相关论文: Babel Fees via Limited Liabilities
Digital payments play a pivotal role in the burgeoning digital economy. Moving forward, the enhancement of digital payment systems necessitates programmability, going beyond just efficiency and convenience, to meet the evolving needs and…
We develop several innovations to bring the best practices of traditional investment funds to the blockchain landscape. Specifically, we illustrate how: 1) fund prices can be updated regularly like mutual funds; 2) performance fees can be…
Fintech business models based on distributed ledgers -- and their smart-contract variants in particular -- offer the prospect of democratizing access to faster, anywhere-accessible, lower cost, reliable-and-secure high-quality financial…
Many classical blockchains are known to have an embarrassingly low transaction throughput, down to Bitcoin's notorious seven transactions per second limit.Various proposals and implementations for increasing throughput emerged in the first…
BRC20 tokens are a type of non-fungible asset on the Bitcoin network. They allow users to embed customised content within Bitcoin's satoshis. The token frenzy reached a market size of US\$2.811\,b (2023Q3--2025Q1). However, this intuitive…
Blockchain solutions typically assume a synchronous network to ensure consistency and achieve consensus. In contrast, offline transaction systems aim to enable users to agree on and execute transactions without assuming bounded…
As a blockchain platform that has developed vigorously in recent years, Ethereum is different from Bitcoin in that it introduces smart contracts into blockchain.Solidity is one of the most mature and widely used smart contract programming…
Digital currencies and cryptocurrencies have hesitantly started to penetrate the investors, and the next step will be the regulatory risk management framework. We examine the Value-at-Risk and Expected Shortfall properties for the major…
This paper measures price differences between Hegic option quotes on Arbitrum and a model-based benchmark built on Black--Scholes model with regime-sensitive volatility estimated via a two-regime MS-AR-(GJR)-GARCH model. Using option-level…
The production of counterfeit money has a long history. It refers to the creation of imitation currency that is produced without the legal sanction of government. With the growth of the cryptocurrency ecosystem, there is expanding evidence…
Trading on decentralized exchanges has been one of the primary use cases for permissionless blockchains with daily trading volume exceeding billions of U.S.~dollars. In the status quo, users broadcast transactions and miners are responsible…
A key component of blockchain technology is the ledger, viz., a database that, unlike standard databases, keeps in memory the complete history of past transactions as in a notarial archive for the benefit of any future test. In…
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…
Despite the success in various scenarios, blockchain systems, especially EVM-compatible ones that serially execute transactions, still face the significant challenge of limited throughput. Concurrent transaction execution is a promising…
Bitcoin has become the leading cryptocurrency system, but the limit on its transaction processing capacity has resulted in increased transaction fees and delayed transaction confirmation. As such, it is pertinent to understand and probably…
In this work, we investigate how the governance features of a managed currency (e.g., a fiat currency) can be built into a cryptocurrency in order to leverage potential benefits found in the use of blockchain technology and smart contracts.…
In proof-of-work based blockchains such as Ethereum, verification of blocks is an integral part of establishing consensus across nodes. However, in Ethereum, miners do not receive a reward for verifying. This implies that miners face the…
Blockchain technology has set off a wave of decentralization in the world since its birth. The trust system constructed by blockchain technology based on cryptography algorithm and computing power provides a practical and powerful solution…
Blockchains use peer-to-peer networks for disseminating information among peers, but these networks currently do not have any provable guarantees for desirable properties such as Byzantine fault tolerance, good connectivity and small…
The set of distributed ledger architectures known as blockchain is best known for cryptocurrency applications such as Bitcoin and Ethereum. These permissionless block chains are showing the potential to be disruptive to the financial…