The asymmetries of factors influencing the return of cryptocurrencies have already been well documented;however,in the case of NFTs,only information asymmetries and hedging properties related to asymmetries were studi...The asymmetries of factors influencing the return of cryptocurrencies have already been well documented;however,in the case of NFTs,only information asymmetries and hedging properties related to asymmetries were studied.Therefore,the present study examines factors affecting NFT returns,from market-related factors(cryptomarket index return and stock market index return)to the Amihud illiquidity ratio and Google search trends during different market conditions.The wavelet coherences-based methodology was applied separately during the boom,bust,normal,and turbulent periods identified by structural breakpoints.Based on 14 NFT projects between April 2019 and July 2022,results show two fundamental asymmetries influencing these NFT returns.First,there is an asymmetry in the behavior of the factors in different periods;second,there is an asymmetry in how illiquidity manifests itself over NFTs that do or do not possess cash flow-generating potential.展开更多
The viability of exponentially growing non-fungible token(NFT)market is evaluated by identifying potential value-generating mechanisms that can be rationalized.After identifying the value-generating mechanisms underly...The viability of exponentially growing non-fungible token(NFT)market is evaluated by identifying potential value-generating mechanisms that can be rationalized.After identifying the value-generating mechanisms underlying the positive values of NFTs,this study establishes a pricing model for NFTs that follows a continuous-time financial framework.As NFTs are claimed to securitize“ownership rights short of use”,and as such they may potentially serve as a substitute for the need to rely replace the reliance on the legal protection provided by intellectual property rights(IPRs).Considering this issue,this study evaluates the likelihood that NFTs will replace existing mechanisms that protect producers’rightful claim to use their assets or the need to apply the legal code that governs IPRs.The financial condition for this potential shift is derived for a category of assets whose use or consumption does not reduce supply as the notion of scarcity does not apply.展开更多
In this work, Nuclear Reactor safety was modeled inform of quadratic functional. The nuclear tokens are structured and used as elements of the control matrix operator in our quadratic functional. The numerical results...In this work, Nuclear Reactor safety was modeled inform of quadratic functional. The nuclear tokens are structured and used as elements of the control matrix operator in our quadratic functional. The numerical results obtained through Conjugate Gradient Method (CGM) algorithm identify the optimal level of safety required for Nuclear Reactor construction at any particular situation.展开更多
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
This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal t...This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal that the total connectedness between these markets is weak,implying that investors may increase the diversification benefits of their multicurrency portfolios by adding NFTs.We also find that NFTs are net transmitters of both return and volatility spillovers;however,in the case of return spillovers,the influence of NFTs on conventional currencies is more pronounced than that of volatility shock transmissions.The dynamic exercise reveals that the returns and volatility spillovers vary over time,largely increasing during the onset of the Covid-19 crisis,which deeply affected the relationship between NFTs and the conventional currencies markets.Our findings are useful for currency traders and NFT investors seeking to build effective cross-currency and cross-asset hedge strategies during systemic crises.展开更多
We analyze the connectedness between major cryptocurrencies and nonfungible tokens(NFTs)for different quantiles employing a time-varying parameter vector autoregression approach.We find that lower and upper quantile s...We analyze the connectedness between major cryptocurrencies and nonfungible tokens(NFTs)for different quantiles employing a time-varying parameter vector autoregression approach.We find that lower and upper quantile spillovers are higher than those at the median,meaning that connectedness augments at extremes.For normal,bearish,and bullish markets,Bitcoin Cash,Bitcoin,Ethereum,and Litecoin consistently remain net transmitters,while NFTs receive innovations.However,spillover topology at both extremes becomes simpler—from cryptocurrencies to NFTs.We find no markets useful for mitigating BTC risks,whereas BTC is capable of reducing the risk of other digital assets,which is a valuable insight for market players and investors.展开更多
To better understand the potential and limitations of the tokenization of real asset mar-kets,empirical studies need to examine this radically new organization of financial mar-kets.In our study,we examine the financi...To better understand the potential and limitations of the tokenization of real asset mar-kets,empirical studies need to examine this radically new organization of financial mar-kets.In our study,we examine the financial and economic consequences of tokenizing 58 residential rental properties in the US,particularly those in Detroit.Tokenization aims at fragmented ownership.We found that the residential properties examined have 254 owners on average.Investors with a greater than USD 5,000 investment in real estate tokens,diversify their real estate ownership across properties within and across the cities.Property ownership changes about once yearly,with more changes for proper-ties on decentralized exchanges.We report that real estate token prices move accord-ing to the house price index;hence,investing in real estate tokens provides economic exposure to residential house prices.展开更多
针对地图综合中建筑多边形化简方法依赖人工规则、自动化程度低且难以利用已有化简成果的问题,本文提出了一种基于Transformer机制的建筑多边形化简模型。该模型首先把建筑多边形映射至一定范围的网格空间,将建筑多边形的坐标串表达为...针对地图综合中建筑多边形化简方法依赖人工规则、自动化程度低且难以利用已有化简成果的问题,本文提出了一种基于Transformer机制的建筑多边形化简模型。该模型首先把建筑多边形映射至一定范围的网格空间,将建筑多边形的坐标串表达为网格序列,从而获取建筑多边形化简前后的Token序列,构建出建筑多边形化简样本对数据;随后采用Transformer架构建立模型,基于样本数据利用模型的掩码自注意力机制学习点序列之间的依赖关系,最终逐点生成新的简化多边形,从而实现建筑多边形的化简。在训练过程中,模型使用结构化的样本数据,设计了忽略特定索引的交叉熵损失函数以提升化简质量。试验设计包括主试验与泛化验证两部分。主试验基于洛杉矶1∶2000建筑数据集,分别采用0.2、0.3和0.5 mm 3种网格尺寸对多边形进行编码,实现了目标比例尺为1∶5000与1∶10000的化简。试验结果表明,在0.3 mm的网格尺寸下模型性能最优,验证集上的化简结果与人工标注的一致率超过92.0%,且针对北京部分区域的建筑多边形数据的泛化试验验证了模型的迁移能力;与LSTM模型的对比分析显示,在参数规模相近的条件下,LSTM模型无法形成有效收敛,并生成可用结果。本文证实了Transformer在处理空间几何序列任务中的潜力,且能够有效复用已有化简样本,为智能建筑多边形化简提供了具有工程实用价值的途径。展开更多
With the increasing growth of online news,fake electronic news detection has become one of the most important paradigms of modern research.Traditional electronic news detection techniques are generally based on contex...With the increasing growth of online news,fake electronic news detection has become one of the most important paradigms of modern research.Traditional electronic news detection techniques are generally based on contextual understanding,sequential dependencies,and/or data imbalance.This makes distinction between genuine and fabricated news a challenging task.To address this problem,we propose a novel hybrid architecture,T5-SA-LSTM,which synergistically integrates the T5 Transformer for semantically rich contextual embedding with the Self-Attentionenhanced(SA)Long Short-Term Memory(LSTM).The LSTM is trained using the Adam optimizer,which provides faster and more stable convergence compared to the Stochastic Gradient Descend(SGD)and Root Mean Square Propagation(RMSProp).The WELFake and FakeNewsPrediction datasets are used,which consist of labeled news articles having fake and real news samples.Tokenization and Synthetic Minority Over-sampling Technique(SMOTE)methods are used for data preprocessing to ensure linguistic normalization and class imbalance.The incorporation of the Self-Attention(SA)mechanism enables the model to highlight critical words and phrases,thereby enhancing predictive accuracy.The proposed model is evaluated using accuracy,precision,recall(sensitivity),and F1-score as performance metrics.The model achieved 99%accuracy on the WELFake dataset and 96.5%accuracy on the FakeNewsPrediction dataset.It outperformed the competitive schemes such as T5-SA-LSTM(RMSProp),T5-SA-LSTM(SGD)and some other models.展开更多
In the pursuit of balanced trade with the U.S., China pours it on where it counts A week ahead of Chinese President Hu Jintao's first state visit to the United States, Beijing and Washington reached a series of ag...In the pursuit of balanced trade with the U.S., China pours it on where it counts A week ahead of Chinese President Hu Jintao's first state visit to the United States, Beijing and Washington reached a series of agreements intended to ease the bilateral trade imbalance, including resuming trade in U.S. beef, increasing Chinese market access to U.S. medical devices, telecom services and express delivery, and cracking down on intellectual property rights infringements.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
A concurrent system can be modeled by a Petri net. A live Petri net may have fro-zen tokens. It is showed that such tokens can be deleted if they are superfluous, and, whilethey are useful, can be defrozen if they bec...A concurrent system can be modeled by a Petri net. A live Petri net may have fro-zen tokens. It is showed that such tokens can be deleted if they are superfluous, and, whilethey are useful, can be defrozen if they became frozen due to unfair occurrences of tran-sitions, and, finaloy, some frozen tokens lead to more processes.展开更多
This study discusses the European Union’s proposal for a Regulation on Markets in Crypto-Assets,now subject to formal approval by the European Parliament.The objective is to explore whether it will positively impact ...This study discusses the European Union’s proposal for a Regulation on Markets in Crypto-Assets,now subject to formal approval by the European Parliament.The objective is to explore whether it will positively impact the adoption of crypto-assets in the financial sector.The use of crypto-assets is growing.However,some stakeholders in the financial service sector remain skeptical and hesitant to adopt assets that are yet to be defined and have an unclear legal status.This regulatory uncertainty has been identified as the primary reason for the reluctant adoption.The proposed regulation(part of the EU’s Digital Finance Strategy)aims to provide this legal certainty for currently unregulated crypto-assets.This study investigates whether or not the proposed regulation can be expected to have the intended effect by reviewing the proposed regulation itself,the opinions and reactions of the various stakeholders,and secondary literature.Findings reveal that such regulation will most likely not accelerate the adoption of crypto-assets in the EU financial services sector,at least not sufficiently or as intended.Some suggestions are made to improve the proposal.展开更多
文摘The asymmetries of factors influencing the return of cryptocurrencies have already been well documented;however,in the case of NFTs,only information asymmetries and hedging properties related to asymmetries were studied.Therefore,the present study examines factors affecting NFT returns,from market-related factors(cryptomarket index return and stock market index return)to the Amihud illiquidity ratio and Google search trends during different market conditions.The wavelet coherences-based methodology was applied separately during the boom,bust,normal,and turbulent periods identified by structural breakpoints.Based on 14 NFT projects between April 2019 and July 2022,results show two fundamental asymmetries influencing these NFT returns.First,there is an asymmetry in the behavior of the factors in different periods;second,there is an asymmetry in how illiquidity manifests itself over NFTs that do or do not possess cash flow-generating potential.
文摘The viability of exponentially growing non-fungible token(NFT)market is evaluated by identifying potential value-generating mechanisms that can be rationalized.After identifying the value-generating mechanisms underlying the positive values of NFTs,this study establishes a pricing model for NFTs that follows a continuous-time financial framework.As NFTs are claimed to securitize“ownership rights short of use”,and as such they may potentially serve as a substitute for the need to rely replace the reliance on the legal protection provided by intellectual property rights(IPRs).Considering this issue,this study evaluates the likelihood that NFTs will replace existing mechanisms that protect producers’rightful claim to use their assets or the need to apply the legal code that governs IPRs.The financial condition for this potential shift is derived for a category of assets whose use or consumption does not reduce supply as the notion of scarcity does not apply.
文摘In this work, Nuclear Reactor safety was modeled inform of quadratic functional. The nuclear tokens are structured and used as elements of the control matrix operator in our quadratic functional. The numerical results obtained through Conjugate Gradient Method (CGM) algorithm identify the optimal level of safety required for Nuclear Reactor construction at any particular situation.
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supported by FCT,I.P,the Portuguese national funding agency for science,research and technology under the Project UIDB/04521/2020.
文摘This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal that the total connectedness between these markets is weak,implying that investors may increase the diversification benefits of their multicurrency portfolios by adding NFTs.We also find that NFTs are net transmitters of both return and volatility spillovers;however,in the case of return spillovers,the influence of NFTs on conventional currencies is more pronounced than that of volatility shock transmissions.The dynamic exercise reveals that the returns and volatility spillovers vary over time,largely increasing during the onset of the Covid-19 crisis,which deeply affected the relationship between NFTs and the conventional currencies markets.Our findings are useful for currency traders and NFT investors seeking to build effective cross-currency and cross-asset hedge strategies during systemic crises.
基金supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea(NRF-2022S1A5A2A01038422)partly funded by the University of Economics Ho Chi Minh City,Vietnam.
文摘We analyze the connectedness between major cryptocurrencies and nonfungible tokens(NFTs)for different quantiles employing a time-varying parameter vector autoregression approach.We find that lower and upper quantile spillovers are higher than those at the median,meaning that connectedness augments at extremes.For normal,bearish,and bullish markets,Bitcoin Cash,Bitcoin,Ethereum,and Litecoin consistently remain net transmitters,while NFTs receive innovations.However,spillover topology at both extremes becomes simpler—from cryptocurrencies to NFTs.We find no markets useful for mitigating BTC risks,whereas BTC is capable of reducing the risk of other digital assets,which is a valuable insight for market players and investors.
文摘To better understand the potential and limitations of the tokenization of real asset mar-kets,empirical studies need to examine this radically new organization of financial mar-kets.In our study,we examine the financial and economic consequences of tokenizing 58 residential rental properties in the US,particularly those in Detroit.Tokenization aims at fragmented ownership.We found that the residential properties examined have 254 owners on average.Investors with a greater than USD 5,000 investment in real estate tokens,diversify their real estate ownership across properties within and across the cities.Property ownership changes about once yearly,with more changes for proper-ties on decentralized exchanges.We report that real estate token prices move accord-ing to the house price index;hence,investing in real estate tokens provides economic exposure to residential house prices.
文摘针对地图综合中建筑多边形化简方法依赖人工规则、自动化程度低且难以利用已有化简成果的问题,本文提出了一种基于Transformer机制的建筑多边形化简模型。该模型首先把建筑多边形映射至一定范围的网格空间,将建筑多边形的坐标串表达为网格序列,从而获取建筑多边形化简前后的Token序列,构建出建筑多边形化简样本对数据;随后采用Transformer架构建立模型,基于样本数据利用模型的掩码自注意力机制学习点序列之间的依赖关系,最终逐点生成新的简化多边形,从而实现建筑多边形的化简。在训练过程中,模型使用结构化的样本数据,设计了忽略特定索引的交叉熵损失函数以提升化简质量。试验设计包括主试验与泛化验证两部分。主试验基于洛杉矶1∶2000建筑数据集,分别采用0.2、0.3和0.5 mm 3种网格尺寸对多边形进行编码,实现了目标比例尺为1∶5000与1∶10000的化简。试验结果表明,在0.3 mm的网格尺寸下模型性能最优,验证集上的化简结果与人工标注的一致率超过92.0%,且针对北京部分区域的建筑多边形数据的泛化试验验证了模型的迁移能力;与LSTM模型的对比分析显示,在参数规模相近的条件下,LSTM模型无法形成有效收敛,并生成可用结果。本文证实了Transformer在处理空间几何序列任务中的潜力,且能够有效复用已有化简样本,为智能建筑多边形化简提供了具有工程实用价值的途径。
基金supported by Princess Nourah bint Abdulrahman University Researchers Supporting Project number(PNURSP2025R195)Princess Nourah bint Abdulrahman University,Riyadh,Saudi Arabia.
文摘With the increasing growth of online news,fake electronic news detection has become one of the most important paradigms of modern research.Traditional electronic news detection techniques are generally based on contextual understanding,sequential dependencies,and/or data imbalance.This makes distinction between genuine and fabricated news a challenging task.To address this problem,we propose a novel hybrid architecture,T5-SA-LSTM,which synergistically integrates the T5 Transformer for semantically rich contextual embedding with the Self-Attentionenhanced(SA)Long Short-Term Memory(LSTM).The LSTM is trained using the Adam optimizer,which provides faster and more stable convergence compared to the Stochastic Gradient Descend(SGD)and Root Mean Square Propagation(RMSProp).The WELFake and FakeNewsPrediction datasets are used,which consist of labeled news articles having fake and real news samples.Tokenization and Synthetic Minority Over-sampling Technique(SMOTE)methods are used for data preprocessing to ensure linguistic normalization and class imbalance.The incorporation of the Self-Attention(SA)mechanism enables the model to highlight critical words and phrases,thereby enhancing predictive accuracy.The proposed model is evaluated using accuracy,precision,recall(sensitivity),and F1-score as performance metrics.The model achieved 99%accuracy on the WELFake dataset and 96.5%accuracy on the FakeNewsPrediction dataset.It outperformed the competitive schemes such as T5-SA-LSTM(RMSProp),T5-SA-LSTM(SGD)and some other models.
文摘In the pursuit of balanced trade with the U.S., China pours it on where it counts A week ahead of Chinese President Hu Jintao's first state visit to the United States, Beijing and Washington reached a series of agreements intended to ease the bilateral trade imbalance, including resuming trade in U.S. beef, increasing Chinese market access to U.S. medical devices, telecom services and express delivery, and cracking down on intellectual property rights infringements.
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A concurrent system can be modeled by a Petri net. A live Petri net may have fro-zen tokens. It is showed that such tokens can be deleted if they are superfluous, and, whilethey are useful, can be defrozen if they became frozen due to unfair occurrences of tran-sitions, and, finaloy, some frozen tokens lead to more processes.
文摘This study discusses the European Union’s proposal for a Regulation on Markets in Crypto-Assets,now subject to formal approval by the European Parliament.The objective is to explore whether it will positively impact the adoption of crypto-assets in the financial sector.The use of crypto-assets is growing.However,some stakeholders in the financial service sector remain skeptical and hesitant to adopt assets that are yet to be defined and have an unclear legal status.This regulatory uncertainty has been identified as the primary reason for the reluctant adoption.The proposed regulation(part of the EU’s Digital Finance Strategy)aims to provide this legal certainty for currently unregulated crypto-assets.This study investigates whether or not the proposed regulation can be expected to have the intended effect by reviewing the proposed regulation itself,the opinions and reactions of the various stakeholders,and secondary literature.Findings reveal that such regulation will most likely not accelerate the adoption of crypto-assets in the EU financial services sector,at least not sufficiently or as intended.Some suggestions are made to improve the proposal.
