【Author】 Liu, Zhuotao Xiang, Yangxi Shi, Jian Gao, Peng Wang, Haoyu Xiao, Xusheng Wen, Bihan Li, Qi Hu, Yih-Chun
CCF-A
【影响因子】6.791
【主题类别】
区块链应用-虚拟经济-金融领域
【Abstract】Web3.0, often cited to drastically shape our lives, is ubiquitous. However, few literatures have discussed the crucial differentiators that separate Web3:0 from the era we are currently living in. Via a thorough analysis of the recent blockchain infrastructure evolution, we capture a key invariant featuring the evolution, based on which we provide the first academic definition for Web3.0. Our definition is not the only way of understanding Web3.0, yet, it captures the fundamental and defining trait of Web3:0, and meanwhile it is has two desirable properties. Under this definition, we articulate three key categories of infrastructural enablers for Web3.0: individual smart-contract capable blockchains, federated or centralized platforms capable of publishing verifiable states, and an interoperability platform to hyperconnect those state publishers to provide a unified and connected computing platform for Web3:0 applications. While innovations in all categories are necessary to fully enable Web3.0, in this article, we present a design for the third enabler, i.e., the first interoperability platform, namely HyperService, that advances the state-of-the-art by simultaneously delivers interoperability and programmability across heterogeneous blockchains and state publishers. HyperService is powered by two innovative designs: (i) a developer-facing programming framework that allows developers to build cross-chain applications in a unified programming model; and (ii) a secure blockchain-facing cryptography protocol that provably realizes those applications on blockchains. We implement a prototype of HyperService in approximately 62,000 lines of code to demonstrate its practicality, usability and scalability.
你可以尝试使用大模型来生成摘要 立即生成
【Keywords】Web3.0; blockchain interoperability; smart contract
【发表时间】2022
【收录时间】2022-09-16
【文献类型】 理论模型
【Author】 Yang, Jiemeng Zhou, Guangyou
【影响因子】3.752
【主题类别】
区块链治理-市场治理-数字货币
【Abstract】This paper attempts to introduce central bank digital currency (CBDC) into the analysis framework of monetary policy, and studies the influence mechanism of e-CNY, central bank digital currency in China, on the monetary policy of the central bank from the aspects of money demand, money supply and monetary policy transmission mechanism. The research finds that e-CNY will have significant impact on monetary policy: (1) E-CNY will change the structure of money demand, speed up currency circulation, make central bank reserves more controllable and money supply more intelligent; (2) E-CNY will increase the volatility and expansion effect of currency multiplier to a certain extent; (3) E-CNY will dredge the transmission channel of monetary policy so as to improve the transmission effect of existing monetary policy tools. At the same time, based on the organic combination with structural monetary policy tools, it will achieve precise implementation of medium-term lending facilities (MLF), pledged supplementary lending (PSL), and it may bring new monetary policy tools. (4) E-CNY will make the intermediate target of monetary policy more controllable and reliable, and have a positive impact on the target of monetary policy through the smooth transmission of monetary policy channels. Therefore, it is necessary to strengthen the research on CBDC, give full play to the positive role of e-CNY in monetary policy, and improve the effectiveness of monetary policy.
你可以尝试使用大模型来生成摘要 立即生成
【Keywords】
【发表时间】2022
【收录时间】2022-09-16
【文献类型】 观点阐述
【影响因子】3.531
【主题类别】
区块链应用-虚拟经济-DAO
【Abstract】Blockchain technology and smart contracts are catalysts for decentralization and disintermediation. These new technologies reduce transaction costs, agency costs, and offer a basis for trustless social and economic interactions. They are fueling new business models for decentralized platforms and have revolutionized crowdfunding. A recent trend, Decentralized Autonomous Organizations (DAOs), stands to fundamentally transform organizing and governance. DAOs are blockchain-native, decentralized organizations that are collectively owned and managed by their members via smart contracts. In this note, we assess the promises and challenges of DAOs, with a focus on decentralized governance and disintermediation, and offer a first empirical glimpse at the rise and functioning of DAOs. Overall, DAOs may introduce a new era in organizational economics, transforming the global corporate landscape from hierarchical organizations to democratic and distributed organizations powered by organizational entrepreneurship and innovations.
你可以尝试使用大模型来生成摘要 立即生成
【Keywords】DAO; decentralized autonomous organization; blockchain; ethereum
【发表时间】
【收录时间】2022-09-16
【文献类型】 观点阐述
【Author】 Apostu, Simona Andreea Panait, Mirela Vasa, Laszlo Mihaescu, Constanta Dobrowolski, Zbyslaw
【影响因子】2.592
【主题类别】
区块链应用-虚拟经济-NFT
【Abstract】Although NFTs (non-fungible tokens) and cryptocurrencies are active on the same market, their prices are not so closely related over time. The objective of this paper is to identify the relationship between the two types of assets (NFTs and the cryptocurrencies Ethereum, Crypto Coin, and Bitcoin), using data for the period between September 2020 until February 2022. The conclusions of the study are useful for cryptocurrency and NFT issuers, but also for investors on the financial market who are reconfiguring their portfolios with increasing frequency, and use these new assets for speculative or hedging purposes based on blockchain technology. The results highlighted relationships between NFTs and Ethereum, between Ethereum and Crypto Coin, and between Bitcoin and Ethereum, Ethereum being a bridge between all four. Therefore, NFTs present a relationship with Ethereum, the NFTs price had a causal effect on the price of Ethereum.
你可以尝试使用大模型来生成摘要 立即生成
【Keywords】NFT; Bitcoin; Ethereum; Crypto Coin; digitalization; VAR; granger causality
【发表时间】2022
【收录时间】2022-09-16
【文献类型】 实证数据
【DOI】 10.3390/math10173218
【Author】 Ante, Lennart
【影响因子】2.213
【主题类别】
区块链应用-虚拟经济-NFT
【Abstract】The market for non-fungible tokens (NFTs), transferrable and unique digital assets on public blockchains, has received widespread attention and experienced strong growth since early 2021. This study provides an introduction to NFTs and explores the 14 largest submarkets using data from the Ethereum blockchain between June 2017 and May 2021. The analyses rely on (a) the number of NFT sales, (b) the dollar volume of NFT trades and (c) the number of unique blockchain wallets that traded NFTs. Based on the number of transactions and wallets, the Ethereumbased NFT market peaked at the end of 2017 due to the success of the CryptoKitties project. As of 2021, fewer transactions occur but the traded value is much higher. We find that NFT submarkets are cointegrated and feature various causal short-run connections between them. The success or adoption of younger NFT projects is influenced by that of more established markets. At the same time, the success of newer markets has an impact on the more established projects. The results contribute to the overall understanding of the NFT phenomenon as an emerging asset class and suggest that NFT markets are immature or even inefficient.
你可以尝试使用大模型来生成摘要 立即生成
【Keywords】NFTs; non-fungible tokens; cryptocurrency; cointegration; granger causality
【发表时间】
【收录时间】2022-09-16
【文献类型】 实证数据
【Author】 Routledge, Bryan Zetlin-Jones, Ariel
【影响因子】1.620
【主题类别】
区块链治理-市场治理-数字货币
【Abstract】To date, cryptocurrency prices are volatile and many cryptocurrency developers have adopted ad hoc approaches to stabilize their cryptocurrency price. When these currencies are not 100% backed by other valued assets, part of their price volatility may arise from self-fulfilling expectations of a speculative attack (as in Obstfeld (1996)). We show that an exchange rate policy, which is less than 100% backed and dynamically adjusts in response to traders' conversion demand eliminates speculative attacks while, under some conditions, preserving much of the desired exchange rate stability. This dynamic exchange rate policy admits a great deal of discretion to and requires commitment by the party implementing the policy. We demonstrate how to implement this policy using the Ethereum network-a smart contract blockchain environment-and how this implementation yields commitment to the policy. (C) 2021 The Author(s). Published by Elsevier B.V.
你可以尝试使用大模型来生成摘要 立即生成
【Keywords】Blockchain; Cryptocurrency; Currency stability; Ethereum; Exchange rates; Fintech; Smart-contract; Speculative attacks; Stable-coin
【发表时间】2022
【收录时间】2022-09-16
【文献类型】 理论模型
【Author】 Li, Yiting Wang, Chien-Chiang
【影响因子】1.620
【主题类别】
区块链治理-技术治理-区块链安全
【Abstract】We study double-spending attacks in a digital payment system, such as cryptocurrency, wherein agents send transaction messages to facilitate the transfers of digital currencies. The system is imperfect such that the payer can send a double-spending message to transfer the currency to another account owned by herself after the original message is sent, and the payment system may recognize the double-spending message instead of the original one as the real transaction. If this occurs, the seller will not receive the payment, and the payer may retract the payment but keep the merchandise. We consider multiple mechanisms that can be applied to deter double-spending attempts, including a cost to send a message, a currency deposit, and currency deletions. However, applying the above mechanisms is costly. If the probability of detecting fraudulent activity is low, employing fraud deterrents may not be ideal, and allowing for double spending may instead reflect an optimal equilibrium. (C) 2021 Elsevier B.V. All rights reserved.
你可以尝试使用大模型来生成摘要 立即生成
【Keywords】Cryptocurrency; Money; Search; Imperfect information; Fraud
【发表时间】2022
【收录时间】2022-09-16
【文献类型】 理论模型
【Author】 Carapella, Francesca
【影响因子】1.620
【主题类别】
区块链治理-市场治理-数字货币
【Abstract】
你可以尝试使用大模型来生成摘要 立即生成
【Keywords】
【发表时间】2022
【收录时间】2022-09-16
【文献类型】 观点阐述
【影响因子】1.287
【主题类别】
区块链治理-市场治理-市场分析
区块链应用-虚拟经济-DeFi
【Abstract】In decentralized finance (Defi), market participants are allowed to have the right to manage their own funds as opposed to centralized finance (Cefi) with a central custodian, centralized exchanges (CEX). Most Defi projects provide their own service and simultaneously issue a unique token that can be traded in decentralized exchanges (DEX). However, the values of these tokens have rarely been studied. We confirm that the prices of tokens in the Defi market have a persistent tendency to move together. We also demonstrate that the correlation gradually increased from the Defi market's inception and the price co-movement increased in a bear market, and conversely, decreased in a bull market. Specifically, we find a notable difference in the level of price co-movement between CEX cryptocurrencies and DEX tokens.
你可以尝试使用大模型来生成摘要 立即生成
【Keywords】Defi; Co-Movement; cryptocurrencies; correlation
【发表时间】
【收录时间】2022-09-16
【文献类型】 实证数据
【影响因子】
【主题类别】
区块链技术-核心技术-智能合约
【Abstract】We address the Threshold Information Disclosure (TID) problem on Ethereum: An arbitrary number of users commit to the scheduled disclosure of their individual messages recorded on the Ethereum blockchain if and only if all such messages are disclosed. Before a disclosure, only the original sender of each message should know its contents. To accomplish this, we task a small council with executing a distributed generation and threshold sharing of an asymmetric key pair. The public key can be used to encrypt messages which only become readable once the threshold-shared decryption key is reconstructed at a predefined point in time and recorded on-chain. With blockchains like Ethereum, it is possible to coordinate such procedures and attach economic stakes to the actions of participating individuals. In this paper, we present ETHTID, an Ethereum smart contract application to coordinate Threshold Information Disclosure. We base our implementation on an existing smart contract, ETHDKG, and optimise functionality and costs to fit the TID use case. While optimising for cost savings, we show that the security of the underlying cryptographic scheme is still maintained. We evaluate how the execution costs depend on the size of the council and the threshold and show that the presented protocol is deployable with a council of more than 200 members with gas savings of 20-40% compared to ETHDKG.
你可以尝试使用大模型来生成摘要 立即生成
【Keywords】distributed key generation; threshold encryption; smart contract; time-lock cryptography
【发表时间】2021
【收录时间】2022-09-16
【文献类型】 实证数据
【Author】 Amler, Hendrik Eckey, Lisa Faust, Sebastian Kaiser, Marcel Sandner, Philipp Schlosser, Benjamin
【影响因子】
【主题类别】
区块链应用-虚拟经济-DeFi
【Abstract】The decentralized and trustless nature of cryptocurrencies and blockchain technology leads to a shift in the digital world. The possibility to execute small programs, called smart contracts, on cryptocurrencies like Ethereum opened doors to countless new applications. One particular exciting use case is decentralized finance (DeFi), which aims to revolutionize traditional financial services by founding them on a decentralized infrastructure. We show the potential of DeFi by analyzing its advantages compared to traditional finance. Additionally, we survey the state-of-the-art of DeFi products and categorize existing services. Since DeFi is still in its infancy, there are countless hurdles for mass adoption. We discuss the most prominent challenges and point out possible solutions. Finally, we analyze the economics behind DeFi products. By carefully analyzing the state-of-the-art and discussing current challenges, we give a perspective on how the DeFi space might develop in the near future.
你可以尝试使用大模型来生成摘要 立即生成
【Keywords】blockchain; finance; contracts; distributed ledgers
【发表时间】2021
【收录时间】2022-09-16
【文献类型】 综述
【影响因子】
【主题类别】
区块链治理-技术治理-交易可视化
【Abstract】We analyse the transaction networks of four representative ERC-20 tokens that run on top of the public blockchain Ethereum and can be used as collateral in DeFi: Ampleforth (AMP), Basic Attention Token (BAT), Dai (DAI) and Uniswap (UNI). We use complex network analysis to characterize structural properties of their transaction networks. We compute their preferential attachment and we investigate how critical code-controlled nodes (smart contracts, SC) executed on the blockchain are in comparison to human-owned nodes (externally owned accounts, EOA), which are be controlled by end users with public and private keys or by off-blockchain code. Our findings contribute to characterise these new financial networks. We use three network dismantling strategies on the transaction networks to analyze the criticality of smart contract and known exchanges nodes as opposed to EOA nodes. We conclude that smart contract and known exchanges nodes play a structural role in holding up these networks, theoretically designed to be distributed but in reality tending towards centralisation around hubs. This sheds new light on the structural role that smart contracts and exchanges play in Ethereum and, more specifically, in Decentralized Finance (DeFi) networks and casts a shadow on how much decentralised these networks really are. From the information security viewpoint, our findings highlight the need to protect the availability and integrity of these hubs.
你可以尝试使用大模型来生成摘要 立即生成
【Keywords】Blockchain; Ethereum; Cryptocurrencies; Cryptoassets; Decentralised finance; DeFi; Ampleforth; Basic; Attention Token; Dai; Uniswap; Preferential attachment; Network dismantling
【发表时间】2022
【收录时间】2022-09-16
【文献类型】 理论模型