Financial markets are inherently non-stationary, making the effectiveness of individual portfolio-management strategies highly dependent on changing market conditions. This work proposes a retrieval-augmented expert-switching framework that dynamically selects portfolio management experts based on their historical performance under similar market situations. A dual-stream variational autoencoder represents asset-level and market-wide information, while a retrieval-based knowledge base stores historical situations and expert performance. During inference, an instruction-tuned LLM reasons over the retrieved evidence to identify the most appropriate expert rather than directly generating portfolio actions. We further establish a monotonicity property showing that adding a locally superior expert cannot degrade the switching mechanism's performance. Experiments across cryptocurrency, stock, and foreign-exchange markets show that the proposed selector achieves the highest cumulative return and Sharpe ratio among the evaluated selection strategies in all three markets. In the stock market, for example, cumulative return increases from 26% for the best fixed expert to 34%, while the Sharpe ratio improves from 0.74 to 0.96. Ablation results confirm the importance of both retrieval and LLM reasoning, while experiments with different expert-pool sizes demonstrate the value of complementary expertise. Overall, the findings support retrieval-grounded expert switching as an effective approach to adaptive portfolio management in non-stationary financial environments.
Sunder Ali Khowaja, Kapal Dev, George C. Alexandropoulos
With the progression in open and disaggregated 6G radio access networks, it is expected that the system will be able to host multi-vendors. In order to host multi-vendors, it is essential that AI-assisted control loops remain safe, verifiable, and auditable under concurrent operator intents and untrusted model inputs. The existing studies address the agentic coordination, formal intent constraints, zero-trust prompt verification and cryptographic accountability in isolation, which leaves pre-realization safety, continuous semantic verification and cross-domain audit incomplete when used individually. In this regard, we propose zero-knowledge auditable control and zero-trust verifiable agentic intent architecture ($Z^2$-ACT), which integrates the aforementioned four primitives across the non-real-time and near-real-time RICs. We encode the typed Intent Contracts as operator goals while the large language model inputs are only admitted after a practical adversarial intent check. The skill sequences in the proposed study are released only when a self-management gate is satisfied while every successful commit is recorded as a binding commitment with a zero-knowledge proof. Our experimental evaluation on public ColO-RAN measurements compares the full architecture against targeted ablations and a conventional reinforcement-learning baseline. A live large language model is used in the non-real-time path to translate operator intents into Intent Contracts; we report translation accuracy, the rate of invalid or hallucinated contracts, non-real-time latency, and behavior under adversarial or misleading intents. Near-real-time control remains trace-driven on the public KPM sequences. Results indicate improved actuation filtering and attack resilience at modest latency and signaling cost inside the near-real-time envelope.
Volatility control converts risk estimates into portfolio exposure, yet existing approaches often rely on a fixed volatility estimator or a pre-defined control rule that may not adapt to changing market conditions. We propose VolRouter, a modular framework that formulates volatility control as state-conditioned routing over estimator-controller pairs. VolRouter first summarizes market conditions into a control-relevant state profile and then performs routing through three stages: state inference, switch review, and pair selection. The Router can be implemented using rule-based, learnable, or LLM-based decision modules, while portfolio actions remain generated by predefined control policies. We evaluate VolRouter across S&P 500, Multi-Asset, Bitcoin, and USDT volatility-control settings. VolRouter achieves the highest Sharpe ratio in three of four settings. On S&P 500, it improves Sharpe from 0.952 for RV + Naive Scaling to 1.222 while reducing maximum drawdown from 15.10% to 12.58% and daily CVaR from 1.76% to 1.32%. On Multi-Asset, it improves Sharpe from 1.498 to 1.540 and reduces CVaR from 1.56% to 1.18%. Bitcoin shows similar improvements in risk-adjusted performance, while USDT provides a boundary case where simpler state-aware selectors remain competitive. Ablation and sensitivity analyses show that the improvement comes from relative policy evaluation and selective persistent switching rather than simply expanding the policy library. These results suggest that volatility control can be viewed as a policy-selection problem when risk management requirements vary across market states.
Jakub Kacper SzelÄ…g, Aydin Abadi, Mohammad Naseri
Decentralization as a concept in computer science has existed for over half a century. Despite its fundamental role across domains such as security, distributed computing, artificial intelligence, cloud infrastructures, and Internet of Things (IoT) architectures, there remains no universally accepted definition of decentralization applicable across computer communication systems. This has become increasingly problematic with the emergence of decentralized AI and machine learning paradigms, including collaborative training, distributed inference, blockchain-based, and agentic AI, where decentralization is often treated as a core design objective. Meanwhile, existing approaches frequently conflate decentralization with related notions such as distribution of trust or specific implementation paradigms. Such ambiguity creates inconsistencies in system analysis, limits comparability between works, and weakens the rigor of formal reasoning surrounding communication architectures and protocol design. In this work, we define this research gap as the Decentralization Problem. We analyze the formal-semantic, epistemological, and pragmatic foundations of decentralization and introduce a graph-based ontology defining it as both relational and subject-specific property of computer communication systems. The framework formally distinguishes decentralization from distribution and supports evaluation through two novel metrics: Void Tolerance and Imperviousness. We also provide a browser-based implementation that enables automated classification and metric computation of arbitrary systems. Instantiations to federated learning and blockchain architectures show consistent, comparable assessments where existing definitions produce incomplete or contradictory conclusions, providing a domain-independent foundation for analysing decentralization across heterogeneous systems.
A software agent on a public blockchain accumulates authority and economic stakes, raising the engineering question of what makes it count as an individual. The paper's central contribution is a shift of trust root for the key-to-weights binding of agent identity: from hardware, operator, or wrapper trust to cryptographic assumptions enforced by a pinned implementation (liveness, key custody, oracle trust, and the underlying software stack remain external). We design and deploy on Solana devnet an agent whose neural-network weights are a deterministic function of its private key. The binding is committed in zero knowledge at genesis, re-checked against that commitment at every state transition, and signed by the agent into an on-chain history unforkable once finalized; in a PoC-tier extension, a protocol-imposed metabolic cost is debited each cycle from a key-derived economic account, adding a consumption-side economic-viability constraint to the key-history-economy triple. Empirically, the agent completes a 2.36-day on-chain run with two host-side resumptions but no rejected transition, at bounded per-transition verification cost; a substituted substrate is rejected on chain, and independently keyed agents diverge as predicted while a same-key control stays at zero. To our knowledge, this is the first published on-chain agent whose identity primitive is itself a cryptographic invariant re-checked at every state transition. The resulting transition-time invariant instantiates the cryptographic individuality proposed by Suzuki 2026's Artificial Externality framework.