Concluding thoughts and outlook for the future of the technology. For Chapter 1 (Introduction), see "https://ssrn.com/abstract=3135021" https://ssrn.com/abstract=3135021. For Chapter 2 (Means of Exchange: Ever-present Competition), "https://ssrn.com/abstract=3135028"...

In this chapter, we discuss economic aspects of cryptocurrencies. 4.1. The double spending problem 4.2. How does Bitcoin work? Brief overview 4.3. Not the first one – predecessors of Bitcoin 4.4. Problems with Bitcoin (new challenges) 4.5. Competition against other crypto-currencies 4.6....

Concluding thoughts and outlook for the future of the technologies affording digital currencies, cryptocurrencies, blockchain and smart contracts. For Chapter 1 (Introduction), see https://ssrn.com/abstract=3135021. For Chapter 2 (Means of Exchange: Ever-present Competition), see...

Canada is in the midst of developing three new core payment systems: Lynx, Settlement Optimization Engine (SOE) and Real-Time Rail (RTR). Lynx and SOE will replace the current Large Value Transfer System (LVTS) and Automated Clearing Settlement System (ACSS), whereas RTR will be a new...

We investigate the risks and opportunities to the mandates of central banks arising from fintech developments. Fintech may affect the different areas of responsibility of central banks - mainly monetary policy and financial stability - by changing money demand and by changing the industrial...

The design of Bitcoin is closely related to gold which has led to the idea that Bitcoin has gold-like features such as being a store of value and a safe haven. However, given Bitcoin's extreme volatility investors may rather need a safe haven against Bitcoin. We hypothesize that stablecoins...

Since ancient times, various psychological techniques such as fear and terror have been deliberately used by entities as non-combat weapons to bring about the enemy’s defeat. An effective use of fear as a weapon can sometimes achieve more than an arsenal of weapons of mass destruction. The...

An anonymous credential mechanism is a set of protocols that allows users to obtain credentials from an organization and demonstrate ownership of these credentials without compromising users' privacy. In this work, we construct the first secret-free and quantum-safe credential mechanism. The...

This paper explains the nature of interest rates in the U.S. federal funds market after the 2007-09 financial crisis. We build a model of the over-the-counter lending market that incorporates new aspects of the financial system: abundance of liquidity, different regulatory standards for banks,...

This paper offers a critical survey of the three overlapping domains of the phygital world: the Web, the Infosphere, the Metaverse, and their innovative components – blockchain, distributed ledger technology, cryptoassets and cryptocurrencies. This requires a (bold) attempt to synthetize the...