5,877 research outputs found
Towards an Economic Analysis of Routing in Payment Channel Networks
Payment channel networks are supposed to overcome technical scalability
limitations of blockchain infrastructure by employing a special overlay network
with fast payment confirmation and only sporadic settlement of netted
transactions on the blockchain. However, they introduce economic routing
constraints that limit decentralized scalability and are currently not well
understood. In this paper, we model the economic incentives for participants in
payment channel networks. We provide the first formal model of payment channel
economics and analyze how the cheapest path can be found. Additionally, our
simulation assesses the long-term evolution of a payment channel network. We
find that even for small routing fees, sometimes it is cheaper to settle the
transaction directly on the blockchain.Comment: 6 pages, 3 figures, SERIAL '17 Worksho
Do consumers need a ‘Bit’ more protection under Australian consumer laws? The regulatory risks and challenges of Bitcoin
The creation of Bitcoin, as a digital currency, has been a significant development in the world of finance, in that it provides an alternative method of payment to consumers and businesses who use Bitcoin as a means to buy or sell goods or simply as an investment arrangement. The use of Bitcoin, as a decentralised peer-to-peer network, provides numerous benefits as a payment system, but at the same time, creates challenges for consumers due to its unregulated nature and volatile status. Therefore, when Bitcoin users enter into agreements with Initial Coin Offering (ICO) hosted companies and Bitcoin exchange platforms, the conduct by these ICOs and exchanges may be misleading and unconscionable in relation to the information they disclose to the Bitcoin user (as a consumer). This paper will consider the application of the Competition and Consumer Act 2010 (Cth) and whether the Australian Consumer Law is suited to take into consideration Bitcoin transactions under the misleading and unconscionable provisions
Sustainable Development Report: Blockchain, the Web3 & the SDGs
This is an output paper of the applied research that was conducted between July 2018 - October 2019 funded by the Austrian Development Agency (ADA) and conducted by the Research Institute for Cryptoeconomics at the Vienna University of Economics and Business and RCE Vienna (Regional Centre of Expertise on Education for Sustainable Development).Series: Working Paper Series / Institute for Cryptoeconomics / Interdisciplinary Researc
Sustainable Development Report: Blockchain, the Web3 & the SDGs
This is an output paper of the applied research that was conducted between July 2018 - October 2019 funded by the Austrian Development Agency (ADA) and conducted by the Research Institute for Cryptoeconomics at the Vienna University of Economics and Business and RCE Vienna (Regional Centre of Expertise on Education for Sustainable Development).Series: Working Paper Series / Institute for Cryptoeconomics / Interdisciplinary Researc
- …