A true concurrent model of smart contracts executions

The development of blockchain technologies has enabled the trustless execution of so-called smart contracts, i.e. programs that regulate the exchange of assets (e.g., cryptocurrency) between users. In a decentralized blockchain, the state of smart contracts is collaboratively maintained by a peer-to-peer network of mutually untrusted nodes, which collect from users a set of transactions (representing the required actions on contracts), and execute them in some order. Once this sequence of transactions is appended to the blockchain, the other nodes validate it, re-executing the transactions in the same order. The serial execution of transactions does not take advantage of the multi-core architecture of modern processors, so contributing to limit the throughput. In this paper we propose a true concurrent model of smart contract execution. Based on this, we show how static analysis of smart contracts can be exploited to parallelize the execution of transactions.Comment: Full version of the paper presented at COORDINATION 202

Calculations of Neutron Reflectivity in the eV Energy Range from Mirrors made of Heavy Nuclei with Neutron-Nucleus Resonances

We evaluate the reflectivity of neutron mirrors composed of certain heavy nuclei which possess strong neutron-nucleus resonances in the eV energy range. We show that the reflectivity of such a mirror for some nuclei can in principle be high enough near energies corresponding to compound neutron-nucleus resonances to be of interest for certain scientific applications in non-destructive evaluation of subsurface material composition and in the theory of neutron optics beyond the kinematic limit.Comment: 18 pages, 5 figures, 1 tabl

A Precision Angle Sensor using an Optical Lever inside a Sagnac Interferometer

We built an ultra low noise angle sensor by combining a folded optical lever and a Sagnac interferometer. The instrument has a measured noise floor of 1.3 prad / Hz^(1/2) at 2.4 kHz. We achieve this record angle sensitivity using a proof-of-concept apparatus with a conservative N=11 bounces in the optical lever. This technique could be extended to reach sub-picoradian / Hz^(1/2) sensitivities with an optimized design.Comment: 3 pages, 4 figure

A panel analysis of UK industrial company failure

We examine the failure determinants for large quoted UK industrials using a panel data set comprising 539 firms observed over the period 1988-93. The empirical design employs data from company accounts and is based on Chamberlain’s conditional binomial logit model, which allows for unobservable, firm-specific, time-invariant factors associated with failure risk. We find a noticeable degree of heterogeneity across the sample companies. Our panel results show that, after controlling for unobservables, lower liquidity measured by the quick assets ratio, slower turnover proxied by the ratio of debtors turnover, and profitability were linked to the higher risk of insolvency in the analysis period. The findings appear to support the proposition that the current cash-flow considerations, rather than the future prospects of the firm, determined company failures over the 1990s recession