In Germany, real estate is commonly referred to as ‘Betongold‘ (English: ‘concrete gold’). This term reflects the fact that real estate is seen as a store of value and inflation hedge, similar to the commodity gold. These attributes have led to the transformation of real estate from a utility object into a capital investment and, in some cases, into a speculative asset. As a consequence of this transformation, macroeconomic developments on the capital market have significant impact on the real estate market (e. g. the past phase of low interest rates led to a historic real estate boom in Germany). The recent rise in interest rates is changing the preferences of private and institutional investors with regard to investment opportunities. In this context, the asset class real estate is competing with other asset classes. In this paper the value storage capacity of real estate and its transformation into a financial asset is explored. In particular, the effects of monetary policy on the real estate markets and valuation of real estate are considered. Furthermore, real estate is compared with the asset classes gold and bitcoin, which are mainly used for their capability to store value and preserve purchasing power in inflationary monetary systems. The aim is to assess the suitability of these asset classes as a store of value and inflation protection based on characteristics such as durability, preciousness, ease of storage, stability of value, rarity/scarcity and liquidity. The specific characteristics (and advantages and disadvantages) of the individual asset classes are analysed and compared.
Mingyue Zhang, Ming Liu, Xiang Ding, Yilei Wang · 5 authors
Consensus mechanisms are algorithms that ensure the security and stability of blockchain networks by achieving agreement and verifying transaction integrity. Proof of Stake (PoS) stands as a widely acknowledged consensus algorithm, wherein the privilege to validate transactions is predicated upon participants’ stakes. However, long-term use of PoS may lead to wealth concentration among certain nodes, potentially undermining the network’s fairness and security. Therefore, we propose the Group-Polynomial-based Election Proof of Stake (GPE-PoS) consensus mechanism. GPE-PoS involves categorizing nodes, calculating polynomial values for each group, encrypting these values using Paillier encryption, and then allocating validation rights based on comparisons of polynomial values based on polynomial value comparisons to enhance system fairness. The fairness of the system is further fortified against Sybil attacks, which undermine its security and fairness, through the incorporation of digital certificates within GPE-PoS, thereby verifying participant identities. Simulation results confirm that GPE-PoS successfully maintains fairness and security in blockchain systems.
This thesis analyzes liquidity provision strategies in decentralized finance (DeFi), focusing on Uniswap V3's automated market maker protocol. The research addresses the challenge of developing effective frameworks for liquidity providers operating in decentralized exchanges, where participants face unique risks including impermanent loss and strategic positioning decisions. Using empirical analysis of on-chain data, the study examines different liquidity provision approaches across various asset pairs and fee tiers to establish quantitative frameworks for strategic decision-making in DeFi markets.
Blockchain is a distributed ledger where partici-pating users with diverse and varying trust levels come to an agreement on the content of a ledger using a mechanism called consensus protocols. As the interest and adaptability of the blockchain technology deepens, the quest for consensus protocols that strike a harmonious balance between throughput, energy efficiency, and security remains a priority. This paper introduces Proof of Success Rate (PoSR), a past behaviour-based consensus protocol, where past successes and failures of a node determines its fate in the network. PoSR leverages the success rating of nodes as a dynamic metric to finely scale the network difficulty of nodes. Nodes with significantly high success rates will find the target hash faster and do less work in mining compared to those with lower rates. We simulated PoSR on SIM-P, a flexible consensus protocol simulator and evaluated its performance using through-put, energy consumption and resistance against 51% attacks as metrics. The performance of PoSR was subsequently compared to three (3) existing consensus protocols (PoW, PoRX, and poC) that were previously simulated on SIM-P. The experimental results shows that PoSR has a higher throughput, records lower energy consumption, and demonstrates better resistance against a 51% attack than PoW. This result highlights the effectiveness of the success rate in PoSR, which scales network difficulty based on the nodes' success rates, allowing nodes with higher rates to find the target hash faster. Additionally, the result shows that it is more expensive for a 51% attacker to succeed in PoSR than in PoW.
Health Systems, Economic Evaluations, Quality of Life
The secondary market for Ethereum non-fungible tokens (NFTs) has resulted in over $1.8bn being paid to creators in the form of a sales tax commonly called creator royalties. This was despite royalty payments being enforced by no more than social contract alone. Predictably, such an incentive structure led to zero-royalty alternatives becoming abundant and payments dwindled. A purely programmatic solution to royalty enforcement is hampered by the prevailing NFT standard, ERC-721, which is ignorant of sale values and royalty enforcement therefore relies on (potentially dishonest) third parties. We thus introduce an incentive-compatible mechanism for which there is a single rationalisable solution, in which royalties are paid in full, while maintaining full ERC-721 compatibility. The mechanism constitutes the core of ERC-7526.
On 4 June 2009, the European Court of Justice (ECJ) handed down its judgment in a reference for a preliminary ruling made by a Dutch administrative court (College van Beroep voor het Bedrijfsleven). The Dutch court had referred questions to the ECJ in an appeal from the Rotterdam District Court, which had quashed a decision of the Dutch Competition Authority imposing fines on five mobile network operators for infringing Article 6 of the Dutch Competition Act and Article 81 EC. In its original decision, the Dutch Competition Authority imposed fines of €50 million on the five operators, Telfort, Orange, KPN, T-Mobile, and Vodafone, finding that they had exchanged confidential information at a meeting of 13 June 2001 regarding the reduction of standard dealer remunerations for postpaid subscriptions and allegedly agreed that the reduction would take effect on or about 1 September 2001. On appeal, the Rotterdam District Court annulled the decision in question and ordered the Dutch Competition Authority to adopt a new decision. In an appeal brought by T-Mobile, KPN, Orange, and the Dutch Competition Authority, the Dutch administrative court referred three questions to the ECJ regarding: (i) the criteria to be applied when assessing whether a concerted practice has an anticompetitive object; (ii) the evidence of a causal link between concerted practice and effect that must be adduced; and (iii) whether there is always a presumption of a causal link between the concerted practice and the market conduct when applying Article 81, even where the concerted practice was a single meeting. The ECJ responded stating that a concerted practice is prohibited by Article 81(1) where it is clear that its object or its effect is to prevent, restrict, or distort competition. Further, the ECJ found that there is no need to take the actual effects of the concerted practice into account once its anticompetitive object has been established. The ECJ also stated that the intention of the parties is not an essential factor in determining whether a concerted practice is restrictive, but it is a factor which can be taken into account. The ECJ held that a concerted practice of the kind at issue in the appeal proceedings before the Dutch court could be considered to have an anti-competitive object where the exchange of information removed uncertainties about the intended market conduct of the undertakings involved. With regard to the evidence of the causal link that must be adduced, the ECJ stated that its jurisprudence had established a rebuttable presumption that undertakings would take account of information exchanged with their competitors. The ECJ also considered that the presumption of this causal connection still applies where only one single meeting has been held, although the presumption is more compelling where undertakings have exchanged information on a number of occasions. to the the issue at is not the number of held but whether the information exchanged at the in question the undertakings the to anticompetitive market On the that it had imposed fines on and its and on for their in a that in the and between and in of Article 81 EC. 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it to the of its of the administrative the ECJ held had not been a of the the could in have the of the the judgment of the on the ECJ considered that the of the proceedings it to judgment on the In this the Court held that the not evidence of a of the The ECJ that the was not to a to on account of the from the Court to On 1 2009, the in its an by the European decision in the had the by the in of its decision to the a judgment of the ECJ that annulled the original decision of In its to the decision, a number of In it that the had no to its decision on the of the European and the in and that the to only 81 and and not the of the also that the ECJ has that it be held for the of in the that the is and that the its of to the and the to a The held that the was to that there had been an of Article of the and to a the of the to the the decision was on the in and the that the had not that the had its to for the of Article of that The only for the was that was in at the the new decision was The 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its The found that this presumption had not been in the at and the imposed by the to the In its appeal, that the had not applied the of the of Article 81 and Article of In this the judgment for the of on the on ECJ and to that it is not for the to that a is by its in to to the must at the of the of that the in a its In the at in the of the intention to and with its was on the that had a in its in the decision, the also made reference to that the had a of the of on the which also its of in of 2009, the taken by the and that the ECJ the In its the ECJ has to the appeal, and that a be held for the anticompetitive of its even it not in The ECJ made it clear that where a has a in a that has the the can a the conduct of the and there is a rebuttable presumption that the in a the conduct of its with no to this The ECJ found that there was no in the for the of the presumption to the of to the actual of by the The ECJ that the not have to in its of or in its decision, evidence that to the of the in the also the judgment for held that the evidence to the and between the and its in to the of the and to the presumption of to the that the is to its to the of the in the that is to its conduct on the which is to the of and that the on to in a and at a that the of the conduct of the on the market in the would to a which is to the of by the of the The ECJ also in its The ECJ found that the conduct of the on the market be the only factor which the of the to be established. to the in to whether a its conduct on the market account must be taken not only of to the of the the of the and but also of the to the and that the to the The ECJ that the to be taken into account from to and be in an In the this not to the of a In this the ECJ that the is of the that has the the is and with the that for the and even where the not in the it the In that the ECJ that the of the be The appeal was from this judgment that it be in practice for a to the presumption that it the conduct of its the that 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for the the conduct of the by to the market of In in 2009, the regarding the of the market the and the to the of the market of in the the of the market the the that is to a of with regard to the when it that a has had an on the market for the of assessing the of the and the of the The that the ECJ the judgment and the fines imposed on the In its the ECJ a and the The ECJ that there is a presumption that a practice of that is applied the of a single is to and that that presumption can only be an of the of the and its the In the at the ECJ found that the presumption had not been In the ECJ that the not only the in but also a of and The ECJ that the had been to that the had the effect of and was to The ECJ also that the could the of the a by reference to the of the that not in the and in the of this the of the a in the of an The ECJ considered that the had not from the of the that the had had an on the the ECJ stated that the to the of the market of in the not of the conduct of to the In this the ECJ that by to the the market of in their the to that the of the fines imposed on the the of their that in this the essential by the their of information and of the the The ECJ also that in to the of the account must be taken of the of the to distort and the and the on of their to the it was to take into account the between the and the in the of the of the to could be that by their In the ECJ considered that the fines not have a effect the market of the not taken into account. 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that the had been in that there was no of the to in the of the of the market and of the of the In its the ECJ agreed with the of that the was by an of in that the the of the of the market by the to the of a to market and the of the the ECJ that when assessing the of and the the has reference to one of which is the of the In this the ECJ found that the was to that to to operators could be established by of to their market also that the had not applied the it the of the by to the of the and the of an a which could not be also considered that the had the of by to the of the infringing an The ECJ of finding that the had not the the ECJ appeal in its On June 2009, the that it has a in connection with proceedings brought by the European that has been its by for to a of in but also in a of which need to and have been by an standard of the The its into on when it that it had a of to the to the a by not its of to the and that to the to had to a from or its this the that was its by for the of 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the of the by and (ii) the of the by to the was not its its into a with which that the be to The ECJ also that there was a for to for the of its the that it was to a of to the the held that be that the of the to whether of the or have a even it the actual of the and be to be to in for the of the the by the parties the ECJ that the decision the judgment stated that was to a or from an parties for of its the decision only imposed on with to its in and that the of the proceedings before the and of its with a The ECJ agreed that the was but found that the only for a was an for and had the of the On September 2009, the in its a decision of June that found that and its referred had its on the market for and to The decision considered that in (i) to and to for more and (ii) applying to between and The not a for but ordered to from in the brought the before the the decision the of the market and the of an of a and for a to be is the that that the and the have agreed on an and that the is to the in is the of the and between the and the the of the account three of of and (i) which in their and in to in in their and also in to and where the of of is in (ii) which and of or of in and have to the of and (iii) which their with to and the only in the European is the only in a to in In the decision appeal, the made a between and and to the decision, and by the that the in and by On the of this the the market the of and to to and that there is a single market in and at one in which the parties to the The only to it a the the that the the and by not the parties to the but and The that the only between (i) and the and (ii) the and its of which is to the to the by on of parties to the the on an of The that the not a by between and and in its of the With regard to the of an that it not to the that had for there was no the of to (i) only on (ii) was not to between and and (iii) in the on the of that of the of the and between the and and for to the in of had been by in there was no of 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not in to an of Article that on the market would be by a to but is that the at issue is or is on the The also found that the and for by to and in the in to Article by a to to On September 2009, in which the appeal of a judgment that annulled a decision to by Article of In that the Court of Justice the judgment and a ruling in the that the decision to the In its of appeal, the that the and the of The the from the that there of that had a on the of the of by the that be made the of Article the must be to the by the a of the The that undertakings need to that the a of the but that they for this by and by an decision with a The of by the a on the of their was the to the of parties by that the not was The that this not that the must to the to but that the must to it to in an and finding is the that the is of more by the which the in in the at by and that their to Article 81 In it that the that the is more of when the that to where the that be to be more The also a number of about the of that the considered could have the by the In the that they the issue of whether the the of an issue that was on In its the had that the of whether the by not from a of the was not on a The found this that the was to a when assessing the effects the would have on market and whether the to the would be is the on that one of was that must be to the need for a of the the would to the of the of to of even when the not on a of the the that the Court of Justice judgment in the the to the in with the by Article of the of the Court of In the that the Court of Justice the decision and on On September 2009, the the of the decision of 13 2009, and a of the decision was also in the of September The that the has (i) of or to on the that they or of their from from and to to at one on the that it only practice is referred to and (ii) to to or the of and to the to practice is referred to with to the the decision that the at issue the of the for finding an and an to that the had the of an which is to be of whether was to the In that the is for finding an Article the to the of its on in of the more of the Court in of appeal the decision have been in the of September that the in by to that its had an actual to and by to whether its in the of the European had and effects the European also that the to the standard of by to that its or of their from that the in applying its to whether of and to take account of of In that the essential which its of and the of the On June 2009, the European imposed a of million on the for the In in that held by made of this it to the the considered that its was to the of the be that to a the they in a of or the only be the the a although even a can be to for where the of the In into with the on whether or not the had in to in the of in more the had been On the the that there was only a between the parties and that there in in its decision, the the issue of the on which of The a into this which in its decision of June In this decision, the held that had in with of by the and at it a at was the of and had taken the held by in the of the and the of of by to of its with in 2001. to the this The that had the the by the In the at the into account the of a of the the of the the of the of the of the between and the and the that had with and have been of its to the In of the the considered the that the not to and that the to the the would have been had the on the decision is of the of the imposed on the that the would have been the had In the which was in by the fines for of the only a of the million imposed on in the for of a in it for three to a In the of Competition the decision a clear that the not of this of the the On June 2009, the European a to the on the of the of the the of the in with the of the and the for in the to the the in the have in between the and the the that there still a number of that not the and need to be in more one by the and have effects on competition. The that this that there is for a of at The also the to this that the the of the parties more of its one and the has been to the was to in the of a of the The that the has between that have effects and that the that there have been a number of with effects that have the a of the the for in the the on for to from the to the European and the in Article of the to this which was in parties can of to their from the to the European the not meeting the three or more of the is intended to the on parties by the to only one to the European to to the have the and of in the have the of between the and the the that have with regard to the and of the is the is and it the parties to an to the the to object to a the is the actual to the European that the is not an in parties no but to The not to the the that it to to the the with regard to the of the to the On June 2009, the European the of by a The found that the would have the a on from to and and that it would also to on between and and and In to the to that new to on of the where the also or and the in On June 2009, the an appeal the European decision the between the of and is the in has been a and The has an finding that appeal the decision was referred to the by the is of is the September decision to of a judgment by the the of the would no be of to The Court held by the appeal would have been would have been from the market for in the in September of could not be to to the market in to the to the decision. The considered in it was not to on appeal the decision. In the the of the an of the decision before the which annulled the