The Bitcoin currency relies on a transaction verification system run by a decentralized network of miners. This paper evaluates the long-term economic stability of Bitcoin mining. Specifically, I analyze the incentive structure surrounding transaction fees, which are part of the reward miners earn for verifying transactions in the Bitcoin network. My method of investigation is to first construct a visual model representing miner incentives, then input current and estimated data into that model, and finally determine how individual miners and pools will behave based on the key variables included in the model and industry trends. I conclude, under the current protocol rules, Bitcoin mining is not economically sustainable in the long-term due to the impending centralization of the network. Centralization in itself will not necessarily destroy the network. However, it will lead to unsatisfactory outcomes that will greatly lower the value of the entire system. Therefore, I recommend two potential solutions to the centralization issue, namely the requirement of either P2Pools or a proof-of-stake mechanism. The development of future applications on the Bitcoin protocol depends on the success of the Bitcoin currency application. These future technologies, along with the Bitcoin currency, have the potential to disrupt many industries. But, if miner incentives are not aligned with maintaining decentralization, then none of this potential will be realized.
Bitcoin,a new kind of electronic money,has drawn nation wide attention. This paper analyses the contest of Bitcoin and traditional currency based on the monetary attributes such as the nature of currency,the functions of currency and the issue mechanism of currency. The results show that Bitcoin is not essentially different from the essence of currency and it almost has the five functions of currency,however,due to the inherent features of Bitcoin's issue mechanism( the total amounts is fixed,the speed to get new Bitcoin is based on the algorithm),it is hard for Bitcoin to replace traditional currency to become future currency. Besides,this paper offers the reference and inspiration for traditional currency and other electronic money.
Bitcoins have the potential to fundamentally change the way value is transferred globally. Their rapid adoption over the past four years has led many to consider the possible results of such a technology. To be a viable currency, however, it is imperative that the market for trading Bitcoins is efficient. By examining the changes in availability of predictable outsized returns and market liquidity over time, this paper examines historical Bitcoin market efficiency and establishes correlations between market liquidity, price predictability, and return data. The results provide insight into the turbulent nature of Bitcoin market efficiency over the past years, but cannot definitively measure the magnitude of the change due to the limitations in efficiency analysis. The most meaningful result of this study, however, is the statistically significant short-horizon price predictability that existed over the duration of the study, which has implications for Bitcoin market efficiency as well as for continued research in short-horizon Bitcoin price forecasting models.
The considerable diffusion of bitcoins over the Internet that took place in the last two years has highlighted some important issue about the use of anonym tools of payment in e-commerce. Even though bitcoins are largely considered to be a digital currency, the legal and economic analysis draws the attention to a concomitant structure of financial commodity with risky features related to derivative instruments making the possibility of a bubble a case to consider. The significant growth in value and the intense volatility characterizing bitcoins are more likely to be the consequence of remarkable investments made by hedge funds and the effect of specific Institutional measures, than the outcome this efficient instrument has achieved on the Internet. The following article is analyzing bitcoins in their twofold nature: the structural considerations we will express are referred to virtual coins in general, whereas the financial evaluation is related to the specific volatility of our analysis target.
From the perspective of local deficit financing,this paper explores the internal logic working between fiscal decentralization and local government's land finance. Theoretical analysis shows that local deficit expansion caused by fiscal decentralization in China has become an incentive for local governments to grab off-budgetary financial revenue,which impels them to take an active land finance strategy to increase local fiscal revenue. The empirical test supported by provincial panel data also proves that the fiscal decentralization and local deficit financing both have obvious positive driving effects on the land finance.
The purpose of this study was to examine the effectiveness and contribution of the Local Tax to Local Revenue in Batu. This is a consequence of local government regional autonomy and decentralization run , in line with the decentralization, the financing aspect also decentralized. Methods This study used a descriptive research. Where his research at Batu City Regional Revenue Office. The data used in this study is a secondary data. This study uses data Batu City Regional Revenue from year 2009 to 2013. Analysis of the results showed that in 2010 had the lowest effectiveness (69.30%) and in 2012 had the highest levels of effectiveness (136.67%), as well as for the contribution in 2009 had the smallest contribution (45.21%) and by 2012 had largest contribution (72.66%). Based on the calculation and analysis of the effectiveness of these contributions should Batu City Regional Revenue Office intensification and extension of tax revenues from the sector in order to increase the local tax. Keywords: Regional Autonomy, Decentralization, Intensification, Extension Abstrak Tujuan penelitian ini adalah untuk mengetahui efektivitas dan kontribusi Pajak Daerah terhadap Pendapatan Asli Daerah di Kota Batu. Hal ini merupakan konsekuensi pemerintah daerah menjalankan otonomi daerah serta desentralisasi, sejalan dengan desentralisasi tersebut, maka aspek pembiayaannya juga ikut terdesentralisasi. Metode penelitian ini menggunakan penelitian deskriptif. Tempat penelitiannya di Dinas Pendapatan Daerah Kota Batu. Data Penelitian ini adalaha data sekunder. Penelitian ini menggunakan data Pendapatan Asli Daerah Kota Batumulai dari tahun 2009-2013. Hasil Analisis menunjukkan bahwa tahun 2010 memiliki efektivitas yang terendah (69,30%) dan tahun 2012 memiliki tingkat efektivitas yang tertinggi (136,67%), serta untuk kontribusi tahun 2009 memiliki kontribusi yang terkecil (45,21%) dan tahun 2012 memiliki kontribusi yang terbesar (72,66%). Berdasarkan hasil perhitungan analisis dan kontribusi tersebut seharusnya Dinas Pendapatan Daerah Kota Batu melakukan intesifikasi dan ekstensifikasi pajak guna meningkatakan pendapatan dari sektor Pajak Daerah. Kata Kunci: Otonomi Daerah, Desentralisasi, Intensifikasi, Ekstensifikasi
The purpose of this paper is to examine the effect of financial incentives on the level of inappropriateness in health care. The case of the Italian NHS seems to be especially interesting when considering the effects of financial incentives on providers behaviors, as decentralization processes have progressively increased the variability among Regional Health Authorities in both the financing and the delivery of health care. In particular, we investigate the effect of DRG tariff differentials on hospital risk-adjusted cesarean rates for first-time mothers during the period 2009–2011. Our main finding is that Italian hospitals respond to financial incentives in obstetrics and that the strategic behavioral response varies by hospital type.
Alloreactivity after transplantation is associated with profound immune suppression, and consequent opportunistic infection results in high morbidity and mortality. This immune suppression is most profound during GVHD after bone marrow transplantation where an inflammatory cytokine storm dominates. Contrary to current dogma, which avers that this is a T-cell defect, we demonstrate that the impairment lies within conventional dendritic cells (cDCs). Significantly, exogenous antigens can only be presented by the CD8(-) cDC subset after bone marrow transplantation, and inflammation during GVHD specifically renders the MHC class II presentation pathway in this population incompetent. In contrast, both classic and cross-presentation within MHC class I remain largely intact. Importantly, this defect in antigen processing can be partially reversed by TNF inhibition or the adoptive transfer of donor cDCs generated in the absence of inflammation.
A relatively new phenomenon is the appearance of cryptocurrencies with bitcoins as their most prominent representative. In this article, the author discusses the VAT aspects of the use, exchange and mining of bitcoins under the EU VAT system.
Bitcoin is actually a new kind of money. It is a brand new concept and it is a digital currency that is not issued by a central bank. Bitcoin is not created by a corporation. Instead, anyone who participates in the Bitcoin network - anyone who uses the Bitcoin software on his computer and communicates with a network of other people, who are doing the same thing, all these people together perform the function normally performed by a central bank. In this paper, we will try to bring closer the currency Bitcoin. Researchers are recommended to conduct research about Bitcoin, in order to receive objective advantages and disadvantages of Bitcoin as a currency.
Hari Krishnan Ramachandran, Sai Saketh, Marichetty Venkata Teja Vaibhav
Cryptocurrency, a form of digital currency that has an open and decentralized system and uses cryptography to enhance security and control the creation of new units, is touted to be the next step from conventional monetary transactions. Many Cryptocurrencies exist today, with Bitcoin being the most prominent of them. Cryptocurrencies are generated by mining, as a fee for validating any transaction. The rate of generating hashes, which validate any transaction, has been increased by the use of specialized machine such as ASICs, running complex hashing algorithms like SHA-256, thereby leading to faster generation of Cryptocurrencies. With more people venturing into the world of virtual currency, generating hashes for this validation has become far more complex over the years, with miners having to invest huge sums of money on employing and maintaining multiple high performance ASICs. This paper throws light on the nuances of Cryptocurrency mining process, the issues of traditional mining machines and the implication of incorporating cloud technology to current mining infrastructure.
Although academic and practical interest in non-fungible tokens (NFTs) has continuously increased over the last few years, there is still a need to better understand their social acceptability. The aim of the study was to explore the double edge of NFT legitimacy for NFTs by unveiling the role of sustainability and by adopting technology legitimacy and the field of sustainability transition studies as a theoretical lens. Specifically, this research investigates the role of sustainability in securing and maintaining technology legitimacy within NFT projects. We interviewed 12 experts through exploratory qualitative research. The findings highlight three main ways in which sustainability participates in the legitimation of NFT projects. While sustainability can be inherent in the NFT project itself, this legitimation can also be derived from the perceived sustainability of the NFT technology or be part of innovative business models. Theoretical contributions and managerial implications are then discussed. JEL CODES: O33, O35, O50
Abstract—Digital signature schemes are a founda-tional cryptographic building block in certification and the projection of trust. Based on a signature scheme on committed graphs, we propose a toolkit of certification and proof methods to sign committed topology graphs and to prove properties of their certificates in zero-knowledge. This toolkit allows an issuer, such as an auditor, to sign the topology repre-sentation of an infrastructure. The prover, such as an infrastructure provider, can then convince a verifier of topology properties, such as partitions, connectivity or isolation, without disclosing the structure of the topol-ogy itself. By that, we can achieve the certification of the structure of critical systems, such as infrastructure clouds or outsourced systems, while still maintaining confidentiality. We offer zero-knowledge proofs of knowledge for a general specification language of security goals for virtualized infrastructures, such that high-level security goals can be proven over the topology certificate. Our method builds upon the Camenisch-Lysyanskaya signature scheme, is based on honest-verifier proofs and the strong RSA assumption. I.
Abstract. In this work, we first formalize the notion of dynamic group signatures with distributed traceability, where the capability to trace signatures is distributed among nmanagers without requiring any interaction. This ensures that only the participation of all tracing managers permits tracing a signature, which reduces the trust placed in a single tracing manager. The threshold variant follows easily from our definitions and constructions. Our model offers strong security requirements. Our second contribution is a generic construction for the notion which has a concurrent join protocol, meets strong security requirements, and offers efficient traceability, i.e. without requiring tracing managers to produce expensive zero-knowledge proofs for tracing correctness. To dispense with the expensive zero-knowledge proofs required in the tracing, we deploy a distributed tag-based encryption with public verifiability. Finally, we provide some concrete instantiations, which, to the best of our knowledge, are the first efficient provably secure realizations in the standard model simultaneously offering all the aforementioned properties. To realize our constructions efficiently, we construct an efficient distributed (and threshold) tag-based encryption scheme that works in the efficient Type-III asymmetric bilinear groups. Our distributed tag-based encryption scheme yields short ciphertexts (only 1280 bits at 128-bit security), and is secure under an existing variant of the standard decisional linear assumption. Our tag-based encryption scheme is of independent interest and is useful for many applications beyond the scope of this paper. As a special case of our distributed tag-based encryption scheme, we get an efficient tag-based encryption scheme in Type-III asymmetric bilinear groups that is secure in the standard model.
We introduce a novel concept of dual-system simulation-sound non-interactive zero-knowledge (NIZK) proofs. Dual-system NIZK proof system can be seen as a two-tier proof system. As op-posed to the usual notion of zero-knowledge proofs, dual-system defines an intermediate partial-simulation world, where the proof simulator may have access to additional auxiliary information about the potential language member, for example a membership bit, and simulation of proofs is only guaranteed if the membership bit is correct. Further, dual-system NIZK proofs allow a quasi-adaptive setting where the CRS can be generated based on language parameters. This allows for the further possibility that the partial-world CRS simulator may have access to fur-ther trapdoors related to the language parameters. We show that for important hard languages like the Diffie-Hellman language, such dual-system proof systems can be given which allow unbounded partial simulation soundness, and which further allow transition between partial simulation world and single-theorem full simulation world even when proofs are sought on non-members. The construction is surprisingly simple, involving only two additional group elements in asymmetric bilinear pairing groups.
Using the annual data in 20 years during 1993-2012 as samples,this paper analyses the possible variables that may affect the local governments and their officials' behavior when they are carrying out the urbanization investment and financing since the reform of Chinese tax sharing system.The results show that:the promotion incentives,the fiscal decentralization and the industrialization drive have a significantly positive correlation to the investment and financing scale of land urbanization,while private property protection level has a significantly negative correlation.This paper points out that the catch-up strategy of unbalanced development model is the deep-seated reasons for the above system arrangement,and is the key to realizing the coordinated development between the land and population urbanization,as well as the balanced development between urban and rural sectors,the industrial and agricultural sectors.
Bitcoin supports complex transactions where the recipient of a transaction can be programmatically determined. Using these transactions, multi-party computation protocols that aim to ensure fairness among partici-pants have been designed. We present a Denial of Service attack against these protocols that results in a net loss for some or all of the honest parties involved, violating those fairness goals. 1
Bitcoin is the inevitable product of money evolution,which possesses the attributes the money has.Generation of bitcoin is an innovation of digital money.Bitcoin is a representative of money trends,but due to its defect,Bitcoin may not be the future world coins.Future world coins must be provided with equity,publicity and impartiality.
The reasons for creating Bitcoin are only speculation because the actual person or persons which created the concept is unknown. Speculation surrounds the fact that Bitcoin emerged during the 2008 financial crisis and the original block of Bitcoin contained an embedded text referencing bank bailouts. No single person, company, or group can speak on behalf of the entire Bitcoin network.
Blind signatures allow maintaining privacy while using third-party services such as digital cash server. Existing proposals of blind signatures for ECC lack compatibility with standard ECDSA and thus cannot be used directly in Bitcoin transactions. We propose a scheme that allows generating a blind signature compatible with the existing Bitcoin protocol. The client requests a set of parameters from the signing server and synthesizes a public key to use in a Bitcoin transaction. To redeem the funds, the client transforms the hash of the transaction (blinds), sends to the server to sign and then transforms the signature (unblinds) to arrive at a valid ECDSA signature. The signed transaction is published revealing the synthetic public key and the unblinded signature. Signing server cannot learn about its participation neither from the public key nor from the signature.
The dramatic subtitle of the classic 1963 book Organizational Choice by Eric Trist and colleagues, which tells the story of the spontaneous bottom-up decentralization into leaderless autonomous groups that occurred in the 1950s in some British coal mines, the subject of our second case study in Chapter 4, is The Loss, Re-Discovery & Transformation of a Work Tradition. This same subtitle would be quite appropriate to a more contemporary story, this time in the home health care business in The Netherlands. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.