An analysis of the acquisition of a monetary function by cryptocurrency using a multi-agent simulation model

【Author】 Shibano, Kyohei; Mogi, Gento

【Source】FINANCIAL INNOVATION

【影响因子】6.793

【Abstract】Many types of cryptocurrencies, which predominantly utilize blockchain technology, have emerged worldwide. Several issuers plan to circulate their original cryptocurrencies for monetary use. This study investigates whether issuers can stimulate cryptocurrencies to attain a monetary function. We use a multi-agent model, referred to as the Yasutomi model, which simulates the emergence of money. We analyze two scenarios that may result from the actions taken by the issuer. These scenarios focus on increases in the number of stores that accept cryptocurrency payments and situations whereby the cryptocurrency issuer designs the cryptocurrency to be attractive to people and conducts an airdrop. We find that a cryptocurrency can attain a monetary function in two cases. One such case occurs when 20% of all agents accept the cryptocurrency for payment and 50% of the agents are aware of this fact. The second case occurs when the issuer continuously airdrops a cryptocurrency to a specific person while maintaining the total volume of the cryptocurrency within a range that prevents it from losing its attractiveness.

【Keywords】Cryptocurrency; Blockchain; Social acceptance of cryptocurrency; Emergence of currency

【发表时间】2022 SEP 26

【收录时间】2022-10-05

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-数字货币