SHAREDWEALTH: A CRYPTOCURRENCY TO REWARD MINERS EVENLY

Bitcoin [19] is a decentralized cryptocurrency that has recently gained popularity and has emerged as a popular medium of exchange. The total market capitalization is around 1.5 billion US dollars as of October 2013 [28]. All the operations of Bitcoin are maintained in a distributed public global ledger known as a block chain which consists of all the successful transactions that have ever taken place. The security of a block chain is maintained by a chain of cryptographic puzzles solved by participants called miners, who in return are rewarded with bitcoins. To be successful, the miner has to put in his resources to solve the cryptographic puzzle (also known as a proof of work). The reward structure is an incentive for miners to contribute their computational resources and is also essential to the currency\u27s decentralized nature. One disadvantage of the reward structure is that the payment system is uneven. The reward is always given to one person. Hence people form mining pools where every member of the pool solves the same cryptographic puzzle and irrespective of the person who solved it, the reward is shared evenly among all the members of the pool. The Bitcoin protocol assumes that the miners are honest and they follow the Bitcoin protocol as prescribed. If group of selfish miners comes to lead by forming pools, the currency stops being decentralized and comes under the control of the selfish miners. Such miners can control the whole Bitcoin network [29]. Our goal is to address this problem by creating a distinct peer-to-peer protocol that reduces the incentives for the miners to join large mining pools. The central idea is to pay the “runners-up” who come close to finding a proof, thereby creating a less volatile payout situation. The work done by the “runners-up” can be used by other miners to find the solution of proof of work by building upon their work. Once they find the actual solution they have to include the solution of the other miner in order to get rewarded. The benefit of this protocol is that not only the miners save their computational resources but also the reward is distributed among the miners

РИНОК КРИПТОАКТИВІВ В УКРАЇНІ: ТЕНДЕНЦІЇ СУЧАСНОСТІ

Сучасна економіка стрімко розвиває свою віртуальну сферу, зростає роль цифрових технологій у реальному секторі. Хоча криптоактиви існують тільки у цифровому форматі, вони можуть стати фінансовим інструментом, який сьогодні необхідний суспільству. Розвиток економіки та цифрових технологій призвів до появи нової групи об'єктів, яка називається "віртуальні активи". Криптоактиви – це приклад таких об'єктів, які мають відсутність матеріальної форми та самостійну майнову цінність, що створюється за допомогою інформаційних технологій та блокчейн-системи. На сьогодні, криптоактиви не можна використовувати як офіційні гроші, валюту, платіжний засіб, електронні гроші або цінні папери. Проте все більше компаній використовують їх у своїй діяльності. Торговельні підприємства не мають юридичного зобов'язання приймати криптоактиви як засоби платежу, але їх використання несе ризики, такі як значні цінові коливання та можливість шахрайства. Фізичні та юридичні особи повинні усвідомлювати ці ризики перед здійсненням операцій з криптоактивами. Також, низький рівень освіченості населення у цій сфері становить велику проблему

Awareness of Blockchain Usage, Structure, & Generation of Platform’s Energy Consumption: Working Towards a Greener Blockchain

Blockchain is a disruptive information technology innovation with energy consumption. As more organizations look to implement or embrace blockchain innovations, research must focus on making the blockchain greener. This research explores the current innovative blockchain usage, structure, generations, and energy consumption. An energy consumption comparison for consensus protocols is provided along with a list of recommendations for implementing green blockchains. This paper provides a significant impact upon previous literature and aids organizations considering implementing a green blockchain

Two-tier blockchain timestamped notarization with incremental security

Digital notarization is one of the most promising services offered by modern blockchain-based solutions. We present a digital notary design with incremental security and cost reduced with respect to current solutions. A client of the service receives evidence in three steps. In the first step, evidence is received almost immediately, but a lot of trust is required. In the second step, less trust is required, but evidence is received seconds later. Finally, in the third step evidence is received within minutes via a public blockchain.Comment: Accepted for presentation at the 2nd Distributed Ledger Technology Workshop (DLT 2019), Pis

Distributed Ledger Technologies and Prospects of Their Use in the Education System

В статье рассмотрены особенности технологии распределенных реестров на базе использования децентрализованных пиринговых сетей. Подробно рассмотрена история возникновения и развития технологии распределенных реестров, проанализированы предпосылки роста ее популярности в различных сферах. Выявлены основные достоинства и недостатки технологии распределенных реестров в целом, а также децентрализованных (permissionless) и эксклюзивных (permissioned) Блокчейн-платформ в частности. Описаны принципы функционирования криптовалют на основе Блокчейн-технологии, в том числе их эмиссии (чеканки). Выявлены основные тенденции развития Блокчейн-технологии на современном этапе. Представлен анализ возможностей использования технологии распределенных реестров органами государственного управления, в том числе в системе образования, в целях повышения безопасности и автоматизации выполняемых функций

Технологии распределенных реестров и перспективы их использования в системе образования

The article discusses the features of distributed ledger technology based on the use of decentralized peer-topeer networks. The history of the emergence and development of distributed ledger technology considered in detail, the prerequisites for the growth of its popularity in various fields are analyzed. The main advantages and disadvantages of distributed ledger technology in general, as well as decentralized (permissionless) and exclusive (permitted) blockchain platforms in particular, are revealed. The principles of functioning of cryptocurrencies on the basis of blockchain technology, including their issue (coinage) are described. The state of blockchain technologies from the point of view of technology maturity is considered. The main trends in the development of blockchain technology at the present stage are revealed. An analysis of the possibilities of using distributed ledger technology of public administration, including in the education system, in order to improve the safety and automation of functions is presented.В статье рассмотрены особенности технологии распределенных реестров на базе использования децентрализованных пиринговых сетей. Подробно рассмотрена история возникновения и развития технологии распределенных реестров, проанализированы предпосылки роста ее популярности в различных сферах. Выявлены основные достоинства и недостатки технологии распределенных реестров в целом, а также децентрализованных (permissionless) и эксклюзивных (permissioned) Блокчейн-платформ в частности. Описаны принципы функционирования криптовалют на основе Блокчейн-технологии, в том числе их эмиссии (чеканки). Выявлены основные тенденции развития Блокчейн-технологии на современном этапе. Представлен анализ возможностей использования технологии распределенных реестров органами государственного управления, в том числе в системе образования, в целях повышения безопасности и автоматизации выполняемых функций

This time is different : Facebook’s Libra can improve both financial inclusion and global financial stability as a viable alternative currency to the U.S. Dollar

Purpose: The aim of this study is to determine the relationship between the propagation of high-magnitude crises since the late 1990s and emergence of cryptocurrencies in the aftermath of the global financial crisis of 2008. Design and Methodology: The study was based on a literature review of the interaction between financial crises and evolution of money in the digital age. A high-level technical overview of Libra and blockchain is provided. The broad analysis of Libra coin looks at various models and categories of implementation approaches. The study discusses the components of blockchain technology and provides illustrative visuals when possible. We also compare consensus models used in the Libra and Bitcoin blockchain networks. The analysis also touches on the use of blockchain technology in applications such as smart contracts. Findings: The study shows that cryptocurrencies are not only a natural but an inevitable transformation in the evolution of money. As with any new technology, Facebook’s Libra is going to cause a great deal of disruption in the existing ecosystem of cryptocurrencies that has taken a decade to form. On the other hand, Libra’s financial inclusion and global stability as a public good promises to revolutionize the cryptocurrency world. Practical Implications: If Facebook’s Libra doesn’t sputter out, it will spur central banks to introduce their own cryptocurrency projects. Libra’s vast scale will make access to intermediation by banks easier, faster, and cheaper. Unlike Bitcoin, Libra will be backed by a basket of stable currencies as well as low-risk government bonds and central bank reserve assets. Originality/Value: This study presents a clear picture of both advantages and potential risks of Libra which is considered to be a new invention eventhough Bitcoin has been around more than a decade. The study warns regulators and law makers along with central banks who are running headlong into backlash to Libra can harm consumers more than protect them. Punishing Facebook with a troubled past for violation of privacy and exploitation of users’ data could adversely affect innovation and discourage developments of cryptocurrencies.peer-reviewe