Academic paper bitcoin

View Bitcoin Research Papers on for free. The main objective of the paper is to provide an answer to the question whether new technologies.
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• Top 5 Crypto & Blockchain Research Papers To Read In
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• The Top 10 Cryptocurrency Research Papers of 2015

According to the paper, once this synchronization occurs, central banks would have an extremely difficult time regaining an independent monetary policy — this is where, the researchers argue, the impossible trinity becomes more impossible. The trick behind the impossible trinity is that only one side of the triangle can be achieved at any given time. Theoretically, one country lowers the interest rate of its own currency in order to lower the opportunity cost for holding that currency and make it more attractive than the global cryptocurrency as a means of payment.

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Furthermore, a rat race between the two central banks may then eventually force both to stick at the zero lower bound forever or at quite low interest rates. This outcome would risk deflationary spirals, macroeconomic damages or a potential abandonment of the domestic currency in favor of the global cryptocurrency. For this scenario to play out, the global cryptocurrency would need to provide liquidity services that could be rendered immediately.

However, bitcoin does share similarities to possibly the closest thing to a global currency that exists today: gold. Gold is not considered legal tender in the U. But Gresham's Law only applies when two forms of money in circulation are accepted by law as having similar face value. Here, it might be assumed that the state would impose some law. The paper accounts for this by assuming that the global cryptocurrency would require much higher levels of liquidity than gold.

And bitcoin does offer much higher levels of liquidity for cross-border transactions. However, a government-backed cryptocurrency would not really work within this model because 1 the authors of the paper assume this global cryptocurrency would be accepted throughout the world and this would seem impossible unless the political world changed drastically; and 2 a government-backed cryptocurrency would not demonstrate the same store-of-value properties as gold and bitcoin, meaning that government-backed cryptocurrencies would presumably have much lower levels of liquidity in cross-border transactions than bitcoin, particularly when dealing with other central banks.

The only other cryptocurrencies that could fit the requirements would have to be privately issued. Because Facebook is not a nation, libra is no less of a private money than bitcoin is, in this context. While other means of payments have been in worldwide use before, the ease of use and the scope of these new cryptocurrencies are about to create global currencies of an altogether different quality. The paper accounts for this by indicating that the same currency competition would intensify if the global cryptocurrency is asset-backed.

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It has been stated that libra will have both of these features. Either way, the paper is certain that international policy will be changed and central banks will lose control. The accuracy of these records would be guaranteed by an unalterable chain of time-stamp requests. This primitive time-stamping scheme did not only serve as a prototype for the bitcoin network and all the ones that followed but found applications practically anywhere the distributed ledger technology is used today.

For many enterprises utilizing blockchain the timestamping component is crucial in supply chain management and bookkeeping. These self-executing contracts of transparent, traceable, and irreversible nature later defined one of the most widely used blockchain platforms Ethereum, which currently supports more than 2 million such contracts with a wide range of applications ranging from banking and financial services to gaming and gambling.

In , 10 years before the invention of bitcoin, Szabo invented a virtual currency called "Bit Gold" centered around the proof of work mechanism nowadays realized in the form of cryptocurrency mining.

Relevance: Invented by the mysterious Satoshi Nakamoto and released as open-source software in early , bitcoin took the world by storm, spurring an entire new body of scientific research and business developments related to blockchains, digital assets including those developed by sovereign governments and decentralized economies. Nakamoto pieced together previously developed concepts of cryptography and digital signatures, proposed by Haber, Stornetta, and Merkle, among others, in a design of a purely peer-to-peer electronic payment system.

Breakthrough: incorporation of a Turing-complete programming language to enable the development of various applications on a distributed ledger. Relevance: In , a year-old Russian-Canadian programmer Vitalik Buterin proposed a blockchain with a built-in fully fledged Turing-complete programming language that would allow anyone with coding experience to write smart contracts and decentralized applications for various types of transactions.

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Relevance: Zerocash was initially conceived by scientists at MIT, Johns Hopkins, and a few other universities as an extension of bitcoin with stronger privacy guarantees, allowing users to hide information that might later identify them. Zerocash uses ZK-SNARKs to prove that the conditions for a valid transaction have been satisfied without revealing any crucial information about the addresses or values involved. Thus Zerocash ensures that transaction data is posted to a public blockchain, but unlike with Bitcoin, users gain control of their information.

They can remain completely anonymous or opt to disclose transaction details for regulatory compliance or audits. Relevance: Cryptocurrencies have historically traded with high levels of volatility.

Increasing demand for stability led to the creation of stablecoins, cryptocurrencies designed to remain stable in value against some pegged external asset class. In , Robert Sams founded a blockchain company Clearmatics, which focuses on building decentralized financial platforms.

Relevance: Despite the original intent of becoming the electronic payment system of the future, bitcoin has been struggling to establish itself as a fully-fledged alternative to existing online payment infrastructures. While Visa V processes thousands of transactions per second, the bitcoin blockchain usually processes less than The Bitcoin Lightning Network was designed as a potential solution to this very problem.

It adds another layer to the bitcoin blockchain, on which any two parties can create payment channels for low-value bitcoin transactions.

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By moving the transactions off the main ledger, the Lightning Network enables decongestion of the bitcoin blockchain and reduction in associated transaction fees. In , Bitcoin payments startup Lightning Labs, backed by Square founder Jack Dorsey and Robinhood co-founder Vlad Tenev, among others, set out to bring the idea to life and is currently building a platform similar to the Visa network on the open-source Lightning Network codebase. Relevance: Unlike traditional exchanges that use an order book to derive the price of an asset and execute trades, Uniswap prices assets according to a deterministic algorithm known as an automated market maker AMM.

The AMM removes the need to have a counterparty to make a trade and enables essentially anyone to create a market by simply interacting with a smart contract.