With the increasing adoption of the Proof of Stake (PoS) blockchain, it is timely to study the economy created by such blockchain. In this chapter, we will survey recent progress on the trading and wealth evolution in a cryptocurrency where the new coins are issued according to the PoS protocol. We first consider the wealth evolution in the PoS protocol assuming no trading, and focus on the problem of decentralisation. Next we consider each miner's trading incentive and strategy through the lens of optimal control, where the miner needs to trade off PoS mining and trading. Finally, we study the collective behavior of the miners in a PoS trading environment by a mean field model. We use both stochastic and analytic tools in our study. A list of open problems are also presented.
Diese Maturaarbeit untersucht die technologischen Grundlagen und Anwendungsmöglichkeiten von Kryptowährungen. Sie bietet eine tiefgehende Analyse der Technologie hinter Bitcoin und Ethereum, einschliesslich Kryptografie (Elliptic Curve Cryptography, SHA-256), Smart Contracts und Konsensmechanismen (Proof of Work vs. Proof of Stake). Ein zentraler praktischer Teil der Arbeit ist die Programmierung einer eigenen Kryptowährung (YNL) als ERC-20 Token mittels Solidity. Dieser Token wurde erfolgreich auf der Polygon Sidechain veröffentlicht und auf der dezentralen Handelsplattform Uniswap in einem Liquiditätspool bereitgestellt. Abschliessend wird die zukünftige Rolle von Kryptowährungen in der Gesellschaft kritisch beleuchtet.
Ulysse Pavloff, Yackolley Amoussou-Guenou, Sara Tucci-Piergiovanni
Ethereum has undergone a recent change called the Merge, which made Ethereum a Proof-of-Stake blockchain shifting closer to BFT consensus. Ethereum, which wished to keep the best of the two protocols designs (BFT and Nakomoto-style), now has an involved consensus protocol as its core. The result is a blockchain being possibly produced in a tree-like form while participants try to finalize blocks. Several attacks jeopardizing liveness have been found in this new setting. The Ethereum community has responded by creating a patch. We discovered a new attack on the patched protocol. To support our analysis, we propose a new formalization of the properties of liveness and availability of the Ethereum blockchain, and we provide a pseudo-code. We believe this formalization to be helpful for other analyses as well. Our results yield that the Ethereum Proof-of-Stake has probabilistic liveness, influenced by the parameter describing the time frame allowed for validators to change their mind about the current main chain.
The decentralized issuance of financial instruments is presently problematic under EU law. This situation will change with the entry into force of the Regulation on a pilot regime for market infrastructures based on distributed ledger technology. The Regulation provides for a regulatory sandbox - the pilot regime - that market operators can use to test distributed ledger technologies in the financial market industry in a way compatible with EU law. While this will improve legal certainty and increase protection for consumers, it will also introduce a completely new paradigm in financial market legislation: the decentralization of financial instruments. Moreover, the Regulation imposes considerable obligations on market operators, while also granting to the European Securities and Markets Authority and national competent authorities a relevant but difficult role in overseeing and monitoring the pilot regime's development. This Insight aims to provide an overview of the novel features introduced by the Regulation and reflect on whether the legislation will favour or frustrate innovation at EU level.
Article „Gehe nicht über Los und ziehe trotzdem 4000 Euro ein“: Vermögensabschöpfung bei Bitcoin als Spiel ohne Regeln? was published on September 1, 2022 in the journal Zeitschrift für die gesamte Strafrechtswissenschaft (volume 134, issue 3).
There are different approaches worldwide on how to regulate cryptocurrency: legalization, partial ban, or absolute ban. China has chosen the third option. Since 2013 the PRC has been introducing restrictive measures targeting ICO, Bitcoin and other cryptocurrency activities. In 2022 it finalized the formation of a legal framework for cryptocurrency regulation by publishing "Judicial Interpretation on Illegal Fundraising Criminal Cases." The main reasons for the prohibitive Chinese approach are combating money laundering, ICO related scams, and illegal financing, i.e., public interest prevails over private interests. An analysis of the judicial practice of Chinese courts demonstrates that despite a rising number of cryptocurrency related civil disputes, plaintiffs are deprived of judicial protection because investing in digital financial assets is illegal and the rights of investors are not legitimate. The paper argues that a cryptocurrency ban makes it impossible to satisfy claims concerning illegal fundraising activities, while encouraging investors not to have any relations with illegal agents, brokers or exchanges.
Zusammenfassung Smart Contracts als algorithmen-basierte Routinen eignen sich zur automatisierten Vertragsabwicklung. Hierzu ist es notwendig, dass sich die Vertragsgestaltung der besonderen Anforderungen bewusst wird, die ein Programmcode, der lediglich einfache Wenn-dann-Beziehungen abbilden kann, an sie stellt. Ein automatisches Ablaufen eines Smart Contracts kann nur dann zur Vertragserfüllung eingesetzt werden, wenn die komplexen juristischen Vereinbarungen zwischen den Parteien derart dekonstruiert werden, dass seine automatische Ausführung möglich ist. Für den Bauvertrag wurde die Zahlungsabwicklung als ein Komplex identifiziert, der es mittels Bautenstandsfeststellungen mithilfe der Methode BIM erlaubt, eine (teil-)automatisierte Vertragsabwicklung durchzuführen. Der Beitrag möchte das Bewusstsein für das Potenzial einer solchen Teilautomatisierung, aber auch für deren Grenzen schärfen. Die Vertragsgestaltung muss ermitteln, an welchen Stellen trotz Teilautomatisierung menschlicher Input notwendig bleibt. Darüber hinaus gilt es die zwingenden Regelungen des Datenschutzes zu beachten. Im Rahmen eines Ausblicks wird untersucht, inwiefern sich die für den Bauvertrag gefundenen Ergebnisse auf die Abwicklung anderer Vertragstypen übertragen lassen.
Smart Contracts bieten erhebliche Chancen für den auf Einfachheit, Schnelligkeit und Rechtssicherheit angewiesenen Rechtsverkehr zwischen Unternehmern (B2B). Die erhöhte Eigenverantwortlichkeit der Beteiligten rückt die Privatautonomie in den Vordergrund, lässt größeren Freiraum für selbstdurchsetzende Gestaltungen und spricht dafür, den infolge der Digitalisierung verbesserten Möglichkeiten der Informationsauswertung durch eine zurückhaltende AGB-Kontrolle Rechnung zu tragen. Vor diesem Hintergrund können sich Smart Contracts des unternehmerischen Rechtsverkehrs als Motor eines selbstgeschaffenen Rechts der digitalisierten Wirtschaft erweisen.
NFT (Non Fungible Tokens) und Metaverse: Die beiden Schlagwörter finden immer mehr Eingang ins allgemeine Bewusstsein, insbesondere seit Facebook Inc. als Vorreiter der Social Media Firmen 2021 seinen Namen in Meta Platform Inc. geändert und damit auch die Geschäftsstrategie auf eine Präsenz im Metaverse ausgerichtet hat. Der Verfasser legt dar, weshalb es im Schweizer Recht punktueller Anpassungen bedarf, um Rechtssicherheit im Umgang mit NFT im Metaverse zu schaffen.
Italy is distinguishing itself as one of the pioneers of crypto art and among its most important ‘producers’. If domestic blockchain technology-based industry is lacking, its applications in the field of art are fuelling a cultural awakening in the country. NFTs are pushing a sector different from the one in which the creative industry traditionally deployed, so much so that it is named ‘Crypto Renaissance’. However, the need undermines this promising opportunity for a clear regulatory framework while waiting for future EU Regulations. However, the MiCAR proposal, in its current version, excludes from its scope NFTs, leaving space for the Member States. How Italy could use this space to create a market for NFTs in Italy by reviving the lustre of the past and taking advantage of the technology’s development opportunities for the future is yet to be seen.
Blockchain teknolojisinin yaygnlamas, zellikle web3 ve metaverse gibi gelimeler, blockchain andaki kayt niteliindeki kripto varlklarn hukuki adan incelenmesi ihtiyacn da beraberinde getirmektedir. Gerekten de her gn farkl blockchain a zerinde kripto varlklar zerinde birok ilem gerekletirilmekte, ilem hacmi de artmaktadr. Bu almada sz konusu varlklarn hukuki nitelii incelenmeye allmtr
Borcun kaynaklarından biri olan sözleşmelerin temelinde tarafların sözleşme yapmak konusunda iradelerini açıklamaları ve bu iradelerin birbiri ile uyuşması yatar. Sözleşmesel yükümlülüklerin sözleşmelerde düzenlenen şekilde yerine getirilmesi önemlidir. Bu nokta, taraflarının iradelerine tabi olup ve birbirlerine yönelik karşılıklı güvenlerine dayanır. Sözleşmelerin gereği gibi ifası, dayanağı ve kaynağı bakımından hassas, zayıf ve kırılgandır. Zira, taraflar her zaman birbirlerinin iradelerini tam ve doğru şekilde anlayamayabilir. Yine böylesine akitlerde taraflar, aradan geçen zamanın veya değişen şartların etkisiyle yahut ortada bunun için zorlayıcı bir sebep yokken bile sözleşmeye yansıyan iradesine konu taahhüdünü tam veya zamanında yerine getirmekten kaçınabilir. Güven esasına dayanan sözleşmelerin ifası itimat asimetrisi riskine ve taraf iradesinin zaaflarına tabidir. Teknoloji, güven ve sözleşmelerin ifa edilmesine dair bu risklerin giderilmesine çözüm getirebilir mi? İşte bu soru, Bitcoin ile ortaya çıkan Blokzincir teknolojisini pek çok yönden daha ileri taşıyan Ethereum ile birlikte daha fazla tartışılır, merak edilir hale gelmiştir. Ethereum ile beraber tekrar hatırlanan ve Blokzincir teknolojisi ile yeniden yorumlanan akıllı sözleşme kavramı mezkur sözleşmenin, taraflarının karşılıklı, subjektif güvenine mahkum edilmeden, kendi kendini ifa edebilmesinin yeniden tartışılmasına ve heyecanla karşılanmasına yol açmıştır. Bu makalede, Ethereum üzerinde geliştirilebilen ve uygulanabilen akıllı sözleşmelerin ne anlama geldiği, kendi kendini nasıl ifa edebildiği, gelecekteki teknoloji ve hukuk işbirliğine dair hangi etkileşimleri yarattığı ve bunların hukuki sonuçlarına incelenmektedir.
Bitcoin is considered a cryptocurrency and a digital currency, the two most notable characteristics are decentralization and anonymity. Bitcoin has a variety of properties. It could play not only the currency function but also have certain commodity property. To some extent, it can also be seen as an alternative investment option. The price of Bitcoin has stayed at a high level since 2021, but with greater volatility and more obvious amplitude than before. With the risk and potential problems of Bitcoin, the possibility of whether Bitcoin would lead to a big bubble in the financial market has increased. Although the legal status of Bitcoin is varying and having unclear or constantly changing definitions in different countries, the government is strengthening supervision and regulation over digital currency and planning to issue state-controlled currency, which would narrow the space for Bitcoin. Therefore, the possibility that Bitcoin will end up in a bubble is growing. At the same time, it is becoming increasingly clear that Bitcoin would not eventually gain legal tender status, driven by a combination of government denial and a lack of real value.
A number of tools used within LegalTech 2.0. and 3.0. apply blockchain and distributed ledger technologies 3 . This is not a new technology, the concept of distributed record keeping is over 50 years old (a memorandum no. RM-340-PR by Paul Baran 4 from 1964). What is innovative, is its application in a law firm and its adaptation to the needs of lawyers. Blockchain has been around for a number of years (paper by a 'Satoshi Nakamoto 5 ' from 2008) and has been identified by, among others, the European Union 1.
Introduction: the paper deals with the phenomenon denoted by the term "cryptocurrency" from the perspective of modern civil circulation, its relationship with other statutory concepts which characterize the digital economy. It is necessary to introduce the term "electronic fiducion" into the legal lexicon to denote the phenomenon that is known as "cryptocurrency" at the everyday level. The authors' definition of the category "electronic fiducion" is proposed. The purpose of the study is to conduct a comprehensive legal analysis of the phenomenon referred to at a simple level as "cryptocurrency" from the perspective of the object of civil relations. Methods: the methodological framework for the study is a set of methods of scientific knowledge, among which the main ones are the methods of analysis, synthesis, generalization and comparative law. Results: the authors' well-founded position is based on the legislation and the opinions of the competent scientists on the issues of determining the legal essence of the category, which is now referred to as "cryptocurrency" from the perspective of civil law. Conclusions: as a result of the study the authors proposed to introduce in the legal lexicon, instead of the term "cryptocurrency", the term "electronic fiducion" which denotes the universal contractual payment (settlement) means with the decentralized record of the transactions based on free will and good faith, free from the external administration used by the contractors on the telecommunication network "Internet".
Cryptocurrencies have been around since 2009 when the programmer Satoshi Nakamoto launched the technology behind Bitcoin. There are now several different cryptocurrencies and they are likely to be ...
Bitcoin denkler arası/eşitler arası ağa dayalı olan kripto bir birimidir. Bitcoinin en temel özelliği herhangi bir otorite tarafından arz ve garanti edilmemesidir. Bitcoin işlemleri, bunları dijital bir deftere kaydeden blok zinciri ile bütün kullanıcılar için umumi hâle gelir. Bitcoin ağının merkezî olmayan yapısı, cebri icra süreci bakımından bazı sorunları da beraberinde getirmektedir. Bir taraf akdi bir ilişkiye istinaden belirli bir tutar bitcoini ifa etmeyi taahhüt ederse, diğer taraf kararlaştırılan bitcoini almak için cebri icra takibi başlatabilmelidir. Diğer taraftan, bir icra dairesi, takip alacaklısının talebi üzerine, bir bitcoin kullanıcısının para borcundan ötürü bitcoinini haczedebilmelidir. Haciz işleminde bitcoinin merkezî olmayan yapısı dikkate alınmalıdır.
Verhaalsbeslag op bitcoins Verhaalsbeslag op bitcoins is mogelijk door (1) de drager waarop de privésleutel staat waarmee over bitcoins kan worden beschikt (de paper of hardware wallet ) als waardepapier te kwalificeren, (2) op die wallet conservatoir verhaalsbeslag te leggen en als de toegang tot die wallet beveiligd is met een code, de schuldenaar te dwingen die code prijs te geven, (3) de bitcoins naar een andere, door een bank of DNB nieuw geopende bitcoinrekening over te maken, en (4) de paper of hardware wallet van die nieuwe bitcoinrekening te zijner tijd executoriaal te verkopen.