This study investigates the possible diversification benefits of multiple cryptocurrencies (Bitcoin, Ethereum and Litecoin) in a diversified portfolio from the perspective of a South African investor over the period 30 July 2015 to 20 December 2017. Cryptocurrencies are mostly still in their infancy, and reliable information regarding their usefulness as an asset class in a diversified portfolio is scarce to come by. This study adopts a quantitative research methodology which incorporates the following statistical methods: i) mean-semivariance optimisation; ii) Kendall Tau-b correlations; and, iii) autocorrelation function for serial correlations. The JSE All Bond Index is used as bond investment proxy, a combination of the JSE Top 40, Resources Index and Financial-Industrials Index is used as an equity investment proxy, and the LBMA Gold PM is used as a gold investment proxy. The study found that all three cryptocurrencies under investigation yielded risk-return benefits for a diversified portfolio. The alternative cryptocurrencies (Ethereum and Litecoin) exhibited higher levels of downside risk (semideviation) than Bitcoin, but proportionately greater returns. Hence, the addition of these two cryptocurrencies to a portfolio that includes Bitcoin and traditional assets resulted in an expansion of the efficient frontier. Ethereum exhibited slightly lower correlations to Bitcoin than Litecoin, which is most likely attributed to its greater technological differences, but performed worse as a diversifier. All three cryptocurrencies yielded similar low to very low correlations to all traditional assets, including gold - representative of the potential diversification benefits. The autocorrelation function resulted in high positive serial correlations for all three cryptocurrencies, indicative of strong trending behaviour and high volatility.
Lotteries are an excellent use case for Ethereum. Like pyramids, lotteries were among the first contracts on the Ethereum blockchain. Results are provably fair, enabling the lottery to be run without a central authority taking a cut of the winnings, and without anchoring its operation in any single legal jurisdiction. It is highly likely that the lotteries of the future will be conducted on a blockchain. This chapter covers the primary roadblock to running a good lottery—random-number generation—and develops a series of increasingly complex lottery contracts. 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.
This chapter provides a high-level overview of the Ethereum blockchain. The blockchain is an ordered series of blocks, each of which is an ordered series of transactions. A transaction runs on the Ethereum Virtual Machine and executes code that modifies the state tree. We will explore each of these concepts in more detail in the following sections.
Derrick Chan, R. O. Decker, William Nguyen, Yuya Oguchi
Cryptocurrencies are rapidly receiving mainstream attention and adoption. As a result, new technologies are developing to store and transact cryptocurrencies to keep up with a rapidly developing market. We have developed a way to utilize a mobile phone to communicate with the Ethereum blockchain in order to monitor and initiate cryptocurrency transactions. The project allows users to create new Ethereum addresses and to send arbitrary amounts of Ether to existing Ethereum addresses, while maintaining security for the end user. We conclude that this method of communication with the Ethereum blockchain is viable and is an avenue for exploration in the future. As a result from this project, we anticipate a growth of new cryptocurrency applications on mobile devices. Furthermore, the various security features utilized in this project such as pin randomization, mnemonic recovery, and hardware level encryption can be implemented in other applications to increase security for all users.
The emergence of blockchain strikes at the heart of the AMCIS 2018 SIGED call, and also to the heart of the theme for AMICS 2018: Digital Disruption. The aim of this TREO talk is to discuss how we can introduce and integrate the topic of blockchain in the MIS curriculum. I will cover how to introduce the topic to the spectrum of MIS classes, how to unpack the many layers and nuances of blockchain, the depth vs breadth debate on how much and how deep to cover the topic, and finally how to integrate projects as well as the topic of bitcoin into the classroom. \\ \\ The prevalence of media coverage of bitcoin makes it an excellent entry point to a more nuanced discussion of blockchain. In most cases the discussion about bitcoin will start with ââ¬Åwhat is bitcoin and should I invest in it?ââ¬Â Instead I suggest starting with something that is more familiar for students: the purchase and sale of used cars. Students often understand a large number of the underlying attributes that would make it sensible to purchase a used car. From this I demonstrate that the same is just not true for bitcoin which leads us to the fact that we need to understand what supports bitcoin, which is blockchain. This "shall I invest in bitcoin" discussion can occur in almost every class in the MIS curriculum. \\ \\ To further unpack blockchain for class, we start discussions with the Avital et al. (2016) definition of blockchain, examining each word of the definition in turn and posing a set of directed questions that result from each word for a discussion which can fill one or two class periods. The breadth versus depth discussion will also be discussed. Kursch and Gold (2016) surveyed offerings of FinTech curriculum across several schools and found that there were ââ¬Åoverview vs. specializedââ¬Â offerings. Importantly, the ââ¬Åsplit between courses that provide a broad overview of the entire FinTech universe versus courses that examine one specialized aspect of FinTech (i.e. [sic], Bitcoin or cryptocurrency) is 50-50ââ¬Â. This suggests that there is no one way to present this topic correctly when it comes to blockchain education and the choice should be guided by the vision and strategy of your particular MIS department. \\ \\ To encourage hands-on learning, we suggest students set up in Ethereum as a useful way to help them understand blockchain issues. This setup can be accomplished by providing access to YouTube tutorial videos to help students accomplish this task. We have also found that students need four to five weeks to master concepts like blockchain so that they can effectively help local companies, which leaves too little time to actually work on blockchain projects for those companies. As a result, we do in-class projects to support learning which I will cover in the TREO talk. Finally, we discuss bitcoin and some of the technical aspects of how it works, including cryptomining. In class we discuss headlines such as ââ¬ÅCanadian couple pours life savings into bitcoin mineââ¬Â (CBC 2017). I will discuss my approach in the TREO talk. \\ \\ References \\ \\ Avital, M., Beck, R., King, J.L., Rossi, M., Teigland, R., 2016. ââ¬ÅJumping on the Blockchain Bandwagon : Lessons of the Past and Outlook to the Future,ââ¬Â Proceedings of the 36th International Conference on Information Systems. Atlanta, GA : Association for Information Systems. AIS Electronic Library (AISeL). Atlanta, GA \\ \\ CBC news, December 2017, http://www.cbc.ca/news/business/bitcoin-mine-canada-1.4436149 \\ \\ Kursh, S.R., Gold, N.A., 2016. ââ¬ÅAdding FinTech and Blockchain to Your Curriculum,ââ¬Â Business Education Innovation Journal, Vol 8:2, December 2016, 1-12. \\
Cryptocurrency and blockchain has conjointly become trending buzzwords in the business\nworld today. As the blockchain technology has become older and more researched, its areas\nof usage have broadened far beyond payment solutions like Bitcoin. In venture financing,\nblockchain has been used to establish a prominent fundraising tool, called initial coin offerings\n(ICO). An ICO is a crowdfunding method resembling initial public offerings, where ventures\nissue a blockchain based token, subject to public sale. ICO has become a lucrative financing\nmethod for blockchain affiliated ventures.\nThe hype around cryptocurrency has led to increased ICO attention. Everyone can invest in an\nICO, and thus, it has become a popular investment opportunity. This thesis looks at ICOs as\ninvestment objects, with the aim to find out what an investor should consider before investing.\nAdditionally, we assess whether ICOs are profitable financial instruments relative to its close\nsubstitutes, and evaluate measures to avoid scams.\nThe study is based on 104 companies that have had ICOs, and analyzes what factors influence\nboth ICO success rate, and post-ICO capital gains. Our results indicate that hype and pricing\nis influential on the outcome of an ICO, which in turn is important for subsequent price\nmovements. We have also observed that venture capital seed funded companies performed\nbetter in the ICO aftermath. By further using the results, we have also found that investors\nmay use these parameters when investing in an ICO to outperform both our benchmark\ncryptocurrency Ethereum, and other ICOs.
Den europeiska energisektorn genomgår numera en viktig övergång från en centraliserad elkraftförsörjning till distribuerad elproduktion från förnybara källor. Dessutom leder utfasningen av fossila bränslen till en ökning av antalet elfordon (här EV). Höga penetrationsnivåer för både EV och förnybara energin på distributionsnivån kan orsaka ytterligare belastning på elnätet, vilket kan leda till avbrott i strömförsörjningen och försämring av strömkvaliteten. I detta examensarbete undersöktes möjligheterna att lösa detta problem i Tyskland. Den föreslagna lösningen är ett förvaltningssystem för EV-laddning och lokal förnybar elproduktion/-koppling i realtid. Tre användningsfall utvecklades för att analysera denna lösning. Det första användningsfallet ”hyresgästernas el” är baserat på den nya tyska förordningen som infördes 2017 och främjar att använda solenergi ”bakom” elmätaren i flerbostadshyrehus. I detta fall, genom att erbjuda en EV-laddningstjänst, kan hyresvärden uppnå en högre konsumtionsnivå under solskenstimmarna när hyresgästerna är på jobbet, och därmed få en bättre ersättning. Betalningsperioden för en 11 kW laddsstation, som skulle användas tillsammans med en PV av 26 kWp, beräknades vara cirka 5 år om laddstationen är upptagen 30-40 % av den möjliga dagsljustiden. Om laddstationenen har installerats på grund av andra ändamål kan ”hyresgästernas el”-modellen bli en extra inkomstkälla. De andra två användningsfallen beror på möiligheten att införa en ”minskad elnätavgift”. Här måste man nämna att insatser att föra EV-laddningen på tid och plats för förnybar elproduktion måste motiveras. Numera är elpriset fast i Tyskland för småförbrukare som betyder att det inte finns någon orsak för en beteendeförändring av EV-förare. En minskad elnätsavgift kunde bli en åtgärd för att främja ”EV-laddning + lokal förnybar elproduktion”-kopplingen; den kan beviljas av en distributionssystemoperatör (DSO) ifall denna EV-laddning skulle hjälpa att undvika stockningar och avkortning i elnätet. Det andra användningsfallet innebär att införa en sådan minskad elnätavgift för EV-laddning med lokal sol- (PV) eller vindel, som inför dynamisk prissättning. I det här fallet ska lokala elproducenter behöva säjla el till lokala laddstationer på ett peer-to-peer (P2P) sätt. Enligt gällande regelverk är ren P2P-handel inte möjlig; den skulle behöva inrättning av lokala energimarknader och ytterligare balansering. Vad man kan göra kallas direktmarknadsföring, vilket är en elmarknadsmodell som utförs av en aggregator. Användningen av blockchain som ett verktyg skulle bli välgörande för båda fallen eftersom det skulle tilllåta realtids - främja ”EV-laddning + lokal förnybar elproduktion”-kopplingen med dynamisk prissättning. Ifall man gör P2P-handel möjligt, skulle blockchain också bli användbar för betalningar, medan införandet av blockchainbaserade betalningar konstaterades att inte vara genomförbart under den direktmarknadsföringsmodell som existerar idag. Det tredje användningsfallet innebär “självkonsumption”/”framme”-elmätaren, när PV / (vindkraftverk)-ägaren och EV-ägeren är samma person; så när hen laddar sin bil samtidigt med elploduktionen, skulle hen inte behöva betala för kilowattimmar och, beroende på distansen mellan de två elanslutningspunkterna, skulle hen därmed kunna få rabatt på elnätavgiften. För det här fallet konstaterades det att enligt den nuvarande direktmarknadsföringsmodellen, där aggregatorn och laddstationsleverantören tillhör samma företag, skulle ett sådant användningsfall tveklöst kunna genomföras på grund av gemensam bokföring. Ett sådant fall kan bli ett attraktivt erbjudande, särskilt för PV-ägare som inte får inmatningsavgiften. P2P-handelns slutsatser liknar det tidigare användningsfallet. För det andra och tredje användningsfället upptäcktes det att i den situationen då P2P-handel är möjlig, skulle EV-laddningen inte uppfylla "försäljningsbehovet" för producenter eftersom den inte är fullt förutsägbar. Därför måste urvalet av P2P-köpare utvidgas till stationära konsumenter; d.v.s. att bredda det föreslagna systemets funktionaliteter från bara EV-laddning till fullständig P2P-handel. Eftersom EV-laddningen skulle behöva göras i realtid, vara flexibel för laddningsförhållanden, uppfylls behov av flera andelsägare och att vara manipulationssäkert, föreslås distribuerad ledgerteknik (DLT) som implementeringsverktyg. Av två olika DLT, Ethereum och IOTA, drogs slutsatsen att teknikurvalet för att implementera det föreslagna systemet beror på implementeringstiden. Från och med idag ligger Ethereum i ett högre stadium i utvecklingen , vilket prioriterar Ethereum för omedelbar implementering. Samtidigt är IOTA en mycket lovande teknik i ett lägre löptidstillstånd. När de löser ett antal kontroversiella problem blir IOTA ett värdefullt verktyg.
The virtual currencies or cryptocurrencies are growing rapidly in developed economies like UK, USA,and Japan. The motives of these currencies to create an efficient method of digital payment system which is globally accepted and their traders’ belief that these coins have some value, either a physical value or have a money value in terms of their native currency. The first cryptocurrency, Bitcoin (BTC) is facing competition today with newly launched ‘Altcoins’ or ‘Alternative coins”, like Ripple (XRP), Ethereum (ETH) etc., the market captured (market cap) by BTC is continuously decreasing and ranging between 30 to 35% of the total market cap. The newly launched ‘Altcoins’ are technically efficient and have an audience with different motives compare to BTC, also these coins have a huge potential of growth level within a time compare to BTC, Because BTC prices are very high and its growth level is low compares with newly genesis coins. This article deals some important aspects of cryptocurrency worldwide with an addition to explore its role in the Indian Economy because India is not apart from this emerging trend. Many Indian trading exchanges are started within last few years, rather Government of India is not in favor of crypto trading. The aim of this article to critically examine working features of cryptocurrencies, eg; Mining, how crypto Initial Coin Offerings (ICOs) are working, their exchange markets, and how this peer-to-peer (P2P) currency blockchain works. This article also critically evaluate Indian crypto traders’ motives and try to find out a way to deal with the related issues of cryptocurrencies for Indian Economy.
Traditional database with no prior security measures is becoming challenging in the era of data technology. Database storage on a central location with single point of failure and vulnerable to cyber attacks is getting exposed to big risk of being hacked with the evolution of powerful machines and modern hacking techniques. Since its commencement, the BlockChain technology has shown a promising performance for application buildup in diversed fields of life from cryptocurrency to smart contracts and decentralized applications. Although multiple studies on privacy, data confidentiality and security issues of BlockChain are performed but a systematic examination is still needs attention. In this thesis work we conduct a systematic study about the vulnerabilities of BlockChain system and review the security enhancement solutions that may point to a good future direction for further research into the area of BlockChain technology and its applications. Smart contracts are self-executable objects hosted on the 2nd generation blockchain like Ethereum, carry billions of SEK worth of cryptocoins and cannot be updated once deployed. Smart contracts are generally considered secure objects but the systematic analysis of technology and source code exposes a new class of vulnerabilities which are more likely an ethical aspect of programming than the software coding errors. Besides the literature review we empower our results with a static code analysis especially with the perspective of cyber forensics.
In this thesis, an analysis of Bitcoin, Monero price and volatility is conducted with respect to S&P500 and the VIX index. Moreover using Python, we computed correlation coefficients of nine cryptocurrencies with two different approaches: Pearson and Spearman from July 2016 -July 2018. Moreover the Pearson correlation coefficient was computed for each year from July2016 - July 2017 - July 2018. It has been concluded that in 2016 the correlation between the selected cryptocurrencies was very weak - almost none, but in 2017 the correlation increased and became moderate positive. In 2018, almost all of the cryptocurrencies were highly correlated. For example, from January until July of 2018, the Bitcoin - Monero correlation was 0.86 and Bitcoin - Ethereum was 0.82.
In the age of Big Data, enabling task scheduling while protecting users' privacy is critical for various decentralized applications in blockchain-based smart contract platforms. Such a privacy-preserving task scheduler requires the task input data to be secretly maintained until a prescribed task execution time and be automatically recorded into the blockchain to enabling the execution of the task at the execution time, even if the user goes offline. While straight-forward centralized approaches provide a basic solution to the problem, unfortunately they are limited to a single point of trust and involve a single point of control. This paper presents decentralized techniques for supporting privacy-preserving task scheduling using smart contracts in Ethereum blockchain networks. We design a privacy-preserving task scheduling protocol that is managed by a manager smart contract. The protocol requires a user to schedule a task by deploying a proxy smart contract maintaining the non-sensitive information of the task while creating decentralized secret trust and selecting trustees from the network to maintain the sensitive information of the task. With security techniques including secret sharing and layered encryption as well as security deposit paid by trustees as economic deterrence, the protocol can protect the sensitive information against possible attacks including some trustees destroying the sensitive information (drop attack) or secretly releasing the sensitive information before the execution time (release-ahead attack). We demonstrate the attack-resilience of the proposed protocol through rigorous analysis.Our implementation and experimental evaluation on the Ethereum official test network demonstrate the low monetary cost and the low time overhead associated with the proposed approach.
This study focus on the six largest minable cryptocurrencies: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Monero and DASH, and puts forward determinants that explain large parts of the price value formation in the markets. This is done by Ordinary Least Squares linear regression with intent to validate or question previous research regarding explanatory factors driving the market price. These factors are divided into three groups: system variables, macroeconomic variables and a social variable. The regression is done with the “all possible regressions” method and then validated and optimized thru several statistics. The results indicate that a high percentage of the price formation can be explained with relatively few variables. The econometric model’s heavy emphasis on the system variables suggests that relative rates of production for given level of mining effort are paramount for the price formation. (Less)
Hallvard Kristoffer Boland Haugen, Andreas Fougner Engebretsen
The topic of revenue streams in the music industry has been frequently discussed since the transition from sales to streaming started when Spotify launched in 2008. Even though revenues in the industry have reached new heights, musicians express dissatisfaction with lower royalty payouts. Moreover, it has become increasingly more difficult to understand the royalty calculations. With today's complicated licensing agreements, money flows through a complex chain of third parties before it reaches the musicians. The industry struggles with transparency and efficiency, and the musicians are paying the price. Meanwhile, blockchain technology has developed since its first implementation with Bitcoin in 2008. Today, more advanced blockchains can run decentralized transparent applications that utilize the technology's efficient transaction system. With the industry issues and the promises of blockchain in mind, we investigate how blockchain technology can be applied to solve value chain problems within the music space.\n\nIn this thesis, we identify core issues in the music industry, propose a decentralized application (dApp) that attempts to solve these issues and implement the proposed solution. We develop the business logic using smart contracts on the Ethereum blockchain and make an associated web application using a JavaScript framework. The dApp works as a global copyrights database where musicians can register and license musical works. We exploit Ethereum's efficient transactional system to manage license purchases. Furthermore, we discuss the advantages and disadvantages of blockchain based solutions.
Proof Of Work Blockchains such as Bitcoin and Ethereum exhibit a low Transaction Per Second (TPS) that impacts the scalability of the blockchain. Manipulating the block creation time can yield a higher TPS. A lower block creation rate results in a higher Stale Block rate that has a direct impact on the security of blockchain. We intend on using a novel Proof of Work Classification model under a varying level of difficulty to classify an instance of blockchain with a threshold (Block-time) on the basis of it’s resilience to selfish mining and double-spending attacks. Use of an ideal block creation time can help Proof of Work blockchains scale and attain a higher TPS without trading off security. The classification model can further be extended to find an optimal block-size.
Με τις πρόσφατες εξελίξεις στις τεχνολογίες της πληροφορίας και της επικοινωνίας και την διαδεδομένη δημοτικότητα των κινητών τηλεφώνων (π.χ. συσκευών Android και iOS), οι ψηφιακές πληρωμές και τα κρυπτονομίσματα όπως το Bitcoin, το Litecoin, το Ethereum και άλλα, γίνονται ολοένα και πιο δημοφιλή στο ηλεκτρονικό εμπόριο. \nΟι εγκληματίες - συχνά πρωτοπόροι των νέων τεχνολογιών - εκτίμησαν γρήγορα ότι το Bitcoin ως πρωτοπόρο, αλλά και τα λοιπά κρυπτονομίσματα στη συνέχεια, έχουν μοναδικές ιδιότητες που θα μπορούσαν ενδεχομένως να εξυπηρετήσουν το ενδιαφέρον τους για αποφυγή της επιβολής του νόμου. \nΤο Bitcoin εισάγει μια σειρά προκλήσεων στις ψηφιακές έρευνες που οφείλονται κυρίως στα στοιχεία της ψευδωνυμίας που παρέχει σε ένα χρήστη και το αποκεντρωμένο δίκτυο μέσα στο οποίο λειτουργεί, όπου με τη χρήση του μπορεί να μεταφερθεί χωρίς μεσάζοντες ακόμη και σε διεθνή σύνορα τόσο εύκολα όσο και η αποστολή ενός μηνύματος ηλεκτρονικού ταχυδρομείου. \nΑυτά τα χαρακτηριστικά το έχουν καταστήσει ελκυστικό μέσο ανταλλαγής για όσους ασχολούνται με εγκληματικές δραστηριότητες στο διαδίκτυο. Κατά το παρελθόν έχει χρησιμοποιηθεί για τη νομιμοποίηση εσόδων από παράνομες δραστηριότητες και για φοροαποφυγή, ενώ έχει χρησιμοποιηθεί εκτεταμένα για την αγορά παράνομων προϊόντων, αγαθών και υπηρεσιών μέσω διαδικτυακών αγορών, όπως το Silk Road στο Dark Web. \nΧρησιμοποιήθηκε και χρησιμοποιείται επιπλέον από επίδοξους χάκερ ως τρόπος πληρωμής για επιθέσεις ransomware που έχουν σημειώσει τεράστια ανάπτυξη κατά τη διάρκεια των τελευταίων χρόνων από την δημιουργία του. \nΠαρά το γεγονός ότι το Bitcoin αλλά και τα άλλα εικονικά νομίσματα (κρυπτονομίσματα) αποτελούν πηγή αποδεικτικών στοιχείων, έχει υπάρξει περιορισμένη έρευνα στην εγκληματολογική εξέταση τους. Η υπάρχουσα εγκληματολογική έρευνα σχετικά με το Bitcoin επικεντρώνεται κυρίως στο Blockchain (το καθολικό ledger στο οποίο καταγράφονται οι συναλλαγές) και όχι στο Bitcoin, ως λογισμικό του χρήστη (π.χ. την εφαρμογή πορτοφολιού για κινητά τηλέφωνα) προκειμένου να βρεθούν και να ανακτηθούν δεδομένα σχετικά με τις συναλλαγές που έχει πραγματοποιήσει ένας χρήστης χρησιμοποιώντας την συγκεκριμένη εφαρμογή ή και άλλα στοιχεία που σχετίζονται με την συμπεριφορά του χρήστη κατά την χρήση της εφαρμογής πορτοφολιού Bitcoin. Αυτό είναι το κενό που επιδιώκουμε να αντιμετωπίσουμε σε αυτή την εργασία.
Bitcoin, first introduced in 2008, and other virtual currencies (litecoin, ripple, ethereum, dash, etc. – known as “altcoins”) are a phenomenon of the 21st century. When speaking about bitcoins, views on cryptocurrency-related risks and benefits vary significantly. However, in this article, we will not focus on bitcoin here to illustrate how virtual currencies work. The aim of this article is to show how the borrowed Anglicism bitcoin is used in the Czech and the French languages. The purpose of the theoretical framework is to clarify concepts of neologism, Anglicism and internationalism and propose relationships among the concepts in a study. In the practical section, using the word bitcoin, we show how the loanword is used in both languages and how its integration into the language is similar. The main result of the analysis is a list of derived and compound words from the word bitcoin in Czech and French. The article deals with derived and compound words from the point of view of their quantitative evaluation using Aranea web corpora. In this article, we have shown the possibilities of their derivatives and adaptation to the given system of the language.
Bitcoin, but there are other serious players in the game such as Ethereum, NEO, and Ripple, to name just a few. 2 Cryptocurrencies extend beyond the pre-established limits, and thus do not fit easily into the existing paradigm. 3 In fact, their scope is so vast, it is almost impossible to predict their future impact. 4 It is a bit like attempting to estimate the possible size and magnitude of an unknown type of fully mature tree from its tiny infant seed.*So, perhaps we should not limit our imaginations too much with rapidly redundant frameworks and limiting definitions.*The objective of this article is to widen and expose the field of interpretations and understanding of cryptocurrencies while providing some stimulating, inspirational thoughts regarding the unprecedented opportunities and dilemmas cryptocurrencies face.*This mini-thesis has been written almost like a stream of thought, rather than a concisely researched document.*This is because it does not attempt to meet all the criteria of empirically proven research.*As such, some of its statements are unproven, unquantifiable, and unquoted.*Currently, complete examination is impossible because cryptocurrency, and the blockchain technology supporting it behind the scenes, is a rapidly evolving organic phenomenon-it is swirling, moving, and adapting. 5 At this stage, it is impossible to predict accurately what will global simulations.He is a regular contributor to the World Bank doing business reports from 2015 through 2018.
This paper considers the design, the developed and the experimental evaluation, a blockchain based smart contract specifying the operating rules of a real time, uniform-price double auction energy market. Producers and consumers interact with this contract sending their offers and bids accordingly and the contract clears the market based on a double auction model. We propose four different approaches for implementing, through the Ethereum platform, both the P2P network as well as the smart contract. We systematically compare the above approaches on the basis of their decentralization nature, operating costs, computational costs, effectiveness, security, privacy and beyond. This comparison is achieved through large scale, real time simulations based on the GridLAB-D platform.
Gucun merkezlerde olmayip insanlarin elinde toplandigi finansal teknolojiler gelecegi sekillendirmeye basladilar. Guvenligi matematiksel yontemler sifrelenerek saglanan kripto paralar, klasik anlamda kullanilan paralarin aksine hicbir devlet ve/veya kurum destegi olmaksizin dunyanin her herhangi bir yerinde bireysel kullanicilar tarafindan uretilerek kullanilmaktadir. Hâlihazirda bin alti yuz elli civarinda kullanilan kripto para piyasada islem gormektedir. Bunlardan one cikanlar; Ripple, Ethereum, Bitcoin, Cardano, NEM, Litecoin, Stellar, Bitcoin Cash, IOTA ve TRON’dur. Bu paralarin yatirim araci olarak degerlendirilirken bazi sirketler hatta ulkeler emtia olarak da degerlendirmektedir. Kripto paralarin dunyada islem hacimlerinin artmasi onlenemeyen bir gercekliktir. Bu gercekligin akademik bir makalede yer almasi gerekliligi uzerine calismanin literature degerlenmesi onemli gorulmustur. Calisma ile, zaman ve mekan siniri olmayan kripto paralarin avantaj ve dezavantajlarini degerlendirerek ulkelerin ve sirketlerin kripto paralari kullanimlarina yonelik yaptiklari calismalar ve hukuki duzenlemeleri inceleyip Turkiye acisindan konuyla ilgili yapilacak calismalara isik tutmak amaclanmaktadir. Bu baglamda calismada, dijitallesen dunyada yenilikci finansal teknolojileri kullanarak dunyanin gerisinde kalmadan gelecekte inovasyona liderlik edebilme olasiligi olan kripto paralar, yatirim olanaklari ve hukuksal duzenlemeleri ikincil verilerin isiginda ampirik olarak degerlendirilmektedir. Bunun yani sira Turkiye’de yeni nesille birlikte buyuyen kripto para yatirimcilarinin dikkat etmesi gereken unsurlar ile Turkiye’nin bu teknolojiye hazir olmasi icin gerekli model de calismada yer almaktadir.
In this research, the returns of four cryptocurrencies (Bitcoin, Litecoin, Ripple and Ethereum) were analyzed in order to answer the following research question: “How do the returns of Bitcoin and other altcoins behave over time, and what can we say about extreme values for losses and profits?” With respect to volatility, cryptocurrencies can still be considered extremely volatile. For Bitcoin, the least volatile of the four, we found an annual volatility of approximately 70% based on daily exchange rates. For Ethereum, the most volatile of all four, this percentage was closer to 130%. Also, several distributions were fitted on the returns. It is shown that the Generalized Hyperbolic Distribution is the best fit for all four cryptocurrencies, apart from the tails in some cases.<br/>The tails were investigated seperately by using Extreme Value Analysis and by looking into both empirical and theoretical risk quantities (the Value at Risk and Expected Shortfall). Bitcoin appears to be the least risky of all four cryptocurrencies, but also the least profitable, whereas Ripple appears to be the most risky and also the most profitable.<br/>Compared to previous research, Bitcoin has also become less risky, showing a less fat tail for the losses than before. For Litecoin and Ripple, the reverse is true, as they appear to have become riskier. For Ethereum, no comparisons could be made, as this is a relatively new cryptocurrency that has not been investigated much yet. When tested for Paretianity, the left tails of Litecoin and Ripple appear to Pareto distributed: the losses seem to exhibit heavy tail behavior. For the profits, the tails turned out to be even heavier and can therefore also be considered Paretian. These results were confirmed by Maximum to Sum ratio plots, indicating infinite third and fourth moments for the losses and profits of Litecoin and Ripple, but not for Bitcoin and Ethereum. The results have implications for investment and risk management purposes.
The use of Internet of Things devices is an integral part of our modern society. Communication with internet of things devices is secured with asymmetric key encryption that is handled by the centralized certificate authority infrastructure. The emerging Blockchain technology now provides a safe way to change ownership of digital resources through a decentralized system that challenges the traditional centralized view of trust in digital systems. This project studies the security of building public key infrastructures and access communication protocols on Blockchain technology for IoT devices. An informal cryptographic analysis that used proof by contradiction showed that it is cryptographically safe to build Blockchain based Public Key Infrastructures. The analysed Blockchain based public key infrastructure was implemented with smart contracts and tested on the Ethereum platform along with a dynamic access control protocol ensuring dynamic authentication and distributed logging. The project also concluded that advancements in the software clients of nodes are required before Blockchain can be used in Internet of Things devices. This is due to the high storage demands required by currently available nodes.