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We analyse financial stability and welfare impacts associated with the introduction of a Central Bank Digital Currency (CBDC) in a macroeconomic agent-based model. The model considers firms, banks, and households interacting on labour,…
With the rise of cryptocurrencies, many new applications built on decentralized blockchains have emerged. Blockchains are full-stack distributed systems where multiple sub-systems interact. While many deployed blockchains and decentralized…
Currently, one of the most widely used protocols to secure cryptocurrency assets in centralized exchanges is categorizing wallets into cold and hot. While cold wallets hold user deposits, hot} wallets are responsible for addressing…
In Cloud Computing Architecture, Brokers are responsible to provide services to the end users. An Effective Cost Management System (ECMS) which works over Secure Cloud Communication Paradigm (SCCP) helps in finding a communication link with…
We propose a high level network architecture for an economic system that integrates money, governance and reputation. We introduce a method for issuing, and redeeming a digital coin using a mechanism to create a sustainable global economy…
We study the implications of a central bank digital currency (CBDC) for the transmission of household preference shocks and for welfare in a New Keynesian framework where the CBDC competes with bank deposits for household resources and…
Bitcoin brings a new type of digital currency that does not rely on a central system to maintain transactions. By benefiting from the concept of decentralized ledger, users who do not know or trust each other can still conduct transactions…
This paper takes the development of Central bank digital currencies as a perspective, introduces it into the Baumol-Tobin money demand theoretical framework, establishes the transactional money demand model under Central bank Digital…
An option is a financial agreement between two parties to trade two assets. One party is given the right, but not the obligation, to complete the swap before a specified termination time. In todays financial markets, an option is considered…
Off-chain scaling techniques allow mutually distrustful parties to execute a contract locally among themselves instead of on the global blockchain. Parties involved in the transaction maintain a multi-signature fraud-proof off-chain…
Open-access blockchains based on proof-of-work protocols have gained tremendous popularity for their capabilities of providing decentralized tamper-proof ledgers and platforms for data-driven autonomous organization. Nevertheless, the…
Bitcoin and other similar digital currencies on blockchains are not ideal means for payment, because their prices tend to go up in the long term (thus people are incentivized to hoard those currencies), and to fluctuate widely in the short…
Layer 2 systems have received increasing attention due to their potential to scale the throughput of L1 blockchains. To avoid the cost of putting data on chain, these systems increasingly turn to off-chain data availability solutions such…
Blockchain is a merging technology for decentralized management and data security, which was first introduced as the core technology of cryptocurrency, e.g., Bitcoin. Since the first success in financial sector, blockchain has shown great…
This document constitutes a response to a Consultation Paper published by the Bank of England and HM Treasury, "The digital pound: a new form of money for households and businesses?", the latest document in a series that includes "Central…
Current digital currency schemes provide instantaneous exchange on precise commodity, in which "precise" means a buyer can possibly verify the function of the commodity without error. However, imprecise commodities, e.g. statistical data,…
Public blockchains inherently offer low throughput and high latency, motivating off-chain scalability solutions such as Payment Channel Networks (PCNs). However, existing PCNs suffer from liquidity fragmentation-funds locked in one channel…
We consider the problem of cross-chain payment whereby customers of different escrows---implemented by a bank or a blockchain smart contract---successfully transfer digital assets without trusting each other. Prior to this work, cross-chain…
Modern distributed data management systems face a new challenge: how can autonomous, mutually-distrusting parties cooperate safely and effectively? Addressing this challenge brings up questions familiar from classical distributed systems:…
Interoperation for data sharing between permissioned blockchain networks relies on networks' abilities to independently authenticate requests and validate proofs accompanying the data; these typically contain digital signatures. This…