The concept of Bitcoin was conceptualized by Satoshi Nakamoto, a mysterious symbol. They published a state paper estimating the value of Bitcoin in May 2008. He stayed quiet and did not reveal who he was. He sketched out how the money would perform. The primary dominant blockchain advancement was Bitcoin, or advanced cash exploration [ 1 ]. The current advancement was called blockchain, and it was created to separate the technology that worked Bitcoin from the money and utilize it for various interconnected organizational participation. Nearly every major money-related academy in the entire world is doing blockchain inquiries at this point, and 16% of funds are anticipated to be utilizing blockchain in 2016 [ 2 ]. The “smart contract” was the third innovation, epitomized in a newer block-chain technology framework known as Ethereum, which created small software programs specifically into the blockchain that permitted budgetary gadgets, such as advances or bonds, to be spoken to instead of being treated as the cash—the same with tokens of Bitcoin. The fourth biggest development, “Proof of Stake,” is the current cutting-edge blockchain technology. Modern-era blockchains are backed up by “Proof of Work,” in which choices are made by the collective group with the most processing power [ 3 ]. These bunches are called “miners” and work tremendously at information centres to supply this security in trade for crypto cash instalments. These data centres lack unused frameworks, changing them with intricate monetary disobedient for a comparable if a not higher level of concern. The last crucial advancement of blockchain scaling is something that’s happening. A flexible blockchain quickens the method without relinquishing security by finding out how many computers are essential to approve each exchange and isolating the work effectively [ 4 ]. To oversee this without compromising the legendary security and vigour of blockchain may be a troublesome issue, but not a recalcitrant one. A scaled blockchain is anticipated to be quick and sufficient to exert control over the network of things and compete with the major instalment brokers (VISA and Quick) managing accounts worldwide. Bitcoin may be a sort of computerized cash that can be traded on the blockchain, the shared record innovation [ 5 ]. Bitcoins are, in substance, power changed over into lengthy strings of cyphers that have cash value. Bitcoin may be a form of digital currency, made and held electronically [ 6 ]. Nobody is in charge of it. There are no printed Bitcoins, such as typical cash, they’re created by individuals, businesses running computers and utilizing software that tackles scientific issues. Bitcoins are, in substance, power transformed into lengthy strings of cyphers that have cash prices. Bitcoin may be a mode of advanced cash, produced and adhered to by electronic cash. Blockchain is a distributed ledger automation that is worn to exchange Bitcoins. It is additionally finding its function in different alternative spaces, such as the e-polling framework, administration, well-being, and so on. The insurance of exchanges has gotten to be like the main concern nowadays.
The article explores the impact of technological innovations on the economy and business in the context of digital transformation.It is investigated that key technological trends, such as 5G, Wi-Fi, energy-efficient processing, advanced data recognition, and intellectual data processing, cloud, and edge computing, converge to form the technological foundation necessary for successful digital transformation.As a result, digital transformation is often accompanied by significant losses, and costs exceeding the planned ones, and many projects lead to changes that do not justify expectations from the use of information technologies.Investments in analytics are necessary but do not guarantee a global restructuring of the business, its core transformation, during which even a minor error can halt the supply chain, destroy a product, or even put an end to the business.It is noted that to achieve success, it is necessary to prioritize strategy over technology.Under these conditions, the task of goal-setting comes to the forefront -it is necessary to start with defining the ultimate goal of the business (profit, perspective, strengthening market position, etc.) and only then move on to the search for technology that will allow achieving it.As businesses focus on providing greater mobility for employees, moving most corporate workflows to cloud storage, digitization provides staff with access to what they need and when they need it, supporting a high level of productivity regardless of location.The article also examines the constructs of economic development in the context of information technologies, focusing on the development of ecosystems of crypto assets, metaverses, and non-fungible tokens (NFTs), central bank digital currencies (CBDC), institutional investments in the digital economy, and tokenization of traditional funds.It is emphasized that these Vda a perspektivy 1(32) 2024
The presented research is devoted to the history of the emergence of cryptocurrencies as a decentralized digital currency, their development and evolution. During its course, the peculiarities of the functioning of the financial system were revealed, which periodically caused financial crises and, as a result, marked the beginning of the creation of cryptocurrencies. The possibilities of making the cryptocurrency market stable using new tools have been explored. An analysis of changes in the financial system and the reasons for the emergence of cryptocurrencies allowed us to say that they were created in order to abolish the state's monopoly on money, as well as to form a system of currency competition, which is likely to lead to a new competitive and market-oriented monetary system. The conducted research showed the most important directions for the development of the cryptocurrency market, taking into account the ideas for creating decentralized funds that would form the basis of a new monetary system oriented towards the consumer and his preferences, and also allowed us to identify one of the most important subclasses of cryptocurrencies – stablecoins, which provide stability and security to their users, which makes their use more extensive.
This paper considers the "DeFi intermediation chain"-the market structure that underlies the creation and distribution of ETH, the native cryptocurrency of Ethereum-to examine how information asymmetry shapes intermediation rents.We argue that using proof-of-stake blockchain technology in DeFi leads to a novel limit to arbitrage, arising from the tension between arbitrageurs' privacy needs and blockchain transparency.Using a new dataset which distinguishes private and public transactions in Ethereum, we find that a 1% increase in private information advantage leads to a 1.4% increase in intermediaries' profit share.We develop a dynamic bargaining model that predicts information market power stems exclusively from participants' private information advantage.Our analysis illustrates how blockchain technology can sustain arbitrage opportunities despite low entry barriers.
DeFi is growing in popularity, and the active participation of users in the development of financial solutions determines the success of this ecosystem. The article discusses the key role of DeFi (decentralized finance) in the digital transformation of the state and its impact on global finance. Differences in prevalence and regulation in different countries indicate the need to adapt to different legal environments and financial systems. The author highlights the need for standardization in the context of diversity of approaches and lack of common terminology, which creates challenges for regulation. It is noted that DeFi opens up opportunities for creating more transparent, efficient and accessible financial systems. DeFi, as an innovative industry of digital transformation, has an impressive set of advantages, including decentralization, transparency, and low fees. It is noted that the implementation of decentralized financial solutions of DeFi poses significant challenges to the traditional legal system, including jurisdiction, law enforcement and data protection. The author emphasizes the need for a new legal approach and regulatory mechanisms to address the unique challenges posed by DeFi. The purpose of the study is to analyze the possibilities and prospects of using DeFi for the digital transformation of the state and government. The objectives of the study include analyzing the dynamics of DeFi implementation in public administration, studying the functional features and benefits of this process, studying the factors of investment attractiveness of DeFi, as well as justifying the feasibility of implementing DeFi in government and identifying problems that need to be addressed. Active support for the formation of digital interoperability between countries, taking into account economic, political and cultural differences, is one of the ways to overcome the challenges faced in the implementation of DeFi in e-government. The need to level the digital divide and ensure equal access to digital technologies for all social and geographical groups is emphasized. The key aspects of this approach are the creation of reliable technologies, the development of international platforms for regulation and collaboration, and the creation of a support fund for the development of digital infrastructure and education in less developed countries. Additionally, it is noted that DeFi, as an innovative segment of digital transformation, requires constant adaptation and improvement in the context of changes in the regulatory environment and technological progress. The development of new standards and regulations that take into account the specifics of DeFi is defined as a critical aspect for ensuring the stability and security of this financial sector. In particular, it is important to address the issues of investor protection and transparency in a high-risk environment.
The relevance of the research is confirmed by the fact that, with the widespread distribution of ecosystems as high-tech heirs of clusters and platforms, the issues of financing business ecosystems are rarely studied in the scientific literature and do not receive the necessary theoretical generalization. The purpose of the research is to systematize the available forms of financing in industrial business ecosystems within a united digital space. The objectives of this research are defined as clarifying the need to include financing functions in the toolkit of emerging industrial business ecosystems and revealing the possibilities of using selected financing methods. The methods of research , on the one hand, are based on the emerging theory of ecosystems, which develops both as a firm’s theory and as ecosystem management, and on the other hand, on a new concept that can be formulated as a fusion of finance, industrialization and digitalization . The results of the research show that there are several approaches to the organization of ecosystem finance. Ecosystems are reported to be equally susceptible to decentralized and centralized (traditional) financing, providing opportunities to create their own decentralized financial environment as well as collaborating with current cryptocurrency-based services. Several forms of financial organization in ecosystems have been identified: a) compensating costs by forming budgets for the creation and ongoing activities; b) attracting ecosystem participants’ own funds to various forms of lending (including on the basis of financial technologies). It is concluded that the development of financing instruments depends on three factors: 1) government policies to regulate the financial aspects of business ecosystems; 2) the efficiency of using the resources of ecosystem participants; 3) ecosystem interactions with supply chains. It is determined that a completely new theory of business ecosystem finance will be completed only after the exit from the experimental mode of financing business ecosystems.
Применение децентрализованных финансов привело к кардинальным изменениям в мировой экономике. В статье приведен анализ точек зрения национальных институтов несостоятельности (банкротства) по вопросу законности включения цифровой валюты в состав конкурсной массы должника. Приводятся различные точки зрения по вопросу является ли криптовалюта деньгами и может ли она использоваться при расчетах с кредиторами. The application of decentralized finance has led to fundamental changes in the world economy. The article analyzes the views of national insolvency (bankruptcy) institutions on the legality of including digital currency in the debtor's bankruptcy estate. Different points of view on the issue of whether cryptocurrency is money and whether it can be used in settlements with creditors are presented.
Objective : to assess the Russian legislation for its compliance with the international-legal approaches to shaping symmetrical regulation of crypto-assets and possibility to complement it with new internationallegal categories reflecting the in-depth changes in the global economy and structure of international finance, determined by the broad introduction of new financial technologies based on distributed ledger technologies. Methods : the methodological basis of the research is a set of general scientific methods of scientific cognition, among which of utmost importance are special-legal (formal-legal and comparative-legal) methods, complemented with risk-oriented approach, legal modeling and juridical forecasting. Applied integrally, they allowed comprehending the architecture, “letter and “spirit” of the modern international financial law and national legislation in their conceptual-terminological correlation and to forecast further development and adjustment of the legal regulation of crypto-assets turnover. Results : it was found that there appears a stable trend in the crypto-assets turnover regulation, according to which “soft” law dominates among the law sources (this is especially notable in the sphere of international financial law compared, for example, with conventions or international treaties); at the same time, there is a strengthening trend of “fragmentation” of international law with regard to crypto-assets turnover; the authors mark inconsistency of the conceptual framework contained in international acts and in the Russian legislation, as well as the gaps in the regime of crypto-assets turnover at the level of national law; the trends and forecasts are presented referring to the development of international-legal regulation of the sphere of crypto-assets. Scientific novelty : consists, first of all, in a complex comparison, based on, among other aspects, the fundamentally new concepts of regulation of such progressive international-legal categories as cryptoasset, virtual asset, cryptocurrency, stablecoin, etc., some of them rarely used in the Russian legal discourse and actually never applied in legislation. Practical significance : the scientifically grounded proposals are formulated, aimed at improving the conceptual-terminological framework of the Russian legislation in the sphere of crypto-assets turnover, implementation of which will allow constructing a common legal space with the technologically most advanced states, will help to improve investment climate and financial attraction of the state; will improve the national-legal regime of crypto-assets turnover from the viewpoint of not only actual market demands, but also state security interests and improving competitiveness of the Russian legislation.
The article analyzes the ongoing changes associated with the financial instability of the current global monetary system. In the course of the study, the prerequisites aimed at changing the world monetary order were considered; an assessment was made of the possible use of cryptocurrency as a new global monetary standard. The concept of supranational currency is formulated. The paper proposes an alternative theoretical solution for the circulation of the world monetary system, based on the simultaneous circulation of several types of world currencies at once, including cryptocurrencies. The purpose of this study was to study and determine the trends of ongoing changes associated with the transformation of the world monetary system, the circulation of cryptocurrency and a decrease in the level of confidence on the part of the world community in the US dollar. As a hypothesis of the study, the judgment is formulated that the improvement of the world monetary system must be carried out through the introduction and development of cryptocurrency as a new independent financial instrument that meets the requirements of modern society, as well as the processes of functioning of international monetary relations. The analysis of the actual problems of the current state and the prospects for the circulation of the current global monetary system made it possible to formulate the factors that influence the increase in the demand for cryptocurrencies among market participants. An assessment of the future of cryptocurrencies was carried out, the prospects for the influence of the existing world monetary system on international financial relations, as well as the further role of cryptocurrencies in it, were considered.
The article explores the complexity and diversity of the crypto-asset space, examining the logic of its development, the dynamics of interactions within the ecosystem, and with the external world. It demonstrates how the open-source nature of crypto projects and the emergence of tools for simplified token creation on third-party blockchains have transformed the crypto-asset space into one of unlimited financial asset creation. The structure of the crypto-asset space is represented through a typology of crypto-assets based on technological, functional, and socio-economic characteristics. By studying thirty of the largest crypto-asset projects by market capitalization, several distinct groups that define the construction of crypto-asset space have been identified: bitcoin and ether as the poles of crypto space development; alternative to bitcoin payment cryptoassets; cryptocurrency based back-office solutions for traditional cross-border payments; stablecoins; coins of alternative blockchain platforms with innovative consensus mechanisms and scalability solutions (Layer 1 and Layer 2); crypto-assets of projects for scaling other blockchains and facilitating efficient interoperability between blockchains and the external world; crypto-assets of projects expanding existing successful virtual networks; crypto-assets of centralized cryptocurrency exchanges; DeFi project coins; meme coins; enhanced privacy coins; and non-fungible tokens (NFTs). The article reveals the ongoing development of the crypto-asset space in the following directions: solving the blockchain trilemma considering project goals; ensuring interoperability of decentralized networks; creating new forms of collaboration with traditional financial intermediaries and institutions (which often contrasts with the original cypherpunk ideology). It is argued that the space of decentralized interactions, mediated by crypto-assets, has become a domain of extreme volatility, hyper-financialization, and a space where it is difficult to separate technological value from speculative crypto markets. It also highlights the presence of centralized, opaque, and unregulated hyper-intermediaries, with no clear distinction between professional and non-professional participants in the crypto market. Furthermore, this space seeks additional sources of trust from the traditional world, including through sovereign currency-backed stablecoins, partnerships with traditional financial intermediaries, and regulatory lobbying. The second article presents the structure and logic of the crypto space by examining the nature of more than thirty crypto projects with the largest market capitalization. It also outlines the factors and trends shaping the interaction between the crypto asset space and the traditional financial system.
The paper discusses formation features of the metaverse concept in terms of the active introduction of information and communication technologies (ICT) into the state governance and business. The work’ goal is to study the concept content, its structure and development prospects. The author used such general scientific research methods as content analysis, comparative and correlation analysis, grouping, synthesis, systematization. In order to reveal the concept content, the paper reflects various approaches to the definition of the term “metaverse”. The author proposes his understanding and analyzes the issues of transition to the Web3 era and its relationship with the metaverse in the digital transformation of society and economy. The research presents a vision of the major elements of the metaverse at the current time. Despite the emerging risks, it assumes the active use of ICT and trends towards decentralization of the economy will contribute to the further implementation of the metaverse concept in our daily life. A practical significance of the research lies in the possibility of using its provisions in the compilation of strategies for the development of corporations and state institutions. As an inference, the study gives some recommendations to corporations on taking part in the creation and it makes development of virtual worlds and a conclusion about the prospects for the concept progress in the medium term.
Open access
Digitalization and Economic Development in Agriculture
The article discusses the institutional aspects of the creation and functioning of financial metauniverses, including the directions of their development in the public sector. The role of NFT and decentralized finance (DeFi) in the scalability of financial metaverses was assessed. The basic roles of the state in the processes of formation of financial metauniverses have been determined and general recommendations have been prepared for approbation of digital finance tools in the activities of executive authorities.
Nikita Konstantinovich Chistousov, Igor A. Kalmykov, Daniil Vyacheslavovich Dukhovnyj, I. D. Efremenkov · 5 authors
Low-orbit satellite communication systems (LOSCS) should have the property of noise immunity, which is based on informational, structural and energetic secrecy, as well as noise resistance. One of the directions associated with increasing of informational secrecy is based on the use of a satellite identification system. This system is designed to prevent the imposition of someone else's content on the subscriber through the use of an authentication protocol based on zero-knowledge proof. In a number of works it is proposed to use modular codes (MC) for a reduction of the time of identification of the applicant as MC give the possibility for parallelizing the process of calculations in the protocol. It is known that MC can increase the fault tolerance of the identification system as they are able to eliminate the consequences of failures during operation. But they can also be used to increase the noise immunity of the LOSCS. Thus, the use of a single algebraic system in the construction of MC that are capable of correcting errors caused not only by failures during operation of the identification system, but also by interference in the communication channel, will allow us to abandon cascade codes. Therefore, the development of a method for constructing a modular turbo code for a noise-proof satellite authentication system is an urgent task.
Economic, Social, and Public Health Issues in Russia and Globally
Petimat Gekhaeva, Elimhazhi Bolotkhanov, S Ismoilova
In recent years, the financial sector has been a leader in digital transformation. An additional driver of its accelerated digitalization was the COVID-19 pandemic, which contributed to the active spread of mobile banking, contactless payments, digital services for managing investment portfolios, etc. The largest banks and insurance companies play a leading role in the digitalization of financial services. New fintech companies have emerged both within large banking ecosystems and as stand-alone start-ups providing financial services on their own. The digital transformation of the financial sector is based on the integration of distributed ledger systems, cloud technologies, big data analysis and AI. As a result of the use of digital technologies, new business models are being built. For example, the Open Banking system, which is based on API (Application Programming Interface) technologies and is designed to exchange information necessary for the development of financial products and services, has become widespread. Such a system allows non-financial organizations to offer financial products and services personalized to the needs of a particular client.
Open access
Digitalization and Economic Development in Agriculture
The paper is dedicated to the discussion of the author’s attempt to explain a trend in the future market infrastructure development through the use of tokenized assets. The paper successively solves eight working tasks: a) clarify standard functions of the market infrastructure and roles of a market intermediary; b) outline the logic for developing a virtual market and place of a legal deal; c) clarify four mandatory components of a standard deal; d) distinguish the concept of “tokenized document” as a modern type of legally valid contract; e) distinguish entities and objects involved in a deal and essential conditions of a legally valid deal; f) subjectively assess the potential impact of tokenized assets on the renewal and development of the market infrastructure; g) outline new opportunities for regulating market relations using tokenized assets, which are consequences of their properties and parameters of tokenized assets; h) summarize levels of formation of a new economic potential of tokenized assets for the market infrastructure development. The author concludes that distributed ledger tools and especially the most promising type of distributed ledger virtual asset, such as a tokenized asset, can drive the market infrastructure modernization. It will be a new and additional means for addressing global wealth inequality using tokenized assets. Its “key” is to create new professional jobs in the ecosystems of decentralized information platforms. The most expected promising areas, especially widespread digital commerce, management of objects of intellectual property rights, agricultural sector at the level of micro and small farms, pave the way for significant, almost radical transformations in the composition, structure and number of participants in the market infrastructure and economic relations on the markets. The main and fundamental technical means for this new market infrastructure organization are backed distributed ledger tokens or tokenized assets, namely tokenized contracts, tokenized resources and tokenized deals. Based on the information and applied nature of tokenized assets and four standard components of a deal (contract, entities and objects involved as well as essential conditions of the contract), the author proposed three types of tokenized assets based on the feature “original asset underlying the tokenized asset”, namely: (a) tokenized document, (b) tokenized resource and (c) tokenized deal. Together they universally cover all types of original (underlying) assets in legal civil and economic circulation in almost any country in the world. Having different functional purposes, these three types of tokenized assets along with a digital ecosystem of services potentially fulfill many functions of market intermediaries in the modern market infrastructure.
Open access
Economic Development and Digital Transformation
Digitalization and Economic Development in Agriculture