Since it takes time and effort to put a new product or service on the market,\none would like to predict whether it will be a success. In general this is not\npossible, but it is possible to follow best practices in order to maximise the\nchance of success. A smart contract is intended to encode business logic and is\ntherefore at the heart of every new business on the Ethereum blockchain. We\nhave investigated how to measure the success of smart contracts, and whether\nsuccessful smart contracts have characteristics that less successful smart\ncontracts lack. The appearance of a smart contract on a listing website such as\nEtherscan or StateoftheDapps is such a characteristic. In this paper, we\npresent a three-pronged analysis of the relative success of listed smart\ncontracts. First, we have used statistical analysis on the publicly visible\ntransaction history of the Ethereum blockchain to determine that listed\ncontracts are significantly more successful than their unlisted counterparts.\nNext, we have conducted a survey among more than 200 developers via an\nanonymous online survey about their experience with the listing process. A\nsignificant majority of respondents do not believe that listing a contract\nitself contributes to its success, but they believe that the extra attention\nthat is typically paid in tandem with the listing process does contribute.\nFinally, based on the respondents' answers, we have drafted 10 recommendations\nfor developers and validated them by submitting them to an international panel\nof experts.\n
Smart technologies are shifting how tourism and hospitality businesses capture, analyse and distribute data from the individual users’ online activity. This contribution critically reviews the latest developments on big data analytics and programmatic advertising. Moreover, the research also sheds light on the use of blockchain’s distributed ledger technology as it can be used to facilitate secure, verified transactions among marketplace stakeholders. The findings suggest that tourism service providers are increasingly utilising tracking, geolocation technologies as well as programmatic advertising tools to target and re-target individuals online. However, individuals and organisations are becoming increasingly aware of data protection issues, and they often block marketers from tracking them, and serving them ads. In conclusion, this research implies that data-driven technologies facilitate the businesses’ customer-centric marketing.
Open access
Digital Marketing and Social Media
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
Abstract This paper carries out a comprehensive examination of technical trading rules in cryptocurrency markets, using data from two Bitcoin markets and three other popular cryptocurrencies. We employ almost 15,000 technical trading rules from the main five classes of technical trading rules and find significant predictability and profitability for each class of technical trading rule in each cryptocurrency. We find that the breakeven transaction costs are substantially higher than those typically found in cryptocurrency markets. To safeguard against data-snooping, we implement a number of multiple hypothesis procedures which confirms our findings that technical trading rules do offer significant predictive power and profitability to investors. We also show that the technical trading rules offer substantially higher risk-adjusted returns than the simple buy-and-hold strategy, showing protection against lengthy and severe drawdowns associated with cryptocurrency markets. However there is no predictability for Bitcoin in the out-of-sample period, although predictability remains in other cryptocurrency markets.
O presente trabalho tem como objetivo fazer uma análise inicial do fenômeno das criptomoedas, representadas, aqui, pelo Bitcoin, visto que é a pioneira e a que possui maior repercussão na comunidade jurídica atualmente. Analisa-se o tema a partir do desenvolvimento da globalização e da emergência de um Direito Global e Transnacional. Por fim, se discorre sobre duas possibilidades de regulamentação, quais sejam: (i) a criação de um tratado internacional, estabelecendo critérios às condutas dos usuários; (ii) a utilização de regras costumeiras, oriundas das relações entre os usuários, estabelecendo normas de conduta.
Quan Nguyen, André Cronje, Michael Kong, Alex Kampa · 5 authors
This paper introduces a new consensus protocol, so-called \emph{\stair}, for fast consensus in DAG-based trustless system. In \stair, we propose a new approach to creating local block DAG, namely \emph{x-DAG} (cross-DAG), on each node. \emph{\stair} protocol is based on our Proof-of-Stake StakeDag framework \cite{stakedag} that distinguishes participants into users and validators by their stake. Both users and validators can create and validate event blocks. Unlike StakeDag's DAG, x-DAG ensures that each new block has to have parent blocks from both Users and Validators to achieve more safety and liveness. Our protocol leverages a pool of validators to expose more validating power to new blocks for faster consensus in a leaderless asynchronous system. Further, our framework allows participants to join as observers / monitors, who can retrieve DAG for post-validation, but do not participate in onchain validation.
Within the framework of this article, the authors carry out the study of the design of the smart contract in the context of jurisprudence and technical sciences. The paper analyzes the legal nature of the smart contract and the issues concerning the scope of application (in relation to distributed ledger technology). The authors conclude that the category of “smart contract” can be defined in technical and legal aspects. In foreign literature, there are two categories: a legal smart contract and a smart contract code (or smart contract). The smart contract as a technical phenomenon represents a computer code that allows automated fulfillment of obligations. From legal point of view, the approaches to the definition of the smart contract depend primarily on the fact that the authors rely on the possibility of using smart contracts only within the framework of distributed ledger technology or other information technologies. At the same time, the majority of authors share the view that the smart contract exists exclusively in relation to the technology of distributed ledgers, namely, the blockchain. The article proposes to define the smart contract as a standard (special) contractual design — a contract concluded by electronic or other technical means, under the terms of which performance of the obligation is carried out without directed explicit additional expression of will (under Part 2 of Article 309 of the Civil Code of the Russian Federation). The article states that the smart contract cannot be qualified as an independent way of ensuring the performance of obligations. Such qualification is possible only if the functional approach to understanding security is applied. The paper examines the main fields of application of smart contracts and possible risks of their application (in terms of statement of terms of agreements in relation to a programming language; in respect of necessity of compliance with such fundamental principles of civil law as legality, fairness, protection of the weak; the need for communication with public authorities and notaries, as well as risks of using smart contracts in relations involving the participation of consumers). A separate set of questions concerns the protection of the rights infringed due to the use of smart contracts.
Over the last decade, blockchain technology has emerged to provide solutions to the complexity and privacy challenges of using distributed databases. It reduces cost for customers by eliminating intermediaries and builds trust in peer-to-peer communications. Over this time, the concept of blockchain has shifted greatly due to its potential in business growth for enterprises and the rapidly evolving applications in a collaborative smart-city ecosystem, healthcare, and governance. Many platforms, with different architectures and consensus protocols, have been introduced. Consequently, it becomes challenging for an application developer to choose the right platform. Furthermore, blockchain has misaligned with the goals for an efficient green collaborative digital ecosystem. Therefore, it becomes critical to address this gap and to build new frameworks to align blockchain with those goals. In this paper, we discuss the evolution of blockchain architecture and consensus protocols, bringing a retrospective analysis and discussing the rationale of the evolution of the various architectures and protocols, as well as capturing the assumptions conducive to their development and contributions to building collaborative applications. We introduce a classification of those architectures helping developers to choose a suitable platform for applications and providing insights for future research directions in the field to build new frameworks.
Sunbeom So, Myungho Lee, Jisu Park, Heejo Lee · 5 authors
We present VERISMART, a highly precise verifier for ensuring arithmetic safety of Ethereum smart contracts. Writing safe smart contracts without unintended behavior is critically important because smart contracts are immutable and even a single flaw can cause huge financial damage. In particular, ensuring that arithmetic operations are safe is one of the most important and common security concerns of Ethereum smart contracts nowadays. In response, several safety analyzers have been proposed over the past few years, but state-of-the-art is still unsatisfactory; no existing tools achieve high precision and recall at the same time, inherently limited to producing annoying false alarms or missing critical bugs. By contrast, VERISMART aims for an uncompromising analyzer that performs exhaustive verification without compromising precision or scalability, thereby greatly reducing the burden of manually checking undiscovered or incorrectly-reported issues. To achieve this goal, we present a new domain-specific algorithm for verifying smart contracts, which is able to automatically discover and leverage transaction invariants that are essential for precisely analyzing smart contracts. Evaluation with real-world smart contracts shows that VERISMART can detect all arithmetic bugs with a negligible number of false alarms, far outperforming existing analyzers.
The emerging blockchain technology has enabled various decentralised applications in a trustless environment without relying on a trusted intermediary. It is expected as a promising solution to tackle sophisticated challenges on personal data management, thanks to its advanced features such as immutability, decentralisation and transparency. Although certain approaches have been proposed to address technical difficulties in personal data management; most of them only provided preliminary methodological exploration. Alarmingly, when utilising Blockchain for developing a personal data management system, fictions have occurred in existing approaches and been promulgated in the literature. Such fictions are theoretically doable; however, by thoroughly breaking down consensus protocols and transaction validation processes, we clarify that such existing approaches are either impractical or highly inefficient due to the natural limitations of the blockchain and Smart Contracts technologies. This encourages us to propose a feasible solution in which such fictions are reduced by designing a novel system architecture with a blockchain-based "proof of permission" protocol. We demonstrate the feasibility and efficiency of the proposed models by implementing a clinical data sharing service built on top of a public blockchain platform. We believe that our research resolves existing ambiguity and take a step further on providing a practically feasible solution for decentralised personal data management.
An advantage of blockchain protocols is that a decentralized community of users may each update and maintain a public ledger without the need for a trusted third party. Such modifications introduce important economic and ethical considerations that we believe have been not been considered among the community of blockchain developers. We clarify the problem and provide one implementable ethical framework that such developers could use to determine which aspects should be immutable and which should not.
This paper describes one of Oxfam’s pilot projects exploring blockchain technology, focusing on the non-technological, institutional challenges faced by the organisation. There is an emerging literature on blockchain for social good, however, this predominantly focuses on the use cases and issues relating to applying the technology in international development projects. A gap in the literature exists regarding the non-technological aspects of blockchain projects both within the sector and more broadly. Addressing this gap is critically important as many of the promises of blockchain technology will only eventuate in their fullest when whole ecosystems are using the technology. To get there requires a transition period and it is this transition period that holds the key to success for organisations exploring the technology. This paper goes some way to addressing this gap. It does so by describing a specific case study and unpacking some of the organisational challenges associated with implementing a blockchain-based project in the international development and humanitarian sector. This has important implications for the sector as blockchain technology becomes ever more present as a tool capable of reducing inequality and addressing power imbalances. The Oxfam case study described in this paper highlights the difficulty many not-for-profits are having engaging with the technology. The lessons are drawn from a specific use case of a current pilot project using blockchain technology in a cash transfer preparedness project in a small island developing state. Although important and insightful, this paper does not focus on the specifics of the application of the technology but rather discusses the myriad non-technological challenges faced from Oxfam Australia’s perspective. These are categorised into three main areas: awareness and understanding of the technology, capacity constraints of in-house support services in providing relevant support for a nascent technology, and issues related to engaging in non-traditional partnerships. The paper concludes by recommending further areas of research and suggestions to develop practical tools and guidance to help the international development and humanitarian sector navigate this emerging technology.
The development of the cryptocurrency market and the implications for the whole economy and finance for all traders cause a keen interest in this subject. The chapter discusses the functioning of a financial system based on cryptocurrencies and its significance for economies. In this chapter, the development of the global cryptocurrency market was presented and the history of the most popular cryptocurrency, bitcoin, was analyzed. The analysis and the assessment of the state and structure of the Polish cryptocurrencies market were presented on the background of the global cryptocurrency market. Also, we presented the possible development paths for the cryptocurrencies market in Poland and in the world.
Sri Nikhil Gupta Gourisetti, USDOE Office of Electricity (OE), Steve Widergren, Michael Mylrea · 8 authors
This report demonstrates the impact of blockchain technology underlying a transactive energy system and articulates details and principle components of each of five stages in a transactive energy system. This report depicts the engineering requirements of a sample market system, blockchain features, and the relationship between those requirements and features (Section 2.2). Clear value propositions of blockchain features for transactive energy systems are: identity management, security of data, resiliency, decentralization and smart contract trustworthiness, performance, integrity in a trustless environment and access control. Due to the immutability afforded by blockchain architecture, increased data fidelity could potentially help detect targeted cyber-attacks and increase resiliency of grid integration. A distributed system can be more fault tolerant and enable transactive energy by supporting machine-to-machine transactions that can be integrated directly into complex grid operations without the need of trust in a third party. Energy auctions, and potentially registration processes, can be carried out according to transparent rules implemented as smart contracts (Section 4.0). In this current experiment, we ran a use-case/table-top exercise that imitated a real-time 5-min double auction market. The objective of this demonstration is to investigate the applicability of blockchain with transactive energy systems (Section 3.0).
H. S. Jennath, S. Adarsh, Nikhil V. Chandran, R. Ananthan · 6 authors
With the advances happening in the area of urbanization, with increased demand for dwellings and ever growing number of vehicles on road, finding a parking spot has become one of the major pain points for the citizens. This is mainly due to the limited parking spaces in the urban areas. To overcome this limitation, one solution is to create more parking spaces. In this work we propose a Blockchain based solution, where parking pools can be created by developing a transparent platform where individuals can rent out their unused land for a stipulated amount of time with little or no legal hassles. A non-fungible token system representing unique parking lots will be created for transparency of the entire system. This also has the added advantage of generating revenue from their otherwise unused property. Smart contracts over Blockchain enforces the contractual agreement between the participants ensuring financial transparency in the proposed system.
Blockchain technology is ready to disrupt nearly every industry and business model, and the energy sector is no exception. Energy businesses across the world have already started exploring the use of blockchain technology in large-scale energy trading systems, peer-to-peer energy trading, project financing, supply chain tracking, and asset management among other applications. Information and Communication Technologies (ICTs) recently started revolutionizing the energy landscape, and now blockchain technology is providing an additional opportunity to make the energy system more intelligent, efficient, transparent, and secure in the longer term. The idea of this paper is to examine more closely the use of blockchain technology for its possible application in the energy efficiency industry and to determine how it could make energy efficiency markets more secure and transparent in the longer term. This paper examines in detail the key benefits and implications of using blockchain in the energy efficiency sector through the presentation and discussion of two case studies as possible blockchain applications—(i) the UK Energy Company Obligation scheme and (ii) the Italian White Certificate Scheme. We have presented how the key issues around trading energy efficiency savings—correctly estimating the savings, data transparency among stakeholders, and inefficient administrative processes—can be solved through the application of a blockchain-based smart contract system. Finally, this paper presents an implementation of a smart contract for trading of energy-saving certificates achieved via execution of smart contract transactions on the Ethereum blockchain.
Eric Masanet, Arman Shehabi, Nuoa Lei, Harald Vranken · 6 authors
Bitcoin mining is becoming an increasingly energy-intensive process whose future implications for energy use and CO2 emissions remain poorly understood. This is in part because—like many IT systems—its computational efficiencies and service demands have been evolving rapidly. Therefore, scenario analyses that explore these implications can fill pressing knowledge gaps, but they must be approached with care. History has shown that poorly constructed scenarios of future IT energy use—often due to overly-simplistic extrapolations of early rapid growth trends—can do more harm than good by spreading misinformation and driving ill-informed decisions. Indeed, the utility of an energy demand scenario is directly proportional to its credibility, which is typically demonstrated through careful attention to technology characteristics and evolution, analytical rigor and transparency, and designing scenarios that align with plausible future outcomes.
Naman Goel, Cyril van Schreven, Aris Filos-Ratsikas, Boi Faltings
Blockchain based systems allow various kinds of financial transactions to be executed in a decentralized manner. However, these systems often rely on a trusted third party (oracle) to get correct information about the real-world events, which trigger the financial transactions. In this paper, we identify two biggest challenges in building decentralized, trustless and transparent oracles. The first challenge is acquiring correct information about the real-world events without relying on a trusted information provider. We show how a peer-consistency incentive mechanism can be used to acquire truthful information from an untrusted and self-interested crowd, even when the crowd has outside incentives to provide wrong informations. The second is a system design and implementation challenge. For the first time, we show how to implement a trustless and transparent oracle in Ethereum. We discuss various non-trivial issues that arise in implementing peer-consistency mechanisms in Ethereum, suggest several optimizations to reduce gas cost and provide empirical analysis.
Abstract Macroeconomic strategies and policies have differed significantly among Asian countries, and yet some common issues recur despite their immense diversity in inherited historical initial conditions, differences in political systems, geopolitical situations, location and size, and natural resource endowments. The chapter examines from a comparative perspective issues like unemployment, state versus market, domestic versus foreign market, degree of openness in trade, investment and finance, industrial and technology policy, decentralization, and economic and social inequality. While some countries have been more successful than others in dealing with these issues, our comparative perspective also shows development itself as a moving target, thus requiring flexible institutional and policy responses at each separate stage of development, which makes uniform guidelines misleadingly over-simplistic.
This paper investigates the prediction power of Economic Policy Uncertainty on three aspects of Bitcoin, particularly the return, volume, and volatility. We employed the Transfer Entropy model with two different regimes: (i) stationary and (ii) non-stationary assumption. We constructed different algorithm calculations for returns, volume, and volatility to test how this proxy impacts. We find that the Global Economic Policy Uncertain negatively causes Bitcoin volumes and volatilities. Therefore, under uncertain regimes, investors are risk-averse to trade, which makes the market less volatile. Our findings confirm the existence of pessimistic risk premium and the theory of deteriorating liquidity under uncertainties in the Bitcoin market.
New currencies designed for user anonymity and privacy – widely referred to as “privacy coins” – have forced governments to listen and legislate, but the political motivations of these currencies are not well understood. Following the growing interest of political brands in different contexts, we provide the first systematic review of political motivations expressed in cryptocurrency whitepapers whose explicit goal is “privacy.” Many privacy coins deliberately position themselves as alternative political brands. Although cryptocurrencies are often closely associated with political philosophies that aim to diminish or subvert the power of governments and banks, advocates of privacy occupy much broader ideological ground. We present thematic trends within the privacy coin literature and identify epistemic and ethical tensions present within the communities of people calling for the adoption of entirely private currencies.
In this growing world, Internet has changed so much to an extent that it turned into a powerful tool in every aspects of our lives.E-auction is one of those things which helps the bidders to take part in an auction online over the air. In a sealed bid third parties need to pay an extra cost to help the buyers and sellers carry out their exchange without any hassle. But there can be a breach of trust by the third parties. Owners of the auction or the company that is auctioning can have direct entry to it when the auction is run on a decentralized platform. When the users auction off something on the chain, the smart contract takes control of the auctioned asset and thereafter it manages the bids associated. In this paper, we execute a smart contract for a verifiable sealed-bid auction on the Ethereum blockchain. The type of auction used is sealed-bid in which the bidders submit their bids privately and each bidder can participate only once. As per the biddings received, the highest bidder wins and pays the highest corresponding highest submitted bid. Additionally, before the auction ends the bidder can withdraw the bid after submitting it. In such a case the bidder will have another chance to place the bid. This smart contract implementation abides by the true essence of a sealed-bid, to be precise, no information about the biddings is leaked to the bidders except for the highest bid