related to the order-sensitivity of the games defined by trade lines can be found in the extended version of this note [Danos et al., 2019]. Therein, one can also find the definition and game-theoretic analysis of standard trade-lines with applications to trust-less zero-collateral intermediation.
Cite as

Vincent Danos, Jean Krivine, and Julien Prat. Revisiting the Liquidity/Risk Trade-Off with Smart Contracts (Short Paper). In 2nd International Conference on Blockchain Economics, Security and Protocols (Tokenomics 2020). Open Access Series in Informatics (OASIcs), Volume 82, pp. 10:1-10:5, Schloss Dagstuhl – Leibniz-Zentrum für Informatik (2021)

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@InProceedings{danos_et_al:OASIcs.Tokenomics.2020.10,
  author =	{Danos, Vincent and Krivine, Jean and Prat, Julien},
  title =	{{Revisiting the Liquidity/Risk Trade-Off with Smart Contracts}},
  booktitle =	{2nd International Conference on Blockchain Economics, Security and Protocols (Tokenomics 2020)},
  pages =	{10:1--10:5},
  series =	{Open Access Series in Informatics (OASIcs)},
  ISBN =	{978-3-95977-157-3},
  ISSN =	{2190-6807},
  year =	{2021},
  volume =	{82},
  editor =	{Anceaume, Emmanuelle and Bisi\`{e}re, Christophe and Bouvard, Matthieu and Bramas, Quentin and Casamatta, Catherine},
  publisher =	{Schloss Dagstuhl -- Leibniz-Zentrum f{\"u}r Informatik},
  address =	{Dagstuhl, Germany},
  URL =		{https://drops.dagstuhl.de/entities/document/10.4230/OASIcs.Tokenomics.2020.10},
  URN =		{urn:nbn:de:0030-drops-135325},
  doi =		{10.4230/OASIcs.Tokenomics.2020.10},
  annote =	{Keywords: Electronic trading, Smart contracts, Static analysis}
}
Document
Complete Volume
DOI: 10.4230/OASIcs.Tokenomics.2019
OASIcs, Vol. 71, Tokenomics 2019, Complete Volume

Authors: Vincent Danos, Maurice Herlihy, Maria Potop-Butucaru, Julien Prat, and Sara Tucci-Piergiovanni

Published in: OASIcs, Volume 71, International Conference on Blockchain Economics, Security and Protocols (Tokenomics 2019)

Abstract
OASIcs, Vol. 71, Tokenomics 2019, Complete Volume
Cite as

International Conference on Blockchain Economics, Security and Protocols (Tokenomics 2019). Open Access Series in Informatics (OASIcs), Volume 71, pp. 1-192, Schloss Dagstuhl – Leibniz-Zentrum für Informatik (2020)

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@Proceedings{danos_et_al:OASIcs.Tokenomics.2019,
  title =	{{OASIcs, Vol. 71, Tokenomics 2019, Complete Volume}},
  booktitle =	{International Conference on Blockchain Economics, Security and Protocols (Tokenomics 2019)},
  pages =	{1--192},
  series =	{Open Access Series in Informatics (OASIcs)},
  ISBN =	{978-3-95977-108-5},
  ISSN =	{2190-6807},
  year =	{2020},
  volume =	{71},
  editor =	{Danos, Vincent and Herlihy, Maurice and Potop-Butucaru, Maria and Prat, Julien and Tucci-Piergiovanni, Sara},
  publisher =	{Schloss Dagstuhl -- Leibniz-Zentrum f{\"u}r Informatik},
  address =	{Dagstuhl, Germany},
  URL =		{https://drops.dagstuhl.de/entities/document/10.4230/OASIcs.Tokenomics.2019},
  URN =		{urn:nbn:de:0030-drops-119634},
  doi =		{10.4230/OASIcs.Tokenomics.2019},
  annote =	{Keywords: OASIcs, Vol. 71, Tokenomics 2019, Complete Volume}
}
Document
Front Matter
DOI: 10.4230/OASIcs.Tokenomics.2019.0
Front Matter, Table of Contents, Preface, Conference Organization

Authors: Vincent Danos, Maurice Herlihy, Maria Potop-Butucaru, Julien Prat, and Sara Tucci-Piergiovanni

Published in: OASIcs, Volume 71, International Conference on Blockchain Economics, Security and Protocols (Tokenomics 2019)

Abstract
Front Matter, Table of Contents, Preface, Conference Organization
Cite as

International Conference on Blockchain Economics, Security and Protocols (Tokenomics 2019). Open Access Series in Informatics (OASIcs), Volume 71, pp. 0:i-0:xii, Schloss Dagstuhl – Leibniz-Zentrum für Informatik (2020)

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@InProceedings{danos_et_al:OASIcs.Tokenomics.2019.0,
  author =	{Danos, Vincent and Herlihy, Maurice and Potop-Butucaru, Maria and Prat, Julien and Tucci-Piergiovanni, Sara},
  title =	{{Front Matter, Table of Contents, Preface, Conference Organization}},
  booktitle =	{International Conference on Blockchain Economics, Security and Protocols (Tokenomics 2019)},
  pages =	{0:i--0:xii},
  series =	{Open Access Series in Informatics (OASIcs)},
  ISBN =	{978-3-95977-108-5},
  ISSN =	{2190-6807},
  year =	{2020},
  volume =	{71},
  editor =	{Danos, Vincent and Herlihy, Maurice and Potop-Butucaru, Maria and Prat, Julien and Tucci-Piergiovanni, Sara},
  publisher =	{Schloss Dagstuhl -- Leibniz-Zentrum f{\"u}r Informatik},
  address =	{Dagstuhl, Germany},
  URL =		{https://drops.dagstuhl.de/entities/document/10.4230/OASIcs.Tokenomics.2019.0},
  URN =		{urn:nbn:de:0030-drops-119640},
  doi =		{10.4230/OASIcs.Tokenomics.2019.0},
  annote =	{Keywords: Front Matter, Table of Contents, Preface, Conference Organization}
}
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