Blockchain token economics: A mean-field-type game perspective

Julian Barreiro-Gomez, Hamidou Tembine

Research output: Contribution to journalArticlepeer-review


This paper studies the blockchain cryptographic tokens by means of mean-field-type game theory. It introduces the variance-aware utility function per decision-maker to capture the risk of cryptographic tokens associated with the uncertainties of technology adoption, network security, regulatory legislation, and market volatility. We establish a relationship between the network characteristics, token price, number of token holders, and token supply. Both in-chain diversification and cross-chain diversification among tokens are examined by using a mean-variance approach. The results suggest that the number of tokens in circulation needs to be adjusted in order to capture risk-awareness and self-regulatory behavior in blockchain token economics. The Sharpe and Modigliani ratios for cryptographic tokens are revisited.

Original languageEnglish (US)
Article number8717636
Pages (from-to)64603-64613
Number of pages11
JournalIEEE Access
StatePublished - 2019


  • Blockchain
  • game theory
  • mean-field
  • network economics
  • risk
  • token

ASJC Scopus subject areas

  • General Computer Science
  • General Materials Science
  • General Engineering


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