Rome, Italy
DOI: 10.48256/TDM2026_00019
A Comparative Analysis of Consensus Mechanisms, Programmable Finance, Crisis-Management Frameworks, and the Tension Between Rule of Law and Rule of Code
This first introductory article aims to examine in depth the evolution of cryptocurrencies and blockchain, analyzing the differences between Proof of Work and Proof of Stake, together with the related economic and security implications of the two models. Moving from digital currency to decentralized finance (DeFi), it analyzes the pioneering role of Bitcoin and Ethereum, as well as that of smart contracts in the emergence of programmable and disintermediated financial services. The comparison with traditional finance highlights how DeFi replicates banking functions without incorporating the four crisis-absorption architectures: deposit insurance, lender of last resort, capital requirements and prudential supervision. This reveals the structural limitation of the “rule of code” approach: efficient and transparent, but lacking the discretion needed to handle unforeseen events. The conclusion is not an absolute opposition, but the search for a constructive integration between traditional finance and DeFi, within the framework of BIS, FSB and IMF assessments of systemic risks and the need for regulatory monitoring.
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Autore
Cosimo Petralia, Esperto di valute digitali e finanza decentralizzata, Studente del MSc in Economics presso l’Università di Roma Tor Vergata (Italia),Dr. in Global Governance presso l’Università di Roma Tor Vergata (Italia), Research Analyst presso Stratos Research, dove ha pubblicato “The Digital Euro as Europe’s Path to Monetary Sovereignty” (2026).
Stratos Research è un’associazione indipendente e senza scopo di lucro di giovani ricercatori e professionisti, costituita nel 2026, che produce analisi empirica di macroeconomia, finanza d’impresa e mercati finanziari. Il lavoro per TdM è coordinato da Alessandro Mazzarini, Co-Founder e Head of Macroeconomics Research.