В статье приводятся архитектурные и технические решения, принятые в ходе исследовательского проекта по разработке метаграфовой СУБД с групповым подтверждением вносимых данных. Для этой СУБД рассмотрены различные варианты реализации метаграфовой модели, выбран реляционный подход и предложена даталогическая модель, состоящая из шести таблиц. В качестве среды хранения выбрана PostgreSQL. Приведены оценки сложности и обзор возможных ограничений реализации физической модели хранения метаграфа на программном уровне, выбрано решение на основе списков смежности. Для обеспечения высокой скорости доступа на чтение используется распределенное хранение и распространение копий базы данных на основе технологии блокчейн с алгоритмом консенсуса Proof of Stake, что позволяет обеспечить высокий уровень защиты базы данных от несанкционированных изменений. Предложены структуры данных для хранения изменений БД в рамках последовательности записей блокчейн. Выбран стойкий алгоритм проверки и подписания транзакции. В заключении рассмотрены направления дальнейших исследований и условия использования результатов исследования при проектировании и разработке индустриальных программных продуктов. The article provides architectural and technical solutions adopted within a research project to develop a metagraph DBMS with a group confirmation of the entered data. For this DBMS, various options for implementing the metagraph model are considered, a relational approach is chosen, and a logical data model consisting of six tables is proposed. PostgreSQL was chosen as the storage environment. Estimates of the complexity and an overview of possible limitations of the implementation of the physical model of storing the metagraph at the software level are given; a solution based on adjacency lists is chosen. To ensure high speed of read access, distributed storage and distribution of database copies based on blockchain technology with the Proof of Stake consensus algorithm is used, which ensures a high level of database protection against unauthorized changes. Data structures are proposed for storing database changes within a sequence of blockchain records. A robust algorithm for verifying and signing the transaction has been selected. In conclusion, the directions of further research and the conditions for using the research results in the design and development of industrial software products are considered.
The modern world is changing rapidly. Digitalization is becoming more and more important and penetrates into all spheres of society. The digital transformation of financial and monetary processes and systems deserves special attention. It is important to determine the place and role of the state in the regulation of these processes. This paper examines the current state and prospects of using cryptocurrency as an element of monetary circulation. Analysis of the dynamics of the bitcoin rate showed that the use of cryptocurrencies is promising. However, it is necessary to improve the regulatory framework. The introduction and use of the national cryptocurrency in Russia will stabilize the state of the financial system in relation to the dollar, ensure the safety of economic development and reduce transaction costs.
Open access
Economic and Technological Developments in Russia
Economic and Technological Systems Analysis
Economic, Social, and Public Health Issues in Russia and Globally
The article analyzes the changes taking place in the investment market due to the emergence of innovative blockchain technology and cryptocurrencies, which are increasingly used as alternative investments in the management of a securities portfolio, along with traditional types of financial assets, such as money, bonds and shares. The methodological basis of the study is a dialectical approach that provides an understanding of the interdependence of technological changes and the rethinking of the role of fractional, decentralized, fluid assets with lower settlement risk, which are digital assets, in comparison with the traditional payment system in fiat currencies. The available current sample period of the cryptocurrency Index (CRIX) is too small to fully explore the investment opportunities of cryptocurrencies. In addition, the evaluation of cryptocurrencies is very different from the evaluation of traditional investment tools. There is also no clarity on the development of blockchain technology in the long term. At the same time, even today, the success of several cryptocurrencies (in particular, bitcoin) exerts competitive pressure on transaction methods from existing financial institutions [1], which determines the need for forecasting and analyzing price movements in the cryptocurrency markets. The article offers a sequence of actions for evaluating the profitability of investments on the example of bitcoin.
The article considers the problem of forming the methodology foundations of crypto economy, the impact of this process on the modern economy, its role in the formation of the “money of the future”. It discusses both the main historical events of the blockchain technology formation, from the idea of blind signature and simple encryption through cryptographic building blocks to the creation and implementation of DLT (Distributed Ledger Technology), and the historical genesis of crypto economy in the developmental stages from Blockchain 1.0 to Blockchain 3.0. It is noted that the “Bit Gold” project, as the first model of digital money, not only combined all previous fundamental solutions, but also included Proof-of-Work as the main feature of the digital cash concept. The work concluded: the economy as a whole is rapidly transforming from analog to digital, but its sphere of exchange is the most rapidly developing, where the system of transferring values (the payment system is technology) and possession of values in the form of a crypto coin (money circulation is economy) represent a single whole (crypto economy).
Economic and Technological Developments in Russia
Economic Development and Digital Transformation
Digitalization and Economic Development in Agriculture
Modern digital innovation technologies, such as blockchain, artificial intelligence and social networks,<br> combined with methods of data collection and processing, represent new opportunities at several<br> levels of economic relations. In the context of digitalization of the economy, new forms of cooperation<br> are becoming relevant with a simultaneous reduction in the role of intermediaries. Increasing the<br> number of electronic communication devices will lead to the creation of new forms of cooperation,<br> where borders and distances will not be an obstacle to combine human efforts and resources,<br> while increasing information exchange and strengthening data quality requirements. Decentralized<br> autonomous organizations (hereinafter – DAO) are becoming a reliable and effective substitute for<br> the institution of economic mediation and traditional forms of commercial cooperation. Despite the<br> attractive optimization of a number of processes due to digital freedom and the absence of bureaucracy,<br> a number of issues related to protocol security, legal uncertainty and the temporary complexity of the<br> internal mechanism remain unresolved.<br> The capabilities of blockchain technology for working with digital data provide opportunities for a<br> new type of economic cooperation, where through smart contracts, as a structural part of DAO, a<br> transparent, efficient, fair and democratic system of cooperation is achieved.<br> In this article, we offer an overview of DAO technology as a digital collaboration for big data, focusing<br> on current approaches, opportunities and future directions. A brief overview of blockchain and DAO<br> technology and their necessary characteristics for working with big data, various DAO services for<br> data collection, storage, analysis and confidentiality, use of such data, as well as problems and future directions for further research. Blockchain technologies have the potential for effective big data<br> analytics through enhanced security and privacy, an effective management system, with ideas fully<br> protected by blockchain, and joint investment and control of such digital assets through a DAO as a<br> new form of cooperation.
Lelya G. PASHTOVA, Vyacheslav A. OSEEV, Dmitrii A. KLEMENOV
Subject. This article discusses cryptocurrency as a new financial instrument in the global financial system. Objectives. The article aims to consider the current situation of cryptocurrencies and justify the advantages and risks of their use. Methods. For the study of cryptocurrency, Blockchain technology, and Bitcoin and the US dollar relationship, we used a comprehensive approach based on systems, functional and structural, and correlation analyses. Results. Based on the analysis of the trends in the cryptocurrency market formation, the problematic aspects of their legal regulation, the investment aspect, and the changes in the cryptocurrency exchange rate against the US dollar, the article identifies some shortcomings of this financial instrument from the point of view of supervisory bodies. Conclusions. Cryptocurrency really has significant prospects to become a valuable financial tool in the world economy, despite the rather critical problems of their regulation. Cryptocurrency can be a substitute for the US dollar in international settlements due to its advantages in the form of transparency and decentralization, especially given the fact that in 2019–2020, the governments of a number of countries (EU, Russia) began to actively develop legislation to regulate this area.
О. І. Baranovskyi, Мykhailo Kuzheliev, Dmytro Zherlitsyn, Kostyantyn Serdyukov · 5 authors
Abstract. The first cryptocurrency was born in 2008. Already today, virtual financial assets and tokens are a significant part of trading in global financial markets. The cryptocurrency market capitalization currently exceeds 600 billion U.S. dollars. However, there is a lot of discussion about cryptocurrency functions and the correlation between Bitcoin prices and the basic economic indices. Therefore, the purpose of the paper is to define the statistical substantiation of the influence of fundamental economic indicators on the market of virtual financial assets and the possibility of using cryptocurrency as the investment assets. This article is based on the theoretical principles and methods of econometric analysis; the system approach methods to define the main vehicles and trends of the international financial market. The study presents correlation analysis, regression models with paired and multiple variables. For these models, R-Studio instruments are the main tools of quality estimation and results interpretation. The article shows the results of the correlation analysis of Bitcoin’s U.S. dollar price dynamics and changes in the main stock, monetary market indicators, cryptocurrencies market tendency, levels of the United States fundamental economic indicators for the period from 2014 to 2021. Traditional multifactorial regression models are used to determine the level and the impact of individual indicators of the world stock market at the U.S. dollar price of Bitcoin. A comparison of the level of volatility of key investment financial assets in the market of cryptocurrencies and stock markets is carried out. The authors determine the level of correlation dependence and make a regression model of the impact of fundamental economic indicators and stock market trends on the dynamics of U.S. dollar prices for key cryptocurrencies. The article presents conclusions on trends and problems of using cryptocurrencies as an investment asset, considering volatility and profitability. Implementation of the results allows to clarify the economic essence of cryptocurrencies as a specific financial vehicle, as well as improving the existing models of investment management, considering the statistical characteristics of the virtual financial assets. The main direction of further research is to build models of medium-term prediction of prices for the main cryptocurrencies as an investment asset in conditions of changes in global financial markets, which must consider the fundamental economic indicators of the world economy and trends on key stock and commodity markets. Keywords: virtual financial asset, cryptocurrency, bitcoin, econometric model, financial market, economic indicator, investment asset. JEL Classification D53, E44, G15, C58 Formulas: 3; fig.: 3; tabl.: 3; bibl.: 31.
В статье рассматриваются текущее состояние отрасли обращения с отходами в Санкт-Петербурге, расходы бюджета в данной индустрии, определен дефицит бюджетных средств на реализацию проектов в этой сфере и обозначены современные инструменты финансового стимулирования: государственно-частное партнерство и децентрализованные финансы на базе технологии блокчейн (DeFi), вт.ч. краудфандинг. The article considers the current state of the waste management in St. Petersburg, the budget expenditures in this industry, the deficit of budgetary funds for the realization of waste management projects was determined and modern instruments of financial incentives were identified: public-private partnerships and decentralized finance based on blockchain technology (DeFi), incl. crowdfunding.
The article discusses the main technological and economic aspects of the functioning of cryptocurrencies. Based on the analysis of monetary theories and the evolution of forms of money, it is shown that the technologies of mining and circulation of cryptocurrencies fully meet the requirements for "monetary material" and the trend in the development of monetary systems. It is concluded that the development of the form of money under the influence of scientific and technological progress has not changed their economic essence. The pros and cons of cryptocurrencies are shown. The problem of the legitimacy of cryptocurrencies is analyzed taking into account the new federal legislation.
This article discusses the blockchain technology and a relatively new phenomenon in the field of this technology — NFT (non-fungible tokens). The paper analyzes the growth prospects and current shortcomings of the concept. The phenomenon of NFT, which is still not well described in scientific publications, is considered in this article from a technological point of view. Based on the results of the market analysis, the authors suggest continuing the development of the blockchain and strengthening its security, as well as conducting further research in this area.
Economic and Technological Developments in Russia
Economic and Technological Systems Analysis
Economic, Social, and Public Health Issues in Russia and Globally
Vladyslav Tipanov, О. В. Драчов, Світлана Ткаленко, Tetiana Mirzodaieva · 5 authors
Abstract. The essence of cryptocurrencies is considered and the definition of their legal status is offered. The experience of some jurisdictions regarding the opportunities and threats of using and regulating cryptocurrencies has been studied. The authors analyzed the cryptocurrency market. The factors that led to the widespread use of cryptocurrency, which include financial instability, significant currency fluctuations, limiting capital flows and inflation of the currency in the country. The problem of information protection using blockchain technology, which is solved by a combination of block design and cryptographic protection, is considered. The capitalization of TOP cryptocurrencies for the last three years is analyzed, among which the leading ones are Bitcoin (VTS), Ethereum (ETH), Tether (USDT) and others. Identified issues that need to be addressed in the field of finance and legal regulation. In the process of analyzing the experience of regulating cryptocurrency, we have found similar and distinctive features in some jurisdictions. First, each country, in view of the great potential of the blockchain technology, is trying in one way or another to create a favorable climate for its development. Secondly, the use of cryptocurrency goods is rapidly developing, and their impact on economic processes, both at the international and national levels is increasing, while states are faced with the problem of adapting their tax legislation to the current challenges of the digital economy, since the definition of the status of cryptocurrency does not directly lead to lack of funds to the state budget from operations with these assets. Thirdly, today there are more than 2,000 cryptocurrencies is traded through various trading platforms — stock exchanges and can be used to launder proceeds from crime. Thus, it is necessary to develop common standards for the regulation of cryptocurrency and the requirements for such crypto exchange counterparts, through the licensing of operations with cryptocurrencies. At the same time, the important question is what government bodies should exercise such control. Keywords: technology blockchain, cryptocurrency, virtual currency, legal regulation of cryptocurrencies, state functions, cryptocurrencies taxation. JEL classіfіcatіon F01, F20, K33, K34 Formulas: 0; fig.: 0; tabl.: 1; bibl.: 23.
Subject. The article addresses the cryptocurrency market that originates from the creation of the world's first cryptocurrency, i.e. Bitcoin. It overviews the blockchain technology and mining procedures for the digital currency. Objectives. The purpose of the study is to evaluate trends in the cryptocurrency market within the historical aspects, perform a profound analysis of digital assets terminology, including the concept of forks, tokens and altcoins, investigate changes in the Bitcoin and alternative cryptocurrency market by analyzing the Bitcoin Dominance Index, which has suffered significant fluctuations over the past five years. Methods. The study rests on the systems analysis of conceptual framework, the design of classification criteria, the functional, structural, statistical, graphical, and economic analysis. Results. The findings enabled to identify growth drivers for world’s cryptocurrency trading platforms. The growth primarily relates to the progressive development of the cryptocurrency market infrastructure. Other factors include the extended usage of stablecoins on the world’s biggest crypto exchanges. Conclusions. The paper provides a detailed consideration of changes in the cryptocurrency market development, which are divided into three main stages. The cryptocurrency community appreciates blockchain projects that have introduced new technologies. The most popular projects are implemented in the banking sector or used in the interaction between the cryptocurrency industry and traditional fiat currencies.
Blockchain Technology Applications and Security
Economic and Technological Developments in Russia
Economic, Social, and Public Health Issues in Russia and Globally
The dynamics and structure of the revenue side of the state budget of the USSR in the period from 1950 to 1989 are considered on the basis of official statistical collections published by the Ministry of Finance of the USSR. It is stated that the dynamics of the revenues of the state budget of the USSR during the entire studied period was positive. There was a constant increase in income, which had an average annual value of about 6,5 % in relation to the previous year, which made it possible to increase the budget by more than one third in almost every five-year period. It is indicated that in just the period under study, the revenue side of the state budget in-creased by 11,6 times. The author comes to the conclusion that the historical dynamics of the distribution of incomes between the budgets of different levels testifies to the growing tendency towards the decentralization of the Soviet economy. It was revealed that this trend looks less unambiguous if we trace the change in the share of revenues of the republican and local budgets in the structure of the USSR state budget. It is shown that the most important deterrent to the decentralization of the Soviet economy was budget regulation, which allowed the state, on the one hand, to withdraw to the budget most of the profits of the socialist economy, and on the other, to keep the budgetary resources of local authorities under control.
cryptocurrency is a digital currency that leads the market nowadays. The knowledge about which led to the destination of cryptocurrency and the evolution of cryptocurrency is explained. Bitcoins and Ethereum are the most popular cryptocurrencies. They use blockchain technology. Thereby we see the future of cryptocurrency.
Objective: to consider the digital currency of Central Banks as the third form of money of a state; to identify advantages and disadvantages of this new form of money; to clarify the classification of digital currency of the Central Bank; to analyze the features of infrastructure development of the Central banks fast payments system and private stable coins market; to present the author’s conception of the Bank of Russia digital ruble.Methods: the article uses empirical, historical, logical, country-oriented, comparative and statistical methods of the system approach, which allow studying the possible designs of the Central Bank digital currency in dynamics.Results: the article reveals the macroeconomic factors of the emergence of the Central Bank digital currency; defines the types of classification of the Central Bank digital currency; shows the possible pros and cons of issuing and circulating of the third form of state money; considers the fast payments system and the private stable coins market; clarifies some consequences for monetary and financial stability policy during the transition of the Central Bank to digital currency; shows the advantages and disadvantages of the Central Bank digital currency through the prism of three aspects: the anonymity level, the confidentiality degree and the guaranteed remuneration for market participants; and analyzes the features of the Bank of Russia digital ruble development in the medium term.Scientific novelty: the article shows that the Central Bank digital currency is just the third form of state money, along with cash and non-cash; classification of digital currency has allowed the Central Bank to identify the features of the possible design of digital currency; the prospects and problems of price and financial stability in terms of the circulation of digital currency are considered; an alternative to the Central Banks digital currency is the system of fast payments and private stable coins market; The Bank of Russia should build the digital ruble design on the basic characteristics of the banking system of the Russian Federation (Model D) and the mechanisms combining the technologies of the centralized and distributed ledgers of the Bank of Russia. Practical significance: the main provisions and conclusions of the article can be used to develop a possible design of the digital ruble in the medium term, as well as to clarify the Bank of Russia current target mandates, tools, channels and mechanisms of monetary and financial stability policy, directly related to new trends in the development of both the world economy in general and the Russian economy in particular.
This study was conducted to evaluate the implementation of an open innovation cryptocurrency financial system using a statistical approach. The data array reflects the actual speed of the cryptocurrency system, expressed in transactions per second (TPS), taken as the average annual speed. The article offers a comprehensive approach for choosing the optimal cryptocurrency financial system. The final analysis shows that the reasons for the adoption of the cryptocurrency financial system are practicality and convenience, as well as efficient transaction time, faster payment, and simplicity of the payment process. The impact of social factors, expected efforts, and conditions of assistance on the attitude to the cryptocurrency financial system were evaluated. In addition, social factors that have a significant impact on the implementation of the cryptocurrency financial system were identified.
Currently, there are a great number of platform-projects and frameworks based on blockchain technology. Consequently, it is necessary to define the most relevant blockchain platforms and analyze them taking into consideration a variety of features. Also, there is a need to investigate the logistics growth and the price of Bitcoin on the Binance cryptocurrency exchange. The authors have examined modern technologies used by manufacturing companies in the field of fintech in the context of the 2019-2024 period. The results show that sensors and automatic identification take the leading position both at present and in 2024. Aartificial intelligence and blockchain are also in demand by manufacturers today, however in the nearest future their ranking positions will increase sixfold from 10% to 60%. In the current paper the authors review the largest companies that effectively use blockchain technology in their businesses. The conducted survey shows that 18% of companies use blockchain technology based on Bitcoin. The authors have analysed a number of Bitcoin transactions for the period from January 2017 to February 2021 and concluded that the COVID-19 pandemic has had a favourable effect on the indicator data. A maximum number of transactions equal to 10.15 million was carried out in July 2020. Using the method of the Ordinary Least Squares (OLS) and statistical estimation methods the authors have revealed an underestimation of the equilibrium state of the empirical distribution of price data and the volume of daily trading of Bitcoin on the Binance cryptocurrency exchange through the channel of the right-hand confidence interval. The blockchain technology based on Bitcoin has positively reacted to the macroeconomic factors such as the COVID-19 pandemics and further growth in Bitcoin transactions is expected. With the help of economic modelling, the authors have defined the predictable volume and the price of Bitcoin on the Binance cryptocurrency exchange.
This paper draws the concept of the decentralized autonomous organizations (DAO) as new opportunities for digital economy and new form of digital cooperation with economic potential of DAO, as well as reveals the main problems and risks associated with functioning of DAO. Quick development of technology and digitalization of society, increase in the number of modern electronic devices will lead to new forms of cooperation, where borders and distances will not be an obstacle to combining human efforts and resources. One of the forms of such cooperation should be DAO as a reliable and effective substitute for the institution of economic mediation and traditional legal forms. Despite the attractive optimization of a number of processes due to digital freedom and low bureaucracy, a number of issues related to protocol security, legal uncertainty and temporary complexity of the internal mechanism remain unresolved. Modern blockchain technology is becoming a platform for capital formation, where cryptocurrencies and digital assets can be moved directly within DAO itself or with another compatible DAO. That allows the creation of organizations in which participants maintain direct real-time control of contributed funds where the governance rules are formalized, automated and enforced using software. While DAOs have been discussed and experimented with for the last five years, only now have they become the logical extension of the capital formation piece. The opportunities ahead will be in the formation of new types of organizations based around the interactions between digital stake holders and decentralized governance. Despite the potential that DAOs present, they face challenges from legal, governance and security perspectives. We are convinced that new forms of economic cooperation based on blockchain and DAO technologies may open up shortcomings in the near future, and we know how to implement them in national platforms adapted to modern legislation that promotes economic progress and global cooperation. Also we believe that DAO should become a separate economic system based on the idea of Seconomics end Robonomics, where the digital economy is seen as an integral part of CyberSecurity.
One of the leading technologies nowadays, which is extremely helpful for the tokenization process is Blockchain. Combining Blockchain technology with the tokenization process creates a digital economy based on values rather than speculative demand. Therefore, we can say that tokenization leads us to a new era of global investment with minimal risks and high volatility. Tokens, which are specific objects that reflect the real values (such as money, stocks, credit card numbers, medical records, etc.), provide new investment opportunities and open up new areas for investment and trading. However, no single token classification system has yet been introduced that would help to clearly differentiate the functionality of each type of token for further use in different areas. The leading by popularity division of all crypto assets can be described within the three main groups: Payment, Utility, and Security tokens. This article offers a more detailed review of each of these groups and highlights the features of each of them.
Oksana Rumiantsava, Svetlana Osmolovez, И. Н. Рабыко, Marina Markusenka
The relevance of the emission of digital currency by central banks is due to the proliferation of virtual assets, an increase in the share of non-cash payments, and the rapid development of the fintech sector. Monetary regulators are studying the possibilities of issuing their own digital currency in order to make the most of the capabilities of distributed ledger systems in realizing their goals and objectives. The controversial nature of the issue of digital currency emission by the central bank necessitates additional research on this topic due to the uncertainty of the legal and economic status of virtual assets, problems that may arise during the implementation of monetary policy, and the economic feasibility of introducing such a project at the present stage. The article examines the prerequisites for the emergence of projects of the central bank digital currency (CBDC), the emission model of CBDC, the risks of its practical implementation.
Figure. Distributed Ledger Token Accounting System. Figure. Subjects of Social Relations Based on the Decentralized Information Platform. Figure. Derivativeness of a Digital Asset. Figure. Semantic Features of the Concept of a “Digital Asset” in Economic and Legal Aspects. Figure. Derivativeness of Polyassets and Monoassets. Figure. Types of Tokenized Assets Derived from Property. Figure. Visual Representation of the Methods of Financial and Management Accounting of Property Using Various Types of Tokenized Assets. Figure. Visual Representation of the Classification of Virtual Assets Based on the Complexity of Their Nature. Table. Comparison of Properties of Various Types of Virtual Assets of the Distributed Ledger Derivative of the Original Asset. Table. Main Properties and Parameters of Types of Tokenized Assets. Table. Classification of Virtual Assets as Tools for Implementing the Methods of Financial and Management Accounting of Property.
Nataliya A. Amosova, Anna Yu. Kosobutskaya, О.В. Лускатова, Annie V. Ravohanginirina
The chapter studies the problem of a possible influence of the unregulated use of blockchain technology on financial markets and regulation. The authors proceed from the assumption that development of new technologies used in financial markets is of great importance and, at the same time, see a threat to the stable functioning and regulation of financial institutions, primarily credit institutions. The correct solution of the question of the necessity and the limits of regulation of the blockchain technology usage in financial markets, in the authors' opinion, should be considered a factor of the financial markets' competitiveness improving.
Economic and Technological Developments in Russia
Economic, Social, and Public Health Issues in Russia and Globally
Digitalization and Economic Development in Agriculture