Authenticated Digital Currency Redaction with Stronger Privacy and Usability

With the promotion of digital currency,how to effectively solve the authenticity,privacy and usability of digital currency issuance has been a key problem.Redactable signature scheme(RSS)can provide the verification of the integrity and source of the generated sub-documents and solve the privacy problem in digital currency by removing blocks from the signed documents.Unfortunately,it has not realized the consolidation of signed documents,which can not solve the problem of merging two digital currencies.Now,we introduce the concept of weight based on the threshold secret sharing scheme(TSSS)and present a redactable signature scheme with merge algorithm(RSS-MA)using the quasi-commutative accumulator.Our scheme can reduce the communication overhead by utilizing the merge algorithm when transmitting multiple digital currency signatures.Furthermore,this can effectively hide the scale of users’private monetary assets and the number of transactions between users.While meeting the three properties of digital currency issuance,in order to ensure the availability of digital currency after redacting,editors shall not remove the relevant identification information block form digital currency.Finally,our security proof and the analysis of efficiency show that RSS-MA greatly improves the communication and computation efficiency when transmitting multiple signatures.

MBTI Assessment as Social Currency:A New Digital Cultural Phenomenon in the Meta-media Era

The MBTI assessment has become a hot topic online and a common method for netizens to identify themselves across China’s social platforms.These netizens generally consider the results of their MBTI assessments as personal emblems suitable for public display,leading to a remarkably widespread cultural phenomenon.Through structured interviews,this study has found that Internet users are experiencing a psychological crisis of identity due to the dual influences of technological embodiment and the meta-media ecology revolution.Moreover,their behavior on social platforms can be regarded as an invisible form of affective labor.To date,researchers have not paid adequate attention to the immense popularity of MBTI assessment in China,and they have not fully investigated whether MBTI assessment is a symbolic representation of the current identity crisis in the context of meta-media and digital labor.This study has two purposes:First,this study aims to explore whether the dynamic interactions of the MBTI assessment are a form of social currency.Second,it aims to construct an MBTI topic production chain to help understand MBTI’s underlying mechanisms regarding the interactions,the reasons behind its popularity,and the reflection on broader social phenomena.

An Enhanced Security System Using Blockchain Technology for Strong FMC Relationship

Blockchain technology is a shared database of logs of all consumer transactions which are registered on all machines on a network.Both transactions in the system are carried out by consensus processes and to preserve confidentiality all thefiles contained cannot be changed.Blockchain technology is the fundamental software behind digital currencies like Bitcoin,which is common in the marketplace.Cloud computing is a method of using a network of external machines to store,monitor,and process information,rather than using the local computer or a local personal computer.The software is currently facing multiple problems including lack of data protection,data instability,and reliability.This paper aims to give the highest security for multiple user environments in cloud for storing and accessing the data in blocks.The users who are legitimate are only allowed for storing and accessing the data as like a secured block chain approach.As like the Blockchain which does not require a centralized system for transactions,the proposed system is also independent on centralized network interface.The decentralized system is developed in such a way to avoid counterfeiting.The system enables the fabricator to spend less or null resources to perform the validations for its direct operated stores.This ensures the product fabricator to avoid the circulation of its duplicate products.The customer as an end-user is also ensured to have only the genuine products from the fabricator.The Fabricator(F),Merchant(M)and consumer(C)forms an interconnected triangular structure without allowing any counterfeiting agents in their secured cloud chain.The pro-posed approach provides the stability in the security system of the cloud using the chaining mechanism within different blocks at each node.It takes roughly 4.7,6.2,and 7.5 ms,respectively,to register each node in the proposed system for 5,10,and 15 nodes.The overall registration time for each scenario is 11.9,26.2,and 53.1 ms,despite the fact that each node’s registration time was greatest for 10 nodes.By looking at the data,it’s clear that the number of nodes is a func-tion of time.

The linkage between Bitcoin and foreign exchanges in developed and emerging markets

This study investigates the connectedness between Bitcoin and fiat currencies in two groups of countries:the developed G7 and the emerging BRICS.The methodology adopts the regular(R)-vine copula and compares it with two benchmark models:the multivariate t copula and the dynamic conditional correlation(DCC)GARCH model.Moreover,this study examines whether the Bitcoin meltdown of 2013,selloff of 2018,COVID-19 pandemic,2021 crash,and the Russia-Ukraine conflict impact the linkage with conventional currencies.The results indicate that for both currency baskets,R-vine beats the benchmark models.Hence,the dependence is better modeled by providing sufficient information on the shock transmission path.Furthermore,the cross-market linkage slightly increases during the Bitcoin crashes,and reaches significant levels during the 2021 and 2022 crises,which may indicate the end of market isolation of the virtual currency.

全球第二大加密货币削减能源消耗

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.

Upside and downside correlated jump risk premia of currency options and expected returns

This research explores upside and downside jumps in the dynamic processes of three rates:domestic interest rates,foreign interest rates,and exchange rates.To fill the gap between the asymmetric jump in the currency market and the current models,a correlated asymmetric jump model is proposed to capture the co-movement of the correlated jump risks for the three rates and identify the correlated jump risk premia.The likelihood ratio test results show that the new model performs best in 1-,3-,6-,and 12-month maturities.The in-and out-of-sample test results indicate that the new model can capture more risk factors with relatively small pricing errors.Finally,the risk factors captured by the new model can explain the exchange rate fluctuations for various economic events.

Sovereign default network and currency risk premia

We construct a sovereign default network by employing high-dimensional vector autoregressions obtained by analyzing connectedness in sovereign credit default swap markets.We develop four measures of centrality,namely,degree,betweenness,closeness,and eigenvector centralities,to detect whether network properties drive the currency risk premia.We observe that closeness and betweenness centralities can negatively drive currency excess returns but do not exhibit a relationship with forward spread.Thus,our developed network centralities are independent of an unconditional carry trade risk factor.Based on our findings,we develop a trading strategy by taking a long position on peripheral countries’currencies and a short position on core coun-tries’currencies.The aforementioned strategy generates a higher Sharpe ratio than the currency momentum strategy.Our proposed strategy is robust to foreign exchange regimes and the coronavirus disease 2019 pandemic.

从监管视角分析中央银行数字货币与私人加密货币的竞争均衡

This paper constructs a searching model to study the impact of monetary policy,fiscal policy,transaction costs of private cryptocurrency and regulatory uncertainty on the competitive equilibrium between Central Bank Digital Currency and private cryptocurrency.The results show:(1)Central Bank Digital Currency and private crypto-currency can conditionally coexist.(2)The level of economic welfare is related to monetary policy and fiscal policy but independent from the issuance and transaction of private cryptocurrency.(3)Under complete competition of private cryptocurrency mining,the mining cost becomes deadweight loss for whole society.

After the Euro and Interstate Banking:Present Monetary and Financial Surfacing Conflicts 2023

This paper reconsiders the outcome of the adoption of a single legal currency in the 1999 Euro Act. Installing a central bank, several different solutions surfaced among the EU members and in the global economy, since the 1922 Genoa summit. The last Euro solution came after the severe, unexpected stock market crash on October 19, 1987. Furthermore, the sub-prime bubble 2007, the financial collapse 2008 and the final 2012 the banking melt down, induce to reconsider the overlapping monetary and financial fallouts. The 89 Interstate Banking Act and the Riegle Community Development and Regulatory Improvement Act of 1994, induce a monetary and financial evolving infrastructure. This paper focuses on the conflicts at the enlarging EU community seen the unavoidable monetary and financial integration, considering that the unique definition of the monetary functions as its essence is misinterpreted, in a clear common asymmetry affecting the whole evolving situation.

After the Euro and Interstate Banking:Fall-Out Hypothesis Euro-Reconsidered 2022

This paper revises the crucial outcome of adopting a single legal currency,within the environment of a classic based competing central bank infrastructure,in an uncertain monetary category definition class,from a generally closed economy,to a competing quasi-global market,for an unbiased monetary unit alone.The fallout effects of such a system include the transfer of capitals,the unavoidable reallocation of resources,and the non-homogenous economic development in different regional areas.The recent USA Interstate Banking Act experience,after the Riegle Community Development and Regulatory Improvement Act of 1994,constitutes a valid example of some necessary frameworks when opening a new financial operating infrastructure.This new paper focuses on the special conditions in the EU community States and the necessity-pending their financial integration-of a consideration of some likely negative fallout effects,in order to implement and consolidate some effective balancing measures.Nevertheless,the role that the globalization of the economic activity plays,especially in the financial community,is endorsing a rapid integration of the technology and operating techniques,that require critical volumes of trading and rapidly adjusting enterprise dimensions and operating techniques.The latter call for some form of institutional frameworks,considering the correct definition of the monetary function and its essence,requires a clear and unique common monetary framework.

Identification of 13th-14th Century Chinese Handmade Paper Fibers Collected in Yuan Dynasty Paper Currencies

The earliest paper currencies in existence in China were handcrafted during the Yuan dynasty.These currencies were scientifically excavated from different ruins or tombs,whereas scientific analyses of the papers are rare.This study used optical and scanning electron microscopy to examine the fibers collected in Yuan dynasty paper currencies in conjunction with the Herzberg staining method.Despite differences in circulation period,paper fibers in both Zhi Yuan Tong Xing Bao Chao(two Guan)and Zhong Tong Yuan Bao Jiao Chao(one Guan and 500 Wen,issued in Zhi Zheng period)were identified as similar papermaking materials,bast fibers of mulberry bark.The results indicate that mulberry bark,a durable papermaking material used since ancient times,was mainly utilized as a raw material in these Yuan dynasty paper currency.This fiber identification work solved the critical problem of papermaking material in the Yuan dynasty paper currency and provided important information for conserving these precious cultural relics.

Boosting Legitimacy

Among the topics on the table for the next BRICS Summit in South Africa,we could highlight those related to the use of national currencies for intra-BRICS trade relations and the expansion of the grouping.A third topic deserves greater attention:cooperation in digital infrastructure for developing a digital economy and governance.While the proposal to have a common BRICS currency is currently out of the question,the one that aims to expand agreements to finance bilateral trade in the national currency has gained strength among the five countries.The risks to economic sovereignty arising from excessive dependence on the US currency and the need to reduce transaction costs in intra-BRICS trade relations make this agenda item a priority.

OBSERVATIONS ON THE LONG-TERM EFFECTS OF“YI QI YANG YIN DECOCTION”COMBINED WITH RADIOTHERAPY IN THE TREATMENT OF NASOPHARYNGEAL CARCINOMA

Nasopharyngeal Carcinoma (NPC) is acommon carcinoma in Southern China.The5-year survival rate achieved byradiotherapy alone is still relatively low.Wetreated NPC patients with Yi Qi Yang YinDecoction (YQYYD,decoction for invigo-rating qi and nourishing yin) combined withradiotherapy with satisfactory results.Acomparison was made in such aspects as re-

生产者货币计价决定因素的实证研究

利用12个发达国家和发展中国家的非平衡面板样本数据,对微观、宏观和其他因素对生产者货币计价(PCP)的影响进行实证研究,指出经济规模、市场份额、金融市场的发达程度、币值的对内稳定性和产品差异化程度是最主要的影响因素,而出口商的谈判能力、币值的对外稳定性等因素也对PCP的选择有一定影响。根据实证检验结果,对人民币作为贸易计价货币的条件进行评估,发现其优势在于我国的经济规模、出口商的市场份额及其谈判能力以及人民币汇率的相对稳定性;劣势在于相对落后的金融市场、不可预期性较大的通货膨胀水平以及产品的差异化程度。

数字货币:纸币时代的终结者

近年来,以比特币为代表的数字货币及其底层技术——区块链技术以及分布式记账方法引起了人们的广泛关注。而就在春节前夕,据媒体报道称,中国人民银行（以下简称“央行”）推动的基于区块链的数字票据交易平台已经测试成功。早在一年前,央行行长周小川接受媒体专访,就谈及人民银行部署了重要力量研究探讨区块链应用技术以及数字货币涉及的其他相关技术。那么,如果未来央行真的面向社会发行了数字货币,货币背后体现的经济关系就会因此发生改变吗？现在的货币理论会因此而颠覆吗？

risk analysis

According to the developing of international trade,people began to pay more attention on foreign currency and its exchange.Currency risk is coming into being with changes in foreign exchange value,which affect the return on loan or investments by other currencies.So,at this time,people will think about how to control the currency risk,that is risk analysis.In my opinion,risk analysis is the actions of man-

The Smallest Country in the World

世界之大无奇不有。世界上最小的国家是海国。海国虽小,国旗、邮票、货币、护照样样俱全。想了解海国更多的情况,请看下图和下文。

Dynamic spillovers between the term structure of interest rates,bitcoin,and safe‑haven currencies

This study examines the connectedness between the US yield curve components(i.e.,level,slope,and curvature),exchange rates,and the historical volatility of the exchange rates of the main safe-haven fiat currencies(Canada,Switzerland,EURO,Japan,and the UK)and the leading cryptocurrency,the Bitcoin.Results of the static analysis show that the level and slope of the yield curve are net transmitters of shocks to both the exchange rate and its volatility.The exchange rate of the Euro and the volatility of the Euro and the Canadian dollar exchange rate are net transmitters of shocks.Meanwhile,the curvature of the yield curve and the Japanese Yen,Swiss Franc,and British Pound act mainly as net receivers.Our static connectedness analysis shows that Bitcoin is mainly independent of shocks from the yield curve’s level,slope,and curvature,and from any main currency investigated.These findings hint that Bitcoin might provide hedging benefits.However,similar to the static analysis,our dynamic analysis shows that during different periods and particularly in stressful times,Bitcoin is far from being isolated from other currencies or the yield curve components.The dynamic analysis allows us to observe Bitcoin’s connectedness in times of stress.Evidence supporting this contention is the substantially increased connectedness due to policy shocks,political uncertainty,and systemic crisis,implying no empirical support for Bitcoin’s safe-haven property during stress times.The increased connectedness in the dynamic analysis compared with the static approach implies that in normal times and especially in stressful times,Bitcoin has the property of a diversifier.The results may have important implications for investors and policymakers regarding their risk monitoring and their assets allocation and investment strategies.

Portfolio diversification benefits of alternative currency investment in Bitcoin and foreign exchange markets

This study examines the portfolio diversification benefits of alternative currency trading in Bitcoin and foreign exchange markets.The following methods are applied for the analysis:the spillover index method of Diebold and Yilmaz(Int J Forecast 28(1):57–66,2012.https://doi.org/10.1016/j.ijfor ecast.2011.02.006),the spillover asymmetry measures of Barunik et al.(J Int Money Finance 77:39–56,2017.https://doi.org/10.1016/j.jimon fin.2017.06.003),and the frequency connectedness method of Barunik and Křehlik(J Financ Econom 16(2):271–296,2018.https://doi.org/10.1093/jjfin ec/nby001).The findings identify the presence of low-level integration and asymmetric volatility spillover as well as a dominant role of short horizon spillover among Bitcoin markets and foreign exchange pairs for six major trading currencies(US dollar,euro,Japanese yen,British pound sterling,Australian dollar,and Canadian dollar).Bitcoin is found to provide significant portfolio diversification benefits for alternative currency foreign exchange portfolios.Alternative currency Bitcoin trading in euro is found to provide the most significant portfolio diversification benefits for foreign exchange portfolios consisting of major trading currencies.The findings of the study regarding spillover dynamics and portfolio diversification capabilities of the Bitcoin market for foreign exchange markets of major trading currencies have significant implications for portfolio diversification and risk minimization.

Impact of COVID-19 effective reproductive rate on cryptocurrency

The importance of cryptocurrency to the global economy is increasing steadily,which is evidenced by a total market capitalization of over$2.18T as of December 17,2021,according to coinmarketcap.com(Coin,2021).Cryptocurrencies are too confusing for laymen and require more investigation.In this study,we analyze the impact that the effective reproductive rate,an epidemiological indicator of the spread of COVID-19,has on both the price and trading volume of eight of the largest digital currencies—Bitcoin,Ethereum,Tether,Ripple,Litecoin,Bitcoin Cash,Cardano,and Binance.We hypothesize that as the rate of spread decreases,the trading price of the digital currency increases.Using Generalized Autoregressive Conditional Heteroskedasticity models,we find that the impact of the spread of COVID-19 on the price and trading volume of cryptocurrencies varies by currency and region.These findings offer novel insight into the cryptocurrency market and the impact that the viral spread of COVID-19 has on the value of the major cryptocurrencies.