【Author】 Qin, Rui Ding, Wenwen Li, Juanjuan Guan, Sangtian Wang, Ge Ren, Yuhai Qu, Zhiyou

【Source】IEEE TRANSACTIONS ON SYSTEMS MAN CYBERNETICS-SYSTEMS

【影响因子】11.471

【主题类别】

区块链应用-虚拟经济-DAO

【Abstract】Empowered by blockchain and Web3 technologies, decentralized autonomous organizations (DAOs) are able to redefine resources, production relations, and organizational structures in a revolutionary manner. This article aims to reanalyze DAOs from the perspectives of organization and operation, and provide a more precise definition of DAOs as DAOs and Operations. Based on this, the fundamental principles and requirements of DAOs are explained, while the infrastructure based on cyber- physical-social system (CPSS) and parallel intelligence, as well as the supporting technologies, such as digital twins, metaverse, and Web3, are discussed. Besides, a five-layer intelligent architecture is presented, and the closed-loop equation and new function oriented intelligent algorithms are also proposed. Moreover, the governance mechanisms from the individual, organizational and social perspectives are discussed, and the incentive mechanisms for the human, robot, and digital human are analyzed. This article can be regarded as a stepping stone for further research and developments of DAOs.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Blockchain; decentralized autonomous organi-zation (DAO) and operation; intelligent algorithms; mechanism design; metaverse; smart contracts; Web3

【发表时间】

【收录时间】2023-01-16

【文献类型】 观点阐述

【DOI】 10.1109/TSMC.2022.3228530

【Author】 Zhou, Qihao Zheng, Kan Zhang, Kuan Hou, Lu Wang, Xianbin

【Source】IEEE INTERNET OF THINGS JOURNAL CCF-C

【影响因子】10.238

【主题类别】

区块链治理-技术治理-智能合约漏洞检测

【Abstract】With the emergence of Blockchain-based Internet of Things (BIoT) applications, smart contracts have become one of the most appealing aspects because they reduce the cost and complexity of distributed administration. However, the immaturity of smart contracts may result in significant financial losses or the leakage of sensitive information. This article first investigates the taxonomy of security issues associated with smart contracts considering BIoT scenarios. To address these security concerns and overcome the limitations of existing methods, a tree-based machine learning vulnerability detection (TMLVD) method is proposed to perform the vulnerability analysis of smart contracts. TMLVD feeds the intermediate representations of smart contracts derived from abstract syntax trees (AST) into a tree-based training network for building the prediction model. Multidimensional features are captured by this model to identify smart contracts as vulnerable. The detection phase can be implemented quickly with limited computing resources and the accuracy of the detection results is guaranteed. The experimental evaluation demonstrated the effectiveness and efficiency of TMLVD on a data set comprised of Ethereum smart contracts.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Blockchain; Internet of Things (IoT); machine learning (ML); smart contract; vulnerability analysis

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 理论模型

【DOI】 10.1109/JIOT.2022.3196269

【Author】 Kuehnlenz, Sophia Orsi, Bianca Kaltenbrunner, Annina

【Source】RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE

【影响因子】6.143

【主题类别】

区块链治理-市场治理-数字货币

【Abstract】The international monetary system is marked by a hierarchical relationship between currencies, where the US dollar is widely used. Recently, central banks have started to launch Central Bank Digital Currencies (CBDCs), which, in contrast to cryptocurrencies, are issued by monetary authorities. The purpose of this paper is (i) to analyse and explain domestic retail CBDCs in detail, and (ii) to assess whether the creation of CBDCs poses a threat to the US dollar as the key currency of the international monetary and financial system. It will be argued that, despite the innovations a CBDC may bring, the role of the US dollar will not be affected by the introduction of multiple CBDCs (mCBDCs) alone. Although mCBDC arrangements might decentralise the international payment system, the underlying structures supporting today's unipolar system would not automatically change. It is crucial that central banks work together to establish an alternative international monetary system.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Central Bank Digital Currency (CBDC); Cross -border payments; Currency hierarchy; International payment structures; International monetary system; International financial system

【发表时间】2023

【收录时间】2023-01-16

【文献类型】 观点阐述

【DOI】 10.1016/j.ribaf.2022.101834

【Author】 Shu, Jiangang Zou, Xing Jia, Xiaohua Zhang, Weizhe Xie, Ruitao

【Source】IEEE TRANSACTIONS ON CLOUD COMPUTING CCF-C

【影响因子】5.697

【主题类别】

区块链应用-实体经济-审计领域

【Abstract】Public auditing schemes for cloud storage systems have been extensively explored with the increasing importance of data integrity. A third-party auditor (TPA) is introduced in public auditing schemes to verify the integrity of outsourced data on behalf of users. To resist malicious TPAs, many blockchain-based public verification schemes have been proposed. However, existing auditing schemes rely on a centralized TPA, and they are vulnerable to tempting auditors who may collude with malicious blockchain miners to produce biased auditing results. In this article, we propose a blockchain-based decentralized public auditing (BDPA) scheme by utilizing a decentralized blockchain network to undertake the responsibility of a centralized TPA, and also mitigate the influence of tempting auditors and malicious blockchain miners by taking the concept of decentralized autonomous organization (DAO). A detailed security analysis shows that BDPA can preserve data integrity against tempting auditors and malicious blockchain miners. A comprehensive performance evaluation demonstrates that BDPA is feasible and scalable.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Cloud storage; public integrity auditing; identity-based cryptography; blockchain

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 理论模型

【DOI】 10.1109/TCC.2021.3051622

【Author】 Wang, Bin Yuan, Xiaohan Duan, Li Ma, Hongliang Su, Chunhua Wang, Wei

【Source】IEEE TRANSACTIONS ON COMPUTATIONAL SOCIAL SYSTEMS

【影响因子】4.747

【主题类别】

区块链应用-虚拟经济-DeFi

【Abstract】With the rapid development of decentralized financial (DeFi), the total value locked (TVL) in DeFi continues to increase. A big number of adversaries exploit logic vulnerabilities to attack DeFi applications for profit, such as flash loan attacks and price manipulation attacks. However, the current vulnerability detection tools for smart contracts cannot be directly used to detect the logic vulnerabilities generated by the combination of different protocols. How to characterize and detect DeFi attacks that exploited logic vulnerabilities is a big challenge. In this work, we propose a deep-learning-based attack detection system on DeFi, called DeFiScanner, in which we design a novel neural network that includes a global model, a local model, and a fusion model to characterize DeFi attacks. First, the unstructured emitted events are automatically and efficiently normalized. Second, the transaction-related features of normalized emitted events are enriched with the global model and the semantic features of emitted events are extracted with the local model. Finally, the transaction-related features and the semantic features of emitted events are fused efficiently with the fusion model to detect DeFi attacks. We collect a dataset that consists of 50 910 real-world DeFi transactions on Ethereum (ETH). The extensive experimental results demonstrate the effectiveness of DeFiScanner. The true positive rate (TPR) and the area under the receiver operating characteristic (ROC) curve of the system reach 0.91 and 0.97, respectively.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Attacks detection; blockchain; decentralized finance; deep learning

【发表时间】

【收录时间】2023-01-16

【文献类型】 理论模型

【DOI】 10.1109/TCSS.2022.3228122

【Author】 Fernandes, Leonardo H. S. Kristjanpoller, Werner Tabak, Benjamin Miranda

【Source】FRACTALS-COMPLEX GEOMETRY PATTERNS AND SCALING IN NATURE AND SOCIETY

【影响因子】4.555

【主题类别】

区块链治理-市场治理-数字货币

【Abstract】This paper performs the asymmetric multifractal cross-correlation analysis to examine the COVID-19 effects on three relevant high-frequency fiat currencies, namely euro (EUR), yen (YEN) and the Great Britain pound (GBP), and two cryptocurrencies with the highest market capitalization and traded volume (Bitcoin and Ethereum) considering two periods (Pre-COVID-19 and during COVID-19). For both periods, we find that all pairs of these financial assets are characterized by overall persistent cross-correlation behavior (alpha xy(0) > 0.5). Moreover, COVID-19 promoted an increase in the multifractal spectrum's width, which implies an increase in the complexity for all pairs considered here. We also studied the Generalized Cross-correlation Exponent, which allows us to verify that there is no asymmetric behavior between Bitcoin and fiat currencies and between Ethereum and fiat currencies. We conclude that investing simultaneously in major fiat currencies and leading cryptocurrencies can reduce the portfolio risk, leading to improvement in the investment results.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】COVID-19; Exchange Rate; Cryptocurrencies; Multifractality; Asymmetric Cross-Correlations; Complexity

【发表时间】

【收录时间】2023-01-16

【文献类型】 实证数据

【DOI】 10.1142/S0218348X23500068

【Author】 Oyewola, David Opeoluwa Dada, Emmanuel Gbenga Ndunagu, Juliana Ngozi

【Source】HELIYON

【影响因子】3.776

【主题类别】

区块链治理-市场治理-价格预测

【Abstract】Cryptocurrency is an advanced digital currency that is secured by encryption, making it nearly impossible to forge or duplicate. Many cryptocurrencies are blockchain-based with decentralized networks. The prediction of cryp-tocurrency prices is a very difficult task because of the absence of an appropriate analytical basis to substantiate their claims. Cryptocurrencies are also dependent on several variables, such as technical advancement, internal competition, market pressure, economic concerns, security, and political considerations. This paper proposed the hybrid walk-forward ensemble optimization technique and applied it to predict the daily prices of fifteen cryp-tocurrencies, such as Cardano (ADA-USD), Bitcoin (BTC-USD), Dogecoin (DOGE-USD), Ethereum Classic (ETC-USD), Chainlink (LINK-USD), Litecoin (LTC-USD), NEO (NEO-USD), Tron (TRX-USD), Tether (USDT-USD), NEM (XEM-USD), Stellar (XLM-USD), Ripple (XRP-USD), and Tezos (XTZ-USD). A performance comparison of these cryptocurrencies was done using classical statistical models, machine learning algorithms, and deep learning algorithms on different cryptocurrency time series. Simulation results show that our proposed model performed better in terms of cryptocurrency prediction accuracy compared to the classical statistical model and machine and deep learning algorithms used in this paper.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Cryptocurrency; BlockChain; Gated recurrent unit; Walk-forward; Optimization

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 实证数据

【DOI】 10.1016/j.heliyon.2022.e11862

【Author】 Chen, Hong Su, Kecheng Gao, Wandong

【Source】IEEE ACCESS

【影响因子】3.476

【主题类别】

区块链治理-市场治理-数字货币

【Abstract】In recent years, with the rapid growth of the digital currency industry, blockchain technology has attracted wide attention, and its research mostly focuses on the protection of economic security and privacy. In order to study the application and development mechanism of currency products, this work investigates the practical application of digital currency products under blockchain technology at the present stage, and analyzes the potential security risks. The Artificial Immune Algorithm (AIA) is an intelligent method to imitate the function of the biological immune system, which provides a new solution for solving complex distributed problems. Firstly, a blockchain digital currency product is proposed based on AIA. Secondly, taking the credit risk of innovation risk in financial currency products as an example, the Diffie-Hellman (DH) with blockchain technology is used. Finally, the generation and optimization of the plan are realized, and an innovative risk plan is proposed for blockchain digital currency products on the basis of AIA. The results show that: (1) The improved AIA implements a guided AIA with adaptive parameter update. (2) The digital signature technology using the DH algorithm has a stronger anti-attack ability than the traditional blockchain digital signature technology. It improves the security of blockchain digital currency. This work has successfully established the risk-immune system of digital currency product innovation, laying a theoretical foundation for the innovation and development of blockchain digital currency products in the future.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Artificial intelligence; Artificial immune algorithm; blockchain; DH algorithm; digital currency; innovation risk; potential risk

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 综述

【DOI】 10.1109/ACCESS.2022.3229870

【Author】 Guo, Ran Chen, Weijie Zhang, Lejun Wang, Guopeng Chen, Huiling

【Source】ENERGIES

【影响因子】3.252

【主题类别】

区块链治理-技术治理-智能合约漏洞检测

【Abstract】Blockchain technology is currently evolving rapidly, and smart contracts are the hallmark of the second generation of blockchains. Currently, smart contracts are gradually being used in power system networks to build a decentralized energy system. Security is very important to power systems and attacks launched against smart contract vulnerabilities occur frequently, seriously affecting the development of the smart contract ecosystem. Current smart contract vulnerability detection tools suffer from low correct rates and high false positive rates, which cannot meet current needs. Therefore, we propose a smart contract vulnerability detection system based on the Siamese network in this paper. We improved the original Siamese network model to perform smart contract vulnerability detection by comparing the similarity of two sub networks with the same structure and shared parameters. We also demonstrate, through extensive experiments, that the model has better vulnerability detection performance and lower false alarm rate compared with previous research results.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】smart contract; deep learning; siamese network

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 实验仿真

【DOI】 10.3390/en15249642

【Author】 Razzaq, Abdul Mohsan, Syed Agha Hassnain Ghayyur, Shahbaz Ahmed Khan Al-Kahtani, Nouf Alkahtani, Hend Khalid Mostafa, Samih M.

【Source】HEALTHCARE

【影响因子】3.160

【主题类别】

区块链应用-实体经济-健康领域

【Abstract】COVID-19 has become a very transmissible disease that has had a worldwide impact, resulting in a huge number of infections and fatalities. Testing is critical to the pandemic's successful response because it helps detect illnesses and so attenuate (isolate/cure) them and now vaccination is a life-safer innovation against the pandemic which helps to make the immunity system stronger and fight against this infection. Patient-sensitive information, on the other hand, is now held in a centralized or third-party storage paradigm, according to COVID-19. One of the most difficult aspects of using a centralized storage strategy is maintaining patient privacy and system transparency. The application of blockchain technology to support health initiatives that can minimize the spread of COVID-19 infections in the context of accessibility of the system and for verification of digital passports. Only by combining blockchain technology with advanced cryptographic algorithms can a secure and privacy-preserving solution to COVID-19 be provided. In this article, we investigate the issue and propose a blockchain-based solution incorporating conscience identity, encryption, and decentralized storage via interplanetary file systems (IPFS). For COVID-19 test takers and vaccination takers, our solution includes digital health passports (DHP) as a certification of test or vaccination. We explain smart contracts constructed and tested with Ethereum to preserve a DHP for test and vaccine takers, allowing for a prompt and trustworthy response from the necessary medical authorities. We use an immutable trustworthy blockchain to minimize medical facility response times, relieve the transmission of incorrect information, and stop the illness from spreading via DHP. We give a detailed explanation of the proposed solution's system model, development, and assessment in terms of cost and security. Finally, we put the suggested framework to the test by deploying a smart contract prototype on the Ethereum TESTNET network in a Windows environment. The study's findings revealed that the suggested method is effective and feasible.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】COVID-19; blockchain; Smart Contract; Ethereum; distributed storage; IPFS; traceability; vaccination certificates; immunity certificates; digital health passports

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 理论模型

【DOI】 10.3390/healthcare10122453

【Author】 Al-Nefaie, Abdullah H. Aldhyani, Theyazn H. H.

【Source】ELECTRONICS

【影响因子】2.690

【主题类别】

区块链治理-市场治理-价格预测

【Abstract】Currently, the most popular cryptocurrency is bitcoin. Predicting the future value of bitcoin can help investors to make more educated decisions and to provide authorities with a point of reference for evaluating cryptocurrency. The novelty of the proposed prediction models lies in the use of artificial intelligence to identify movement cryptocurrency prices, particularly bitcoin prices. A forecasting model that can accurately and reliably predict the market's volatility and price variations is necessary for portfolio management and optimization in this continually expanding financial market. In this paper, we investigate a time series analysis that makes use of deep learning to investigate volatility and provide an explanation for this behavior. Our findings have managerial ramifications, such as the potential for developing a product for investors. This can help to expand upon our model by adjusting various hyperparameters to produce a more accurate model for predicting the price of cryptocurrencies. Another possible managerial implication of our findings is the potential for developing a product for investors, as it can predict the price of cryptocurrencies more accurately. The proposed models were evaluated by collecting historical bitcoin prices from 1 January 2021 to 16 June 2022. The results analysis of the GRU and MLP models revealed that the MLP model achieved highly efficient regression, at R = 99.15% during the training phase and R = 98.90% during the testing phase. These findings have the potential to significantly influence the appropriateness of asset pricing, considering the uncertainties caused by digital currencies. In addition, these findings provide instruments that contribute to establishing stability in cryptocurrency markets. By assisting asset assessments of cryptocurrencies, such as bitcoin, our models deliver high and steady success outcomes over a future prediction horizon. In general, the models described in this article offer approximately accurate estimations of the real value of the bitcoin market. Because the models enable users to assess the timing of bitcoin sales and purchases more accurately, they have the potential to influence the economy significantly when put to use by investors and traders.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】deep learning; bitcoin; prediction models; cryptocurrency markets; statistical analysis

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 实证数据

【DOI】 10.3390/electronics11244088

【Author】 Gadi, Manoel Fernando Alonso Sicilia, Miguel-Angel

【Source】JOURNAL OF RISK AND FINANCIAL MANAGEMENT

【影响因子】0.000

【主题类别】

区块链治理-市场治理-市场分析

【Abstract】Cryptocurrency markets have experienced large growth in recent years, with an increase in the number and diversity of traded assets. Previous work has addressed the economic properties of Bitcoin with regards to its hedging or diversification properties. However, the surge of many alternatives, applications, and decentralized finance services on a variety of blockchain networks requires a re-examination of those properties, including indexes from outside the big economies and the inclusion of a variety of cryptocurrencies. In this paper, we report the results of studying the most representative cryptocurrency of each consensus mechanism by trading volume, forming a list of twenty-four cryptocurrencies from the 1st of January 2018 to the 30th of September 2022. Using the Baur and McDermott model, we examine hedge, safe haven, and diversifier properties of all assets for all G7 country's major indexes as well as all BRICS major indexes breaking it down by two attributes: kind of blockchain technology and pre/during COVID health crisis. Results show that both attributes play an important role in the hedge, safe haven, and diversifier properties associated with the asset. Concretely: stablecoins appear to be the only ones to maintain hedge property in most analyzed markets pre- and during-COVID; Bitcoin investment properties shifted after the COVID crisis started; China and Russia stopped being correlated with the cryptocurrency after the COVID crisis hit.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】diversifier; safe haven; hedging; G7; BRICS; blockchain technology; blockchain privacy; cryptocurrency

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 实证数据

【DOI】 10.3390/jrfm15120572

【Author】 Wijaya, Carla A. Ulpah, Maria

【Source】INDONESIAN CAPITAL MARKET REVIEW

【影响因子】0.000

【主题类别】

区块链治理-市场治理-数字货币

【Abstract】The uncertainty due to the COVID-19 outbreak has encouraged investors to look for value hedging instruments to minimize risk, which can be in the form of hedging assets or safe-haven assets. In re-sponse to it, this study aims to find out whether Bitcoin, Ethereum, and gold can behave as hedging and safe-haven assets before and amid the pandemic in Indonesia. The strategy is by observing the effects of volatility and return of Bitcoin, Ethereum, and gold on the Indonesian stock market. This study employed both quantile regression and simple linear regression models on data of daily clos-ing price taken before and during COVID-19. This study finds that they can be hedge and safe-haven assets during the COVID-19 pandemic in Indonesia. The findings show some significant correlations between assets that can help investors determine which assets can be hedging instruments.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Cryptocurrency; Gold; Hedging; Safe-Haven; Pandemic; Quantile Regression; Finance

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 实证数据

【DOI】 10.21002/icmr.v14i1.1140

【Author】 Metelski, Dominik Sobieraj, Janusz

【Source】INTERNATIONAL JOURNAL OF FINANCIAL STUDIES

【影响因子】0.000

【主题类别】

区块链应用-虚拟经济-DeFi

【Abstract】Decentralized finance (DeFi) protocols use blockchain-based tools to mimic banking, investment and trading solutions and provide a viable framework that creates incentives and conditions for the development of an alternative financial services market. In this respect, they can be seen as alternative financial vehicles that mitigate portfolio risk, which is particularly important at a time of increasing uncertainty in financial markets. In particular, some DeFi protocols offer an automated, low-risk way to generate returns through a "delta-neutral" trading strategy that reduces volatility. The main financial operations of DeFi protocols are implemented using appropriate algorithms, but unlike traditional finance, where issues of value and valuation are commonplace, DeFis lack a similar value-based analysis. The aim of this study is to evaluate relevant DeFi performance metrics related to the valuations of these protocols through a thorough analysis based on various scientific methods and to show what influences the valuations of these protocols. More specifically, the study identifies how DeFi protocol valuations depend on the total value locked and other performance variables, such as protocol revenue, total revenue, gross merchandise volume and inflation factor, and assesses these relationships. The study analyzes the valuations of 30 selected protocols representing three different classes of DeFi (i.e., decentralized exchanges, lending protocols and asset management) in relation to their respective performance measures. The analysis presented in the article is quantitative in nature and relies on Granger causality tests as well as the results of a fixed effects panel regression model. The results show that the valuations of DeFi protocols depend to some extent on the performance measures of these protocols under study, although the magnitude of the relationships and their directions differ for the different variables. The Granger causality test could not confirm that future DeFi protocol valuations can be effectively predicted by the TVLs of these protocols, while other directions of causality (one-way and two-way) were confirmed, e.g., a two-way causal relationship between DeFi protocol valuations and gross merchandise volume, which turned out to be the only variable that Granger-causes future DeFi protocol valuations.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】decentralized finance; DeFi; blockchain technology; total value locked; TVL; gross merchandise volume; panel data analysis; granger-causality

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 实证数据

【DOI】 10.3390/ijfs10040108

【Author】 Srouji, Jeremy Torre, Dominique

【Source】INTERNATIONAL JOURNAL OF FINANCIAL STUDIES

【影响因子】0.000

【主题类别】

区块链治理-市场治理-数字货币

【Abstract】The COVID-19 pandemic has had a profound impact on payment systems and preferences around the world, reducing the use of cash in favor of digital payment instruments and accelerating the discussion around the need for a central bank digital currency. This article presents the digital payments and cashless agenda before and after the pandemic, focusing on how the changing payments landscape has influenced the priorities and decisions of regulators, banks and other financial intermediaries, with regards to the future shape of payment systems. It finds that while the pandemic demonstrated the benefits associated with building an advanced, competitive and integrated digital payments eco-system, it has also brought to the forefront more fragmentation than convergence between payment systems in different regions of the world.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】central bank digital currencies (CBDC); digital payments; mobile money; cashless; payment systems; NFC; e-wallets

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 观点阐述

【DOI】 10.3390/ijfs10040109

【Author】 Gottschalk, Sylvia

【Source】QUANTITATIVE FINANCE AND ECONOMICS

【影响因子】0.000

【主题类别】

区块链治理-市场治理-数字货币

【Abstract】The paper investigates the long-run relationship between bitcoin and its marginal cost between July 2010 and July 2022. We derive Bitcoin's marginal cost of production from a model of Bitcoin mining grounded in the Bitcoin code, and show that its production cost is a function of only two variables, the electricity price and the mining hardware efficiency. We then estimate a time-varying vector error correction model, and also the cointegration between bitcoin's price and Bitcoin network's hash rate, a commonly used production cost proxy. Our results show that the time-varying cointegration between bitcoin's price and its hash rate is permanently in disequilibrium, bar a short time interval between March 2017 and January 2018. Consequently, although bitcoin's price and the hash rate are cointegrated, it is clear that the latter does not function as a stable long-run explanatory variable for bitcoin price dynamics. On the contrary, we found that bitcoin's price and its marginal cost of production have been cointegrated since its inception, and that their time-varying long-run relationship always reverts towards equilibrium -and often to equilibrium-after long periods of divergence. These results contrast with most of the empirical literature that attempted to model the relationship betweeen bitcoin and its fundamentals in a time-invariant framework, but are consistent with recent research showing a significant role for production cost in the determination of bitcoin's price dynamics.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】bitcoin mining; cost of production; asset pricing; time-varying VECM; Bitcoin hardware efficiency

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 实证数据

【DOI】 10.3934/QFE.2022030

【Author】 Park, Keundug Youm, Heung-Youl

【Source】BIG DATA AND COGNITIVE COMPUTING

【影响因子】0.000

【主题类别】

区块链治理-市场治理-数字货币

【Abstract】This paper proposes a solution to the transfer problem between blockchain-based heterogeneous cryptocurrencies and CBDCs, with research derived from an analysis of the existing literature. Interoperability between heterogeneous blockchains has been an obstacle to service diversity and user convenience. Many types of cryptocurrencies are currently trading on the market, and many countries are researching and testing central bank digital currencies (CBDCs). In this paper, existing interoperability studies and solutions between heterogeneous blockchains and differences from the proposed service model are described. To enhance digital financial services and improve user convenience, transfer between heterogeneous cryptocurrencies, transfer between heterogeneous CBDCs, and transfer between cryptocurrency and CBDC should be required. This paper proposes an interoperable architecture between heterogeneous blockchains, and a decentralized peer-to-peer (P2P) service model based on the interoperable architecture for transferring between blockchain-based heterogeneous cryptocurrencies and CBDCs. Security threats to the proposed service model are identified and security requirements to prevent the identified security threats are specified. The mentioned security threats and security requirements should be considered when implementing the proposed service model.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】blockchain; cryptocurrency; central bank digital currency; virtual asset; transfer; payment; blockchain interoperability; decentralized finance

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 观点阐述

【DOI】 10.3390/bdcc6040159

【Author】 Mthembu, Nosipho Sanusi, Kazeem Abimbola Eita, Joel Hinaunye

【Source】JOURNAL OF RISK AND FINANCIAL MANAGEMENT

【影响因子】0.000

【主题类别】

区块链治理-市场治理-数字货币

【Abstract】The study investigates the effects of stock market volatility and cybercrime on cryptocurrency returns in the South African economy. Daily time series data on four different types of cryptocurrencies (Bitcoin, Ethereum, Tether, and BMB) were employed. The data covers the period from 1 January 2019-31 December 2021. The study employed the dynamic conditional correlation (DCC GARCH) and Bayesian liner regression model to investigate time-varying correlations among the variables. Empirical findings suggest that stock market volatility has a positive impact on the returns of BNB, Bitcoin, and Ethereum. However, it has a negative impact on Tether. Expectedly, cybercrime poses negative impacts on the returns of BNB, Bitcoin, and Ethereum but could be said to have no impact on the returns of Tether. The study concludes that ongoing efforts to reduce cybercrime activities need to be strengthened to further the use of digital currencies.

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【Keywords】cryptocurrencies; cybercrime; stock market volatility; DCC; BLR

【发表时间】2022

【收录时间】2023-01-16

【文献类型】 实证数据

【DOI】 10.3390/jrfm15120589