【Author】 Sood, Kirti Singh, Simarjeet Behl, Abhishek Sindhwani, Rahul Kaur, Sandeepa Pereira, Vijay

【Source】RESOURCES POLICY

【影响因子】8.222

【主题类别】

区块链治理-市场治理-数字货币

【Abstract】Industry 4.0 technologies have been revolutionizing the financial sector over the past few decades through the emergence of disruptive technologies. These disruptive technologies have also given rise to a new monetary taxonomy known as "digital currencies." One form of digital currency that provides a more effective, environmentally friendly, stable, and reasonably priced payment alternative is stablecoin, an artificial intelligence-driven payment rail. However, it poses unique risks to the broader financial system, putting the country's economy at risk if it is adopted as a mainstream means of payment. In this context, the present study identifies and prioritizes several major risk categories and their classifications that prevent stablecoins from becoming mainstream payment instruments. Three sequential stages were followed to complete the entire research. The initial phase identified four risk categories and their classifications through a systematic literature review. Thereafter, Pythagorean fuzzy delphi was used in the study to validate the identified risk categories. To prioritize these risks, the authors employed a Pythagorean fuzzy analytical hierarchy and a combined comprehensive solution approach in the final stage. The results of this study revealed that technical risks, which are the biggest impediment to the widespread adoption of stablecoins as a means of payment, were the most influential criterion, followed by macroeconomic risks and legal and regulatory risks. The least significant criterion has been discovered to be user-centric risks. In sub-criterion ranking, monetary stability risks, relative price stability risks, concentration risks, money laundering (ML)/terrorist financing (TF) and other illicit activities, oracle risks, smart contract failures, operational failures, privacy risks, and consumer protection risks are the leading risks. This study is relevant to individuals, investors, researchers, policymakers, and regulators in the long-term evolution of the stablecoin ecosystem.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Stablecoins; Digital currencies; Risk; Prioritize; Innovations

【发表时间】2023

【收录时间】2023-02-27

【文献类型】 理论模型

【DOI】 10.1016/j.resourpol.2022.103235

【Author】 Jiang, Zigui Chen, Kai Wen, Hailin Zheng, Zibin

【Source】DIGITAL COMMUNICATIONS AND NETWORKS

【影响因子】6.348

【主题类别】

区块链技术-核心技术-智能合约

【Abstract】Smart contract has been the core of blockchain systems and other blockchain-based systems since Blockchain 2.0. Various operations on blockchain are performed through the invocation and execution of smart contracts. This leads to extensive combinations between blockchain, smart contract, Internet of Things (IoT) and Cyber-Physical System (CPS) applications, and then many blockchain-based IoT or CPS applications emerge to provide multiple benefits to the economy and society. In this case, obtaining a better understanding of smart contracts will contribute to the easier operation, higher efficiency and stronger security of those blockchain-based systems and applications. Many existing studies on smart contract analysis are based on similarity calculation and smart contract classification. However, smart contract is a piece of code with special characteristics and most of smart contracts are stored without any category labels, which leads to difficulties of smart contract classification. As the back end of a blockchain-based Decentralized Application (DApp) is one or several smart contracts, DApps with labeled categories and open source codes are applied to achieve a supervised smart contract classification. A three-phase approach is proposed to categorize DApps based on various data features. In this approach, 5,659 DApps with smart contract source codes and pre-tagged categories are first obtained based on massive collected DApps and smart contracts from Ethereum, State of the DApps and DappRadar. Then feature extraction and construction methods are designed to form multi-feature vectors that could present the major characteristics of DApps. Finally, a fused classification model consisting of KNN, XGBoost and random forests is applied to the multi-feature vectors of all DApps for performing DApp classification. The experimental results show that the method is effective. In addition, some positive correlations between feature variables and categories, as well as several user behavior patterns of DApp calls, are found in this paper.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Blockchain; Blockchain-based application; Smart contract; DApp classification; Solidity

【发表时间】2022

【收录时间】2023-02-27

【文献类型】 实证数据

【DOI】 10.1016/j.dcan.2022.08.011

【Author】 Lee, Chien-Chiang Wang, Chih-Wei Hsieh, Hsin-Yi Chen, Wen-Ling

【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 paper investigates whether a firm's implied volatility is affected by the volatility of central bank digital currencies. Our sample covers 2853 listed companies in the United States from 2014 to 2018. First, we find the variation of central bank digital currency has a positive impact on a firm's implied volatility. Second, the healthier firms' conditions can reduce the relationship be-tween central bank digital currency variation and a firm's implied volatility. Third, the positive relation between central bank digital currency and firm's implied volatility still exists in investment-grade, speculative-grade, and unrated firms. Finally, to eliminate the endogeneity problem, we adopt simultaneous equation models (SEM) and find our results are still robust after excluding endogenous concerns. Our research provides a reminder for corporate managers and new implications for policymakers.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Central bank digital currency; Implied volatility; Simultaneous equation models

【发表时间】2023

【收录时间】2023-02-27

【文献类型】 实证数据

【DOI】 10.1016/j.ribaf.2023.101878

【Author】 Corbet, Shaen Goodell, John W. Gunay, Samet Kaskaloglu, Kerem

【Source】ANNALS OF OPERATIONS RESEARCH

【影响因子】4.820

【主题类别】

区块链应用-虚拟经济-DeFi

【Abstract】We test for the existence of bubbles in conventional and DeFi-focused cryptocurrencies, seeking to identify key driving forces that distinguish DeFi tokens from conventional cryptocurrencies. Utilising Generalized Supremum Augmented Dickey-Fuller tests, we identify the presence of significant bubbles across multiple markets, with relatively more stable price developments in DeFi-focused cryptocurrencies. Finally, DCC-GARCH and Diebold-Yilmaz spillover analyses of return and volatilities indicate that DeFi-focused cryptocurrencies possess stronger and more stable correlations with Ethereum than Bitcoin, and that neither cryptocurrency influenced a significant DeFi bubble formation that occurred during 2020. Results suggest that the DeFi market should be viewed as a separate asset class from conventional cryptocurrencies. Our findings provide important information for investors seeking additional diversification opportunities, as well as well as policymakers and regulatory authorities separating and better understanding these growing asset classes.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Cryptocurrency; Decentralized finance tokens; Bubbles; Volatility spillovers

【发表时间】

【收录时间】2023-02-27

【文献类型】 实证数据

【DOI】 10.1007/s10479-022-05150-z

【Author】 Guo, Mingxing Zhang, Ke Wang, Su Xia, Jinlei Wang, Xiaohui Lan, Li Wang, Lingling

【Source】FRONTIERS IN ENERGY RESEARCH

【影响因子】3.858

【主题类别】

区块链应用-实体经济-能源领域

【Abstract】Traditional centralized transactions require a control center for user demand matching, settlement and other processes. However, with the increase in the penetration rate of distributed energy in the community, the explosive increase in the number of transactions leads to a decrease in efficiency and it is difficult to guarantee user privacy and information security. The smart contract technology based on blockchain technology has the characteristics of decentralization, traceability and tamper resistance, and these key factors show unique advantages in distributed energy transactions. This paper explores Ethereum and smart contract technology, designs a peer-to-peer energy sharing mechanism with reward and punishment incentives and establishes a smart contract trading platform for smart community-based virtual power plant (CVPP). This paper verifies the functionality and effectiveness of smart contract. The results show that when the supply and demand ratio changes, the user can conduct energy transactions according to the contract without a third-party organization, which solves the problem of trust between the two parties and achieves the expected effect and runs successfully. In addition, the simulation results show that the peer-to-peer transaction based on smart contracts reduces the energy cost per household and increases the total benefit of CVPP.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】virtual power plant; electricity market; blockchain; smart contract; trading platform

【发表时间】2023

【收录时间】2023-02-27

【文献类型】 实验仿真

【DOI】 10.3389/fenrg.2022.1007694

【Author】 Castren, Olli Kavonius, Ilja Kristian Rancan, Michela

【Source】JOURNAL OF FINANCIAL STABILITY

【影响因子】3.554

【主题类别】

区块链应用-虚拟经济-CBDC

【Abstract】We introduce a central bank digital currency (CBDC) in the network of financial accounts. Simulating a shift of deposits by both households and non-financial corporations from the banking sector to the central bank, we model the different responses of the affected institutional sectors. We find that the introduction of CBDC generates funding shortages in banks, which may propagate to other sectors. In addition, significant adjustments in the balance sheets of all sectors trigger large moves in securities prices and induce changes in the financial network structure. Finally, we extend the analysis to the introduction of a crypto financial asset (stablecoin) issued by either a domestic or a foreign entity.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Digital currency; CBDC; Stablecoins; Macro-network; Financial intermediation; Financial stability

【发表时间】2022

【收录时间】2023-02-27

【文献类型】 实验仿真

【DOI】 10.1016/j.jfs.2022.101000

【Author】 Majeed, Umer Khan, Latif U. Hassan, Sheikh Salman Han, Zhu Hong, Choong Seon

【Source】IEEE ACCESS

【影响因子】3.476

【主题类别】

区块链技术-协同技术-联邦学习

【Abstract】Federated learning (FL) is an on-device distributed learning scheme that does not require training devices to transfer their data to a centralized facility. The goal of federated learning is to learn a global model over several iterations. It is challenging to claim ownership rights and commercialize the global model efficiently and transparently. Additionally, incentives need to be provided to ensure that devices participate in the FL process. In this paper, we propose a smart contract-based framework called FL-Incentivizer, which relies on custom smart contracts to maintain flow governance of the FL process in a transparent and immutable manner. FL-Incentivizer commercializes and tokenizes the global model using FL-NFT (FL Non-Fungible Token) based on the ERC-721 standard. FL-Incentivizer uses ERC-20 compliant FL-Tokens to incentivize devices participating in FL. We present the system design and operational sequence of the FL-Incentivizer. We provide implementation and deployment details, complete smart contract codes, and qualitative evaluation of the FL-Incentivizer. After implementing FL-Incentivizer for a global iteration of a Federated learning task, we showed the FL-NFT on OpenSea and an FL-Token for a learner on MetaMask. FL-NFTs can be traded on markets such as OpenSea like other NFTs. While FL-Tokens can be transferred in the same manner as other ERC-20-based tokens.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】Nonfungible tokens; Federated learning; Smart contracts; Token networks; Decentralized applications; Training; Modeling; Ethereum; smart contracts; token; NFT; ERC-20; ERC-721; incentive; model trading; model learning; DApp

【发表时间】2023

【收录时间】2023-02-27

【文献类型】 实验仿真

【DOI】 10.1109/ACCESS.2023.3235484

【Author】 Sethaput, Vijak Innet, Supachate

【Source】CLUSTER COMPUTING-THE JOURNAL OF NETWORKS SOFTWARE TOOLS AND APPLICATIONS

【影响因子】2.303

【主题类别】

区块链应用-虚拟经济-CBDC

【Abstract】Central Bank Digital Currency (CBDC) is a digital version of domestic currency with a unit of account equivalent to its domestic currency. Blockchain or Distributed Ledger technology (DLT) can be used to implement CBDC to execute and settle peer-to-peer transactions. With the emergence of private money, such as cryptocurrencies and stablecoins, and the growing use of digital payments to lessen the global pandemic spread, CBDC is an active research area among central banks worldwide. Many central banks started their CBDC projects by building DLT proofs of concept (PoCs) to replicate wholesale payment systems and expand their investigation into other use cases, such as delivery versus Payment (DvP) and cross-border remittance. Many large economies like the United States have projects exploring CBDC. The People's Bank of China (PBoC), China Central Bank, has already started a pilot testing of their digital retail currency. This paper discusses the application of blockchain for CBDC by presenting CBDC projects by central banks. Moreover, this paper analyses issues, identify challenges and discusses future works in this rapidly evolving field.

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; Digital currency

【发表时间】

【收录时间】2023-02-27

【文献类型】 观点阐述

【DOI】 10.1007/s10586-022-03962-z

【Author】 Brunnhuber, Stefan

【Source】PROBLEMY EKOROZWOJU

【影响因子】0.864

【主题类别】

区块链应用-虚拟经济-CBDC

【Abstract】Garrett Hardin's seminal 1968 paper describes the tragedy of the commons in terms of common goods being neglected or overused. His theory has been widely adopted. However, it refers only to a special case, when inadequate public goods have to compete with the maximisation of private yield. The real tragedy of the commons is not that it is overused or neglected, nor is it any free-rider and spillover effects it gives rise to, but rather the underlying financial incentives and disincentives that prevent an adequate supply. Consequently, the misalignment between our current monetary system and the global commons has led to the latter's erosion and partial destruction. Introducing a new monetary and fiscal policy of strategic triangulation can provide an adequate tool to finance our commons. With their ongoing central bank digital currency (CBDC) initiatives, regulators and central banks can offer a direct monetary mechanism to overcome this tragedy of the commons.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】financing the commons; new financial engineering; fiscal and monetary policy; CBDC; strategic triangulation

【发表时间】2022

【收录时间】2023-02-27

【文献类型】 观点阐述

【DOI】 10.35784/pe.2022.2.02

【Author】 De Vries, Alex

【Source】PATTERNS

【影响因子】0.000

【主题类别】

区块链治理-市场治理-数字货币

【Abstract】Amid the current climate emergency and global energy crisis, regulators have started to consider their op-tions to limit the power demand of cryptocurrency networks. One specific way crypto-asset communities can limit their environmental impact is by avoiding or replacing the energy-intensive proof-of-work (PoW) mining mechanism. Ethereum, the second largest crypto-asset by market capitalization, had its PoW re-placed with an alternative known as proof-of-stake during an event called The Merge on September 15, 2022. In this perspective, the likely range of electricity saved due to this change is estimated, while the lim-itations in assessing these figures are highlighted. Lastly, the challenges and opportunities in replicating The Merge on other cryptocurrencies such as Bitcoin are discussed.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】

【发表时间】2023

【收录时间】2023-02-27

【文献类型】 观点阐述

【DOI】 10.1016/j.patter.2022.100633

【Author】 Saito, Yoshiro Rose, John A.

【Source】FRONTIERS IN BLOCKCHAIN

【影响因子】0.000

【主题类别】

区块链应用-虚拟经济-DAO

【Abstract】The Decentralized Autonomous Organization (DAO), a group organized by governance rules programmed on a blockchain, has recently been attracting attention as a novel organizational form. The effectiveness of a DAO's decentralized governance mechanism and transparency, as secured by its code, has generally been discussed in contrast with traditional stock companies. However, the potential of a DAO for non-profits, which provide goods and services that profit-seeking organizations do not offer, has been less discussed. This paper presents a proof-of-concept implementation to demonstrate the advantages of utilizing a DAO governance framework for non-profits. To this end, this study developed a DAO governance framework incorporating a reputation-based decision-making system, a peer evaluation system, and a transparent, real-time accounting system for the Ethereum blockchain. Most current decentralized governance systems rely heavily on token-based voting using governance tokens with stock-like features. However, there is a need for a voting mechanism beyond token-based voting for non-profits, which do not have owners. Therefore, the developed application applies an existing reputation-based voting mechanism and integrates additional features, such as a membership system with mutual evaluation and a reputation NFT to visualize contributions. Several exemplar demonstrations were conducted to evaluate its key functionalities. This application enabled discussions across the boundary between technology and society in terms of the key aspects of non-profits: i) transparency of finance and governance, ii) participatory governance by diverse stakeholders, and iii) equity and inclusiveness of the consensus mechanism. The results indicated that blockchain technology compensates for a non-profit's vulnerabilities, and illustrated that the proposed reputation-based governance mechanisms are well-motivated. However, the results also revealed that blockchain-based governance involves as many potential risks and limitations as it brings benefits. Lastly, by providing several possible solutions to these constraints as well as recommendations for future research, this paper contributes to the sustainable development of non-profits as one of the foundations of democratic governance.

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【Keywords】blockchain; Ethereum; non-profit organization; DAO; good governance; smart contract; reputation-based voting; soulbound tokens

【发表时间】2023

【收录时间】2023-02-27

【文献类型】 观点阐述

【DOI】 10.3389/fbloc.2022.1083647

【Author】 Dulatova, Natalya, V

【Source】VESTNIK TOMSKOGO GOSUDARSTVENNOGO UNIVERSITETA-PRAVO-TOMSK STATE UNIVERSITY JOURNAL OF LAW

【影响因子】0.000

【主题类别】

区块链应用-虚拟经济-CBDC

【Abstract】The scant legislative definition of the phenomenon of virtual currencies, the lack of established business circulation and, consequently, the scattered judicial practice, all point to the complexity of understanding the legal status of electronic digital media - digital currency. Since distributed ledger technology is still in its infancy, digital currency users, miners, cryptocurrency exchange owners, tax regulators and policymakers face a number of unresolved issues at the national and international level. It is unlikely that any major economy today would support a cryptocurrency such as bitcoin, which cannot be controlled by a central bank and was created by a secretive cryptographer. Nevertheless, we believe that central banks around the world will launch their own digital currencies, combining the advantages of cryptocurrencies and traditional money. For the future: despite the legislative basis for the fixation of digital currency in Russia, we believe that the further free use and use in civil circulation of cryptocurrency is questionable. Introduction in the near future by the Central Bank of Russia of such a category of object or a type of non-cash money as "digital ruble" practically excludes the free circulation of digital currency. Presumably, that (central bank digital currency, CBDC) or digital ruble will work on the principle of optional means of payment, combining the properties of cash and non-cash funds and subject to issuance by the Bank of Russia in a digital format. The issues related to the legal status of digital rubles today are open and are in the plane of not only civil law, but also constitutional law. The analysis of crypto-exchanges around the world presented in this article reveals one trend - these activities are subject to licensing. For the full development of global financial activities, including the cryptoindustry, the development of competent business legislation on the organizers of trade turnover - crypto-exchanges - with the establishment of general principles of their activities, with the definition of the criteria of these subjects, as well as the content of their actual activities is necessary. To regulate such an institution, a specialized type of licensing is needed, by analogy with fiat money activities, based on the progressive experience of such states as Malta, Estonia, the USA, Canada, Latin America, Switzerland, Japan, etc... Such licensing could be tiered, depending on the volume of cryptocurrency transactions. The creation of strict standardization for any trade, exchange transactions with digital currency would allow Russia to be a full participant in global business. Finally, improving the legal literacy of Russians when participating in exchange activities will raise the status of investment, allow the population to avoid financial risky operations, which will ultimately contribute to the stabilization of the economic situation in the country.

你可以尝试使用大模型来生成摘要 立即生成

【Keywords】digital currency; blockchain; cryptocurrency; cryptocurrency exchanges

【发表时间】2022

【收录时间】2023-02-27

【文献类型】 观点阐述

【DOI】 10.17223/22253513/46/11