Sergey V. Ermakov, Sergey Kucenko, Rinat Gil'vanov
Purpose: The stages of becoming in a university of new trend “Digital Department” which allows also to formulate term “digitalization” anew. Methods: The birth of term “digitalization” in a university has been studied. The evolution of notions “automation”, “informatization”, “digitalization” which predetermine smooth transfer to new trend in universities — “digital department” and, hence, “digital university”, has been shown. Results: “Digital university” model has been formulated that consists of such important components as “infrastructure”, “programmatic platforms”, “informational systems”, “data corporative storage” and “digital services”. “Digital department” possibilities in a university have been demonstrated in the part of realization of “Digital technologies on railway transport” educational program and such notional trends as internet of things, big data, virtual and augmented reality systems, artificial intelligence, “digital twin”, distributed ledger systems (recent years major trends in digital economy sphere). Practical significance: “Digital department” possibilities from the point of uniform approach to widescale teaching digital competences to students of almost all IT specialties and training trends have been demonstrated. The experience of external control has been narrated — from making to teaching — by Science and Higher Education Ministry and Digital Development, Communication and Mass Communications Ministry of Russian Federation by means of Innopolis University. The article authors make an attempt to answer topical in this sphere questions: how modern digital services immediately influence training features in professional education? Which is management model of “digital university”? Which components it consists of?
Open access
Economic and Technological Systems Analysis
Scientific Research and Philosophical Inquiry
Advanced Research in Systems and Signal Processing
Elena Sinelnikova-Muryleva, Maria N. Kuznetsova, Kirill Shilov
More than 12 years have passed since the debut of Bitcoin, the first cryptocurrency, but there is still no clear understanding of the essence of cryptocurrencies. At the same time, in recent years, interest in cryptocurrencies has continued to grow, and this financial instrument is becoming more and more attractive to individuals. Therefore, an issue of essence of cryptocurrencies is relevant. The main subject of the study is the profitability of cryptocurrencies. The main aim of this work is to identify the determinants of cryptocurrency returns. To achieve this goal, such tasks as the creation of factors reflecting the characteristics of the cryptocurrency market and the use of multifactor Fama-French models for the analysis of cryptocurrency returns were performed. Based on the collected daily data on capitalization, trading volumes and the price of more than 5,000 cryptocurrencies for the period from 01.04.2014 to 21.06.2021, standard factors based on capitalization indicators, trading volumes and the third momentum were built. The main estimation method is econometric modeling using the least squares method. The obtained results of an empirical study indicate a positive relationship between the profitability of groups of cryptocurrencies and the difference in the yields of the upper and lower 30% of cryptocurrencies according to the third moment. The difference in the yields of the lower and upper 30% of cryptocurrencies by market capitalization has a negative impact on the profitability of groups of cryptocurrencies. The main conclusion of the study is that before the beginning of high volatility period, cryptocurrencies could be considered as an asset for the diversification of market risk, but subsequently the cryptocurrency market began to move co-directionally to the stock market. The scientific novelty of the work stems from presenting an assessment of the impact of modeled factors on various groups (portfolios) of cryptocurrencies over certain periods of time. The study recommends to conduct further analysis of the profitability factors of cryptocurrencies on more homogeneous samples.
Electronic health information exchange allows providers to healthcare providers and patients to securely access vital medical information of the patient and share it in electronically with other healthcare providers. However, existing health systems for the exchange of medical data faced with a number of problems, in particular: security, confidentiality and fragmentation of medical data. Data information systems are isolated because each medical institution, laboratory, doctor use their own system. The patient cannot access their medical information in the right time, since patients still do not have access to these systems. And the exchange of medical information between doctors occurs through mail or patients carry their own medical records with them admission to reception. In healthcare, there is no single system that allows both doctors and patients to have permanent access to the history the patient's illness and prescribed treatment. The paper considers the electronic health system eHealth. In this system, all medical data is stored on central component, and physicians using information systems gets access to them. However, this system has its limitations: single point of failure, lack of a unified medical information systems and patients still do not have access to their medical data. Therefore, one of the solutions to these problems is to create systems for exchanging medical information using directed acyclic graph (DAG). DAG will allow freely exchange data with a guarantee of their integrity. The patient's medical records will be stored in a distributed ledger, and not on the server of the medical institution. So no one can change patient data or deny him access to his own data. The use of DAG is considered on the example of the transfer of medical patient data to the doctor. The process of creating and sending medical data to DAG is illustrated with a specific example.
The paper is devoted to the study of the formation and development trends of cryptocurrency and blockchain technologies in the digital economic environment, as well as the risks and dangers of their application. According to the features of classification, the main features of virtual currencies have been explained. The risks and dangers that may arise with the regular use of cryptocurrency and blockchain technologies emerging in the digital environment were considered. As a result of the transformation of digital technologies, the study of the problems of formation and development of cryptocurrencies and blockchain technologies is one the urgent issue. As a result of improving the management of economic and business processes on the basis of modern ICT, a digital economic environment with new non-traditional technological features is being formed. The possibilities of applying cryptocurrency and blockchain technologies in economic structures and processes in the new economic environment have been explored. The security features of blockchain technology and the mechanism of operation of the cryptocurrency have been explained. The differences between cryptocurrency and traditional money have been explained, and the essence of different approaches to cryptocurrencies in the international arena has been analyzed. Statistical analysis of scientific publications on cryptocurrencies has been conducted. The capitalization dynamics of cryptocurrency are presented. The rating of cryptocurrencies is shown according to the level of capitalization. The dynamics of price changes in Bitcoin are given. The structural content of cryptocurrencies and blockchain technologies was explained, and their application in economic operations was studied. The risks and dangers of cryptocurrency in the digital environment were analyzed. The mechanism of their operation in business and financial operations was explained. The dangers of the use of cryptocurrencies in the existing traditional financial system have been identified. The problems of legal regulation of cryptocurrencies in the world have been analyzed. It was noted that although the use of such technologies poses risks and threats in modern financial markets and cryptocurrency exchanges, they can create new opportunities and prospects for the future development of the country's economy in the digital environment. In the 4.0 Industrial Platform in the Digital Environment, some recommendations have been given for preventing the risks and dangers of using cryptocurrency and blockchain technologies.
The growing demand for secure and tamper-proof academic credential management has exposed the limitations of traditional systems, including susceptibility to fraud, inefficiency, and dependency on centralised authorities. Blockchain technology, with its decentralisation, immutability, and cryptographic security, offers a transformative approach to issuing, storing, and verifying academic credentials. This paper explores blockchain architectures—public, private, and consortium—and their application in academic systems. Applying smart contracts and decentralised architectures, blockchain improves trust and transparency and optimises credential checking. OpenCerts and eScroll are presented, referring to existing implementations, to demonstrate possibility and impact on the real world. The study outlines issues such as scale, privacy and interoperability Lastly, the study outlines directions for future research for enhanced blockchain use in managing academic credentials globally.
This chapter presents the main mechanisms through which cryptocurrency systems self-regulate and self-govern. This is a necessary precursor to the core component of reflexive regulation, which is the redirection of internal self-regulatory mechanisms towards regulatory goals. With this in mind, the chapter identifies the two main internal governance mechanisms within the cryptocurrency system as ‘Code’ and ‘Consensus’. These mechanisms are described and analysed in turn, with a focus on their operational closure (functionality) and cognitive openness (regulability). This is done with an emphasis on highlighting not only the avenues and means for legal intervention within these internal governance structures, but also identifying the role of law and legal intervention in ameliorating these self-regulatory mechanisms in order to address the issues of regulatory concern related to cryptocurrencies.
The West Point classmate who appreciated Poe as a “fellow of talent” assumed that he would be “too mad a poet to like Mathematics” (PL 114). Mad or not, Poe began his lifelong interest in mathematics by standing a respectable seventeenth in his math class of eighty-seven cadets. Throughout his career he maintained a continual thread of logical and mathematical awareness in his detective tales, science fiction, Eureka, and criticism, in counterpoint to their Gothic elements. To follow up on the unprecedented success of “The Raven,” Poe surprised his readers with the mathematical claim in “The Philosophy of Composition” that he had written “The Raven” by following a few logical precepts: “No one point in its composition is referrable either to accident or intuition—that the work proceeded, step by step, to its completion with the precision and rigid consequence of a mathematical problem” (L2 61–62).Poe experienced in antebellum American literary culture an unprecedented combination of historical factors: geographic expansion on a continental scale, major moral reform, and sweeping technological innovations. These complexities give his career special relevance for us today as we face the dangerous mix of political uncertainties, COVID, Ukraine, and the dual economic worries of inflation and depression. Our response today is to turn toward the digital or virtual equivalents of in-person work and socialization. Thus traditional culture is being replaced to some extent by mechanized procedures and oceans of data. The new mathematical entities have been enlivened to some extent by assuming two-letter abbreviations: AI (artificial intelligence), ML (machine learning), and VR (virtual reality). Facebook, once a familiar and stable cultural standard, is now refashioning itself as Meta, transforming ordinary reality into AR (augmented reality).These fundamental transitions deeply affect the Internet, as might well be imagined. When websites first appeared in the 1990s, they were composed chiefly of static pages of information. In response to the innovations of interactive social networks, blogs, wikis, and shared media, Tim O’Reilly in 2004 introduced the term “Web 2.0.” In the early web, which became known retrospectively as Web 1.0, a typical attraction was the Encyclopedia Britannica Online, its static pages written by experts. In Web 2.0 the comparable page was Wikipedia, an ongoing compendium produced by multiple anonymous contributors. After smartphones encouraged the broad expansion of the Internet, Web 2.0, being largely unregulated, contained material that had legal protection, but which unprotected printed outlets could not risk publishing. One serious charge was that Web 2.0 had spread conspiracy theories, hate, and racist sentiments, and even lies and disinformation. At the same time, the Internet was accused of ignoring privacy, being flagrantly partisan in political elections, and offering unstable advice on the COVID pandemic. In addition, many web pages practiced what Shoshana Zuboff studied in The Age of Surveillance Capitalism (2019) as the relentless collection and sale of demographic data, location information, and personal habits online. The final effect is that the Internet, once trustworthy, is no longer so.In the worst case, a would-be shooter could take advantage of the low level of supervision in order to obtain on the Internet uncensured instructions on how to make bombs and ghost guns. Some shooters realized that their attacks could be live streamed, thereby encouraging other shooters. Thus in 2019 the New Zealand shooter who killed fifty-one Muslims in Christchurch live streamed the event, providing an example for the Buffalo shooter who used the Internet in multiple ways in his racist attack on a Tops supermarket in spring 2022. He drew information from BitChute, a video sharing site, Reddit, 4chan chat rooms, racist articles on HuffPost and Medium, and practical videos on YouTube. During his fatal shootings, he streamed video live on Twitch, afterward writing a diary, producing a 180-page manifesto, and posting details on Discord. The common thread in these mass shootings is the belief in replacement theory, the notion that Blacks, immigrants, and others were eliminating the dominant white culture in order to replace it with a radical alternative culture. The nonprofit site Media Matters for America reportedly found fifty ads on Facebook promoting replacement theory, some from candidates for political office, in addition to restored posts previously removed from mainstream platforms such as Twitter and Reddit (New York Times, June 1, 2022).Today, as the Internet turns from Web 2.0 to what is called Web3, many observers hope that its new technologies will provide protection that the legal system has failed to offer thus far. Thus Web3 holds up some hope, although most users may still not know what it is. The term could not be explained by 70 percent of the readers of the Harvard Business Review in a survey conducted online on LinkedIn in March 2022. The promise of Web3, to use its own terminology, would be to store data on the blockchain of individual users and rely on its own cryptocurrency to replace transactions of untrustworthy governments and large organizations. The general promise of blockchain is that it would take power now concentrated in the hands of Alphabet (Google), Amazon, Apple, Meta (Facebook), and Microsoft and redistribute it across the Internet to empower ordinary users.Many claims are now being made for this new technology. Web3 is decentralized because ownership is distributed among its builders and users. Web3 is permissionless because everyone has equal access. Web3 uses native payments of cryptocurrency instead of banks and payment processors. Web3 is trustless: it operates using incentives and economic mechanisms. Two more features: Web3 uses DeFi, decentralized finance, and DAO, decentralized autonomous organizations.Supporters argue that Web3 will provide increased data security, scalability, and privacy for users, combating the influence of large technology companies. However, critics are concerned that a decentralized web with low regulation can disseminate harmful content and end up concentrating new wealth in a small group of early investors, turning crypto into a Ponzi scheme.Thomas Stackpole’s balanced response in response to the question “What Is Web3?” appeared in the Harvard Business Review of May 10, 2022. Much interest in Web3 stems from envy or FOMO (fear of missing out) because some early investors had reported making a fortune by investing in crypto. Memorably, famous media stars, not just techno-libertarians and bank haters, were appearing as advocates on TV and in commercials. What started as a curiosity and speculative niche became big business.Crypto is supported by blockchain, which is a “distributed ledger” whose database is backed by a network of independent computers. The idea of the “digital deed” is to support the ownership records of unique digital objects, which are called nonfungible tokens or NFTs. In 2022, their market was said to be worth $41 billion, a value that seemed to appear out of nowhere. Needless to say, blockchain faces major technical, environmental, ethical, and regulatory hurdles as well as the hazards of intentional abuse. Nevertheless, some experiments in Web3 are now underway in the communities of the NBA, Nike, Adidas, Under Armour, and Time magazine. However, the assets of Web3 are highly concentrated: “The top 0.01% of bitcoin holders own 27% of the supply” (bitcoinist.com).To some critics, Web3 seems to be largely speculation in cryptocurrencies, a mirroring of the shadow banking practices that resulted in the 2008 financial crisis. At one time the value of crypto is said to have risen as high as $3 trillion, but in the summer of 2022 it reportedly fell to $1 trillion (decrypt.co). The skeptic Jim Chanos, an American investment manager, called crypto a “predatory junkyard”; columnist Paul Krugman labeled crypto a “postmodern pyramid scheme” (New York Times, July 12, 2022). In China and eight other countries, cryptocurrencies have already been banned, and its treatment under European regulations remains unclear. Despite catastrophic losses, the enthusiasm of some advocates of crypto remains undampened (New York Times, August 2, 2022).Many of the hopes and fears concerning Web3 depend on its use of big data and mathematical procedures, which add convenience but also weaken human control. The huge swings of opinion on the subject may reflect the public’s low level of mathematical literacy. In Poe’s case, some contemporaries were distressed by what they saw as his excessively mathematical side. Charles Frederick Briggs, founder of the Broadway Journal, who hired Poe as an editor, complained about Poe to James Russell Lowell on June 27,1845: “I think a machine, something like Babbage’s[,] might be constructed to write poetry and criticisms like his” (www.eapoe.org). Poe had been early aware of Babbage’s computer, mentioning it in “Maelzel’s Chess-Player” (Southern Literary Messenger, April 1836) and again in “The Thousand and Second Tale of Scheherazade” (Godey’s Lady’s Book, February 1845), which Briggs excerpted in the Broadway Journal on January 25, 1845 (PL 497), just a few days before the publication of “The Raven.”In the poem Poe used the raven, a highly intelligent animal with deep associations in myth, prophecy, and tradition, for its special voice reputedly resembling that of human speech. Poe’s tale of a bereaved lover is cast as a ballad in which he asks a series of questions to which the raven speaks the refrain “Nevermore” in reply. The lover’s midnight reading is interrupted by an outbreak of involuntary memory (to use Proust’s term) of his sorrowful thoughts of the loss of his “sainted Lenore,” now in heaven, hoping for a joyous future reunion with her in the afterlife. However, the raven’s refrain “Nevermore” startles him, denying this meeting will ever take place, then resisting the lover’s attempt to dismiss him. In “The Philosophy of Composition,” Poe quotes the final text that presents the image of the shadow of the raven on the floor, and the startling disclosure that the shadow now contains the young man’s soul:Then, perhaps for the benefit of genteel readers of Graham’s, where the essay appeared, Poe describes the final effect of the poem as “Mournful and Never-ending Remembrance” (L2 70), a deep sentiment that Kenneth Silverman uses as the subtitle of his biography of Poe. However, some readers have had a different understanding, seeing allegorical significance in the young man’s soul leaving his body and becoming entrapped in the raven’s shadow on the floor, never to leave. Here “Nevermore” is not the raven’s refrain but the young man’s own description, concluding the ballad with the allegorical suggestion that the young man’s trapped soul signified his realization of his imminent fate of madness, death, and damnation. In this reading, the closing text of the poem does not support Poe’s account of the young man’s final sentimental and melancholy separation from Lenore; instead, the ballad concludes abruptly with the shock, amplified by its severe understatement, of the young man’s first realization of the full extent of his final moral state and its associated terror and horror.Although Poe may not have been, as his West Point classmate claimed, “too mad a poet to like Mathematics,” he evidently realized at some point that a reputation for mathematical proficiency would do wonders for his reputation. Thus he also adds a second mathematical claim in “The Philosophy of Composition,” namely that “the extent of a poem” exists in a “mathematical relation to its merit . . . [adding that] the brevity must be in direct ratio of the intensity of the intended effect” (L2 62). Indeed, a short poem such as a sonnet may be more intense than a long epic, but Poe’s claim of a precise “direct ratio” in the number of lines overstates the case. Nevertheless, Poe understood that exaggeration in matters of appearance could make an impression more memorable. In private, Poe admitted that what he called his tales of ratiocination could owe more to their novelty than to their logical discipline. “These tales of ratiocination,” Poe wrote to Phillip P. Cooke, “owe most of their popularity to being something in a new key. I do not mean to say that they are not ingenious—but people think them more ingenious than they are—on account of their method and air of method” (PL 661).“Poe in Cyberspace” columns are available online at eapoe.info.
Cryptocurrencies have experienced exponential growth in the 10 years after their discovery in 2009.Despite the popularity of cryptocurrencies as an investment, there is still much to be understood about the factors that influence cryptocurrency investment.This study seeks to find the influence of behavioral finance factors, specifically herding, heuristics, and prospects on investment decision for millennials and gen Z in Indonesia.The research method used is multiple regression with several stages including reliability and validity tests, descriptive analysis, and hypothesis testing analysis.With a sample of 140 respondents, it is concluded that herding and heuristic factors have a significant influence on investment decisions in the cryptocurrency market, while the prospect factor does not have a significant influence on investment decisions in the cryptocurrency market.The results of this study indicate that non-fundamental factors are still high as reflected in herding and heuristics on millennials and gen Z investors in Indonesia.Another implication is that many investment decisions are "not yet" sound in a very dynamic situation in the cryptocurrency market.
The work is devoted to a comparative analysis of tools for managing a cryptocurrency portfolio. The study aimed to find out which of the tools is currently the best solution for users. This analysis was carried out on the basis of two tools, first: a survey conducted of among 41 responders who are cryptocurrency users, and the second one: cognitive walkthrough. Conducted analysis confirmed the thesis that the Trust Wallet tool is currently the best solution for users.
WAN ATIQAH WAN JAMARUL IMRAN, Mohamed Hisham Yahya, Muhammad Hafiz Ali, MOHD AKBAL QAMAS ABDUL BASIR .
This research studies the factors that affect volatility in cryptocurrency markets. The relationship between information asymmetry and cybercriminal risks are studied against the volatility and return of cryptocurrencies, namely, Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) dan Ripple (XRP). These cryptocurrencies are selected as they are cryptocurrencies that are being traded by Luno, Sinergy and Tokenzie (the exchange companies regulated by the Securities Commissions of Malaysia). 730 observations were collected for each cryptocurrency via the CoinMarketCap website, from 1 January 2019 to 30 December 2020. The ADF test and the Kolmogorov-Smirnov test have been conducted before the analysis of the data. The results show the stationarity and non-normality of the data collected. The EGARCH-GED model is used to analyse the relationship between information asymmetry and volatility. The findings indicate a significant relationship between information asymmetry and volatility in BTC, ETH ad XRP. The Event Study Method (ESM) is used to analyse the effect of cybercriminal risks on returns. The result shows that all four cryptocurrencies show a significant relationship between cybercriminal risks and returns.
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 article discusses the V.V. Tselishchev’s original and unique systematic study of the specific and extremely complicated problems of Gödel results regarding the question of artificial intelligence essence. Tselishchev argues that the reflexive property should be considered not only as an advantage of human reasoning, but also as an objective internal limitation that appears in case of adding Gödel sentence to a theory to build a new theory. The article analyzes so-called mentalistic Gödel’s argument for fundamental superiority of human intelligence over machine one and the non-algorithmic nature of natural thinking. The discussion about the Gödel argument is not entirely speculative, but contains new knowledge. An example of such knowledge are the results of R. Smullyan levels of computers “awareness,” which are may be interpreted in a psychophysical sense. The concept of “zero level of intelligence” is proposed for such a reflexive property as “awareness of selfconsciousness.” Reflexive ranks below the awareness of self-consciousness can be considered negative levels of thinking in the sense that the intelligence, being reduced to them, significantly loses its completeness. Even self-consciousness turns out to be a negative level of thinking, since, according to Smullyan, the subject of self-consciousness is unaware of the type of thought to which he belongs. A thought experiment is proposed that allows us to establish the distribution of the properties of Smullyan stability and normality and to answer the question “Does an intuitive belief in the truth of a formal proof affect the truth of a proposition being proved?” According to intuitionism, the most unpleasant epistemic property is instability: beliefs that are not based on deep intuitions have no value. According to the constructivist philosophy of mathematics, instability is a less negative property than abnormality: the fact that high-ranking beliefs cannot be immersed to the very foundations is not significant because violation of truth due to lowering the rank of reflection is not critical.
<p>Bai Jie<sup>1,2</sup>, Du Yanhui<sup>1</sup>, Lu Tianliang<sup>1</sup></p>
This paper studies the sensitive information recognition and processing system in social online games. A real-time data mining framework for sensitive information on online games in the blockchain mode is proposed. A large-scale social online game chat room database is selected for testing, with SKLearn library based on Python is used for data preprocessing. The model training and verification are implemented through tensorflow. The results show that the accuracy of TextCNN is over 5% higher than that of Naive Bayes and CNN models for short text recognition in online game context, so TextCNN model can meet the requirements for high efficiency and accuracy of sensitive information recognition in large-scale online games. The conclusion proves that the blockchain-based online game sensitive information mining framework has the advantage of alliance chain hierarchical management, the characteristics of the distributed ledgers leaving traces in the whole process of information dissemination, and enhanced contract enforcement through the smart contracts and consensus mechanisms.
We studied the specific properties of the cryptocurrency market. Guided by the concept of implied volatility, we investigated the asymmetric reaction of the market to news. Based on the concept of realized volatility, we verified the hypothesis of herding behavior in the market. To test the properties of the market, we used a combination of methods, starting from the analysis of statistics of search queries, interpreted as proxies of information demand from professional market participants and the “wide crowd”, and ending with advanced Markov-Switching GARCH models and heterogeneous autoregressive models of realized volatility (HAR-RV-J-models). As a result, we found various types of asymmetric reactions of the cryptocurrency market to news related to both the general direction of its dynamics (growth or decrease) and the amplitude of return fluctuations (high or low volatility). During the upward price rally and overheating of the market, investors deliberately avoided the bad news; thereby the asymmetry in the cryptocurrency market was inverse (to the adopted leverage effect). On the contrary, during the downward price rally, market participants exhibited an overreaction to bad news. In addition, the asymmetric reaction to the news observed during the period of low market volatility actually disappeared when the amplitude of cryptocurrency return volatility increased. The behavior of short-term investors was also varied in the study period. While during the growth of the market, small speculators were more likely to follow their own trading strategies, during the hype they borrowed the trading practices of the largest players. We also revealed the effect of training among small investors: over time, they became less prone to provocations from large players, which did not allow the 2019 rally to surpass its counterpart in 2017 in terms of both return oscillations and duration.
The history of the development of electronic payment systems as a prerequisite for
 the emergence of cryptocurrencies is studied. The most popular cryptocurrencies are considered, their
 advantages and disadvantages are highlighted.
The paper analyzes global publications in blockchain research on a series of quantitative and qualitative indicators, using Scopus database. Blockchain research published a total of 4629 research publications in 9-year period during 2010-18. The publications registered a fast growth of 150.24 per cent and registered average citation impact per paper of 5.04. The paper profiles most productive countries, organisation, authors and journals on select bibliometric indicators. The top 29 highly-cited papers in this area are also analysed.
In the article the components of technological basis of information and communication systems and the basic processes of its improvement are proposed and researched in general terms. The interaction between the user and Web service is monitored (information services, which are provided to users through Web technologies). Today, the evolution of the creation and formation of a multidimensional information communication environment is a determining factor for the innovative development and efficient functioning of all structures and social systems of the information society. Precisely by the communication sphere, that is transformed in the context of global information opportunities, the free access to knowledge, connections between people and communities, the accumulation, dissemination and enrichment of social experience are ensured. Today there is an active formation of a single global world economic, legal, information space to ensure the free and efficient business activity of all entities in the Internet. The world information space includes a system of services (services), the most important of which are: 1) Computing Services (Data / Computation Services) – means of placing data and their transportation between applications, access to computing and network resources; 2) Information Services – means of submission, processing, storage and access to information; 3) Knowledge Services – means of accumulation, submission, restoration, publication, search and processing of knowledge. Various institutional structures on the Internet create their own information models through the Website, creating certain information and economic spaces by means of intellectualized software (multiagent systems or software agents as agents of economic activity) in the global electronic environment or object-oriented software (site, portal, e-mail box, etc.). It is the Web server, a kind of business card of an enterprise that represents a set of interconnected Web pages, presents the company and its services. The homepage of the company website tells you about the history of the company, its profile, projects, products / services, business partnerships, etc., namely, general information about what the organization provides and what offers. This page often has links to portals (multifunctional sites) of e-markets or e-shops, which are the entry points to the global network of all participants of the business process, as well as a place for placing electronic catalogs of goods, services, transaction management, logistics processes, payments etc. Today, Web2 and Web3 technologies are replacing Web technologies. They are based on social networks, a collaborative effort to develop information resources. Corporate blogs, Wiki encyclopedias and others are based on these new technologies.
Jan 1, 2020·Proceedings of the 2nd International Scientific and Practical Conference “Modern Management Trends and the Digital Economy: from Regional Development to Global Economic Growth” (MTDE 2020)
Natalya N. Kovalyova, N.A. Zhirnova, М В Филимонова
The main attention is paid to the review of prospects in the field of legal regulation of such new financial instruments as cryptocurrencies as a type of electronic money. A number of bills and laws governing the public relations in question are analyzed. The problems that the Russian legislator is required to solve in order to ensure adequate legal regulation of new public relations are highlighted. The experience of some foreign countries in the field of legal regulation of cryptocurrencies is analyzed. It is concluded that today the development of the legal regime of new financial instruments, cryptocurrencies, is an urgent need. The lack of state regulation in the Russian Federation of electronic payments made in payment systems that use cryptocurrency as a means of transactions introduces confusion into society making the use of digital financial assets in the Russian Federation doubtful, which seems like a denial of world technology. Ultimately, the development of the Russian state depends on the fastest solution to this problem.
The aim of the study is to develop the classification of the criteria for cryptocurrencies and justify the characteristics of their indicators.To substantiate the classification of the criteria for cryptocurrencies, the following complex of theoretical research methods has been used: -deduction and induction, -analysis and synthesis, -comparison, -generalization, -systematization and interpretation of results.
Adélia Cristina Peres Torrecillas, Rodrigo Sakayemura
In the last decade, cryptocurrencies have gained prominence in the media as a payment method or an investment, arisingthe importance to study the viability of their attachment in the Brazilian execution process. However, the pace at which technological innovations arise is not always accompanied by the law to regulate them, and any omissions should be analyzed by the Judiciary, applying the current law and making up any gaps, in order to provide effective jurisdiction. This article, therefore, intends to review the existing literature to briefly explain some aspects of attachment of property, to define the legal and technical concepts of cryptocurrencies, elucidating how they work and analyzing the possibility of their attachment. At last, it will be discussed about the best mode of procedure for attachment of cryptocurrencies, if allowed by law.