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A First Analytics Approach to Cardano


Niya, Sina Rafati; Mesić, Ivana; Anagnostou, Georgios; Brunini, Gabriele; Tessone, Claudio J (2023). A First Analytics Approach to Cardano. In: IEEE International Conference on Blockchain and Cryptocurrency (ICBC), Dubai, United Arab Emirates, 1 May 2023 - 5 May 2023. Institute of Electrical and Electronics Engineers, 10174896.

Abstract

Many variants of (delegated) Proof-of-Stake blockchains have been introduced since 2016, among which Cardano, Algorand, and Tezos have been more widely adopted. Each of these blockchains has attempted to address the scalability and consumption issues of Proof-of-Work (PoW) blockchains from different angles. However, the economic incentives of these blockchains have raised the concern about the decentralisation level of key players, such as validators, and stakeholders, in those “expected to be decentralised” networks. In this work, we conduct an analysis of Cardano's activity and wealth concentration. For the first time, we perform a clustering of the addresses that belong to the same wallet based on existing heuristics for UTXO-like blockchains. Moreover, an analysis of reward distribution on Cardano is presented. The analysis results of this work disclose objective insights into the Cardano blockchain, including the rewards distribution, stake balance distribution, and wealth concentration.

Abstract

Many variants of (delegated) Proof-of-Stake blockchains have been introduced since 2016, among which Cardano, Algorand, and Tezos have been more widely adopted. Each of these blockchains has attempted to address the scalability and consumption issues of Proof-of-Work (PoW) blockchains from different angles. However, the economic incentives of these blockchains have raised the concern about the decentralisation level of key players, such as validators, and stakeholders, in those “expected to be decentralised” networks. In this work, we conduct an analysis of Cardano's activity and wealth concentration. For the first time, we perform a clustering of the addresses that belong to the same wallet based on existing heuristics for UTXO-like blockchains. Moreover, an analysis of reward distribution on Cardano is presented. The analysis results of this work disclose objective insights into the Cardano blockchain, including the rewards distribution, stake balance distribution, and wealth concentration.

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Additional indexing

Item Type:Conference or Workshop Item (Paper), not_refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Informatics
Dewey Decimal Classification:000 Computer science, knowledge & systems
Scopus Subject Areas:Social Sciences & Humanities > Accounting
Physical Sciences > Information Systems
Social Sciences & Humanities > Information Systems and Management
Social Sciences & Humanities > Economics and Econometrics
Scope:Discipline-based scholarship (basic research)
Language:English
Event End Date:5 May 2023
Deposited On:19 Feb 2024 10:08
Last Modified:30 Apr 2024 14:05
Publisher:Institute of Electrical and Electronics Engineers
Series Name:IEEE International Conference on Blockchain and Cryptocurrency
Number of Pages:5
ISSN:2832-8892
ISBN:979-8-3503-1019-1
OA Status:Closed
Publisher DOI:https://doi.org/10.1109/ICBC56567.2023.10174896