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Journal articles on the topic 'Cryptocurrency Wallets'
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1
Jokić, Stevo, Aleksandar Cvetković, Saša Adamović, Nenad Ristić, and Petar Spalević. "Comparative analysis of cryptocurrency wallets vs traditional wallets." Ekonomika 65, no. 3 (2019): 65–75. http://dx.doi.org/10.5937/ekonomika1903065j.
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Shaik, Cheman. "Unforgettable User Defined Seed Phrase for Cryptocurrency Wallets." International Journal on Cryptography and Information Security 10, no. 4 (December 30, 2020): 11–20. http://dx.doi.org/10.5121/ijcis.2020.10402.
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In this paper I have discussed a new method of enabling a cryptocurrency wallet user to define his own unforgettable seed phrase. An algorithm named SEEPT (Seed Phrase Transformation) is provided and illustrated with a real user defined seed phrase as input and a BIP39 standard seed phrase generated as output through cryptographic transformations. Discussed in detail is how an unforgettable seed phrase can be generatedfrom a set of names or words that are specific to a user’s personal life. Explained in detail as to how a wallet user can reconstruct his seed phrase on demand without depending on any storage, thereby relieving him from the burden of memorizing it frequently or storing it digitally on a computer hardware or physically on a paper or metal media.
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Zhang, Xitong, He Zhu, and Jiayu Zhou. "Shoreline: Data-Driven Threshold Estimation of Online Reserves of Cryptocurrency Trading Platforms (Student Abstract)." Proceedings of the AAAI Conference on Artificial Intelligence 34, no. 10 (April 3, 2020): 13985–86. http://dx.doi.org/10.1609/aaai.v34i10.7265.
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With the proliferation of blockchain projects and applications, cryptocurrency exchanges, which provides exchange services among different types of cryptocurrencies, become pivotal platforms that allow customers to trade digital assets on different blockchains. Because of the anonymity and trustlessness nature of cryptocurrency, one major challenge of crypto-exchanges is asset safety, and all-time amount hacked from crypto-exchanges until 2018 is over $1.5 billion even with carefully maintained secure trading systems. The most critical vulnerability of crypto-exchanges is from the so-called hot wallet, which is used to store a certain portion of the total asset online of an exchange and programmatically sign transactions when a withdraw happens. It is important to develop network security mechanisms. However, the fact is that there is no guarantee that the system can defend all attacks. Thus, accurately controlling the available assets in the hot wallets becomes the key to minimize the risk of running an exchange. In this paper, we propose Shoreline, a deep learning-based threshold estimation framework that estimates the optimal threshold of hot wallets from historical wallet activities and dynamic trading networks.
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He, Daojing, Shihao Li, Cong Li, Sencun Zhu, Sammy Chan, Weidong Min, and Nadra Guizani. "Security Analysis of Cryptocurrency Wallets in Android-Based Applications." IEEE Network 34, no. 6 (November 2020): 114–19. http://dx.doi.org/10.1109/mnet.011.2000025.
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Zhang, Xitong, He Zhu, and Jiayu Zhou. "Shoreline: Data-Driven Threshold Estimation of Online Reserves of Cryptocurrency Trading Platforms." Proceedings of the AAAI Conference on Artificial Intelligence 34, no. 01 (April 3, 2020): 1194–201. http://dx.doi.org/10.1609/aaai.v34i01.5472.
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With the proliferation of blockchain projects and applications, cryptocurrency exchanges, which provides exchange services among different types of cryptocurrencies, become pivotal platforms that allow customers to trade digital assets on different blockchains. Because of the anonymity and trustlessness nature of cryptocurrency, one major challenge of crypto-exchanges is asset safety, and all-time amount hacked from crypto-exchanges until 2018 is over $1.5 billion even with carefully maintained secure trading systems. The most critical vulnerability of crypto-exchanges is from the so-called hot wallet, which is used to store a certain portion of the total asset of an exchange and programmatically sign transactions when a withdraw happens. Whenever hackers managed to gain control over the computing infrastructure of the exchange, they usually immediately obtain all the assets in the hot wallet. It is important to develop network security mechanisms. However, the fact is that there is no guarantee that the system can defend all attacks. Thus, accurately controlling the available assets in the hot wallets becomes the key to minimize the risk of running an exchange. However, determining such optimal threshold remains a challenging task because of the complicated dynamics inside exchanges. In this paper, we propose Shoreline, a deep learning-based threshold estimation framework that estimates the optimal threshold of hot wallets from historical wallet activities and dynamic trading networks. We conduct extensive empirical studies on the real trading data from a trading platform and demonstrate the effectiveness of the proposed approach.
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Thomas, Tyler, Mathew Piscitelli, Ilya Shavrov, and Ibrahim Baggili. "Memory FORESHADOW: Memory FOREnSics of HArDware CryptOcurrency wallets – A Tool and Visualization Framework." Forensic Science International: Digital Investigation 33 (July 2020): 301002. http://dx.doi.org/10.1016/j.fsidi.2020.301002.
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Fraij, Jihad, Ashraf Aldabbas, and Nemer Aburumman. "BLOCKCHAIN AS AN E-VOTING TOOL." International Journal of Advanced Research 8, no. 12 (December 31, 2020): 858–66. http://dx.doi.org/10.21474/ijar01/12225.
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Blockchain as a distributed system that confirms security and reliability have started a new era of a solid and consensus system.Blockchains focus on cryptocurrency is encouraging many other processes to follow the same reliable approach of security.Almost all procedures and operations are now invited to be electronically performed in the digital Ethereum network that has been presented. Moreover, this study proposed the use of an Ethereum network on a blockchain platform in the study when it was moved to a blockchain network to confirm transparency.An E-voting system sample has been tested by using an Ethereum network smart contracts inwhich solidity language and wallets were used. In the voting test, the Ethereum blockchain will be able to collect records in which voters can use their Ethereum wallets or android devices to submit their votes in a consensus node.The researchers studied the voting system taking Jordan as a case study.This study recommended the adaptation of e-voting to support transparency and voters trust to reduce corruption and unreliability in the voting processes. Moreover, the use of this system will allow a voter to vote from home in the time of the pandemic.
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Стойка, Маріана. "CRYPTOCURRENCY – DEFİNİTİON, FUNCTİONS, ADVANTAGES AND RİSKS." Підприємництво і торгівля, no. 30 (July 1, 2021): 5–10. http://dx.doi.org/10.36477/2522-1256-2021-30-01.
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The emergence of “virtual currencies” is extremely recent, with a history of only 13 years. Being an ultra-new economic tool, it arouses interest and effervescent reactions, especially in terms of definition, but also about the cumulative effects it has begun to produce in the economic world. The subject also becomes controversial due to the fact that, being an economic instrument of absolute novelty, it is reflected in the legislation of very few countries in the world. One of the definitions determines as virtual currency – the digital representation of the value that is not issued or guaranteed by a central bank or a public authority, which is not necessarily linked to a legal currency and which does not have the legal status of the currency, but which can be accepted by natural or legal persons as a means of exchange and which may be transferred, stored and traded by electronic means. The evaluation of cryptocurrency publications has shown that most of them are related to attempts to establish legislative agricultural work for the operation of virtual currencies. The functions of the cryptocurrencies that we have defined are: the exchange and payment function, the hoarding function, the investment function and the attraction of funds necessary for the activity. Thus, we established that virtual currencies, as well as fiduciary ones, have the role of: means of payment, means of accumulation, means of capitalization and investments. Likewise, through this research we managed to highlight the main features and peculiarities of cryptocurrencies. Among the basic characteristics of cryptocurrencies we highlight: the high degree of security, maximum speed of transactions, full freedom from financial organizations, irreversibility of operations, full anonymity of transactions, open source, they can be ”mined”. Another approach was to determine the advantages and disadvantages and risks of using cryptocurrencies. The main advantages of using cryptocurrencies are related to its functions an caracteristics, such as: it represents a real alternative to classic banking services, market freedom, privacy of transactions, high speed of trnasactions, alternative payment methos, increasing the customer base etc. On the other hand there are some disatvantages. They are related mosly with the following risks: legal uncertainty, market volatility, low degree of acceptance, unsecured crypto wallets, risks related to use for illegal or criminal purposes, money laundering risks. Taking in consideration the global trend of the digitization of the society, the share and importance of fiat currencies will tend to decrease for the benefit of virtual currencies. Cryptocurrencies are becoming a real alternative to physical currencies, but its main disadvantage is that the public autorities are missing controlling it yet. Even so, in the nearest future the money could become digital figures.
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Pérez-Solà, C., S. Delgado-Segura, G. Navarro-Arribas, and J. Herrera-Joancomartí. "Another coin bites the dust: an analysis of dust in UTXO-based cryptocurrencies." Royal Society Open Science 6, no. 1 (January 2019): 180817. http://dx.doi.org/10.1098/rsos.180817.
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Unspent Transaction Outputs (UTXOs) are the internal mechanism used in many cryptocurrencies to represent coins. Such representation has some clear benefits, but also entails some complexities that, if not properly handled, may leave the system in an inefficient state. Specifically, inefficiencies arise when wallets (the software responsible for transferring coins between parties) do not manage UTXOs properly when performing payments. In this paper, we study three cryptocurrencies: Bitcoin, Bitcoin Cash and Litecoin, by analysing the state of their UTXO sets, that is, the status of their sets of spendable coins. These three cryptocurrencies are the top-3 UTXO-based cryptocurrencies by market capitalization. Our analysis shows that the usage of each cryptocurrency presents some differences, and led to different results. Furthermore, it also points out that the management of the transactions has not always been performed efficiently and therefore, the current state of the UTXO sets is far from ideal.
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Efimova, L. G. "The mechanism of credit transfers via the Blockchain." International Accounting 23, no. 5 (May 15, 2020): 567–84. http://dx.doi.org/10.24891/ia.23.5.567.
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Subject. Money transfers via Blockchain-based banking and payment systems employ a procedure combining the traditional mechanism of gross settlements and P2P network, which is also run with the Blockchain. Therefore, the relationship between payment peers is mixed too. Objectives. The study aims to set up a legal mechanism of credit transfers which synergistically combines two payment procedures, i.e. traditional gross settlements via the national banking system and P2P payments based on the Blockchain. Methods. The study relies upon systemic-structural, dialectical, logic methods, induction, deduction, legal forecast, legal modeling and comparative method (legal comparison). Results. I examine how advantages of Blockchain-based payment systems and banking payment systems can be combined. This will streamline and smooth settlements, allowing to use the fiat currency in the beginning and at the end of credit transfers. The article highlights four phases of a mixed money transfer, i.e. the preliminary creation of a Blockchain-based node, accession to the protocol, opening of cryptocurrency accounts and e-wallets; the commencement of a money transfer under traditional rules of payment laws; interbanking settlements via the Blockchain and crediting of money under ordinary rules of the payment laws. Conclusions and Relevance. When credit transfers migrate from conventional bank accounts to the Blockchain, the fiat currency converts into the cryptocurrency and vice versa. I analyzed types of social relations emerging through the above phases and sources of legal regulations. The findings can be used in the theory of civil and banking laws, law making processes for the preparation of regulatory documents on cashless payments, and IT regulations.
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Sotiropoulou, Anastasia, and Stéphanie Ligot. "Legal Challenges of Cryptocurrencies: Isn’t It Time to Regulate the Intermediaries?" European Company and Financial Law Review 16, no. 5 (October 9, 2019): 652–76. http://dx.doi.org/10.1515/ecfr-2019-0023.
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In only one decade, cryptocurrencies have witnessed significant growth, with Bitcoin being the most dominant one. They are not efficient payment methods, although they bring some benefits linked to the underlying technology they use (Blockchain). In reality, they function more as investment assets than as payment instruments and pose various risks, which are very similar to those encountered on capital markets (price volatility, fraud, market manipulation). In order to deal with these risks, regulation should apply to intermediaries who provide services in relation to cryptocurrencies, such as crypto wallets, operation of crypto exchanges and brokerage. To this end, the European legislator should consider two options. It could, on the one hand, bring cryptocurrency service providers within the scope of the existing financial services regime and thus modify MIFID II in order to include cryptocurrencies in the list of financial instruments. The European legislator could also, on the other hand, aim at creating a new appropriate and proportionate regime that draws on the existing one. Insofar as the existing regulatory framework was not designed with cryptocurrencies in mind and as some of the current rules may not be tailored to the specificities of these assets, the second option is preferable.
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Kryvych, Ia, and A. Dranitsyna. "BANKING INNOVATION AS A FACTOR IN STRENGTHENING CONFIDENCE AND CUSTOMER LOYALTY." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 3 (2019): 33–39. http://dx.doi.org/10.21272/1817-9215.2019.3-4.
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The purpose of the article is the development of the definition and concept of "banking innovations". The classification of banking innovations is proposed and includes product (development of new or modification of existing banking products), process (improvement of banking business processes), marketing (innovations in sales channels and marketing communications of banks), technological (related to the development of technical bank capabilities) and management (changes in the organizational structure of banks, mechanisms of planning, control, incentives, etc.). The research proves the concept of "banking innovations" can be applied to all innovations in bank functioning. This paper distinguishes definition between finance and banking innovations. Finance innovations are related to the creation and dissemination of new financial instruments as well as financial technologies, institutions and markets. The concept of "banking innovation" should be understood as a process with focus on developing new or improving existing banking products (services), technology of their promotion, as well as new innovative methods of managing banking institutions in order to obtain additional income and competitive advantages. The chronology of the most important banking technologies development is analyzed in this article. Correlations between the innovative activity of banks, technological and scientific achievements of humankind are found.Key trends of development of the banking services market (contactless payment, biometric identification, digital wallets and QR codes, Internet of Things, cryptocurrency, fintech movement) are identified and characterized. The paper is emphasizes the connection between banks' innovation activities, the formation of customer loyalty and the increasing of trust to banks. Keywords: banking innovation, financial innovation, trust, loyalty.
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Ozeran, Alla, and Nadiia Gura. "Audit and accounting considerations on cryptoassets and related transactions." Economic Annals-ХХI 184, no. 7-8 (September 10, 2020): 124–32. http://dx.doi.org/10.21003/ea.v184-11.
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Introduction. The rapid rise and volatility of cryptoassets have led to increased global interest by governments, investors, regulators. In 2020, the market capitalization of cryptocurrencies increased to USD 758.06 billion by expert estimations. Each of the cryptoassets has its own unique features and characteristics which makes their accounting and auditing challenging. The lack of official accounting and auditing guidance for cryptoassets and related transactions impose additional audit risks that should be measured properly before the client-acceptance stage and planning audit procedures. We developed a model which links financial statement assertions, identified cryptoassets’ risks that should be considered during the audit, and related controls in response to such risks. The purpose of this paper is to identify cryptoassets framework for audit planning and gathering audit evidence to support management assertions regarding their financial statements. Methods. This paper adopts an empirical research approach with application of auditing and analytical procedures. In a comprehensive analytical overview of trends in cryptoassets market capitalization, the authors have used statistical methods and structural analysis, the selected sample includes daily data of cryptoassets market capitalization during January 2016 - February 2020. Results. According to the conducted research, the auditors have to consider whether to accept or continue an audit engagement when an entity has engaged in material cryptocurrency transactions; the auditors have to identify and assess risks of material misstatement in financial statements related to cryptoassets transactions and balances. We suggested a possible substantive audit procedures for cryptoassets and related transactions, such as: inspection of the wallets and verification the balances on them; confirmation by a third party (traders); inspection of documents supporting ownership of the asset (white papers, agreements with crypto-traders); testing client internal controls system and controls that are implemented to ensure the security of the private key of crypto-wallet. Conclusions. It is becoming common for financial statements to show cryptoassets balances and reflect the results of cryptoassets transactions, however, many auditors may have little or no experience with cryptoassets and therefore may not fully appreciate the challenges that auditing these items may present. The auditors need to identify and assess risks of material misstatement throughout the process of obtaining an understanding of the entity and its control environment, and evaluate the potential effect of that risks on financial statements.
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He, Shuangyu, Qianhong Wu, Xizhao Luo, Zhi Liang, Dawei Li, Hanwen Feng, Haibin Zheng, and Yanan Li. "A Social-Network-Based Cryptocurrency Wallet-Management Scheme." IEEE Access 6 (2018): 7654–63. http://dx.doi.org/10.1109/access.2018.2799385.
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Shishmareva, T. P. "CRYPTOCURRENCY AS PART OF THE BANKRUPTCY ESTATE OF THE INSOLVENT DEBTOR." Courier of Kutafin Moscow State Law University (MSAL)), no. 7 (September 16, 2020): 37–43. http://dx.doi.org/10.17803/2311-5998.2020.71.7.037-043.
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The article analyzes the possibility of including one of the types of digital rights of cryptocurrency as a potential object of bankruptcy estate. It is concluded that it is possible to include cryptocurrency, which is stored in a cryptocurrency wallet in the electronic system into the bankruptcy estate up to its real value with which creditors’ claims can be satisfied. The problems arising in connection with the inclusion of cryptocurrency in the bankruptcy estate of the insolvent debtor associated with the anonymity of its ownership and the specifics of the foreclosure have been identified. The anonymity of the existence of cryptocurrency in the electronic system does not allow the inclusion of property in the bankruptcy estate without the assistance of the debtor. It is recognized that cryptocurrency cannot be traded via electronic auctions in bankruptcy proceedings due to its existence in the framework of a special information system and short time price volatility. A distinction between cryptocurrency and electronic money has been made.
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Shaik, Cheman. "Securing Cryptocurrency Wallet Seed Phrase Digitally with Blind Key Encryption." International Journal on Cryptography and Information Security 10, no. 4 (December 30, 2020): 1–10. http://dx.doi.org/10.5121/ijcis.2020.10401.
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A cryptographic method of digitally securing cryptocurrency wallet seed phrase through Blind Key Encryption is discussed wherein two blind keys random in nature are generated and used to produce two ciphertexts. The mathematical algorithm used in blind key encryption is described in detail and also an explanation is provided as to how the encryption defeats hackers even after they could successfully compromise a ciphertext of the seed phrase along with its decryption key. Different scenarios of storing the ciphertexts are documented.
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Janpitak, Nanta, Woraphon Lilakiatsakun, and Chanboon Sathitwiriyawong. "The novel secure testament methodology for cryptocurrency wallet using mnemonic seed." Information Security Journal: A Global Perspective 29, no. 4 (March 21, 2020): 169–82. http://dx.doi.org/10.1080/19393555.2020.1739788.
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He, Xiaojian, Jinfu Lin, Kangzi Li, and Ximeng Chen. "A Novel Cryptocurrency Wallet Management Scheme Based on Decentralized Multi-Constrained Derangement." IEEE Access 7 (2019): 185250–63. http://dx.doi.org/10.1109/access.2019.2961183.
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Sitnik, A. A. "Blockchain Technology in Payment Systems." Actual Problems of Russian Law 16, no. 5 (June 9, 2021): 42–54. http://dx.doi.org/10.17803/1994-1471.2021.126.5.042-054.
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The paper is devoted to the analysis of the practice and prospects of application of blockchain technology to provide the exercise of payment services. In particular, it is noted that this technology can be used in the architecture of payment systems, as well as as the technological basis of payment instruments. In addition, blockchain can be used in areas directly related to payment services (for example, for customer identification, currency exchange operations, etc.). The author defines a number of concepts, in particular “peering payment system”, “mining”, “cryptocurrency wallet”. The paper highlights the necessity to differentiate between the actual peering payment systems (networks) and payment services operating with the use of blockchain technology. The latter can be decentralized in terms of how information is transmitted, but not managed. The presence of an entity controlling, administering or otherwise managing individual processes within such a system does not allow it to be regarded as truly decentralized — peering networks are based on the equality of all participants. According to the results of the study, it is concluded that the blockchain technology indeed has a high potential of practical application in the payment field. Meanwhile, currently a cryptocurrency wallet has significant limitations of practical application for the organization of mass payments. Therefore, this technology should not be expected to replace traditional payment institutions in the nearest future. It can be predicted that blockchain will be just implemented into the existing payment infrastructure, rather than replace it completely.
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Gomaa, Ahmed A., Mohamed I. Gomaa, and Ashley Stampone. "A Transaction on the Blockchain: An AIS Perspective, Intro Case to Explain Transactions on the ERP and the Role of the Internal and External Auditor." Journal of Emerging Technologies in Accounting 16, no. 1 (March 1, 2019): 47–64. http://dx.doi.org/10.2308/jeta-52412.
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ABSTRACT This case promotes discussions about blockchain technology. It shows a transaction execution scenario and its tax implications. The case provides (1) an overview of the steps required to install a Digital Wallet; (2) an explanation of the need to add cryptocurrencies to the wallet in order to transact on the blockchain; (3) an overview of executing a transaction, in which an accounting consulting service is provided in the exchange of a cryptocurrency; (4) methods to review the existing transaction, from the service provider side, the service receiver side, and from the blockchain side, with a highlight of the role of both internal and external auditors; (5) clarifies the importance of dealing with cryptocurrencies, given that the IRS identifies cryptocurrencies as properties; and (6) a reflection on the link between a company ERP system and the transaction information on the blockchain.
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Sakinah Burhanuddin, Nur, Fadhlan Hafizhelmi Kamaru Zaman, Ahmad Ihsan Mohd Yassin, and Nooritawati Md Tahir. "Blockchain in Voting System Application." International Journal of Engineering & Technology 7, no. 4.11 (October 2, 2018): 156. http://dx.doi.org/10.14419/ijet.v7i4.11.20793.
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Two of the most familiar method of voting is through voting polls and online voting. The main problem with conventional method is the insecurity of the votes to be untemper. Another problem of voting methods is the existence of fraud in voting system. This paper is to propose a method in overcoming these flaws and problems by using the Blockchain technology. Blockchain technology is a secured database and has very high security. The technical concept of the Blockchain technology has many advantages and benefits that could be applied to many technical sectors and have the possibility in changing the world. The concept for this project is to develop a cryptocurrency implementation in the voting system. From there, the transaction votes are kept in the blockchain could be illustrated by examining the block hashes. The outcome of the project shows a transaction of coins from one voter’s wallet into two candidates’ wallet. The transactions were approved through a process of mining and the transactions of coins were a success. The data of the transactions were kept in the blockchain where unique blockhash, which acted as the block’s fingerprint were generated. From there, the integrity of the blockchain technology is illustrated.
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Bodziony, Norbert, Paweł Jemioło, Krzysztof Kluza, and Marek R. Ogiela. "Blockchain-Based Address Alias System." Journal of Theoretical and Applied Electronic Commerce Research 16, no. 5 (April 13, 2021): 1280–96. http://dx.doi.org/10.3390/jtaer16050072.
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In recent years, blockchains systems have seen massive adoption in retail and enterprise environments. Cryptocurrencies become more widely adopted, and many online businesses have decided to add the most popular ones, like Bitcoin or Ethereum, next to Visa or Mastercard payments. Due to the decentralized nature of blockchain-based systems, there is no possible way to revert confirmed transactions. It may result in losses caused by human error or poor design of the user interface. We created a cryptocurrency wallet with a full on-chain solution for aliasing accounts and tokens to improve user experience and avoid unnecessary errors. The aliasing system consists of a number of smart contracts deployed on top of the blockchain network that give the ability to register aliases to accounts and tokens and use them instead of opaque addresses. Our solution shows how performant modern blockchains are and presents a way of building fully decentralized applications that can compete with centralized ones in terms of performance.
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Ferreira, Micael, Sven Rodrigues, Catarina Reis, and Marisa Maximiano. "Blockchain: A Tale of Two Applications." Applied Sciences 8, no. 9 (September 1, 2018): 1506. http://dx.doi.org/10.3390/app8091506.
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Bitcoin continues to get more and more attention from the media, mainly because of the volatility of its value and insignificantly associated with the technological innovation. This cryptocurrency is supported by an immutable database and is distributed throughout a network of thousands of nodes, known as Blockchain. One way to ensure that all the concepts behind the Blockchain technology and infrastructure are seized is to conduct the development of one of the most popular context applications for it: a wallet for well-known cryptocurrencies. Yet Another Bitcoin Wallet (YABW) is a hybrid application available for both Android and iOS, which was developed with the Ionic and Angular frameworks. This application communicates with Bitcoin Blockchain to send, receive and store bitcoins; provides a set of features focused on security and user experience, and is available on the Play Store and Apple Store. A rather relevant issue that is becoming a major subject of current research is the application of the Blockchain infrastructure to other contexts that are neither directly connected to cryptocurrencies, nor are finance related. The implementation of a proof-of-concept application proposes the use of a blockchain for a specific case study: the exchange of meal vouchers of an institution amongst students. This is achieved using the decentralized platform Ethereum, which allows us to create a Smart Contract using the Solidity programming language to create a token that follows the Ethereum Request for Comment (ERC), the ERC-20 standard and represents the meal vouchers. This second application uses the architecture defined for YABW, reusing major components and custom developing specific modules to enhance the required features. There is still a lot of research to be done on the non-financial applicability of the Blockchain infrastructure and technology, but for the moment, we have left further evidence that it is possible and is a relative straight-forward process to accomplish from the technological perspective.
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Liu, Xiao Fan, Huan-Huan Ren, Si-Hao Liu, and Xian-Jian Jiang. "Characterizing key agents in the cryptocurrency economy through blockchain transaction analysis." EPJ Data Science 10, no. 1 (May 1, 2021). http://dx.doi.org/10.1140/epjds/s13688-021-00276-9.
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AbstractThe cryptocurrency economy provides a comprehensive digital trace of human economic behavior: almost all cryptocurrency users’ activities are faithfully recorded in transactions on public blockchains. However, the user identifiers in the transaction records, i.e., blockchain addresses, are anonymous. That is, they cannot be associated with any real “off-chain” identify of actual users. Nonetheless, identifying the economic roles of the addresses from their past behaviors is still feasible. This paper analyzes Ethereum token transactions, characterizes key economic agents’ behavior from their transaction patterns, and explores their identifiability through interpretable machine learning models. Specifically, six types of most active economic agents are considered, including centralized cryptocurrency exchanges, decentralized exchanges, cryptocurrency wallets, token issuers, airdrop services, and gaming services. Transaction patterns such as trading volume, transaction tempo, and structural properties of transaction networks are defined for individual blockchain addresses. The results showed that cryptocurrency exchanges and online wallets have signature behavior patterns and hence can be accurately distinguished from other agents. Token issuers, airdrop services, and gaming services can sometimes be confused. Moreover, transaction networks’ features provide the richest information in the economic agent’s identification.
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"Problems of Displaying Transactions with Digital Assets in Accounting." Scientific Bulletin of Mukachevo State University Series “Economics” 7, no. 2 (December 28, 2020): 87–95. http://dx.doi.org/10.52566/msu-econ.7(2).2020.87-95.
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At the present stage of the digital economy, approaches to the use of cash are changing. Electronic non-cash payments are increasingly used to order services and pay for goods online. Therefore, the important value of this process for the accounting system is the reflection of such transactions in accounting. Using e-wallets and e-business environments, displaying cryptocurrency transactions, transferring funds, mining, investing in high-risk assets – all this requires learning how to account for such transactions. The main purpose of the study is to scientifically substantiate the approaches to the reflection in the accounting of transactions with digital assets and to determine the ways of receipt of cryptocurrency in the enterprise. In the course of scientific research such methods of scientific cognition as description, analysis and synthesis were used. It is established that there is no single approach to the recognition and accounting of cryptocurrencies. It is advisable to consider cryptocurrency, which belongs to intangible assets, only in terms of long-term investments. Another vector of development is the identification of cryptocurrency as a resource or stocks and its accounting as stocks. It is determined that, first, before using cryptocurrency, it is necessary to economically justify a certain method of cryptocurrency valuation at the legislative level. In the future, this is necessary for companies that will use cryptocurrency to be able to constantly use the method in their accounting policies. The author analyzed the forms of electronic money and found that they can exist in the form of information in the middle of computer networks (network-based) and may have an additional connection with the payment smart card (card-based). In order to identify the subject of accounting, the author determines that cryptocurrency should be accounted for as an intangible asset, while wallets for storing cryptocurrency should be accounted for as other non-current tangible assets
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Kumar, Abhishek. "A Study of the Impact of Crypto Currency on the Indian Payment system." Asian Journal of Management, August 19, 2021, 310–16. http://dx.doi.org/10.52711/2321-5763.2021.00047.
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Payment systems form an integral part of any emerging economy. A payment system should be safe, secure, reliable, and accessible. It will help in expanding financial inclusion and bringing financial stability. An efficient payment system helps in the smooth flow of payments and mitigation of risks and smooth functioning of the economy. It helps in fostering confidence in individuals about the use of payment services. Technological development has helped in changing the face of payments system from cards (credit/debit card) to wallets (Paytm/Phonepe etc.) to Unified Payments Interface (UPI) and Quick Response (QR)codes. It has not only introduced us to new payment methods but also strengthen the traditional payment methods. It has become an important part of our daily life. It has empowered us and made our life easier by offering services at our fingertips round the clock. The latest addition to these is cryptocurrencies like Bitcoin, Ether, Ripple, etc. Cryptocurrencies are one of the first applications of Blockchain technologies.it has removed the need for intermediaries and exert pressure on the existing framework. The attributes of cryptocurrency framework like decentralized network, no intermediaries, and the lack of stable pricing factors do not let it unlock its true potential. The future of Cryptocurrency is uncertain. Whether it will be accepted globally or still be traded via unauthorized means. Every problem allows for finding a solution. The regulators should come up with policies, which will help in shaping the payments system for the betterment of the people, by using the positive attributes of cryptocurrencies and coordinating with the Global peers.
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"Novel Payment Wallet Management with Blockchain Based Cryptocurrency." International Journal of Recent Technology and Engineering 8, no. 2S4 (August 26, 2019): 228–33. http://dx.doi.org/10.35940/ijrte.b1042.0782s419.
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Blockchain for business is a new concept which enables many industries and organizations to implement even the basic of systems on foundation of blockchain technology. Using this technology, our goal is to develop a payments system that enables transfer of funds for a monetary transaction between two parties. Hyperledger is an open source community oriented effort which was made to propel cross-industry blockchain advances that were available. The Linux Foundation has it. It has partners from everywhere throughout the world , at a worldwide dimension and incorporates ventures like funding, banking, Internet of Things, supply chains, assembling and Technology. Using Blockchain for Enterprise technology, we are going to develop a new payments system that makes use of regulated cryptocurrency. Using this system, we want to create a new cryptocurrency specific to the payment portal for people to buy, sell and pay or earn rewards using this cryptocurrency. This system will majorly consist of participants and admins that will be divided based on the certificates assigned to every participant. Our implementation involves. using the fabric for creating a payment system run on the backend of blockchain technology. This will involve having a regulatory authority to maintain the cryptocurrency, ledger and authenticity of the users. Theoretically, the blockchain technology maintains anonymity for transactions. It uses a distributed ledger to record transactions for people to be able to make secure transactions without any repercussions. Blockchain for Enterprise implements Blockchain technology by using concepts like Trust, Privacy and Smart contracts in addition to the distributed ledger to create an industry friendly Blockchain business application. Blockchain is a rapidly growing field with multiple implementations which can be explored not just on anonymity but also on actual life implementations. Distributed ledger technology is applied to the payment systems. Cryptocurrency would now not only be used for anonymous transactions but also for regular day to day transactions.
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Sung, Soonhwa. "A new key protocol design for cryptocurrency wallet." ICT Express, August 2021. http://dx.doi.org/10.1016/j.icte.2021.08.002.
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Zanelatto Gavião Mascarenhas, Juliana, Artur Ziviani, Klaus Wehmuth, and Alex Borges Vieira. "On the transaction dynamics of the Ethereum-based cryptocurrency." Journal of Complex Networks 8, no. 4 (August 2020). http://dx.doi.org/10.1093/comnet/cnaa042.
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Abstract Distributed blockchain-based consensus platforms have witnessed steady growth in recent years. In special, cryptocurrency is one of the main applications of the blockchain technology. Despite the recent interest in blockchain, we still lack in-depth analysis of systems that use such a technology. In fact, most of the existing works focus on Bitcoin. Moreover, blockchain-based cryptocurrency systems are highly dynamic. Their internal mechanisms and consensus algorithms evolve over time. Users also change their interests in a given platform, which in turn, reflect their behaviour. In this article, we model the Ethereum-based cryptocurrency transaction network, a more recent blockchain platform that is gaining a significant share in the cryptocurrency market. We model the transactions of Ethereum as a complex system, representing this complex system as a time-varying graph. Our model and the analysis we conduct rely on a 3-year dataset of Ethereum-based cryptocurrency transactions, comprising more than 38 million users (i.e. unique wallet addresses) and almost 300 million transactions. We analyse the evolution of users and transactions over time. Our study also highlights the centralization tendency of the transaction network on both user and time aspects. Finally, we also analyse the formation of communities and the evolution of connected components considering the dynamics of the Ethereum-based cryptocurrency transaction network.
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Mhana, Ammar, Ghassan N. Mohammed, and Fadhel K. Jabor. "Enhancing Privacy and Improving Security in Scalable Blockchain." Journal of Southwest Jiaotong University 54, no. 5 (2019). http://dx.doi.org/10.35741/issn.0258-2724.54.5.7.
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Bitcoin is a decentralized blockchain-based cryptocurrency that has taken the world by storm. Since its introduction in 2009, it has grown tremendously in terms of popularity and market cap. The idea of having a decentralized public ledger while maintaining anonymity and security attracted the attention of developers and customers alike. Special nodes in the bitcoin network, called miners, are responsible for making the network secure by using a concept called proof-of-work. A certain degree of anonymity is also maintained as no personally identifiable information of a person, like name, address, etc., is linked to the bitcoin wallet. In terms of bitcoin, a user is anonymous if different interactions of the user cannot be linked to each other or the user. Recent research shows that bitcoin is not as anonymous as it appears to be. The inherently public nature of blockchain technology makes it difficult to achieve privacy. The purpose of this paper is to review how varying degrees of user privacy is maintained in bitcoin cryptocurrency. This paper is divided into two main segments. The first segment explores privacy-enhancing techniques adopted in bitcoin. The second segment critically analyzes these techniques.