Follow blockchain research across journals, conferences, and preprint repositories.
97,067 results · page 3533 of 4,045
Christopher Carr, Anamaria Costache, Gareth T. Davies, Kristian Gjøsteen · 5 authors
No abstract is available for this record.
Ivar Bengtsson, Michael Fichter
This paper is an attempt to analyze the role of transaction fees in a proof-of-stake cryptocurrency currently in development. The authors have employed a microeconomic, static equilibrium approach to model a market in which the cryptocurrency is exchanged for a physical good. Furthermore, the relationship between transaction capacity and the size of the network has been investigated. It has been shown that the total amount of validator capital and the number of validators can be controlled by setting a fixed fee on transactions as well as a minimum capital requirement on individual validators. The total surplus in the economy has then been optimized by setting a fee and the authors have discussed how a minimal capital requirement could be used to also optimize transaction capacity.
Hampus Larsson, Felix Mir
This research involves analyzing and evaluating different ledger structures for cryptocurrencies. Cryptocurrency is an unexplored research area with increasing market value. More research could yie ...
Sina Rafati Niya, Florian Schüpfer, Thomas Bocek, Burkhard Stiller
Abstract This work introduces the design and implementation of an Android-based Peer-to-peer Purchase and Rental Application termed PuRSCA, which leverages Smart Contracts (SC) and the Ethereum public blockchain (BC). As a Device-to-device (D2D) communication protocol, WiFi-Direct is chosen to enable the P2P data transmission between two parties. This work results in a cost-efficient, secure, SC-based, P2P, and Decentralized application (Dapp). Evaluations on performance of this Dapp is specified in terms of its D2D deployment, transaction costs, scalability, security, and privacy.
Jingting Xue, Chunxiang Xu, Yuan Zhang, Lanhua Bai
No abstract is available for this record.
Shaun Azzopardi, Gordon J. Pace, Fernando Schapachnik
Smart contracts have been proposed as executable implementations enforcing real-life contracts. Unfortunately, the semantic gap between these allows for the smart contract to diverge from its intended deontic behaviour. In this paper we show how a deontic contract can be used for real-time monitoring of smart contracts specifically and request-based interactive systems in general, allowing for the identification of any violations. The deontic logic of actions we present takes into account the possibility of action failure (which we can observe in smart contracts), allowing us to consider novel monitorable semantics for deontic norms. For example, taking a rights-based view of permissions allows us to detect the violation of a permission when a permitted action is not allowed to succeed. A case study is presented showing this approach in action for Ethereum smart contracts.
Tara Astigarraga, Xiaoyan Chen, Yaoliang Chen, Jingxiao Gu · 8 authors
No abstract is available for this record.
Paraskevi Katsiampa, Κωνσταντίνος Γκίλλας, François Longin
No abstract is available for this record.
Sheila Ainon Yussof, Abdullah Al‐Harthy
Fintech (or financial technology) is the current driving force behind innovations in the financial services industry. One of the most debated innovations is cryptocurrency, or digital currency, which uses blockchain technology to make a direct electronic payment between two people possible, without going through a third party (like a bank) or expensive intermediaries in order to save costs. This future money is pressurising central banks to manage the looming threat of redundancy as it overshadows fiat currency in a world of infinite fintech possibilities. Bitcoin, being the first decentralised cryptocurrency, will be the focus of this research. This digital currency is not produced by minting money in an unlimited supply, but through a virtual mining process designed to control the supply of money and make it more valuable. The increasing pace in financial innovation is pushing regulators to make a change in the way they define money and what money can be. Traditionally money is used to serve as a medium of exchange, legal tender for repayment of debt, standard of value, unit of accounting measure and a means to save or store purchasing power. Bitcoin may not fulfill all the functions of money but its scarcity value, anonymity (or pseudonymity), transparency, and autonomy from the government, make it attractive to users who are speculators, traders, merchants, consumers and netizens disenchanted with fiat money. Despite the alluring features of Bitcoin, it is not spared from potential abuses such as webcrimes, tax evasion, fraud, online black markets, money laundering and terrorism financing. In this paper, a forensic examination of Bitcoins benefits and risks will help regulators decide whether to adopt cryptocurrency and provide an appropriate framework to regulate it based on other jurisdictions approach. This paper recommends that Malaysia should fully embrace cryptocurrency due to global trends - the Islamic Development Bank is developing Shariah compliant contracts using blockchain technology; China is leading the drive to develop its own national cryptocurrency to complement fiat money; and a Shariah-compliant cryptocurrency has already entered the market backed by gold (Onegram). Financial and regulatory architectures in Malaysia should accommodate these changes to remain relevant. In addition, future research is recommended focusing on developing a Shariah compliant national cryptocurrency that is unique to Malaysia.
Wee Seng Wong, Dennis Saerbeck, Dante Delgado Silva
No abstract is available for this record.
Rebecca M. Bratspies
No abstract is available for this record.
David Fox
Abstract This chapter focuses on the characterisation and treatment of cryptocurrencies in the common law of property, using Bitcoin as the main example. It first examines how a crypto-coin might be viewed as an object of property, and more specifically whether it could make a suitable object for any regime of property rights at all, before discussing the fungibility, specificity, scarcity and exclusivity of cryptocurrencies in the context of property law. It then considers whether crypto-coins fall into either of the two conventionally recognised categories of personal property: choses in possession or choses in action. It also explores the applicability of rules of derivative transfer of title to crypto-coin transactions, and how the standard rules of following and tracing may be used for the identification and tracing of cryptocurrencies through mixtures. Finally, it looks at remedies available at common law and in equity for enforcing titles to cryptocurrencies.
JT Hamrick, Farhang Rouhi, Arghya Mukherjee, Amir Feder · 7 authors
The surge of interest in cryptocurrencies has been accompanied by a proliferation of fraud. This paper examines a pervasive tactic long known to financial markets: pump and dump schemes. While the fundamentals of the ruse have not changed in the last century, the recent explosion of nearly 2, 000 cryptocurrencies in a largely unregulated environment has greatly expanded the scope for abuse. The paper first quantifies the scope of cryptocurrency pump and dump on Discord and Telegram, two widely popular group messaging platforms with 130 million users and 200 million users respectively. Both platforms can handle large groups with thousands of users, and they are the most popular outlets for pump and dump schemes involving cryptocurrencies. We identified 3, 767 different pump signals advertised on Telegram and another 1, 051 different pump signals advertised on Discord during a six-month period in 2018. The schemes promoted more than 300 cryptocurrencies. These comprehensive data provide the first measure of the scope of pump and dump schemes across cryptocurrencies and suggest that this phenomenon is widespread and often quite profitable. This should raise concerns among regulators. We then examine which factors that affect the "success" of the pump, as measured by the percentage increase in price near the pump signal. We find that the coin's rank (market capitalization/volume) is the most important factor in determining the profitability of the pump: pumping obscure coins (with low volume) is much more profitable than pumping the dominant coins in the ecosystem.
Shaen Corbet, Charles Larkin, Brian M. Lucey, Andrew Meegan · 5 authors
No abstract is available for this record.
Pierluigi Martino, Kevin Jue Wang, Cristiano Bellavitis, Carlos M. DaSilva
Blockchain is a revolutionary technology that allows people to record transactions on a digital, decentralized, distributed ledger, without any central authority. Some consider this technology as “the trust machine” and cryptocurrency is without doubt the most notable by-product of the blockchain revolution. Initial coin offering (ICO) is a new way to raise entrepreneurial finance, newly created cryptocurrencies are being sold to the public by start-ups in exchange of capital. This chapter intends to clarify this phenomenon by explaining the concepts of blockchain technology, cryptocurrency and ICO, in order to provide valuable insights into this new trend of entrepreneurial finance.
Chang Yeon Kim, Kyungho Lee
Investment and interest in cryptocurrency is rapidly growing. The price of each bitcoin, in particular, has exceeded 10,000 dollars as of November 2017, so we do not know how long the uptrend will continue. Although blockchain technology is more open and security oriented than conventional currency issuing methods, it is relatively ineffective in terms of distribution and management of cryptocurrency. The most common way to get cryptocurrency is trading through exchange and mining, which novices sometimes invest in without sufficient knowledge. Therefore, this paper analyzes vulnerabilities of potential cryptocurrency exchanges and individual user wallets. Moreover, this paper will suggest policy risk management methods using international standards such as from NIST and ISO. Blockchain, weaknesses of countermeasures management system, countermeasures to deal with them, management vulnerability of investors and management plan. Server management plan and personal action tips will be provided.
Damien Graux, Gëzim Sejdiu, Hajira Jabeen, Jens Lehmann · 7 authors
No abstract is available for this record.
Debajani Mohanty
Nowadays cutting-edge technologies such as machine learning, analytics, artificial intelligence, the cloud, and the blockchain are entering the marketplace at an unprecedented speed. The blockchain is one of the forerunners among them and is considered to be the next tech disruptor. According to a survey by the World Economic Forum, 10 percent of the global GDP will be relying on blockchain-based technology by 2027.
Keaton Brown
With the explosive growth in cryptocurrencies over the last couple of years, the cost of mining these technologies (the process through which users devote CPU power to operate the underlying blockchains) have similarly exploded. This paper examines one overarching question regarding this issue â what factor or factors explain the geographic distribution of cryptocurrency nodes (mining operations) across the world? In exploring this question, this research considers electricity price, internet access, Tor network relays, and others. Using node distribution data for Bitcoin and Ethereum â the two largest cryptocurrencies â this paper analyzes cross-sectional and panel data regression models, and establishes that electricity price has not played a significant role in this distribution up to this point, and concludes that the historical association between Tor relays and Bitcoin use has had a much greater impact. Lastly, this paper discusses the broader implications of its findings, and the potential areas of research for further understanding of this field.
Chul‐Jin Kim
No abstract is available for this record.
Cathy Yi‐Hsuan Chen, Wolfgang Karl Härdle, Ai Jun Hou, Ning Wang
The CRIX (CRyptocurrency IndeX) has been constructed based on a number of cryptos and provides a high coverage of market liquidity, hu.berlin/crix. The crypto currency market is a new asset market and attracts a lot of investors recently. Surprisingly a market for contingent claims hat not been built up yet. A reason is certainly the lack of pricing tools that are based on solid financial econometric tools. Here a first step towards pricing of derivatives of this new asset class is presented. After a careful econometric pre-analysis we motivate an affine jump diffusion model, i.e., the SVCJ (Stochastic Volatility with Correlated Jumps) model. We calibrate SVCJ by MCMC and obtain interpretable jump processes and then via simulation price options. The jumps present in the cryptocurrency fluctutations are an essential component. Concrete examples are given to establish an OCRIX exchange platform trading options on CRIX.
Wei Zhang, Pengfei Wang, Xiao Li, Dehua Shen
We investigate the cross‐correlations of return‐volume relationship of the Bitcoin market. In particular, we select eight exchange rates whose trading volume accounts for more than 98% market shares to synthesize Bitcoin indexes. The empirical results based on multifractal detrended cross‐correlation analysis (MF‐DCCA) reveal that (1) the nonlinear dependencies and power‐law cross‐correlations in return‐volume relationship are found; (2) all cross‐correlations are multifractal, and there are antipersistent behaviors of cross‐correlation for q = 2; (3) the price of small fluctuations is more persistent than that of the volume, while the volume of larger fluctuations is more antipersistent; and (4) the rolling window method shows that the cross‐correlations of return‐volume are antipersistent in the entire sample period.
Frode Kjærland, Maria Meland, Are Oust, Vilde Øyen
The purpose of this study is to uncover factors that explain Bitcoin's price fluctuations. The price of the cryptocurrency Bitcoin is volatile and has increased from zero in 2009 to more than 19500 USD in December 2017. To explain the price movements we have estimated two autoregressive distributed lag models by using ordinary least squares regression. The data includes 279 weekly observations from 18.09.2011 to 05.02.2017 (before the extreme development from the summer of 2017). The dependent variable is the Bitcoin price and the analysis has examined nine independent variables. Our main finding and contribution is that political incidents and statements (“shocks”) are significant drivers of Bitcoin's price. Moreover, the volume of Bitcoin and Bitcoin's price has a significant, negative relationship. The interest of Bitcoin, measured by Google searches, has a positive, significant relationship with Bitcoin's price. The study does not find evidence for Bitcoin being a safe haven investment.
Lael Brainard
No abstract is available for this record.