The convergence of blockchain and immersive technologies has resulted in the popularity of Metaverse platforms and their cryptocurrencies,known as Metaverse tokens.There has been little research into tokenomics in the...The convergence of blockchain and immersive technologies has resulted in the popularity of Metaverse platforms and their cryptocurrencies,known as Metaverse tokens.There has been little research into tokenomics in these emerging tokens.Building upon the information dissemination theory,this research examines the role of trading volume in the returns of these tokens.An empirical study was conducted using the trading volumes and returns of 197 Metaverse tokens over 12 months to derive the latent grouping structure with spectral clustering and to determine the relationships between daily returns of different token clusters through augmented vector autoregression.The results show that trading volume is a strong predictor of lead-lag patterns,which supports the speed of adjustment hypothesis.This is the first large-scale study that documented the lead-lag effect among Metaverse tokens.Unlike previous studies that focus on market capitalization,our findings suggest that trade volume contains vital information concerning cross-correlation patterns.展开更多
Blockchain technology has been around for more than ten years,nevertheless,the knowledge about its economic and business implications is still fragmented and heterogeneous.The present article intends to tackle this is...Blockchain technology has been around for more than ten years,nevertheless,the knowledge about its economic and business implications is still fragmented and heterogeneous.The present article intends to tackle this issue with a twofold contribution.The first is an analysis of the shift from economics to tokenomics highlighting the central role played by tokens within blockchain-based ecosystems.The second is a framework for tokens design leveraging a morphological analysis deeply grounded in the literature.As blockchain becomes a mainstream phenomenon,the value of the work proposed lies in lowering the cognitive barriers and in clarifying the space of available options for private and public actors willing to leverage tokenization in their daily operations.展开更多
This review synthesizes 48 academic studies on Initial Coin Offerings(ICOs)from 2018 to 2023,employing bibliometric and content analyses to illuminate their complexities and innovation in entrepreneurial finance.It id...This review synthesizes 48 academic studies on Initial Coin Offerings(ICOs)from 2018 to 2023,employing bibliometric and content analyses to illuminate their complexities and innovation in entrepreneurial finance.It identifies four key themes:(1)regulatory intricacies,market transformation,and strategic implications for emerging ventures;(2)the opportunities and challenges presented,and key factors influencing the success of ICOs;(3)ICOs and entrepreneurial finance;and finally,(4)review of reviews.By examining the intersection of legal frameworks,disruptive potential,and stakeholder challenges,this interdisciplinary perspective captures the essence of ICOs and charts a course for future inquiry.It serves as a pivotal reference for researchers,practitioners,and regulators to understand the multifaceted ICO landscape and its implications for the future of finance.展开更多
Intellectual property rights(IPR)management needs to evolve in a digital world where not only companies but also many independent content creators contribute to our culture with their art,music,and videos.In this resp...Intellectual property rights(IPR)management needs to evolve in a digital world where not only companies but also many independent content creators contribute to our culture with their art,music,and videos.In this respect,blockchain has recently emerged as a promising infrastructure,providing a trustworthy and immutable environment through the use of smart contracts,which may enable more agile management of digital rights and streamline royalty payments.However,no widespread consensus has been reached on the ability of this technology to adequately manage and transfer IPR.This paper presents an innovative approach to digital rights management developed within the scope of an international research endeavour co-financed by the European Commission named MediaVerse.The approach proposes the combined usage of smart legal contracts and blockchain smart contracts to take care of the legally binding contractual aspects of IPR and,at the same time,the need for notarization,rights transfer,and royalty payments.The work being conducted represents a contribution to advancing the current literature on IPR management that may lead to an improved and fairer monetization process for content creators as a means of individual empowerment.展开更多
The Proof-of-Stake(PoS)consensus algorithm has been criticized in the literature and in several cryptocurrency communities,due to the so-called compounding effect:who is richer has more coins to stake,therefore a high...The Proof-of-Stake(PoS)consensus algorithm has been criticized in the literature and in several cryptocurrency communities,due to the so-called compounding effect:who is richer has more coins to stake,therefore a higher probability of being selected as a block validator and obtaining the corresponding rewards,thus becoming even richer.In this paper,we present a PoS simulator written in the Julia language that allows one to test several variants of PoS-based consensus algorithms,tweak their parameters,and observe how the distribution of cryptocurrency coins among users evolves over time.Such a tool can be used to investigate which combinations of parameter values allow to obtain a“fair”and stable consensus algorithm,in which,over the long term,no one gets richer or poorer by the mere act of validating blocks.Based on this investigation,we also introduce a new PoS-based consensus mechanism that allows the system to keep the wealth distribution stable even after a large number of epochs.展开更多
文摘The convergence of blockchain and immersive technologies has resulted in the popularity of Metaverse platforms and their cryptocurrencies,known as Metaverse tokens.There has been little research into tokenomics in these emerging tokens.Building upon the information dissemination theory,this research examines the role of trading volume in the returns of these tokens.An empirical study was conducted using the trading volumes and returns of 197 Metaverse tokens over 12 months to derive the latent grouping structure with spectral clustering and to determine the relationships between daily returns of different token clusters through augmented vector autoregression.The results show that trading volume is a strong predictor of lead-lag patterns,which supports the speed of adjustment hypothesis.This is the first large-scale study that documented the lead-lag effect among Metaverse tokens.Unlike previous studies that focus on market capitalization,our findings suggest that trade volume contains vital information concerning cross-correlation patterns.
基金This work was conducted in the context of the HELIOS Project,a Horizon 2020 initiative funded by the European Commission(Grant Agreement No.825585).
文摘Blockchain technology has been around for more than ten years,nevertheless,the knowledge about its economic and business implications is still fragmented and heterogeneous.The present article intends to tackle this issue with a twofold contribution.The first is an analysis of the shift from economics to tokenomics highlighting the central role played by tokens within blockchain-based ecosystems.The second is a framework for tokens design leveraging a morphological analysis deeply grounded in the literature.As blockchain becomes a mainstream phenomenon,the value of the work proposed lies in lowering the cognitive barriers and in clarifying the space of available options for private and public actors willing to leverage tokenization in their daily operations.
文摘This review synthesizes 48 academic studies on Initial Coin Offerings(ICOs)from 2018 to 2023,employing bibliometric and content analyses to illuminate their complexities and innovation in entrepreneurial finance.It identifies four key themes:(1)regulatory intricacies,market transformation,and strategic implications for emerging ventures;(2)the opportunities and challenges presented,and key factors influencing the success of ICOs;(3)ICOs and entrepreneurial finance;and finally,(4)review of reviews.By examining the intersection of legal frameworks,disruptive potential,and stakeholder challenges,this interdisciplinary perspective captures the essence of ICOs and charts a course for future inquiry.It serves as a pivotal reference for researchers,practitioners,and regulators to understand the multifaceted ICO landscape and its implications for the future of finance.
基金partially funded by the European Commission as part of the MediaVerse project(Horizon 2020 Framework Programme of the European Union under GA number 957252).
文摘Intellectual property rights(IPR)management needs to evolve in a digital world where not only companies but also many independent content creators contribute to our culture with their art,music,and videos.In this respect,blockchain has recently emerged as a promising infrastructure,providing a trustworthy and immutable environment through the use of smart contracts,which may enable more agile management of digital rights and streamline royalty payments.However,no widespread consensus has been reached on the ability of this technology to adequately manage and transfer IPR.This paper presents an innovative approach to digital rights management developed within the scope of an international research endeavour co-financed by the European Commission named MediaVerse.The approach proposes the combined usage of smart legal contracts and blockchain smart contracts to take care of the legally binding contractual aspects of IPR and,at the same time,the need for notarization,rights transfer,and royalty payments.The work being conducted represents a contribution to advancing the current literature on IPR management that may lead to an improved and fairer monetization process for content creators as a means of individual empowerment.
文摘The Proof-of-Stake(PoS)consensus algorithm has been criticized in the literature and in several cryptocurrency communities,due to the so-called compounding effect:who is richer has more coins to stake,therefore a higher probability of being selected as a block validator and obtaining the corresponding rewards,thus becoming even richer.In this paper,we present a PoS simulator written in the Julia language that allows one to test several variants of PoS-based consensus algorithms,tweak their parameters,and observe how the distribution of cryptocurrency coins among users evolves over time.Such a tool can be used to investigate which combinations of parameter values allow to obtain a“fair”and stable consensus algorithm,in which,over the long term,no one gets richer or poorer by the mere act of validating blocks.Based on this investigation,we also introduce a new PoS-based consensus mechanism that allows the system to keep the wealth distribution stable even after a large number of epochs.
