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
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
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
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
Digital assets have boomed over the past few years with the emergence of Non-fungible Tokens(NFTs).To be specific,the total trading volume of digital assets reached an astounding$55.5 billion in 2022.Nevertheless,nume...Digital assets have boomed over the past few years with the emergence of Non-fungible Tokens(NFTs).To be specific,the total trading volume of digital assets reached an astounding$55.5 billion in 2022.Nevertheless,numerous security concerns have been raised by the rapid expansion of the NFT ecosystem.NFT holders are exposed to a plethora of scams and traps,putting their digital assets at risk of being lost.However,academic research on NFT security is scarce,and the security issues have aroused rare attention.In this study,the NFT ecological process is comprehensively explored.This process falls into five different stages encompassing the entire lifecycle of NFTs.Subsequently,the security issues regarding the respective stage are elaborated and analyzed in depth.A matrix model is proposed as a novel contribution to the categorization of NFT security issues.Diverse data are collected from social networks,the Ethereum blockchain,and NFT markets to substantiate our claims regarding the severity of security concerns in the NFT ecosystem.From this comprehensive dataset,nine key NFT security issues are identified from the matrix model and then subjected to qualitative and quantitative analysis.This study aims to shed light on the severity of NFT ecosystem security issues.The findings stress the need for increased attention and proactive measures to safeguard the NFT ecosystem.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
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
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
HFRS(HIAF FRagment Separator) will be the radioactive secondary beam separation line on High-Intensity heavy-ion Accelerator Facility(HIAF) in China. Several TPC detectors, with high count rates, are planned for parti...HFRS(HIAF FRagment Separator) will be the radioactive secondary beam separation line on High-Intensity heavy-ion Accelerator Facility(HIAF) in China. Several TPC detectors, with high count rates, are planned for particle identification and beam monitoring at HFRS. This paper presents an event-driven internal memory and synchronous readout(EDIMS)prototype ASIC chip. The aim is to provide HFRS-TPC with high-precision time and charge measurements with high count rates and a large dynamic range. The first prototype EDIMS chip integrated 16 channels and is fabricated using a 0.18-μm CMOS process. Each channel consists of a charge-sensitive amplifier, fast shaper, slow shaper, peak detect-and-hold circuit, discriminator with time-walk compensation, analog memory, and FIFO. The token ring is used for clock-synchronous readout. The chip is taped and tested.展开更多
The year 2022 was a milestone for cryptocurrencies-and not just because investors suffered record losses of more than2 × 1012USD and the arrest on fraud charges of the founder of one of the biggest exchanges [1,2...The year 2022 was a milestone for cryptocurrencies-and not just because investors suffered record losses of more than2 × 1012USD and the arrest on fraud charges of the founder of one of the biggest exchanges [1,2]. Last year also stands out because, for the first time, a major cryptocurrency took action to curb its enormous energy appetite. On 15 September 2022,Ethereum, the cryptocurrency with the second highest market capitalization, changed its operating algorithm, cutting its electricity use by more than 99% [3]. Dubbed the Merge, this transformation dispensed with mining, the energy intensive computational process that generates new cryptocurrency tokens for users to spend or trade.展开更多
The aims of this study were threefold:1)study the research gap in carpark and price index via big data and natural language processing,2)examine the research gap of carpark indices,and 3)construct carpark price indice...The aims of this study were threefold:1)study the research gap in carpark and price index via big data and natural language processing,2)examine the research gap of carpark indices,and 3)construct carpark price indices via repeat sales methods and predict carpark indices via the AutoML.By researching the keyword“carpark”in Google Scholar,the largest electronic academic database that coversWeb of Science and Scopus indexed articles,this study obtained 999 articles and book chapters from 1910 to 2019.It confirmed that most carpark research threw light on multi-storey carparks,management and ventilation systems,and reinforced concrete carparks.The most common research method was case studies.Regarding price index research,many previous studies focused on consumer,stock,press and futures,with many keywords being related to finance and economics.These indicated that there is no research predicting carpark price indices based on an AutoML approach.This study constructed repeat sales indices for 18 districts in Hong Kong by using 34,562 carpark transaction records from December 2009 to June 2019.Wanchai’s carpark price was about four times that of Yuen Long’s carpark price,indicating the considerable carpark price differences inHong Kong.This research evidenced the features that affected the carpark price indices models most:gold price ranked the first in all 19 models;oil price or Link stock price ranked second depending on the district,and carpark affordability ranked third.展开更多
Languages–independent text tokenization can aid in classification of languages with few sources.There is a global research effort to generate text classification for any language.Human text classification is a slow p...Languages–independent text tokenization can aid in classification of languages with few sources.There is a global research effort to generate text classification for any language.Human text classification is a slow procedure.Conse-quently,the text summary generation of different languages,using machine text classification,has been considered in recent years.There is no research on the machine text classification for many languages such as Czech,Rome,Urdu.This research proposes a cross-language text tokenization model using a Transformer technique.The proposed Transformer employs an encoder that has ten layers with self-attention encoding and a feedforward sublayer.This model improves the efficiency of text classification by providing a draft text classification for a number of documents.We also propose a novel Sub-Word tokenization model with frequent vocabulary usage in the documents.The Sub-Word Byte-Pair Tokenization technique(SBPT)utilizes the sharing of the vocabulary of one sentence with other sentences.The Sub-Word tokenization model enhances the performance of other Sub-Word tokenization models such pair encoding model by+10%using precision metric.展开更多
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.
文摘Digital assets have boomed over the past few years with the emergence of Non-fungible Tokens(NFTs).To be specific,the total trading volume of digital assets reached an astounding$55.5 billion in 2022.Nevertheless,numerous security concerns have been raised by the rapid expansion of the NFT ecosystem.NFT holders are exposed to a plethora of scams and traps,putting their digital assets at risk of being lost.However,academic research on NFT security is scarce,and the security issues have aroused rare attention.In this study,the NFT ecological process is comprehensively explored.This process falls into five different stages encompassing the entire lifecycle of NFTs.Subsequently,the security issues regarding the respective stage are elaborated and analyzed in depth.A matrix model is proposed as a novel contribution to the categorization of NFT security issues.Diverse data are collected from social networks,the Ethereum blockchain,and NFT markets to substantiate our claims regarding the severity of security concerns in the NFT ecosystem.From this comprehensive dataset,nine key NFT security issues are identified from the matrix model and then subjected to qualitative and quantitative analysis.This study aims to shed light on the severity of NFT ecosystem security issues.The findings stress the need for increased attention and proactive measures to safeguard the NFT ecosystem.
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.
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.
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.
基金supported by the National Natural Science Foundation of China (Nos. 11975293 and 12105338)the Strategic Priority Research Program of Chinese Academy of Science (Nos. XDB 34040200 and XPB 23)the Technology Innovation Project of Instrument and Equipment Function Development of Chinese Academy of Sciences (No. 2023g102)。
文摘HFRS(HIAF FRagment Separator) will be the radioactive secondary beam separation line on High-Intensity heavy-ion Accelerator Facility(HIAF) in China. Several TPC detectors, with high count rates, are planned for particle identification and beam monitoring at HFRS. This paper presents an event-driven internal memory and synchronous readout(EDIMS)prototype ASIC chip. The aim is to provide HFRS-TPC with high-precision time and charge measurements with high count rates and a large dynamic range. The first prototype EDIMS chip integrated 16 channels and is fabricated using a 0.18-μm CMOS process. Each channel consists of a charge-sensitive amplifier, fast shaper, slow shaper, peak detect-and-hold circuit, discriminator with time-walk compensation, analog memory, and FIFO. The token ring is used for clock-synchronous readout. The chip is taped and tested.
文摘The year 2022 was a milestone for cryptocurrencies-and not just because investors suffered record losses of more than2 × 1012USD and the arrest on fraud charges of the founder of one of the biggest exchanges [1,2]. Last year also stands out because, for the first time, a major cryptocurrency took action to curb its enormous energy appetite. On 15 September 2022,Ethereum, the cryptocurrency with the second highest market capitalization, changed its operating algorithm, cutting its electricity use by more than 99% [3]. Dubbed the Merge, this transformation dispensed with mining, the energy intensive computational process that generates new cryptocurrency tokens for users to spend or trade.
文摘The aims of this study were threefold:1)study the research gap in carpark and price index via big data and natural language processing,2)examine the research gap of carpark indices,and 3)construct carpark price indices via repeat sales methods and predict carpark indices via the AutoML.By researching the keyword“carpark”in Google Scholar,the largest electronic academic database that coversWeb of Science and Scopus indexed articles,this study obtained 999 articles and book chapters from 1910 to 2019.It confirmed that most carpark research threw light on multi-storey carparks,management and ventilation systems,and reinforced concrete carparks.The most common research method was case studies.Regarding price index research,many previous studies focused on consumer,stock,press and futures,with many keywords being related to finance and economics.These indicated that there is no research predicting carpark price indices based on an AutoML approach.This study constructed repeat sales indices for 18 districts in Hong Kong by using 34,562 carpark transaction records from December 2009 to June 2019.Wanchai’s carpark price was about four times that of Yuen Long’s carpark price,indicating the considerable carpark price differences inHong Kong.This research evidenced the features that affected the carpark price indices models most:gold price ranked the first in all 19 models;oil price or Link stock price ranked second depending on the district,and carpark affordability ranked third.
基金funded by Princess Nourah bint Abdulrahman University Researchers Supporting Project number(PNURSP2022R113),Princess Nourah bint Abdulrahman University,Riyadh,Saudi Arabia.
文摘Languages–independent text tokenization can aid in classification of languages with few sources.There is a global research effort to generate text classification for any language.Human text classification is a slow procedure.Conse-quently,the text summary generation of different languages,using machine text classification,has been considered in recent years.There is no research on the machine text classification for many languages such as Czech,Rome,Urdu.This research proposes a cross-language text tokenization model using a Transformer technique.The proposed Transformer employs an encoder that has ten layers with self-attention encoding and a feedforward sublayer.This model improves the efficiency of text classification by providing a draft text classification for a number of documents.We also propose a novel Sub-Word tokenization model with frequent vocabulary usage in the documents.The Sub-Word Byte-Pair Tokenization technique(SBPT)utilizes the sharing of the vocabulary of one sentence with other sentences.The Sub-Word tokenization model enhances the performance of other Sub-Word tokenization models such pair encoding model by+10%using precision metric.
