Alexander Lipton - Blockchain and Distributed Ledgers: Mathematics, Technology, and Economics

At last if you want to truly understand distributed ledger technology and its implications for payments, here finally is an authoritative and accessible reference book. No polemics, breathless praise, or impenetrable prose the authors impartially explain how DLT works and how it can be used to upgrade our outdated payment systems. Along the way, the authors delight the reader with fascinating historical details and many practical applications. This book has instantly become the definitive source.

Prof. Darrell Duffie, The Adams Distinguished Professor of Management and Professor of Finance, Stanford University

An amazing tour-de-force, and a must-read for anyone hoping to build distributed ledger systems for financial transactions. Good material for both students and experts alike.

Prof. Alex Pentland, Toshiba Professor, MIT

This is an excellent introduction to DLT which is not just credible and insightful for advanced students trained in quantitative fields but also very accessible for the general reader with limited knowledge of math or cryptography. As the book so aptly explains, there are at least two big challenges for anybody who seeks to understand the key principles of DLT: the field is dominated by zealots or their arch enemies and the subject requires a good knowledge of cryptography, game theory and economics three separate skills rarely taught in combination.

However, the book aims for a balanced and well-reasoned discourse which it delivers in style and it succinctly and effectively covers all three of the key elements of knowledge that need to be grasped to understand how DLT works.

It is thus a tour de force! It should be required reading for regulators, finance practitioners, investors and economists, particularly given that DLT will almost certainly reshape the future financial system.

Dr. Gillian Tett Chair Editorial Board, Editor-at-large, US
The Financial Times

Regardless of your views on cryptocurrencies, any modern practitioner of finance should be familiar with distributed ledger technology (DLT). Professor Alex Lipton and Adrien Treccani have written a fascinating tractatus that answers fundamental questions about the nature of money. They effectively demonstrate the intrinsic value offered by DLT, as the solution to many of the problems that have plagued financial systems for centuries. If there is one book that everyone should read on DLT, this is the one.

Dr. Marcos Lopez de Prado, Global Head Quantitative Research and Development, Strategy & Planning, Abu Dhabi Investment Authority

We are just at the tip of the iceberg when it comes to the disruptive potential of DLT. Trillions of dollars of value will be created over the coming decades as entrepreneurs find ways to capitalize on the technology to democratize finance and wealth management. This comprehensive book from Alex Lipton and Adrien Treccani provides a powerful place to start exploring the DLT opportunity as well as a definitive reference to those already active in the space. The book is unique in its balanced and well-rounded approach.

Francisco Fernandez, Avaloq Founder and serial entrepreneur

A very well-researched and rounded tour dhorizon of the brave new world of Blockchain, crypto and the technologys impact on how we will transfer ownership and value in the future. Alex and Adrien strike the right balance between academic rigor and practical relevance. A highly recommended read for both industry newcomers as well as veterans.

Dr. Mathias Imbach, Co-Founder & Group CEO, Sygnum

This book provides comprehensive coverage of the cryptocurrency ecosystem, with lucid explanations of the underlying math, technology, and economics. Technical material is seamlessly integrated with the authors broad perspective and deep understanding of the past and future of blockchains, digital currencies, and decentralized finance. The book is an essential resource for practitioners and academics.

Prof. Paul Glasserman, Jack R. Anderson Professor of Business, Columbia University

Blockchain and Distributed Ledgers is a wonderful book. It is at once what the Russians call a brick, for its size, and what the English call a gem, for its clarity. And it is timely.

The astronomer Carl Sagan says: We live in a society exquisitely dependent on science and technology, in which hardly anyone knows anything about science and technology.

It is this problem Lipton and Treccani are attempting to confront. A comfort, then, that some of our leading mathematicians are among our more discerning philosophers too.

Edward Price, Adjunct Instructor, New York University (NYU)
InterdisciplinaryJournal of Economics and Business Law, 2021, Volume 10, Issue 2, pp. 141143

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Library of Congress Cataloging-in-Publication Data

Names: Lipton, Alexander, author. | Treccani, Adrien, author.

Title: Blockchain and distributed ledgers : mathematics, technology, and economics / Alexander Lipton, Adrien Treccani.

Description: New Jersey : World Scientific, [2022] | Includes bibliographical references and index.

Identifiers: LCCN 2021015351 | ISBN 9789811221514 (hardcover) | ISBN 9789811221521 (paperback) | ISBN 9789811221538 (ebook) | ISBN 9789811221545 (ebook other)

Subjects: LCSH: Blockchains (Databases) | Blockchains (Databases)--Industrial applications. | Finance--Data processing. | Cryptocurrencies.

Classification: LCC QA76.9.B56 L57 2022 | DDC 005.74--dc23

LC record available at https://lccn.loc.gov/2021015351

British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library.

Copyright 2022 by World Scientific Publishing Co. Pte. Ltd.

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Desk Editor: Jiang Yulin

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Chennai - 600106, India

Printed in Singapore

I dedicate this book to Marsha, my love, soulmate, and lodestar, and our fabulous daughter Rachel for all her love and support.

Alexander Lipton

I dedicate this book to my love and guide Jessica and our cherished son Henri.

Adrien Treccani

The madness of passion soon passes, and what remains are chains and common sense that tells us that these chains are unbreakable.

A. N. Ostrovsky, Without a Dowry, A drama in four acts.