Blockchain Papers

М. Л. Дорофеев, Михаил Косов

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Eduard Yelagin

We develop a theory of financing entrepreneurial ventures by Initial Coin Offerings (ICOs). We show how distributed ledger technology (Blockchain) allows ventures to significantly decrease the price of issuance of new types of securities relative to a traditional venture capital (VC) approach. In addition, we discuss several types of new securities, called tokens. We explore the source of their value and benefits (and negative qualities) for entrepreneurial ventures and investors. We find that, in general, different types of tokens can provide unique benefits and additional information about a tokens’ issuer market sentiment. The following information would become available with the help of ICO: Net income of the company, demand for the particular good or service by an issuer of the token, and future growth rate of the issuer as perceived by the market. Finally, we provide numerical examples showing exact circumstances under which it would be beneficial for an entrepreneurial venture to issue tokens instead of VC to raise an additional capital.

Mikhail Filkin

The article is devoted to the research of the current state and prospects of digital assets (cryptocurrencies) in the global financial system. Despite the controversial history of development, the process of acceptance of crypto assets at the level of state regulators continues. It seems that, to one degree or another, the algorithmic and technological advantages of cryptocurrencies will be used to reduce transaction costs of the economy. However, their legitimization will be associated with a gradual rejection of anonymity and increased state control. The advantages, disadvantages, risks and prospects of blockchain technology for the implementation of monetary settlements are considered.

Maxim Zuev

This article represents the chronology of the use of digital currency by professional participants in the US financial market. There are indicated main participants of the digital currency market using this asset for investment and speculative purposes. There are described their actions on the digital currency market. There are analyzed possible stages of the development of the digital currency market. Digital currency Bitcoin and Ethereum are represented. Attention is paid to the innovations of the JP Morgan Chase Corporation, the Facebook Corporation. There are described new exchange assets introduced by Cboe, CME Group, and Bakkt.

Lorenzo Esposito, Giuseppe Mastromatteo

No abstract is available for this record.

Марат Рашитович Сафиуллин, Leonid Alekseevich Elshin, A.A. Abdukaeva

The digitalization of business processes significantly changes the wellestablished models for the development of economic systems, forming new factors of socio-economic growth. This article proposes a cryptocurrency market forecasting toolkit based on building a model of autoregressive conditional heteroskedasticity. The paper enables the analysts to determine the most suitable model from the GARCH family for forecasting one of the most common and popular cryptocurrencies in the world - bitcoin. The proposed and tested tools make it possible to plan the development of the cryptocurrency market for the short term. This, in turn, can serve as the basis for monitoring and predicting future market adjustments, which allows coordination of state planning measures in this sector of economic relations.

I. S. Pypenko, Aleksandr Kud

Globalisation of the world economy and computarisation of financial systems form a new branch - economy. There appear some alternative currencies generated by computarisation of financial systems. A remarkable example of this process is

Liudmyla Sokolenko, Тетяна Остапенко, Olga Kubetska, Оксана Портна · 13 authors

Использование криптовалют в международной практике говорит о том, что страны отличаются ее реализацией в обращении. Это объясняется, прежде всего, новизной этого инструмента и отсутствием единого определения категории «Криптология», которое бы раскрыло его суть. Положительное отношение к биткойнов характерно для развитых стран, а в развивающихся странах, есть некоторые ограничения в этой области. Также появление нового товара на рынке инновационных технологий привело к появлению нового объекта учета - электронных денег. Поэтому страны на глобальном уровне должны регулировать систему налогообложения операций с криптовалютой; ввести методику ведения учета операций с ними для дальнейшего развития предприятий и их интеграции в глобальную экономическую среду.

Diana Burkaltseva, Ю.В. Лясникова, А.С. Тюлин

Актуальность исследования обусловлена фактором интенсивного развития информационно-коммуникативных технологий, которые создают новые и трансформируют старые инструменты финансовых институтов под воздействием цифровизации. В связи с этим данная статья направлена на выявление и раскрытие особенности функционирования криптовалют как инструмента финансовых институтов, рассмотрены ее основные отличия в сравнении с фиатными деньгами, предложена универсальная классификация криптовалют. Полученные результаты: дополнена сравнительная характеристика электронных фиатных денег и криптовалют, разработана универсальная классификация криптовалют как инструмента финансовых институтов. Практическая значимость работы может быть использована для разработки законопроектов в области регулирования цифровых активов и цифрового права, составления учебных программ для студентов в области цифровой экономики и криптовалют. The relevance of the study is due to the factor of intensive development of information and communication technologies that create new and transform the old tools of financial institutions under the influence of digitalization. In this regard, this article is aimed at identifying and disclosing the features of the functioning of cryptocurrency as an instrument of financial institutions, its main differences in comparison with fiat money are considered, a universal classification of cryptocurrencies is proposed. Results obtained: the comparative characteristics of electronic fiat money and cryptocurrencies are supplemented, a universal classification of cryptocurrencies as an instrument of financial institutions has been developed. The practical significance of the work can be used to develop bills in the field of regulation of digital assets and digital law, curriculum development for students in the field of digital economy and cryptocurrency

М. Жариков

The subjects of the research are the transformation of the international financial architecture resulting from the internationalization of some currencies of the BRICS countries, mainly the yuan; the position of the BRICS currencies in the world monetary system; and a possibility of creating a common payment unit in the context of collective currencies, cryptocurrencies and similar monetary and financial products. Based on the correlation analysis of the dynamics of the BRICS currency quotations, the paper expresses a hypothesis about a possibility of concluding a monetary union and creating a common BRICS currency. The purpose of the research was to develop the principles of creating a common payment unit for the BRICS countries both for mediation of international economic relations and for wider international circulation. Based on the methods of analogy, comparative analysis, plotting and statistical forecasting, it is proved that the BRICS currency cannot be built on the cryptocurrency principles. It is stated that emission of the BRICS currency as a cryptocurrency will lead to the anarchy of currencies, which will naturally create conditions for the destruction of the monetary union, elimination of the new currency and preservation of the dollar dominance in the global monetary system. The novelty of the research findings lies in obtaining a formula for calculating the amount of the new BRICS currency needed for international circulation. The theoretical significance of the research is the development of a methodology for establishing the exchange rate of the collective currency for the BRICS countries. The practical importance of the research findings is manifested by determining a potentially new BRICS exchange rate in relation to the currencies of the leading countries, plotting the BRICS currency exchange rate trends to predict the limits of currency fluctuations in accordance with the scenarios from the most optimistic to the most pessimistic.

Demur Sichinava, MURTAZ MAGRADZE

The article is dedicated to the actual problems of creation, intervention and introduction of electronic money crypto-currency and blockchain technology at the modern stage. Rather narrow description is given to essence, the history of invention and the types of crypto currency (bit coin, ethereum, etc.,), advantages and defects of their use, the electronic wallet and its types, situation of the electronic money introduc tion in Georgia, the global crypto currency spread and the tendencies and prospective of its possible recognition, assessed is significance of the electronic money in manufacturing, based on the modern technical-technological achievements, money-reporting field, maximally just relations creation and by this - further growth of the economic development and accordingly the permanent enhancement of the living standards of the populations.

Lyubomyr Sopilnyk, Andriy Shevchuk, Vasyl Kopytko

The common signs of development and its financing of cryptocurrency, artificial intelligence and basic income were determined. The main tendencies and problems of the development of cryptocurrency and artificial intelligence from their appearance to the present time were considered. The combination of cryptocurrency, artificial intelligence and basic income in a unified system of innovative tools for the creation of a new global financial and technological system was substantiated. These three technologies have the features of combining into one innovative system of interaction at different levels from hardware and software to the level of ultimate practical implementation and application in the future. The perception and consideration of these technologies as a single system makes it possible to significantly simplify the approach to their study, design and implementation.

T. E. Kaminskaya, V.A. Petrova

The article provides an analytical overview of cryptocurrencies, the dynamics of bitcoin from the origin to the present time. The specific risks of the virtual currencies use were identified.Keywords: bitcoin, cryptocurrency, risks, electronic money; financial technology.

Artem Solopov

This thesis analyses the concept of private cryptocurrencies alongside the conduct of contemporary monetary policy. The technological development of blockchain and cryptocurrencies could imply a disruption in the global economic system and substitution of modern fiat money worldwide. This research aims to discuss whether the mass adoption of cryptocurrencies would lead to substitution of the fiat money system. The viability of such a proposition is analysed through the literature review and the discussion on the topic.
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\nLiterature review consists of a detailed examination of money history and its nature, the conduct of contemporary monetary policy and its critique, and the purpose of cryptocurrency as a solution to financial freedom.
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\nIt is then discussed, how much power over money people have and how it could be increased with the mass adoption of cryptocurrency. The problems of transcending network effects for mass adoption are addressed with the analysis of technical drawbacks. A regulatory approach is examined, and several proposals are presented.
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\nThough the libertarian approach to economies and financial management is virtuous, the contemporary implementation of cryptocurrencies is imperfect. In their pure form, cryptocurrencies are unlikely to gain widespread adoption and substitute fiat money under stable economies.

K. A. Kuzmenko, N. G. Ustinova

АннотацияВ статье рассматривается актуальность создания новых валютных систем, их место и роль в мировой финансовой системе.Проанализирована одна из разновидностей цифровой валюты -криптовалюта, создание и контроль за которой базируются на криптографических методах.Выявлены проблемы функционирования данной валюты и предложены меры по их устранению.Ключевые слова: цифровая экономика,

Олександр Левченко, Olga Tkachuk

Статья посвящена обоснованию организационно-экономических основ создания инновационно-интегрированных структур в условиях социально-экономической нестабильности на основании анализа текущего состояния показателей конкурентоспособности и инновационного развития Украины на международной арене и мировых тенденций инновационной динамики. Охарактеризованы предпосылки, факторы, принципы, составляющие и задачи развития инновационно-интегрированных объединений. Обоснована целесообразность учета основных составляющих формирования и развития инновационно-интегрированных структур. Статья посвящена обоснованию организационно-экономических основ создания инновационно-интегрированных структур в условиях социально-экономической нестабильности на основании анализа текущего состояния показателей конкурентоспособности и инновационного развития Украины на международной арене и мировых тенденций инновационной динамики. Охарактеризованы предпосылки, факторы, принципы, составляющие и задачи развития инновационно-интегрированных объединений. Обоснована целесообразность учета основных составляющих формирования и развития инновационно-интегрированных структур. The article is devoted to the substantiation of the organizational and economic principles of creation of innovative-integrated structures in the conditions of socio-economic instability on the basis of the results of the analysis of the current state of competitiveness's indicators and innovative development of Ukraine in the international arena and world tendencies of innovation dynamics. The comparative characteristic of the key indicators of innovative development in Ukraine with the individual countries of the world, are made it possible to ascertain both significant negative socioeconomic processes and a fairly significant level of lagging behind the key indicators of innovative development from countries of the world, which are showing the high rates of innovative dynamics or are at the stage of growth. The preconditions, factors, principles, components and tasks of development of innovative-integrated associations were characterized. The expediency of taking into account the main components of the forming and development of innovative-integrated structures, including the educational component of training specialists for innovative-integrated structures (quality, competitiveness of educational services, financing, scientific activity of educational institutions); professional development of employees of innovative-integrated structures (lifelong learning, increasing of human capital); personnel support (availability of innovative type of personnel, innovative development of human capital); directions of improvement of the organizational and regulatory influence in the conditions of decentralization of power and management (development of strategies, territorial priorities, transparency of public procurement, implementation of program-targeted approach); financial analysis, audit and information support (financial information, audit services, currency rate regulation, information requirements); tax regulation (advantages and disadvantages of the taxation system, tax incentives); investment support (state financial support, investment attractiveness of enterprises); stimulation of entrepreneurial activity (problems and prospects of development of innovative entrepreneurship); social development (development of social capital); ensuring national security (the role of innovative-integrated structures) was substantiated. Thus, the improvement of the organizational-economic principles for the creation of innovative-integrated structures should take into account the latest trends associated with the results of the 4th industrial revolution, the peculiarities of implementing innovative activities in conditions of socio-economic instability, must be oriented towards the formation of innovative ecosystems, introduction of a smart approach to management organization, territorial branding, enhancement of the competitiveness of the territories and their investment attractiveness.

Олександр Шаров

The cryptocurrency is a phenomenon of a modern payment system, however it is still unclear whether it is a new kind of currency at all. Most often, there are claims that this is just a financial pyramid. However, such statements do not explain the nature of cryptocurrency. In fact, from technical point of view, the cryptocurrency is simply a data chain, in which the first link contains information about its origin («mining»), and all subsequent ones - on the transition from one owner to another. This means that in the economic sense the cryptocurrency is the «bill of exchange», which is accompanied by a number of «transfer inscriptions» - «endorsements.» Nevertheless, banknotes are simple banker’s bills of exchange too. Therefore, cryptocurrency could become a new global currency if several specific requirements were fulfilled.

Nataliya Krasnikova, Nataliia Stukalo, O. O. Balash

The article reveals a conceptual basis of the cryptocurrency functioning. The main types of cryptocurrencies are featured and analyzed as well as their general strengths and weaknesses. Based on the price dynamics correlation analysis of some cryptocurrency types, a general low level of dependence between digital assets is established. The main functions of the cryptocurrency are formulated in the form of transformed money functions. Also, additional functions of cryptocurrencies are defined on the basis of their innovative nature, as well as the role in the modern financial system and world economic relations.

O.Y. Yelisieieva, O.V. Voloshina, Serhii Didur

No abstract is available for this record.

Anatoly Yakovlevich Zaporozhan

The article is devoted to the causes of the origin, the consequences of the functioning of the crypto currency and the prospect of restructuring the modern financial system on the basis of blocking technology. The article shows that the crypto currency emerged as an evolutionary stage in the development of the world payment system, that the modern financial system is developing in a dead-end direction, that the use of crypto currency and its derivatives in practice can destroy the world payment system and world financial market from within. It is suggested that, based on the technology of the block, a modern financial system can be restructured.

V.Yu. Petrov, A.V. Bortsova

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Артур Анатолійович Василенко

UDC 336.74
 
 Vasylenko Artur, post-graduate student. Mariupol State University. Cryptocurrency Phenomenon in the International Monetary System. The main prerequisites of cryptocurrency emergence in the international monetary system in terms of regionalization of the world economy are defined in the article. Determination of «cryptocurrency» category was analysed from the point of two main approaches to its treatment: on the one hand cryptocurrency is admitted to be the currency equally to the sovereign currency, and on the other hand it is considered as an unrecognized virtual asset.
 The main consequences which arise in case of widespread use of crypto currency for the country and for the parties that agreed to use cryptocurrency were analysed and systematized.
 On the basis of the research, given the current trends in the world economy, the author put forward and substantiated the hypothesis to classify the phenomenon of cryptocurrency as the effects of a famous philosophical «Negation of negation law» formulated by G. Hegel at the beginning of the XIX century.
 
 Keywords: cryptocurrency, material money, electronic money, digital currency, regional currency integration, blockchain, mining, capitalization, «Negation of negation law».

Chris D’Souza, David Williams

Digital technologies-cloud computing, the Internet of Things, advanced robotics, big data analytics, artificial intelligence and machine learning, social media, 3D printing, augmented reality, virtual reality, e-money and distributed ledgers-are transforming the way busi-nesses operate. How does this transformation compare with past industrial revolutions? How are digital technologies changing production systems across industries? Agile firms that use knowledge intensively and have high levels of both organizational and human capital appear set to realize the greatest benefits from digitalization. Finally, what are the implications for productivity, labour markets, inflation and monetary policy as we transition to the digital economy?

Александр Александрович Болдырихин

In this article the author analyzes the perspectives of cryptocurrencies development in modern life and economy as a symbol of frontier economy and extremely new financial matter. A brief overview of electronic payments and virtual currency structure is given alongside with technical background. The emergence of electronic money and cryptocurrencies was an inevitable step in the evolution of Internet and electronic commerce. The author investigates the question how far cryptocurrencies might go in the nearest future as a symbol of frontier economy trends, keeping in mind that famous investors already buying cryptocurrencies, but governments are trying to ban this newly emerged threat to controlled money emission. The author therefore attempts to understand the phenomenon and explain why cryptocurrencies might undermine the existing financial systems.