In this Owl Explains session, we unpack the insights from “Proof-of-Work versus Proof-of-Stake: A Comparative Economic Analysis” (RFS 2025), co-authored by Professors Kose John and Fahad Saleh. The paper argues that, under real-world conditions, Proof-of-Stake (PoS) offers higher security than Proof-of-Work (PoW)—primarily due to how environmental costs influence miner behavior, investment, and attack vulnerability.

This panel bridges academia, protocol design, and legal frameworks to explore the deeper implications of blockchain security economics, validator incentives, and what the future might hold for consensus architecture.

Speakers

• Lee Schneider – General Counsel, Ava Labs (Host & Moderator)
• Stephen Buttolph – Chief Protocol Architect, Ava Labs
• Kose John – Charles William Gerstenberg Professor in Banking and Finance, NYU Stern
• Fahad Saleh – Associate Professor of Finance, University of Florida