Zibin Lin, Taotao Wang, Shengli Zhang, Long Shi · 6 authors
Web 3.0 platforms need an onboarding mechanism that can admit real users at scale without forcing them to reveal identity documents or pay one on-chain verification cost per user. Existing approaches typically rely on KYC-style disclosure, per-request on-chain verification, or trusted batching, making onboarding cost and latency difficult to predict under bursty demand. We present \textbf{ZK-AMS}, a credibly anonymous admission infrastructure that maps Personhood Credentials to anonymous on-chain Soul Accounts. Rather than introducing a new primitive, ZK-AMS composes zero-knowledge credential validation, permissionless batch submission, recursive proof aggregation, and anonymous post-admission account provisioning into one end-to-end workflow. Its key design feature is a confidential batching pipeline in which admission instances of a common relation are folded off-chain under multi-key homomorphic encryption, allowing an untrusted batch submitter to coordinate aggregation without direct access to individual user witnesses during batching; the confidentiality scope is characterized explicitly in the security analysis. The resulting batch is settled on-chain with constant verification cost per batch rather than per admitted user. We implement ZK-AMS on an Ethereum testbed and evaluate admission throughput, end-to-end latency, gas consumption, and parameter trade-offs. Results show stable batch-verification gas across evaluated batch sizes, substantially lower amortized on-chain cost than the non-recursive baseline, and practical cost-latency trade-offs for high-concurrency onboarding in Web 3.0 platforms.
ABSTRACT The study examines interconnectedness among categories of cryptocurrencies, healthcare cryptocurrencies, decentralized finance indices (DeFi), and non‐fungible tokens using TVP‐VAR extended joint connectedness, based on daily data from September 4, 2019, to July 31, 2024. The outcomes indicate that DeFi is the return shock and leading net transmitter, while healthcare cryptocurrencies are the net receivers. Secondly, we also analyze the effect of four news‐based global uncertainties on total returns using the BVAR model. The outcomes reveal that geopolitical risk (GPR) does not significantly influence global connectedness; however, some individual DeFi protocols, such as Chain Link, Tezos, and Maker, respond positively to GPR. Conversely, economic policy uncertainty reduces the total connectedness index, while infectious disease equity market volatility increases it. Using weekly data covering cryptocurrency uncertainty indices, exerts a positive effect on total return connectedness. The findings underline the influential crypto assets and should be monitored by investors and policymakers.
Zero-knowledge proof generation imposes stringent timing and reliability constraints on blockchain systems. For ZK-rollups, delayed proofs cause finality lag and economic loss; for Ethereum's emerging L1 zkEVM, proofs must complete within the 12-second slot window to enable stateless validation. The Ethereum Foundation's Ethproofs initiative coordinates multiple independent zkVMs across proving clusters to achieve real-time block proving, yet no principled orchestration framework addresses the joint challenges of (i) strict head-of-chain ordering, (ii) sub-slot latency bounds, (iii) fault-tolerant task reassignment, and (iv) prover-agnostic workflow composition. We present push0, a cloud-native proof orchestration system that decouples prover binaries from scheduling infrastructure. push0 employs an event-driven dispatcher--collector architecture over persistent priority queues, enforcing block-sequential proving while exploiting intra-block parallelism. We formalize requirements drawn from production ZK-rollup operations and the Ethereum real-time proving specification, then demonstrate via production Kubernetes cluster experiments that push0 achieves 5 ms median orchestration overhead with 99--100% scaling efficiency at 32 dispatchers for realistic workloads--overhead negligible (less than 0.1%) relative to typical proof computation times of 7+ seconds. Controlled Docker experiments validate these results, showing comparable performance (3--10 ms P50) when network variance is eliminated. Production deployment on the Zircuit zkrollup (14+ million mainnet blocks since March 2025) provides ecological validity for these controlled experiments. Our design enables seamless integration of heterogeneous zkVMs, supports automatic task recovery via message persistence, and provides the scheduling primitives necessary for both centralized rollup operators and decentralized multi-prover networks.
Blockchain drives digital transformation in entrepreneurship by enhancing innovation, operational efficiency, and sustainable business practices. Alongside this development, big data analytics for sentiment insights plays an essential role in understanding public perception and consumer behavior, enabling strategic and data-driven decision-making. Blockchain's decentralized structure promotes transparency, security, and trust among stakeholders, supporting scalable and accountable business ecosystems. This study systematically reviews big data-driven sentiment analysis methods applied to blockchain-based entrepreneurial contexts such as ICOs, DeFi, and Web3 startups. It maps data sources, machine learning and deep learning architectures, and sentiment analysis tasks, explaining how sentiment insights contribute to investment evaluation, market prediction, and risk mitigation. Although blockchain offers significant benefits, its integration faces major challenges including ecosystem readiness, regulatory uncertainty, and limited workforce capability. This study highlights blockchain's role in improving competitiveness and sustainability, while identifying barriers and strategic responses needed to support innovation in digital entrepreneurship.
In this study, the authors developed a smart traceability framework for athletic equipment using distributed ledger technology. They conducted their research to address persistent gaps in authenticity, life cycle visibility, and fan-side provenance across the sports equipment ecosystem. The framework was designed through a design-science approach, integrating Internet of Things sensors, digital twins, Electronic Product Code Information Services logistics data, and retail/resale events into a unified distributed ledger technology architecture governed by smart contracts. Simulation results show high validation accuracy, strong life cycle coverage, stable ledger performance, and reliable ownership transfers across manufacturing, field use, and secondary markets. These findings indicate that end-to-end, tamper-resistant traceability can significantly improve trust, operational transparency, and fan engagement in real-world sports equipment environments.
Penelitian ini mendalami peran Non-Fungible Token (NFT) sebagai harta benda wakaf dalam konteks hukum positif Indonesia dan perspektif Maqāṣid Syarī‘ah. Latar belakang kajian ini adalah maraknya inovasi digital di era teknologi informasi yang memunculkan instrumen filantropi baru, termasuk NFT yang bersifat unik dan mempunyai nilai ekonomi. Karakteristik NFT selaras dengan prinsip wakaf yang menekankan keberlanjutan manfaat bagi kepentingan umum. Namun belum ada aturan hukum yang implisit mengatur NFT sebagai objek wakaf, sehingga memunculkan kekosongan norma dan keraguan mengenai keabsahan inovasi ini. Metode penelitian yang digunakan adalah penelitian normatif dengan pendekatan perundang-undangan, konseptual, dan perbandingan. Pendekatan perundang-undangan menelaah regulasi seperti Undang-Undang tentang Wakaf dan peraturan pelaksanaannya, pendekatan konseptual memaknai istilah dan prinsip hukum wakaf sedangkan pendekatan perbandingan membandingkan praktik dan pandangan fikih dari berbagai wilayah hukum yang berbeda. Kerangka teoretis mencakup teori kepastian hukum Gustav Radbruch, yang menegaskan pentingnya kepastian dan keadilan hukum dalam menghadapi fenomena baru, serta sistem Maqāṣid Syarī‘ah dari Jasser Auda yang menitikberatkan pada pencapaian kemaslahatan umum (maslahah). Temuan utama penelitian menunjukkan bahwa dalam hukum positif Indonesia kedudukan NFT sebagai harta wakaf masih berada dalam kekosongan norma, karena Undang-Undang tentang Wakaf belum memuat aset digital seperti NFT. Meski demikian, berdasarkan perspektif Maqāṣid Syarī‘ah NFT memiliki potensi memenuhi kriteria harta wakaf. Secara fungsional, NFT bersifat kekal secara digital, mempunyai nilai guna ekonomi jangka panjang, dan mampu menghasilkan manfaat publik berkelanjutan serta memenuhi prinsip maslahah umum dalam Maqāṣid Syarī‘ah. Hasil Penelitian ini menunjukkan bahwa NFT berpotensi sah sebagai objek wakaf sepanjang memenuhi prinsip legalitas administratif serta kemaslahatan syariah. Dengan memastikan prosedur tata cara wakaf sesuai ketentuan hukum positif (legalitas formal) dan menjaga tujuan manfaat bagi publik (kemaslahatan), NFT dapat menjadi inovasi wakaf digital yang sesuai dengan prinsip-prinsip Islam kontemporer. Studi ini menegaskan perlunya aturan resmi dan kepastian hukum untuk mewujudkan potensi NFT sebagai harta wakaf yang amanah dan berdaya guna. Kata Kunci: Non-Fungible Token (NFT), Wakaf Digital, Hukum Positif Indonesia, Maqāṣid Syarī‘ah, Kepastian Hukum.
Although blockchain technology has demonstrated promise in various application fields, its technical intricacy, usability challenges and substantial onboarding obstacles impede broad mainstream acceptance. Earlier studies have primarily concentrated on protocol scalability, security and financial applications with less emphasis, on user adoption strategies. In response this paper aims to examine how these challenges are tackled and mass involvement is facilitated through gamified and mobile-centric Web3 ecosystems. The research conducts an evaluation of key Web3 platforms encompassing gamified tap-, to-earn frameworks, mobile-centric blockchain involvement approaches and social media-integrated mini-applications assessed through onboarding challenges, engagement strategies, network impact, token allocation and scalability metrics. The findings reveal that streamlined interaction designs, mobile compatibility and social connectivity have greatly lowered participation obstacles while maintaining user involvement and exponential expansion. Based on this, the paper therefore advances the GMS framework, which abstracts the adoption of blockchain as the additive influence of gamification, mobile-first design, and social-platform integration. The framework shifts the emphasis from infrastructure-centric optimization to user-centered system design and contributes to blockchain adoption research by providing insights relevant to the development of inclusive and scalable Web3 ecosystems.
We study builder-driven MEV arbitrage on BNB Smart Chain (BSC). BSC's Proposer-Builder Separation (PBS) adopts a leaner design: only whitelisted builders can participate, blocks are produced at shorter intervals, and private order flow bypasses the public mempool. These features have long raised community concerns over centralization, which we empirically confirm by tracing the arbitrage activities of the two dominant builders from Apr. 1, 2025 to Feb. 28, 2026 (full observable activity cycle). Within months, the two leading builders, \bd{48Club} and \bd{Blockrazor}, produced over 87\% of blocks and captured about 90\%+ of MEV profits. We find that profits concentrate in short, low-hop arbitrage routes over wrapped tokens and stablecoins, and that block construction rapidly converges toward monopoly. Beyond concentration alone, our analysis reveals a structural source of inequality: BSC's short block interval and whitelisted PBS collapse the contestable window for MEV competition, amplifying latency advantages and excluding slower builders and searchers. MEV extraction on BSC is not only more centralized than on Ethereum, but also structurally more vulnerable to censorship and fairness erosion.
The Bitcoin protocol [Nakamoto, 2008] represents a landmark achievement in distributed systems and cryptographic engineering. However, its fixed-supply design embeds a critical long-term vulnerability: the mathematical inevitability of permanent supply contraction driven by generational private-key inheritance failure. This paper formalises the generational loss model through discrete probability theory and recurrence relations, demonstrating that conservative estimates predict 51% of total supply becoming permanently inaccessible within 264 years, while realistic models project 64% loss. We further establish that the cessation of block rewards at approximately block height 6,930,000 ($\approx$2140 CE) eliminates the mining security budget, exposing the network to sustained 51% attack risk. We propose Bitcoin Infinity — the Perpetual Continuity Protocol — a minimal, mathematically grounded modification to Bitcoin Core's GetBlockSubsidy() function. The modification replaces a single hard-stop conditional with a modulo operation, restarting the original 50 BTC/block halving curve every 33 halvings ($\approx$132 years) in perpetuity. We prove that under this scheme, circulating supply converges to a stable equilibrium $C^* = S_0r/(1 - r)$ (approximately 49 M BTC at 30% generational loss), mining incentives are preserved indefinitely, and all previously issued bitcoins remain fully valid. The implementation is verified against 113 boundary tests with zero failures, exhibits no undefined behaviour under C++17, and maintains complete backward compatibility with the existing network until the activation block. Link: https://revistazen10.github.io/bitcoin-infinity/
The recent trends in the development of digital financial services have increased the demand for efficient protection of banking transactions and information. This empirical research aims to study how the blockchain revolution has impacted on the improvement of security and efficiency of banking operations. Conducting the research at the secondary level, the study relies on validated sources of data to establish the degree of impact of blockchain by means of econometric modeling on finance data security. The findings show that blockchain adoption leads to better security outcomes, including decreased fraud rates, increased compliance, and increased efficiency. This paper employs theoretical frameworks, including distributed ledger technology (DLT) and practical byzantine fault tolerance (PBFT) to carry out the evaluation and hence provide an appreciation of how blockchain is revolutionizing the financial industry. The findings of this research will be useful to institutions to implement blockchain as the foundation for safe and efficient banking solutions required by the digital world.
The agri-food supply chain is a cornerstone of food security and economic stability, yet traditional systems often grapple with challenges such as limited transparency, data manipulation, delayed payments, and an over-reliance on intermediaries.These centralized frameworks hinder the ability to verify the origin, quality, and authenticity of agricultural products, weakening trust among stakeholders.This paper introduces a Blockchain-Based Crop Supply Chain and Traceability System leveraging smart contracts to address these persistent issues.The proposed system employs blockchain technology to establish a decentralized, transparent, and immutable ledger that records every transaction within the supply chain.Key processes are automated through smart contracts, including crop registration, ownership transfers, transaction validations, and payment executions.To manage large-scale data effectively, the InterPlanetary File System (IPFS) is incorporated for decentralized storage of crop-related documents like images, health reports, and certificates, while cryptographic hashes are stored on the blockchain for verification purposes.A token-based digital payment mechanism linked to the Indian Rupee (INR) ensures fair and instant payments between farmers and buyers.The system is implemented as a decentralized application utilizing React.js,Node.js,Solidity, and MetaMask, and deployed on the Binance Smart Chain Testnet.Experimental findings reveal significant enhancements in traceability, transparency, fraud reduction, and stakeholder trust compared to conventional agri-food supply chain systems.
The city of Detroit filed a public nuisance lawsuit in July of last year in the Michigan Circuit Court for the Third Judicial Circuit against Real Token, its co-founders and 165 affiliated entities, alleging building code and safety violations across over 400 Detroit residential properties.[1] RealT is a blockchain real estate platform that sells fractional interests in individual U.S. rental properties through the issuance of crypto security tokens. On July 22, the judge issued a temporary restraining order — later converted into a preliminary injunction on Nov. 4 — barring RealT from collecting rent, pursuing evictions without a certificate of compliance and directing future rent into escrow until properties are brought up to code. Detroit v. Jacobson is ongoing, with a trial scheduled to begin in May. The case highlights the brave new world we face when real estate assets are tokenized via blockchain technology. The facts surrounding the case raise three pressing questions. First, are these real estate tokens securities? Second, assuming they are, do investors know what they are getting into when they purchase them? Third, and most importantly, are the very human tenants in these properties being provided with habitable housing by their decentralized finance landlords?
Atefeh Nekouie, Majid Vafaei Jahan, Mohammad Hossein Moattar, Reza Sheibani
Access control and data privacy are two of the main necessities in managing electronic health records (EHRs) across distributed domain. There are privacy gaps that expose EHRs to risks like unauthorized access by unaffiliated medical personnel. Traditional attribute-based encryption (ABE) allows encryption based on user attributes but is unable to incorporate data-specific attributes, such as the type of medical information included in the record or the potential physician. This paper introduces a novel approach that integrates ABE with large language models (LLMs) and blockchain technology to enhance security and contextual access control in EHR systems. Specifically, a domain-specific LLM, such as ClinicalBERT, is leveraged to automatically extract semantic data attributes from unstructured medical records, enabling a more granular and context-aware encryption process. By embedding both user and data attributes into the ABE framework, access policies are dynamically refined, ensuring that only authorized users can view specific types of medical information. Furthermore, blockchain's immutable ledger enhances trust, streamlines attribute revocation, and fortifies the system against unauthorized modifications and security threats. The proposed framework significantly strengthens EHR privacy by integrating machine learning-driven attribute extraction with cryptographic access control, outperforming existing schemes in both security and flexibility. Evaluations validate the effectiveness of the proposed framework in preventing unauthorized access while maintaining efficient and transparent data management.
Electron EDM in QMU: CP-odd Square-Charge Dipole from Aether-Unit Holonomy This paper reformulates the electron "EDM" observable in the Aether Physics Model (APM) using Quantum Measurement Units (QMU), where the primitive charge dimension is square-charge and electrostatic potential is reciprocal capacitance. In this framework, the natural EDM-like observable is not a linear-charge dipole \(d_e\), but a CP-odd square-charge first moment of a distributed square-charge density. QMU potential and driver. Electrostatic potential is defined as reciprocal capacitance,\[\Phi_Q := \frac{1}{C},\]and the electrostatic driver is its gradient,\[\mathbf{G} := \nabla \Phi_Q.\] Square-charge EDM observable and ledger-closed coupling. Let \(\rho_{e^2}(\mathbf r)\) be the signed distributed square-charge density (magnetic basis). The square-charge dipole vector is the first moment\[\mathbf{D}_{e^2} := \int \rho_{e^2}(\mathbf r)\,\mathbf r\,d^3r.\]The ledger-closed interaction energy with external electrostatic structure is\[\Delta U = -\,\mathbf{D}_{e^2}\cdot\nabla\Phi_Q,\]which replaces the legacy coupling \(-\mathbf d\cdot\mathbf E\) by changing the driver to \(\nabla\Phi_Q\) and the dipole to a square-charge moment. Holonomy origin and CP-odd invariant. The Aether-unit two-sphere chronovibration supports a 5D closed action whose 4D forward-time projection can exhibit holonomy. A CP-odd defect one-form \(\delta\omega_{\mathrm{CP}}\) is defined from the 5D-to-4D connection mismatch, and the dimensionless CP-holonomy invariant is\[\Delta_{\mathrm{CP}} := \frac{1}{2\pi}\oint_{\gamma_+}\delta\omega_{\mathrm{CP}},\]where \(\gamma_+\) is the forward-time leg of the chronovibrational cycle. The square-charge dipole is parameterized by\[\mathbf{D}_{e^2} = {e_\mathrm{emax}}^{2}\,\lambda_C\,\Delta_{\mathrm{CP}}\,\hat{\mathbf s},\]with \({e_\mathrm{emax}}^{2}\) the distributed square-charge unit in the magnetic basis, \(\lambda_C\) the electron Compton length, and \(\hat{\mathbf s}\) the spin direction. Domain taxonomy, seams, and obstruction index. A minimal octant-domain cover of the electron sheet is introduced, with antipodal pairing and a loxodromic seam-crossing loop. Under a local-exactness hypothesis on each octant, the CP-odd holonomy reduces to a seam-sum cocycle. Quantized seam jumps are written as multiples of the octant increment \(\pi/4\), producing an integer obstruction index \(\tau_{\mathrm{CP}}\in\mathbb Z\) and a discrete spectrum\[\Delta_{\mathrm{CP}} = \alpha^{p}\,\frac{\tau_{\mathrm{CP}}}{8},\]where \(\alpha\) is the fine structure constant and \(p\ge 1\) is the leading order at which the CP-odd defect survives seam pairing. Metrology and experimental bridge. An action scale is defined in QMU as\[h_e := m_e\,{\lambda_C}^{2}\,F_q,\]so the measurable frequency shift is \(\Delta f=\Delta U/h_e\). In EDM platforms, the relevant driver is the internal reciprocal-capacitance gradient component\[\mathcal{G}_{\mathrm{eff}} := \hat{\mathbf n}\cdot\nabla\Phi_Q,\]leading to a spin-reversal splitting proportional to \(|\Delta_{\mathrm{CP}}|\,|\mathcal{G}_{\mathrm{eff}}|\). State-of-the-art null bounds from electron-EDM experiments (e.g. ACME) are interpreted here as constraints on admissible microstate classes and packing-weighted populations rather than on an intrinsic point-parameter. Next-step program and parameter-free prediction target. With canonical octant labeling and the loxodromic seam loop fixed, Milestone M1 is to compute the leading CP-odd chirality connection \(\omega^{(1)}_{\chi}\) and the associated seam integers \(m_{ij}\), and to determine whether \(p=1\) (non-canceling order-\(\alpha\) seam cocycle) or \(p\ge 2\) (order-\(\alpha\) cancellation). If the explicit summation yields \(p=1\) and the minimal obstruction \(\tau_{\mathrm{CP}}=1\), then the framework makes a parameter-free magnitude prediction in native QMU units:\[|\mathbf{D}_{e^2}| = {e_\mathrm{emax}}^{2}\,\lambda_C\,\frac{\alpha}{8}.\]For appendix-only SI-bridge purposes, the charge-basis relation\[e^{2} = 8\pi\alpha\,{e_\mathrm{emax}}^{2}\]connects the square-charge unit to the elementary-charge-squared scale used in legacy reporting.
This article reframes the first-row CKM unitarity test,\[|V_{ud}|^2+|V_{us}|^2+|V_{ub}|^2=1,\]as a Quantum Measurement Units (QMU) ledger-closure identity in the Aether Physics Model (APM). In this framing, the quantities commonly called “mixing parameters” are treated as overlap invariants between quark packing states induced by a 5D-to-4D holonomy map. The squared moduli are completeness weights in the holonomy-induced inner product, so first-row unitarity becomes a basis-closure check rather than a postulate about an abstract matrix. The empirical anchor is the current data-facing closure target compiled by the Particle Data Group (PDG). Using representative PDG values,\[V_{ud}=0.97367(32),\qquad V_{us}=0.22431(85),\]with the contribution of $|V_{ub}|^2$ negligible at the quoted precision, the first-row sum is reported as\[|V_{ud}|^2+|V_{us}|^2+|V_{ub}|^2=0.9983(6)(4),\]corresponding to a residual\[\Delta_{\mathrm{row1}}:=\big(|V_{ud}|^2+|V_{us}|^2+|V_{ub}|^2\big)-1\approx -1.7\times 10^{-3}.\] The central methodological move is to rewrite the superallowed $0^+\to 0^+$ beta-decay program in a ledger-first form. The observed constancy of corrected $\mathcal{F}t$ values is treated as a vector-current closure statement under holonomy, with standard “radiative” and “nuclear-structure” terms reorganized into two reader-facing categories:\[\mathcal{B}_V=\mathcal{B}_{\mathrm{hol}}\;\mathcal{B}_{\mathrm{map}},\]where $\mathcal{B}_{\mathrm{hol}}$ collects holonomy boundary terms and $\mathcal{B}_{\mathrm{map}}$ collects charge-basis conversion terms and normalization bookkeeping. Charge-basis discipline follows the established APM narrative. The internal APM relationship between singular and distributed square-charge bases is enforced by the unified charge equation,\[e^2 = 8\pi\,\alpha\,e_{\mathrm{emax}}^{\,2},\]with $\alpha$ the fine-structure constant. When bridging to SI reporting conventions, the operational SI$\leftrightarrow$QMU conversion is implemented by the Charge Conversion Factor (CCF),\[\mathrm{CCF}:=\frac{e_{\mathrm{emax}}^{\,2}}{e},\]used to translate SI charge-based units to QMU and back without altering the internal APM charge-basis identity. A constructive holonomy program is then organized into milestones that (i) define an action-normalized vector-channel connection, (ii) implement the forward-time restriction explicitly, and (iii) reduce the forward-time holonomy defect to seam (stitching) data classified by a discrete obstruction index. In the minimal octant taxonomy, seam increments are quantized in steps of $\pi/4$, leading to a defect structure of the form\[\Delta_V=\frac{1}{8}\,\tau_V\,\Xi_V(\alpha),\]with $\tau_V\in\mathbb{Z}$ (or half-integer effective classes under forward-time restriction) and $\Xi_V(\alpha)$ a normalization fixed by geometry and a charge-basis-constrained basis-map multiplier. A key geometric lock used in the diagnostic scan is a toroidal invariance principle for the forward-time projection, expressed as\[R\,r=\lambda_C^2,\]where $R$ and $r$ are the major and minor radii of the effective toroidal projection and $\lambda_C$ is the QMU Compton length. In the minimal octant-pitch model this yields a rigid seam-lock multiplier,\[s_V=\sec\beta_V=\frac{\sqrt{17}}{4}\approx 1.0308,\]which shifts the inferred obstruction index for the observed first-row deficit toward the forward-time half-class $3/2$ with only a sub-percent remaining mismatch.
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Quantum Chromodynamics and Particle Interactions
Nuclear physics research studies
Particle physics theoretical and experimental studies
Cet article examine les répercussions macrofinancières entre les principales actions technologiques américaines et les principales cryptomonnaies en appliquant un cadre d’autorégression vectorielle quantile (QVAR). À l’aide de données quotidiennes couvrant la période de novembre 2017 à octobre 2023, nous examinons la connectivité dynamique entre les classes d’actifs à différents points de la distribution des rendements, en mettant particulièrement l’accent sur les extrémités, où le risque systémique s’amplifie généralement. Nos conclusions révèlent que, si la connectivité moyenne est importante, l’intensité des répercussions est nettement asymétrique et concentrée dans les quantiles extrêmes, ce qui indique une interdépendance accrue pendant les périodes de tension ou d’exubérance financières. Les cryptomonnaies agissent comme des transmetteurs nets de volatilité vers certaines actions technologiques dans des conditions de marché défavorables, bien qu’elles ne présentent que des retombées limitées en temps normal. Ces résultats soulignent l’importance macroéconomique croissante des actifs numériques et la nécessité d’intégrer des mesures basées sur les quantiles dans les cadres de surveillance macroprudentielle, suggérant que les modèles de tests de résistance et les cadres de stabilité financière doivent être accompagnés de ces modèles d’interconnexion des extrémités, visant à évaluer régulièrement les dépendances entre les extrémités des différents marchés. Enfin, le document fournit des informations importantes aux banques centrales, aux décideurs politiques et aux investisseurs institutionnels, en ce qui concerne la conception d’un suivi macrofinancier complexe, les techniques de gestion des risques et l’allocation des actifs. Classification JEL : C32, C58, D53, E44, E60, G10
Michele Battagliola, Laura Mattiuz, Alessio Meneghetti
Abstract The Vector Oblivious Linear Evaluation in the Head (VOLEitH) paradigm has proven to be a versatile tool to design zero-knowledge proofs and signatures in post-quantum cryptography. In this paper, we propose three VOLE-friendly modellings for Proofs of Knowledge (PoK) of a solution of an instance of the Linear Code Equivalence Problem (LEP). For the first two schemes, we propose two new reductions from LEP to the Multivariate Quadratic (MQ) problem, that may be of independent interest for the cryptanalysis of LEP. Instead, the last model is obtained by generalizing a recent work by Bettaieb et al. to the context of monomial matrices instead of permutation matrices. While our proposed schemes exhibit larger signature sizes compared to LESS, they improve the computational efficiency, reducing the overall complexity from $$O(n^3)$$ to $$O(n^2\log n )$$ and $$O(n^2\log ^2 n )$$ , where n is the length of the code.
We model endogenous trading and liquidity provision at a decentralized exchange (DEX) and demonstrate that increasing DEX trading fees can increase DEX trading volume. DEXs employ a mechanical pricing rule whereby price impacts decrease with inventory that DEXs acquire by offering fee revenues to investors. Consequently, higher DEX fees can incentivize higher inventory, thereby reducing price impacts. Moreover, the reduction of price impact can offset the increase in fees so that the marginal cost of DEX trading declines despite charging a higher trading fee. In turn, lower DEX marginal trading costs lead to an increase in DEX trading volume. This paper was accepted by Agostino Capponi, finance.
Truffle is a framework that provides compiling, testing and systematic project management for developing Ethereum decentralized applications. As of now, Truffle provides a way to easily deal with bundling node.js modules of decentralized application using the webpack tool. However, due to the Truffle project structure, server-side node.js modules such as network communication modules are not usable in a direct way. In this paper, to address this issue, we propose a method to use server-side node.js modules through Ethereum smart contracts and event processing mechanism. In the proposed method, a separate node application is associated to the server-side module to execute the module in response to the request of the decentralized application. To this end, we introduce the notion of function gateway, a smart contract for connecting two applications with Ethereum's event-watch processing technique. Also, to use the function gateway contract in a robust way, we introduce a robust function gateway that includes the process of confirming whether or not the event-watch has occurred and the node.js module function has been executed. In addition, we present a decentralized application using node.js module for sending actual e-mails based on the function gateway.
Eduardo Sardenberg, Antonio José G. Busson, Daniel de Sousa Moraes, Julio Cesar Duarte · 5 authors
Smart contracts play a central role in blockchain systems by encoding financial and operational logic. Still, their susceptibility to subtle security flaws poses significant risks of financial loss and erosion of trust. LLMs create new opportunities for automating vulnerability detection, yet the effectiveness of different prompting strategies and model choices in real-world contexts remains uncertain. This paper evaluates state-of-the-art LLMs on Solidity smart contract analysis using a balanced dataset of 400 contracts under two tasks: (i) Error Detection, where the model performs binary classification to decide whether a contract is vulnerable, and (ii) Error Classification, where the model must assign the predicted issue to a specific vulnerability category. Models are evaluated using zero-shot prompting strategies, including zero-shot, zero-shot Chain-of-Thought (CoT), and zero-shot Tree-of-Thought (ToT). In the Error Detection task, CoT and ToT substantially increase recall (often approaching ~ 95--99%), but typically reduce precision, indicating a more sensitive decision regime with more false positives. In the Error Classification task, Claude 3 Opus attains the best Weighted F1-score (90.8) under the ToT prompt, followed closely by its CoT.
Transaction flow networks are crucial in detecting illicit activities such as wash trading, credit card fraud, cashback arbitrage fraud, and money laundering. \revise{Our collaborator, Grab, a leader in digital payments in Southeast Asia, faces increasingly sophisticated fraud patterns in its transaction flow networks. In industry settings such as Grab's fraud detection pipeline, identifying fraudulent activities heavily relies on detecting dense flows within transaction networks. Motivated by this practical foundation,} we propose the \emph{\(S\)-\(T\) densest flow} (\SDMF{}) query. Given a transaction flow network \( G \), a source set \( \Src \), a sink set \( \Dst \), and a size threshold \( k \), the query outputs subsets \( \Src' \subseteq \Src \) and \( \Dst' \subseteq \Dst \) such that the maximum flow from \( \Src' \) to \( \Dst' \) is densest, with \(|\Src' \cup \Dst'| \geq k\). Recognizing the NP-hardness of the \SDMF{} query, we develop an efficient divide-and-conquer algorithm, CONAN. \revise{Driven by industry needs for scalable and efficient solutions}, we introduce an approximate flow-peeling algorithm to optimize the performance of CONAN, enhancing its efficiency in processing large transaction networks. \revise{Our approach has been integrated into Grab's fraud detection scenario, resulting in significant improvements in identifying fraudulent activities.} Experiments show that CONAN outperforms baseline methods by up to three orders of magnitude in runtime and more effectively identifies the densest flows. We showcase CONAN's applications in fraud detection on transaction flow networks from our industry partner, Grab, and on non-fungible tokens (NFTs).
Everything is becoming digital these days, health records are no exception. Digitization of healthcare sector would make the outcome improved such as enhanced patient care, but like every digitization, this has also introduced significant privacy and security concerns such as health data breaches. This paper proposes a “Health-ID Verification Framework” that combines blockchain, ECDSA and ZKPs to enable secure, GDPR-compliant health id verification. zk-ID leverages zk-SNARKS for privacy preservation, chameleon hashes are used for retroactive redaction that is in line with GDPR’s “right to be forgotten” clause. Sharded Blockchain networks achieve about 1,200 TPS. Evaluations show zk-ID reduces verification latency by 62% compared to Sovrin and lowers storage costs to 21.67/record via hybrid on/off-chain architectures. Interoperability is achieved through FHIR/HL7 APIs while eliminating fraud through multi-authority attribute-based encryption (MA-ABE).
Blockchain technology rests upon distributed-ledger principles, offering a decentralised, tamper-evident method of recording transactions across networks. The discussion begins with an analysis of network topologies –centralised, decentralised, distributed, and hybrid – each with distinct implications for resilience, control, and scalability. Distributed-Ledger Technology (DLT) is defined as a class of decentralised systems enabling peer-to-peer consensus without central authority, with blockchain as a linear, cryptographically chained variant . Key architectural elements are examined, including node types, data structures, and consensus mechanisms such as Proof-of-Work, Proof-of-Stake, and Byzantine Fault Tolerance, each with distinct trade-offs between security, performance, and energy efficiency. The emergence of smart contracts and tokenisation is presented as transformative: enabling programmable, trust-minimised interactions and asset digitisation, while simultaneously introducing regulatory, legal, and technical challenges . The chapter critically distinguishes blockchain from broader DLTs, highlighting alternative models such as DAG-based systems (e.g., IOTA, Hashgraph) and permissioned frameworks (e.g., Corda). Foundational applications across financial services, supply chains, and digital identity are introduced, setting the stage for industry-specific use cases. Finally, implications for the built environment – including the “Golden Thread” of building lifecycle information – are briefly explored, identifying the potential of blockchain to enhance data integrity, accountability, and compliance in complex asset ecosystems .