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How to Make a Digital Currency on a Blockchain Stable
Kenji Saitoa,∗, Mitsuru Iwamurab
aKeio Research Institute at SFC, Keio University, (Murai Lab.) 5322 Endo, Fujisawa,
Kanagawa 252-0882 Japan
bGraduate School of Business and Finance, Waseda University, 1-6-1 Nishi-Waseda,
Shinjuku-ku, Tokyo 169-8050 Japan
Abstract
Bitcoin and other similar digital currencies on blockchains are not ideal means
for payment, because their prices tend to go up in the long term (thus people
are incentivized to hoard | [
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"."
] | How to make a digital currency on a blockchain stable | 400 |
those currencies), and to fluctuate widely in the short
term (thus people would want to avoid risks of losing values).
The reason why those blockchain currencies based on proof of work are
unstable may be found in their designs that the supplies of currencies do not
respond to their positive and negative demand shocks, as the authors have
formulated in our past work.
Continuing from our past work, this paper proposes minimal changes to the
design of blockchain currencies so that their market prices are | [
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those currencies), and to fluctuate widely in the short
term (thus people would want to avoid risks of losing values).
The reason why those blockchain currencies based on proof of work are
unstable may be found in their designs that the supplies of currencies do not
respond to their positive and negative demand shocks, as the authors have
formulated in our past work.
Continuing from our past work, this paper proposes minimal changes to the
design of blockchain currencies so that their market prices are | [
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] | How to make a digital currency on a blockchain stable | 402 |
automatically
stabilized, absorbing both positive and negative demand shocks of the curren-
cies by autonomously controlling their supplies. Those changes are: 1) limiting
re-adjustment of proof-of-work targets, 2) making mining rewards variable ac-
cording to the observed over-threshold changes of block intervals, and 3) enforc-
ing negative interests to remove old coins in circulation. We have made basic
design checks and evaluations of these measures through simple simulations.
In addition to stabiliz | [
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",",
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"##est"
] | How to make a digital currency on a blockchain stable | 403 |
automatically
stabilized, absorbing both positive and negative demand shocks of the curren-
cies by autonomously controlling their supplies. Those changes are: 1) limiting
re-adjustment of proof-of-work targets, 2) making mining rewards variable ac-
cording to the observed over-threshold changes of block intervals, and 3) enforc-
ing negative interests to remove old coins in circulation. We have made basic
design checks and evaluations of these measures through simple simulations.
In addition to stabiliz | [
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] | How to make a digital currency on a blockchain stable | 404 |
ation of prices, the proposed measures may have ef-
fects of making those currencies preferred means for payment by disincentivizing
hoarding, and improving sustainability of the currency systems by making re-
wards to miners perpetual.
Keywords: digital currency, cryptocurrency, Bitcoin, blockchain, proof of
work
1. Introduction
Digital currencies such as BTC on Bitcoin[1] blockchain and Ether on Ethereum[2]
blockchain are now well-known, and are accepted means for payment in some
∗Corresponding auth | [
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".",
"3",
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"Market",
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"Me",
"##chan",
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"of"
] | How to make a digital currency on a blockchain stable | 405 |
ation of prices, the proposed measures may have ef-
fects of making those currencies preferred means for payment by disincentivizing
hoarding, and improving sustainability of the currency systems by making re-
wards to miners perpetual.
Keywords: digital currency, cryptocurrency, Bitcoin, blockchain, proof of
work
1. Introduction
Digital currencies such as BTC on Bitcoin[1] blockchain and Ether on Ethereum[2]
blockchain are now well-known, and are accepted means for payment in some
∗Corresponding auth | [
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] | How to make a digital currency on a blockchain stable | 406 |
or.
Email addresses: [email protected] (Kenji Saito), [email protected] (Mitsuru
Iwamura)
Preprint submitted to Elsevier May 17, 2019
http://arxiv.org/abs/1801.06771v2
countries. However, these currencies are not ideal as methods of payment be-
cause of instability of their market prices. Their prices tend to go up in the
long term, and to fluctuate widely in the short term. Therefore, people are
incentivized to hoard those currencies, and would want to avoid risks of losing
values by using them f | [
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",",
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"of"
] | How to make a digital currency on a blockchain stable | 407 |
or.
Email addresses: [email protected] (Kenji Saito), [email protected] (Mitsuru
Iwamura)
Preprint submitted to Elsevier May 17, 2019
http://arxiv.org/abs/1801.06771v2
countries. However, these currencies are not ideal as methods of payment be-
cause of instability of their market prices. Their prices tend to go up in the
long term, and to fluctuate widely in the short term. Therefore, people are
incentivized to hoard those currencies, and would want to avoid risks of losing
values by using them f | [
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"supply",
"and",
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".",
"The",
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",",
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"##s",
".",
"Figure",
"3",
"shows",
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"and",
"demand",
"curves",
"of",
"Bit",
"##co",
"##in",
".",
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")",
",",
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"The",
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".",
"If",
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"shifts",
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"drops",
")",
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"(",
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")",
",",
"the",
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")",
"to",
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"[",
"5",
"]",
"by",
"the",
"first",
"author",
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".",
"4",
"Price",
"P",
"P",
"P",
"Q",
"##uant",
"##ity",
"Supply",
"De",
"##mand",
"De",
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"De",
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"Real",
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"De",
"##mand",
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".",
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"the",
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"ha",
"##lved",
"every",
"210",
",",
"000",
"blocks",
".",
"Therefore",
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"curve",
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"vertical",
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",",
"the",
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",",
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",",
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"before",
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"-",
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"-",
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"target",
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".",
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"and",
"the",
"price",
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"down",
",",
"there",
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")",
".",
"Shi",
"##fting",
"the",
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"curve",
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"affects",
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"price",
"P",
"in",
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".",
"3",
".",
"2",
".",
"Con",
"##se",
"##quence",
"##s",
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"Pro",
"##of",
"of",
"Work",
"Here",
",",
"we",
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"work",
"[",
"3",
"]",
"to",
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"of",
"proof",
"of",
"work",
".",
"We",
"start",
"by",
"the",
"number",
"of",
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".",
"Su",
"##pp",
"##ose",
"M",
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".",
"For",
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",",
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"##putation",
"power",
"of",
"all",
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"considered",
"equal",
".",
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",",
"M",
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",",
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",",
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"function",
"is",
"considered",
"virtually",
"free",
"from",
"the",
"law",
"of"
] | How to make a digital currency on a blockchain stable | 408 |
or payment. Stability of their market prices needs to be
achieved if these currencies are intended to be used as monetary media instead
of as investment products.
In the authors' past work[3] (an improved version of the discussion paper
with the same title), we have formulated the mechanism of instability by ana-
lyzing the economics of those blockchain currencies based on proof of work. We
have also proposed measures to stabilize the market prices of such currencies.
The contributions of this paper are | [
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"##h",
"##g",
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"Short",
"-",
"term"
] | How to make a digital currency on a blockchain stable | 409 |
or payment. Stability of their market prices needs to be
achieved if these currencies are intended to be used as monetary media instead
of as investment products.
In the authors' past work[3] (an improved version of the discussion paper
with the same title), we have formulated the mechanism of instability by ana-
lyzing the economics of those blockchain currencies based on proof of work. We
have also proposed measures to stabilize the market prices of such currencies.
The contributions of this paper are | [
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"Short",
"-",
"term"
] | How to make a digital currency on a blockchain stable | 410 |
refinements of the work as follows:
1. We have refined the formulation of the economic model of blockchain cur-
rencies based on proof of work, using abstractions closer to actual currency
system designs, and
2. We have refined our proposed measures for stabilization of market prices
of the currencies that would absorb both positive and negative demand
shocks.
The proposed measures went through basic design checks and evaluations by
simple simulations.
Our proposals are primarily targeted for Bitcoin | [
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"actual",
"##ization",
"of",
"this",
"would",
"be",
"that",
"miners",
"turn",
"off",
"their",
"mining",
"units",
".",
"Long",
"-",
"term",
"actual",
"##ization",
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"that",
"miners",
"use",
"their",
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"units",
"to",
"mine",
"other",
"compatible",
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"profitable",
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",",
"or",
"sell",
"their",
"units",
"to",
"others",
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"such",
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",",
"or",
"just",
"di",
"##sp",
"##ose",
"the",
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",",
"thereby",
"(",
"partially",
")",
"leaving",
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"business",
"of",
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"particular",
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".",
"Then",
"θ",
"is",
"prolonged",
",",
"and",
"eventually",
"g",
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"G",
",",
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"B",
"##m",
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".",
"In",
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"long",
"run",
",",
"the",
"following",
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"is",
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".",
"C",
"##m",
"=",
"P",
"##B",
"##m",
"In",
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",",
"C",
"##m",
"=",
"P",
"##V",
"h",
"##g",
"(",
"1",
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"Some",
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"still",
"reached",
"if",
"the",
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"to",
"zero",
".",
"If",
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"-",
"zero",
"level",
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"a",
"long",
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",",
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"C",
"##m",
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"operating",
"one",
"mining",
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"is",
"very",
"small",
".",
"Please",
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"h",
"(",
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"M",
")",
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",",
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".",
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"M",
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"smaller",
",",
"and",
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"end",
",",
"the",
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"reached",
".",
"In",
"reality",
",",
"if",
"h",
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"that",
"in",
"##f",
"##re",
"##quent",
",",
"a",
"mine",
"##r",
"can",
"use",
"some",
"idle",
"time",
"of",
"a",
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"used",
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"other",
"purposes",
",",
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"C",
"##m",
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"##gli",
"##gi",
"##bly",
"small",
"(",
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",",
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"-",
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"-",
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",",
"occurrence",
"##s",
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"would",
"become",
"very",
"sparse",
".",
"Therefore",
"the",
"cost",
"of",
"verify",
"##ing",
"transactions",
"can",
"also",
"be",
"ignored",
")",
".",
"If",
"P",
"is",
"maintained",
"to",
"be",
"zero",
"for",
"a",
"long",
"time",
",",
"however",
",",
"then",
"the",
"equation",
"cannot",
"hold",
",",
"as",
"C",
"##m",
"is",
"non",
"-",
"zero",
"albeit",
"it",
"can",
"be",
"ne",
"##gli",
"##gi",
"##bly",
"small",
".",
"But",
"if",
"that",
"really",
"happens",
",",
"then",
"there",
"is",
"no",
"economic",
"reason",
"for",
"mining",
",",
"so",
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"no",
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"unit",
"would",
"want",
"to",
"participate",
",",
"and",
"eventually",
"the",
"block",
"##cha",
"##in",
"would",
"stop",
",",
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"which",
"case",
"there",
"is",
"no",
"point",
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"discussing",
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".",
"In",
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"Bit",
"##co",
"##in",
",",
"the",
"right",
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"is",
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"follows",
":",
"P",
":",
"Goes",
"up",
"and",
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"mainly",
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".",
"V",
":",
"Start",
"##s",
"at",
"50",
"##B",
"##TC",
",",
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"210",
",",
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"(",
"12",
".",
"5",
"##B",
"##TC",
"as",
"of",
"year",
"2018",
")",
".",
"h",
":",
"Inc",
"##rease",
"##s",
"by",
"technological",
"advance",
".",
"g",
":",
"Target",
"G",
"is",
"adjusted",
"every",
"2",
",",
"01",
"##6",
"blocks",
"to",
"maintain",
"the"
] | How to make a digital currency on a blockchain stable | 411 |
refinements of the work as follows:
1. We have refined the formulation of the economic model of blockchain cur-
rencies based on proof of work, using abstractions closer to actual currency
system designs, and
2. We have refined our proposed measures for stabilization of market prices
of the currencies that would absorb both positive and negative demand
shocks.
The proposed measures went through basic design checks and evaluations by
simple simulations.
Our proposals are primarily targeted for Bitcoin | [
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"actual",
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"Long",
"-",
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"profitable",
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",",
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"##m",
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"very",
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"set",
"h",
"(",
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"subsequently",
"M",
")",
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",",
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"##m",
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",",
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",",
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".",
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",",
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"h",
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"that",
"in",
"##f",
"##re",
"##quent",
",",
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"##r",
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"##gi",
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".",
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"verify",
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")",
".",
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",",
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"-",
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"##gi",
"##bly",
"small",
".",
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",",
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",",
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",",
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"##cha",
"##in",
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"stop",
",",
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"which",
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"In",
"the",
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"Bit",
"##co",
"##in",
",",
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"right",
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":",
"P",
":",
"Goes",
"up",
"and",
"down",
"mainly",
"by",
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".",
"V",
":",
"Start",
"##s",
"at",
"50",
"##B",
"##TC",
",",
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"##lved",
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"210",
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"000",
"blocks",
"(",
"12",
".",
"5",
"##B",
"##TC",
"as",
"of",
"year",
"2018",
")",
".",
"h",
":",
"Inc",
"##rease",
"##s",
"by",
"technological",
"advance",
".",
"g",
":",
"Target",
"G",
"is",
"adjusted",
"every",
"2",
",",
"01",
"##6",
"blocks",
"to",
"maintain",
"the"
] | How to make a digital currency on a blockchain stable | 412 |
and its descendants. For
information of the design of Bitcoin, in addition to the original design paper[1],
we have referred to more up-to-date resources from the project web page[4] and
the code1 itself.
2. Blockchain Currency based on Proof of Work
First, we clarify the design of blockchain currencies based on proof of work.
Any participant in the blockchain network may construct and broadcast (by
flooding) a transaction of coins of which they have control. Figure 1 shows
an example of transaction d | [
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"C",
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",",
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"##m",
",",
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"C",
"##m",
"=",
"h",
"##C",
"e",
"m",
".",
"From",
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",",
"we",
"get",
"h",
"##C",
"e",
"m",
"=",
"P",
"##V",
"h",
"##g",
".",
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",",
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"P",
"##V",
"g",
".",
"This",
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",",
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"g",
",",
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"In",
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",",
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"m",
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"h",
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",",
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",",
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".",
"But",
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".",
"7",
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",",
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"##qui",
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"##bri",
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"This",
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"—",
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"De",
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"Limited",
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"The",
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"Z",
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".",
"To",
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",",
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"only",
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"V",
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"short",
"##en",
"θ",
".",
"What",
"miners",
"can"
] | How to make a digital currency on a blockchain stable | 413 |
ata structure found in Bitcoin. A transaction may
have a list of inputs each referring to an existing coin as a container of value
(represented as an output of a past transaction), and a non-empty list of outputs
each representing a new coin or null coin (an output used for applications). A
transaction is digitally signed in each input, which is verifiable with the public
key also included in the input. The digest of the public key needs to match the
digest to which the referred output is addressed. This | [
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",",
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",",
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"new",
","
] | How to make a digital currency on a blockchain stable | 414 |
ata structure found in Bitcoin. A transaction may
have a list of inputs each referring to an existing coin as a container of value
(represented as an output of a past transaction), and a non-empty list of outputs
each representing a new coin or null coin (an output used for applications). A
transaction is digitally signed in each input, which is verifiable with the public
key also included in the input. The digest of the public key needs to match the
digest to which the referred output is addressed. This | [
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",",
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"new",
","
] | How to make a digital currency on a blockchain stable | 415 |
structure is self-contained,
and its validity can be verified by anyone.
The objective of the blockchain's consensus algorithm (Nakamoto consensus
hereafter) is to maintain a single history of blocks such that it does not involve
any invalid or contradicting transactions. An example of the latter is double
spending of one digital coin, which cannot be prevented by the transaction data
1https://github.com/bitcoin/bitcoin/
2
Transaction 2
Transaction 1
input
input
Transaction 3
to A:
to B:
to A | [
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] | How to make a digital currency on a blockchain stable | 416 |
structure is self-contained,
and its validity can be verified by anyone.
The objective of the blockchain's consensus algorithm (Nakamoto consensus
hereafter) is to maintain a single history of blocks such that it does not involve
any invalid or contradicting transactions. An example of the latter is double
spending of one digital coin, which cannot be prevented by the transaction data
1https://github.com/bitcoin/bitcoin/
2
Transaction 2
Transaction 1
input
input
Transaction 3
to A:
to B:
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:to A:
signs
input
input
12.5 BTC
30 BTC
12.5 BTC
input
output
(25 BTC)
output
(30 BTC)
output
(12.5 BTC)
output
(7.5 BTC)
user A user B
Unspent TX Output
Figure 1: Transaction Structure of Bitcoin - So-called UTXO Model
structure alone. Presumably, the designer (or designers) of this technology first
called it distributed timestamp server because it is intended to keep track of
relative timing of events. As Figure 2 shows, each block contains the crypto-
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] | How to make a digital currency on a blockchain stable | 418 |
:to A:
signs
input
input
12.5 BTC
30 BTC
12.5 BTC
input
output
(25 BTC)
output
(30 BTC)
output
(12.5 BTC)
output
(7.5 BTC)
user A user B
Unspent TX Output
Figure 1: Transaction Structure of Bitcoin - So-called UTXO Model
structure alone. Presumably, the designer (or designers) of this technology first
called it distributed timestamp server because it is intended to keep track of
relative timing of events. As Figure 2 shows, each block contains the crypto-
graphic digest of the previous | [
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] | How to make a digital currency on a blockchain stable | 419 |
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] | How to make a digital currency on a blockchain stable | 420 |
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the values of some nonce
in the block they are creating until they get a right digest. Therefore, creation
of a block is a probabilistic process.
Transactions not found in the agreed chain
are extracted, and eventually get included.
block n
transactions
block n+1 block n+2 block n+3
block n+1 block n+2
digest digest digest digest
digest digest
……
digest ≦ target
Everyone agrees
on the chain with
the highest Proof-
of-Work cost.
Figure 2: Overview of Bitcoin Blockchain - Hash Chain with Pro | [
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the values of some nonce
in the block they are creating until they get a right digest. Therefore, creation
of a block is a probabilistic process.
Transactions not found in the agreed chain
are extracted, and eventually get included.
block n
transactions
block n+1 block n+2 block n+3
block n+1 block n+2
digest digest digest digest
digest digest
……
digest ≦ target
Everyone agrees
on the chain with
the highest Proof-
of-Work cost.
Figure 2: Overview of Bitcoin Blockchain - Hash Chain with Pro | [
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] | How to make a digital currency on a blockchain stable | 423 |
of of Work
The necessity of repetitive trials functions as a proof-of-work mechanism
intended to be a protection against falsification. A transaction itself cannot
3
be falsified unless digital signatures are compromised. But it is conceivable to
remove some transactions from a past block or to add fabricated transactions
that did not really exist. If one tries so, the digest of the block is changed
and is typically greater than the target. Then they would have to retry the
proof of work for the bloc | [
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] | How to make a digital currency on a blockchain stable | 424 |
k. This changes the digest stored in the next block,
which in turn means that the digest of the next block is also changed and is
typically greater than the target, and so on. In short, ones with a malicious
intention would have to redo the proof of work from where they want to change,
and outdo the ongoing process of adding blocks eventually to make the change
valid, which has generally been considered highly difficult.
Such proof of work can also limit the number of proposed blocks at one
time. But the | [
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k. This changes the digest stored in the next block,
which in turn means that the digest of the next block is also changed and is
typically greater than the target, and so on. In short, ones with a malicious
intention would have to redo the proof of work from where they want to change,
and outdo the ongoing process of adding blocks eventually to make the change
valid, which has generally been considered highly difficult.
Such proof of work can also limit the number of proposed blocks at one
time. But the | [
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"-"
] | How to make a digital currency on a blockchain stable | 426 |
re still is a possibility of multiple participants each proposing
a new block at roughly the same time, which may be accepted by different
sets of participants. Then the hash chain may have multiple ends that are
extended independently from one another, resulting in a fork of the blockchain
with multiple (and possibly, contradicting) histories of blocks. If this happens,
roughly speaking, the longest branch is considered to be correct. More precisely,
to avoid the case of branches with artificially raised | [
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] | How to make a digital currency on a blockchain stable | 427 |
re still is a possibility of multiple participants each proposing
a new block at roughly the same time, which may be accepted by different
sets of participants. Then the hash chain may have multiple ends that are
extended independently from one another, resulting in a fork of the blockchain
with multiple (and possibly, contradicting) histories of blocks. If this happens,
roughly speaking, the longest branch is considered to be correct. More precisely,
to avoid the case of branches with artificially raised | [
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] | How to make a digital currency on a blockchain stable | 428 |
targets, the branch that is
the most difficult to produce is chosen by all participants. This reflects the total
cost cast in the creation of the hash chain branch. Because of proof of work, any
chain branch requires the same cost paid for its creation when it is tried to be
falsified. In short, Nakamoto consensus tries to enforce that the most difficult
chain branch to falsify is chosen as the single correct history2.
3. Market Price Mechanism of a Blockchain Currency based on Proof
of Work
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] | How to make a digital currency on a blockchain stable | 429 |
targets, the branch that is
the most difficult to produce is chosen by all participants. This reflects the total
cost cast in the creation of the hash chain branch. Because of proof of work, any
chain branch requires the same cost paid for its creation when it is tried to be
falsified. In short, Nakamoto consensus tries to enforce that the most difficult
chain branch to falsify is chosen as the single correct history2.
3. Market Price Mechanism of a Blockchain Currency based on Proof
of Work
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] | How to make a digital currency on a blockchain stable | 430 |
ly and Demand
The price of a blockchain currency and proof of work are closely related,
because proof of work is closely related to supply of the coins, and the price in
general is a reflection of supply and demand.
The authors have discussed this in detail in our past work[3], and reasoned
that the cause of instability of BTC price is that supply of coins does not respond
to demand shocks.
Figure 3 shows the supply and demand curves of Bitcoin.
Usually for any goods (including money), demand curve slo | [
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] | How to make a digital currency on a blockchain stable | 431 |
ly and Demand
The price of a blockchain currency and proof of work are closely related,
because proof of work is closely related to supply of the coins, and the price in
general is a reflection of supply and demand.
The authors have discussed this in detail in our past work[3], and reasoned
that the cause of instability of BTC price is that supply of coins does not respond
to demand shocks.
Figure 3 shows the supply and demand curves of Bitcoin.
Usually for any goods (including money), demand curve slo | [
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] | How to make a digital currency on a blockchain stable | 432 |
pes downwards
from left to right (negatively sloped) while supply curve slopes positively. The
price is found at the intersection of both curves. If the demand curve shifts
left (demand drops) or right (demand rises), the supply curve would naturally
respond (also shifts left to decreases supply or right to increase) to ease the
shock of demand changes and subsequent price changes.
2For imperfection of the design of Nakamoto consensus, readers are referred to a past
work[5] by the first author of this p | [
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] | How to make a digital currency on a blockchain stable | 433 |
pes downwards
from left to right (negatively sloped) while supply curve slopes positively. The
price is found at the intersection of both curves. If the demand curve shifts
left (demand drops) or right (demand rises), the supply curve would naturally
respond (also shifts left to decreases supply or right to increase) to ease the
shock of demand changes and subsequent price changes.
2For imperfection of the design of Nakamoto consensus, readers are referred to a past
work[5] by the first author of this p | [
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",",
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",",
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"##ther",
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] | How to make a digital currency on a blockchain stable | 434 |
aper.
4
Price
P
P
P
Quantity
Supply
Demand
Demand
Demand
+
+
-
-
Real supply curve
taking computation
power into account
Planned (halving)
constant pace
Figure 3: Supply and Demand of Bitcoin with a Vertical Supply Curve
On the other hand, BTC coins are only newly supplied as the reward in
every new block. There just is a rule that the reward is halved every 210,000
blocks. Therefore the supply curve is vertical (more precisely, the supply curve
is slightly positively sloped, because w | [
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"##rre",
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",",
"M",
"can",
"be",
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"responding",
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"price",
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"according",
"to",
"demand",
"shock",
"##s",
",",
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"measures",
"more",
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".",
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".",
"2",
".",
"Security",
"However",
",",
"variance",
"of",
"M",
"would",
"raise",
"security",
"concerns",
".",
"A",
"block",
"##cha",
"##in",
"based",
"on",
"proof",
"of",
"work",
"is",
"protected",
"by",
"the",
"collective",
"cost",
"of",
"mining",
".",
"Bit",
"##co",
"##in",
"block",
"##cha",
"##in",
"is",
"difficult",
"to",
"attack",
"because",
"its",
"has",
"##h",
"rate",
"is",
"ex",
"##po",
"##nent",
"##ially",
"growing",
",",
"so",
"that",
"ex",
"-",
"is",
"##ting",
"mining",
"facilities",
"become",
"obsolete",
"quickly",
".",
"If",
"it",
"is",
"not",
"the",
"case",
",",
"by",
"utilizing",
"19",
"α",
"=",
"0",
".",
"00",
"##1",
"Min",
".",
"Price",
"31",
".",
"96",
"Max",
".",
"Price",
"119",
"##8",
".",
"52",
"α",
"=",
"0",
".",
"000",
"##1",
"49",
"##1",
".",
"63",
"84",
"##6",
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"84",
"α",
"=",
"0",
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"000",
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"57",
"##6",
".",
"46",
"72",
"##8",
".",
"39",
"Figure",
"11",
":",
"Effects",
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"Sen",
"##si",
"##ti",
"##vity",
"of",
"Price",
"α",
"(",
"St",
"##abi",
"##li",
"##zed",
"Co",
"##in",
")",
"available",
"unused",
"facilities",
",",
"it",
"would",
"be",
"easier",
"to",
"conduct",
"so",
"-",
"called",
"51",
"%",
"attack",
"##3",
"or",
"block",
"with",
"##holding",
"attack",
"(",
"variance",
"of",
"selfish",
"mining",
"[",
"14",
"]",
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"with",
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"con",
"##tra",
"##dict",
"##ing",
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"double",
"spend",
"-",
"ing",
")",
".",
"This",
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"real",
"in",
"many",
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"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
",",
"with",
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"cu",
"##rre",
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"called",
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"##in",
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"Bit",
"##co",
"##in",
"Gold",
"[",
"15",
"]",
"in",
"May",
"2018",
".",
"This",
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"seems",
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"be",
"inherent",
"of",
"the",
"design",
"based",
"on",
"proof",
"of",
"work",
".",
"7",
".",
"3",
".",
"A",
"##pp",
"##lica",
"##bility",
"to",
"Structure",
"##s",
"other",
"than",
"U",
"##T",
"##X",
"##O",
"We",
"described",
"how",
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"de",
"##p",
"##re",
"##ciation",
",",
"or",
"negative",
"interests",
",",
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"U",
"##T",
"##X",
"##O",
"structure",
"in",
"section",
"5",
".",
"3",
".",
"But",
"there",
"are",
"block",
"##cha",
"##in",
"cu",
"##rre",
"##ncies",
"that",
"do",
"not",
"depend",
"on",
"U",
"##T",
"##X",
"##O",
"structures",
".",
"E",
"##ther",
"##eum",
",",
"for",
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",",
"maintains",
"the",
"account",
"states",
"in",
"each",
"participating",
"node",
",",
"and",
"transactions",
"(",
"encoded",
"state",
"transfers",
")",
"only",
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"stored",
"in",
"the",
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"##cha",
"##in",
".",
"With",
"this",
"account",
"-",
"state",
"design",
"approach",
",",
"assuming",
"the",
"rule",
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"1",
"%",
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"##p",
"##re",
"##cia",
"-",
"t",
"##ion",
"over",
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"##age",
"era",
"we",
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",",
"100",
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"sets",
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"balance",
"##s",
"are",
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"an",
"account",
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"maintain",
"a",
"single",
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",",
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"the",
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"without",
"3",
"##A",
"##ct",
"##ually",
",",
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"should",
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"has",
"##h",
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",",
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".",
"20",
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"##US",
"##D",
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"75",
".",
"72",
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".",
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"125",
".",
"58",
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"0",
".",
"153",
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"151",
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"α",
"=",
"0"
] | How to make a digital currency on a blockchain stable | 435 |
aper.
4
Price
P
P
P
Quantity
Supply
Demand
Demand
Demand
+
+
-
-
Real supply curve
taking computation
power into account
Planned (halving)
constant pace
Figure 3: Supply and Demand of Bitcoin with a Vertical Supply Curve
On the other hand, BTC coins are only newly supplied as the reward in
every new block. There just is a rule that the reward is halved every 210,000
blocks. Therefore the supply curve is vertical (more precisely, the supply curve
is slightly positively sloped, because w | [
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1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
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] | How to make a digital currency on a blockchain stable | 436 |
hen the demand rises and the price goes
up, there will be slightly more supply before the proof-of-work target is adjusted.
When the demand drops and the price goes down, there will be the opposite
effect). Shifting the demand curve directly affects the price P in the figure.
3.2. Consequences of Proof of Work
Here, we present a revised simpler version of the formulation in our past
work[3] to describe the economics of proof of work.
We start by the number of participants. Suppose M miners participate. | [
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".",
"000",
"##1",
")",
"74",
".",
"24",
"127",
".",
"87",
"Figure",
"12",
":",
"Co",
"##mp",
"##aris",
"##on",
"with",
"Historical",
"Changes",
"of",
"USD",
"-",
"JP",
"##Y",
"Exchange",
"Rate",
"de",
"##p",
"##re",
"##ciation",
"in",
"the",
"past",
"100",
"era",
"##s",
"separately",
".",
"These",
"values",
"are",
"each",
"negatively",
"weighted",
"as",
"they",
"are",
"de",
"##p",
"##re",
"##cia",
"##ted",
",",
"upon",
"calculating",
"the",
"effective",
"balance",
"##s",
".",
"7",
".",
"4",
".",
"De",
"##p",
"##loy",
"##ment",
"If",
"we",
"start",
"a",
"new",
"block",
"##cha",
"##in",
"currency",
"with",
"the",
"proposed",
"measures",
"from",
"its",
"genes",
"##is",
"block",
",",
"it",
"would",
"have",
"to",
"start",
"with",
"virtually",
"zero",
"price",
"level",
",",
"and",
"since",
"the",
"mechanism",
"is",
"intended",
"to",
"avoid",
"speculation",
"##s",
",",
"the",
"price",
"level",
"would",
"remain",
"near",
"zero",
",",
"not",
"suitable",
"to",
"be",
"used",
"as",
"a",
"monetary",
"medium",
"to",
"represent",
"values",
"of",
"goods",
"or",
"services",
".",
"To",
"avoid",
"such",
"a",
"situation",
",",
"we",
"may",
"want",
"to",
"utilize",
"a",
"split",
"to",
"employ",
"the",
"in",
"##ert",
"##ia",
"of",
"the",
"original",
"existing",
"currency",
".",
"If",
"we",
"start",
"a",
"new",
"currency",
"by",
"splitting",
"it",
"from",
"Bit",
"##co",
"##in",
",",
"for",
"example",
",",
"the",
"new",
"currency",
"can",
"start",
"with",
"a",
"useful",
"price",
"level",
"and",
"enough",
"attention",
",",
"although",
"how",
"existing",
"coins",
"should",
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"de",
"##p",
"##re",
"##cia",
"##ted",
"is",
"a",
"problem",
"to",
"consider",
".",
"In",
"the",
"artificial",
"market",
"simulation",
"in",
"section",
"6",
".",
"3",
",",
"we",
"just",
"implemented",
"de",
"##p",
"##re",
"##ciation",
"in",
"a",
"straightforward",
"way",
",",
"not",
"considering",
"human",
"reactions",
".",
"7",
".",
"5",
".",
"Su",
"##sta",
"##ina",
"##bility",
"With",
"the",
"proposed",
"measures",
",",
"the",
"amount",
"of",
"coins",
"in",
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"is",
"auto",
"##mat",
"##i",
"-",
"call",
"##y",
"maintained",
"to",
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"near",
"constant",
",",
"and",
"there",
"is",
"no",
"need",
"for",
"external",
"measures",
"21",
"Figure",
"13",
":",
"Effects",
"of",
"Initial",
"Re",
"##ward",
"##s",
"(",
"St",
"##abi",
"##li",
"##zed",
"Co",
"##in",
")",
"to",
"cap",
"the",
"supply",
"of",
"coins",
",",
"such",
"as",
"the",
"rule",
"of",
"ha",
"##lving",
"rewards",
"as",
"found",
"in",
"Bit",
"##co",
"##in",
".",
"Re",
"##ward",
"##s",
"for",
"block",
"creations",
"to",
"miners",
"can",
"be",
"perpetual",
",",
"providing",
"a",
"possible",
"solution",
"to",
"the",
"problem",
"of",
"sustainability",
"in",
"concern",
".",
"This",
"means",
"that",
"miners",
"do",
"not",
"need",
"to",
"rely",
"on",
"fees",
",",
"so",
"we",
"may",
"as",
"well",
"want",
"to",
"abandon",
"transaction",
"fees",
"altogether",
".",
"7",
".",
"6",
".",
"Effects",
"of",
"De",
"##p",
"##re",
"##ciation",
"In",
"order",
"for",
"the",
"price",
"stab",
"##ilization",
"to",
"work",
",",
"the",
"created",
"coins",
"must",
"actually",
"be",
"supplied",
"into",
"the",
"market",
".",
"In",
"our",
"proposal",
",",
"because",
"coins",
"are",
"de",
"##p",
"##re",
"##cia",
"##ted",
",",
"miners",
"are",
"in",
"##cent",
"##iv",
"##ized",
"to",
"sell",
"coins",
"they",
"created",
"before",
"they",
"lose",
"values",
".",
"The",
"supply",
"is",
"expected",
"to",
"be",
"quick",
".",
"But",
"this",
"should",
"be",
"true",
"for",
"all",
"users",
",",
"not",
"only",
"for",
"miners",
".",
"In",
"other",
"words",
",",
"de",
"##p",
"##re",
"##ciation",
"should",
"accelerate",
"spending",
".",
"The",
"first",
"author",
"of",
"this",
"paper",
"has",
"made",
"a",
"detail",
"study",
"on",
"the",
"effects",
"of",
"de",
"##p",
"##re",
"##ciating",
"(",
"and",
"am",
"##p",
"##lify",
"##ing",
")",
"digital",
"cu",
"##rre",
"##ncies",
"in",
"[",
"16",
"]",
"before",
"rise",
"of",
"block",
"##cha",
"##in",
"cu",
"##rre",
"##ncies",
".",
"Some",
"of",
"the",
"outcomes",
"of",
"the",
"work",
"may"
] | How to make a digital currency on a blockchain stable | 437 |
hen the demand rises and the price goes
up, there will be slightly more supply before the proof-of-work target is adjusted.
When the demand drops and the price goes down, there will be the opposite
effect). Shifting the demand curve directly affects the price P in the figure.
3.2. Consequences of Proof of Work
Here, we present a revised simpler version of the formulation in our past
work[3] to describe the economics of proof of work.
We start by the number of participants. Suppose M miners participate. | [
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".",
"000",
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")",
"74",
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"24",
"127",
".",
"87",
"Figure",
"12",
":",
"Co",
"##mp",
"##aris",
"##on",
"with",
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"Changes",
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"-",
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"##Y",
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"de",
"##p",
"##re",
"##ciation",
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".",
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"##p",
"##re",
"##cia",
"##ted",
",",
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"##s",
".",
"7",
".",
"4",
".",
"De",
"##p",
"##loy",
"##ment",
"If",
"we",
"start",
"a",
"new",
"block",
"##cha",
"##in",
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"##is",
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",",
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",",
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"the",
"mechanism",
"is",
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"avoid",
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"##s",
",",
"the",
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"level",
"would",
"remain",
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",",
"not",
"suitable",
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"as",
"a",
"monetary",
"medium",
"to",
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"values",
"of",
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"or",
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".",
"To",
"avoid",
"such",
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",",
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"##co",
"##in",
",",
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"##re",
"##cia",
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".",
"In",
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"simulation",
"in",
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".",
"3",
",",
"we",
"just",
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"##p",
"##re",
"##ciation",
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".",
"7",
".",
"5",
".",
"Su",
"##sta",
"##ina",
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"With",
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",",
"the",
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"-",
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",",
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"for",
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"21",
"Figure",
"13",
":",
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"Re",
"##ward",
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"(",
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"##abi",
"##li",
"##zed",
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",",
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"found",
"in",
"Bit",
"##co",
"##in",
".",
"Re",
"##ward",
"##s",
"for",
"block",
"creations",
"to",
"miners",
"can",
"be",
"perpetual",
",",
"providing",
"a",
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"to",
"the",
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"in",
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".",
"This",
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"that",
"miners",
"do",
"not",
"need",
"to",
"rely",
"on",
"fees",
",",
"so",
"we",
"may",
"as",
"well",
"want",
"to",
"abandon",
"transaction",
"fees",
"altogether",
".",
"7",
".",
"6",
".",
"Effects",
"of",
"De",
"##p",
"##re",
"##ciation",
"In",
"order",
"for",
"the",
"price",
"stab",
"##ilization",
"to",
"work",
",",
"the",
"created",
"coins",
"must",
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"be",
"supplied",
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"the",
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".",
"In",
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",",
"because",
"coins",
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"##p",
"##re",
"##cia",
"##ted",
",",
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"created",
"before",
"they",
"lose",
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".",
"The",
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"is",
"expected",
"to",
"be",
"quick",
".",
"But",
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",",
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"only",
"for",
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".",
"In",
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",",
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"##p",
"##re",
"##ciation",
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".",
"The",
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"Some",
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"may"
] | How to make a digital currency on a blockchain stable | 438 |
For simplicity, computation power of all miners are considered equal. Thus,
M is rather the total number of mining units with the same hash rate (how
many digests can be calculated in an interval), and the number can increase or
decrease to represent entry and exit of miners. Further, we assume that there
is no monopoly in the mining industry, and miners' production function does
not have externality or knowledge-intensiveness.
Usually, in the digital world, a production function is considered virtually | [
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"and",
"newly",
"split",
"##ted",
"cu",
"##rre",
"##ncies",
".",
"Thus",
",",
"both",
"cu",
"##rre",
"##ncies",
"would",
"automatically",
"react",
"as",
"if",
"a",
"negative",
"demand",
"shock",
"occurred",
"(",
"which",
"may",
"be",
"the",
"case",
"anyway",
",",
"if",
"the",
"same",
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"of",
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"##s",
"is",
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"for",
"purchasing",
"both",
"cu",
"##rre",
"##ncies",
")",
".",
"In",
"case",
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"currency",
"took",
"half",
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"miners",
",",
"the",
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"block",
"creation",
"is",
"slowed",
"down",
",",
"but",
"eventually",
"the",
"average",
"interval",
"θ",
"gets",
"normal",
",",
"and",
"the",
"reward",
"V",
"is",
"about",
"ha",
"##lved",
"for",
"both",
"cu",
"##rre",
"##ncies",
".",
"If",
"these",
"two",
"cu",
"##rre",
"##ncies",
"compete",
"well",
",",
"the",
"total",
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"amount",
"in",
"circulation",
"is",
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"ha",
"##lved",
"for",
"each",
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",",
"maintaining",
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"sum",
"of",
"the",
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"of",
"two",
"cu",
"##rre",
"##ncies",
"to",
"be",
"equal",
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"the",
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"of",
"the",
"original",
"currency",
"coins",
"in",
"circulation",
"before",
"the",
"split",
".",
"When",
"the",
"process",
"is",
"complete",
",",
"all",
"coins",
"copied",
"to",
"the",
"new",
"currency",
"upon",
"the",
"split",
"would",
"have",
"already",
"been",
"de",
"##p",
"##re",
"##cia",
"##ted",
"down",
"to",
"zero",
",",
"and",
"the",
"two",
"cu",
"##rre",
"##ncies",
"are",
"completely",
"independent",
"from",
"one",
"another",
"in",
"terms",
"of",
"the",
"coins",
"in",
"circulation",
".",
"Therefore",
",",
"in",
"theory",
",",
"the",
"split",
"would",
"eventually",
"result",
"in",
"two",
"cu",
"##rre",
"##ncies",
"with",
"the",
"maintained",
"same",
"level",
"of",
"prices",
"as",
"before",
"and",
"with",
"the",
"same",
"amount",
"in",
"total",
"in",
"circulation",
"as",
"before",
".",
"But",
"how",
"the",
"market",
"in",
"reality",
"react",
"##s",
"against",
"this",
"would",
"need",
"further",
"study",
".",
"8",
".",
"Re",
"##lated",
"Work",
"8",
".",
"1",
".",
"Improvement",
"##s",
"to",
"Digital",
"C",
"##ur",
"##ren",
"##cy",
"Design",
"Improvement",
"##s",
"to",
"the",
"original",
"design",
"of",
"Bit",
"##co",
"##in",
"have",
"been",
"proposed",
"many",
"times",
".",
"Many",
"of",
"them",
"have",
"taken",
"the",
"forms",
"of",
"alternative",
"coins",
"(",
"al",
"##t",
"##co",
"##ins",
")",
",",
"instead",
"of",
"research",
"papers",
".",
"Among",
"these",
",",
"one",
"of",
"the",
"most",
"well",
"-",
"known",
"examples",
"is",
"Li",
"##tec",
"##oi",
"##n",
"[",
"17",
"]",
",",
"from",
"which",
"many",
"other",
"al",
"##t",
"##co",
"##ins",
"fork"
] | How to make a digital currency on a blockchain stable | 439 |
For simplicity, computation power of all miners are considered equal. Thus,
M is rather the total number of mining units with the same hash rate (how
many digests can be calculated in an interval), and the number can increase or
decrease to represent entry and exit of miners. Further, we assume that there
is no monopoly in the mining industry, and miners' production function does
not have externality or knowledge-intensiveness.
Usually, in the digital world, a production function is considered virtually | [
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",",
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"##re",
"##ciation",
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"Note",
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"-",
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".",
")",
"7",
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"Effects",
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"##re",
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".",
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"react",
"##s",
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"this",
"would",
"need",
"further",
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".",
"8",
".",
"Re",
"##lated",
"Work",
"8",
".",
"1",
".",
"Improvement",
"##s",
"to",
"Digital",
"C",
"##ur",
"##ren",
"##cy",
"Design",
"Improvement",
"##s",
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"##co",
"##in",
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".",
"Many",
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"the",
"forms",
"of",
"alternative",
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"(",
"al",
"##t",
"##co",
"##ins",
")",
",",
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"of",
"research",
"papers",
".",
"Among",
"these",
",",
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"well",
"-",
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"Li",
"##tec",
"##oi",
"##n",
"[",
"17",
"]",
",",
"from",
"which",
"many",
"other",
"al",
"##t",
"##co",
"##ins",
"fork"
] | How to make a digital currency on a blockchain stable | 440 |
free from the law of diminishing returns because the marginal cost of production
is negligible. However, in the case of mining of a blockchain currency, because
the proof-of-work target is adjusted to maintain the same production rate of
the currency, adding more production units would at some point yield lower
incremental per-unit returns, showing similar characteristics to productions in
the physical world. For this reason and with above assumptions, we believe
that the classical competition model (wit | [
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] | How to make a digital currency on a blockchain stable | 441 |
free from the law of diminishing returns because the marginal cost of production
is negligible. However, in the case of mining of a blockchain currency, because
the proof-of-work target is adjusted to maintain the same production rate of
the currency, adding more production units would at some point yield lower
incremental per-unit returns, showing similar characteristics to productions in
the physical world. For this reason and with above assumptions, we believe
that the classical competition model (wit | [
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] | How to make a digital currency on a blockchain stable | 442 |
h entry and exit) can be applied to our
arguments, as described below.
5
Let λ be the average number of occurrences of an event that a miner with
one mining unit finds a nonce satisfying the required criterion in an interval.
We ignore the cost of communication, so that discoveries of a right nonce are
independent events that can globally occur Mλ times within the interval.
We consider the average interval between successes θ:
θ =
1
Mλ
We assume a cryptographic hash function H with range R. For ex | [
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] | How to make a digital currency on a blockchain stable | 443 |
h entry and exit) can be applied to our
arguments, as described below.
5
Let λ be the average number of occurrences of an event that a miner with
one mining unit finds a nonce satisfying the required criterion in an interval.
We ignore the cost of communication, so that discoveries of a right nonce are
independent events that can globally occur Mλ times within the interval.
We consider the average interval between successes θ:
θ =
1
Mλ
We assume a cryptographic hash function H with range R. For ex | [
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] | How to make a digital currency on a blockchain stable | 444 |
ample, in
case of SHA-256, R = 2256. We define the proof-of-work criterion as follows:
the cryptographic digest of a block by H must be less than or equal to target
G. We define target-reachability g as below.
g =
G
R
Conceptually, difficulty of proof of work is inverse of the target-reachability
g−1.
Suppose that one mining unit tries h times in an interval, so that h represents
the average hash rate of a mining unit. Therefore,
λ = hg
and
θ =
1
Mhg
Let V be the reward of a successful proof of w | [
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"Bit"
] | How to make a digital currency on a blockchain stable | 445 |
ample, in
case of SHA-256, R = 2256. We define the proof-of-work criterion as follows:
the cryptographic digest of a block by H must be less than or equal to target
G. We define target-reachability g as below.
g =
G
R
Conceptually, difficulty of proof of work is inverse of the target-reachability
g−1.
Suppose that one mining unit tries h times in an interval, so that h represents
the average hash rate of a mining unit. Therefore,
λ = hg
and
θ =
1
Mhg
Let V be the reward of a successful proof of w | [
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"Bit"
] | How to make a digital currency on a blockchain stable | 446 |
ork. Then the reward for the
winners of the mining competition is fixed as about Z altogether per interval.
Z =
V
θ
= VMhg
The expected benefit Bm per mining unit per interval is therefore,
Bm =
Z
M
= V hg
If the market value of bitcoin is given as P , the market value of the expected
benefit is PBm.
Now, we consider the cost Cm for operating one mining unit.
If Cm < PBm, more mining units will participate (M is increased). This in
turn will result in shorter θ, and eventually g will be adjusted w | [
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] | How to make a digital currency on a blockchain stable | 447 |
ork. Then the reward for the
winners of the mining competition is fixed as about Z altogether per interval.
Z =
V
θ
= VMhg
The expected benefit Bm per mining unit per interval is therefore,
Bm =
Z
M
= V hg
If the market value of bitcoin is given as P , the market value of the expected
benefit is PBm.
Now, we consider the cost Cm for operating one mining unit.
If Cm < PBm, more mining units will participate (M is increased). This in
turn will result in shorter θ, and eventually g will be adjusted w | [
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] | How to make a digital currency on a blockchain stable | 448 |
ith smaller G
to maintain the reference θ (10 minutes in the case of Bitcoin). This will result
in Bm getting smaller.
Conversely if Cm > PBm, less mining units will participate (M is decreased).
Short-term actualization of this would be that miners turn off their mining units.
Long-term actualization would be that miners use their mining units to mine
other compatible and profitable coins, or sell their units to others who mine
6
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"."
] | How to make a digital currency on a blockchain stable | 449 |
ith smaller G
to maintain the reference θ (10 minutes in the case of Bitcoin). This will result
in Bm getting smaller.
Conversely if Cm > PBm, less mining units will participate (M is decreased).
Short-term actualization of this would be that miners turn off their mining units.
Long-term actualization would be that miners use their mining units to mine
other compatible and profitable coins, or sell their units to others who mine
6
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] | How to make a digital currency on a blockchain stable | 450 |
m the mining
business of the particular currency. Then θ is prolonged, and eventually g will
be adjusted with larger G, resulting in Bm getting larger.
In the long run, the following equilibrium is reached.
Cm = PBm
In other form,
Cm = PV hg (1)
Some readers may wonder if such an equilibrium is still reached if the price
P goes down to zero. If P stays at a near-zero level for a long time, the equation
requires that the cost Cm for operating one | [
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] | How to make a digital currency on a blockchain stable | 451 |
MOCA: A Scalable Consensus Algorithm Based on Cellular Automata
MOCA: A Scalable Consensus Algorithm Based on
Cellular Automata
Zhancang Wang
Department ofResearch & Development
NKNLabs
9 Temasek Boulevard, Singapore
justin@nknorg
Keywords-blockchain; consensus; Ising model; MOCA;
scalability
Figure 1. (a) definition of spin-up; (b) definition of spin-down; (c)
illustration of regular 3D spin configuration; (d) illustration of spin
configuration in complex network.
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Choose a neighboring voter ~ j
A neighbor, 1, is chosen uniformly at random from the set
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Update s,(t) --> s,(t + lit)
Voter i. updates its state to be that of voter 1.
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adopting their opinion. In short, we randomly select a voter and
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] | MOCA A Scalable Consensus Algorithm Based on Cellular Automata | 453 |
at random from the set of
all nodes V;
Choose a neighboring voter ~ j
A neighbor, 1, is chosen uniformly at random from the set
of {'s neighbors: Ni;
Update s,(t) --> s,(t + lit)
Voter i. updates its state to be that of voter 1.
In the voter model, each voter updates their opinion by
selecting a neighboring voter uniformly at random and
adopting their opinion. In short, we randomly select a voter and
he copies the state of a randomly chose neighbor. The to reach
consensus scales linearly with system | [
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] | MOCA A Scalable Consensus Algorithm Based on Cellular Automata | 454 |
size as O(N) [1]. The
analytical tractability of the voter model stems from the fact
that the probability of being in a given state is linear in the
number of neighbors in that state. An immediate consequence
of this linearity, is that the voter model is a martingale,
meaning the average magnetization of the system (s), remains
constant through time for any initial conditions [2].
II. THE VOTER MODEL
The voter model follows "tell me what to think", which is a
simple mathematical spin model of opinion fo | [
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] | MOCA A Scalable Consensus Algorithm Based on Cellular Automata | 455 |
rmation in which
voters are located at the nodes of a network, each voter has an
opinion (in the simplest case, a or 1), and a randomly chosen
voter assumes the opinion of one of its neighbors [1].
The voter model is the simplest stochastic spin-modeL Each
node i. E V, is a voter (spin) which can be in one of two
states: s, E {O,l]. , and has a set of neighbors N; In its
simplest instantiation, every voter has the same number of
neighbors, all neighbors are local, and all edges are undirected.
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] | MOCA A Scalable Consensus Algorithm Based on Cellular Automata | 456 |
ard voter model can be defined as below pseudo
code,
The Voter Algorithm-Standard
Choose voter ~ i
of the whole network. Here in spin models, spins represent
binary opinions. An individual's opinion is represented as
individual spin state. Therefore, a consensus can be modeled as
magnetization ordering in spin models.
(d)
! !
(0)
!
I
(b)
I
Spin-down
-1
"0"
(a)
I
Spill-Up
+1
"1"
Abstract-In recent years, with Bitcoin taking the lead, the
blockchain technology has been put in the spotlight as | [
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] | MOCA A Scalable Consensus Algorithm Based on Cellular Automata | 457 |
it
introduced a method for multiple parties to achieve consensus
without trust. Nevertheless, the according application is
constrained due to its limitations in scalability. In this paper, we
proposed a highly scalable consensus model based on majority
voting cellular automata, namely the MOCA consensus, with a
distinctive blockchain-based distributed ledger in which the state
change of each node depends on its neighbors. MOCA consensus
origins from the zero-temperature Ising model with spontaneous
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] | MOCA A Scalable Consensus Algorithm Based on Cellular Automata | 458 |
tization achieving scalability of number of nodes with high
probability Byzantine fault tolerance.
I. INTRODUCTION
We would like to use this paper to introduce a novel
scalable consensus step by step. It involves spin models from
simple to complex and finally the Majority vOting Cellular
Automata (MaCA) consensus. Spin is the angular momentum
intrinsic to particles such as atoms, protons, or electrons. Such
particles and the spin of quantum mechanical systems
("particle spin") possesses several non-clas | [
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] | MOCA A Scalable Consensus Algorithm Based on Cellular Automata | 459 |
sical features and
for such systems spin angular momentum cannot be associated
with rotation but instead refers only to the presence of angular
momentum.
As shown in Figure 1, the term spin model denotes spins or
nodes sit at junctions of a network and edges represent
couplings to other spins or nodes, known as neighbors. Here
spins or nodes are associated with a spin variable sJ i =
1, ...,N) which is a number that is either +1(1'; spin-up) or
-let; spin-down), stemmed from magnetization concept in
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sical features and
for such systems spin angular momentum cannot be associated
with rotation but instead refers only to the presence of angular
momentum.
As shown in Figure 1, the term spin model denotes spins or
nodes sit at junctions of a network and edges represent
couplings to other spins or nodes, known as neighbors. Here
spins or nodes are associated with a spin variable sJ i =
1, ...,N) which is a number that is either +1(1'; spin-up) or
-let; spin-down), stemmed from magnetization concept in
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] | MOCA A Scalable Consensus Algorithm Based on Cellular Automata | 461 |
ics. A given set of numbers {s.} specifies a configuration
978-1-5386-6565-7118/$31.00 ©2018 IEEE
314
Figure 2. Illustration of various magnetization with types of phase shift
varying with temperature.
S (X) =!z.B log DE (4)
where !z.B denotes Boltzmann constant and DE represents
number of possible configurations for a given energy value X.
With energy and entropy, we can obtain Helmholtz free energy
[5] as,
'F = X - TS (5)
Where temperature T is a control parameter, which
indicates that if T = 0 | [
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] | MOCA A Scalable Consensus Algorithm Based on Cellular Automata | 462 |
ics. A given set of numbers {s.} specifies a configuration
978-1-5386-6565-7118/$31.00 ©2018 IEEE
314
Figure 2. Illustration of various magnetization with types of phase shift
varying with temperature.
S (X) =!z.B log DE (4)
where !z.B denotes Boltzmann constant and DE represents
number of possible configurations for a given energy value X.
With energy and entropy, we can obtain Helmholtz free energy
[5] as,
'F = X - TS (5)
Where temperature T is a control parameter, which
indicates that if T = 0 | [
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] | MOCA A Scalable Consensus Algorithm Based on Cellular Automata | 463 |
, only the energy term is considered
without any entropy. This means a system can reach a
consensus! Therefore, the zero-T Ising model becomes a
foundation of our MaCA consensus development.
At sufficiently low enough temperature, all spins in the
Ising model will "cooperate" and spontaneously align
themselves (e.g. most spins become +1) even in the absence of
the external field (Ai = 0). This phenomenon is called
spontaneous magnetization. This kind of spontaneous
magnetization M can be seen as a quanti | [
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] | MOCA A Scalable Consensus Algorithm Based on Cellular Automata | 464 |
, only the energy term is considered
without any entropy. This means a system can reach a
consensus! Therefore, the zero-T Ising model becomes a
foundation of our MaCA consensus development.
At sufficiently low enough temperature, all spins in the
Ising model will "cooperate" and spontaneously align
themselves (e.g. most spins become +1) even in the absence of
the external field (Ai = 0). This phenomenon is called
spontaneous magnetization. This kind of spontaneous
magnetization M can be seen as a quanti | [
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"Introduction"
] | MOCA A Scalable Consensus Algorithm Based on Cellular Automata | 465 |
tative measure of the
progress of consensus, which is the average value of the spin as,
T
(6)1 LNM =- '-lS,N ,,- "
M
"spontaneous magnetization" region: magnetized Disorder phase region
with out any exte rna l magnetic field with hj=o
"- consensns" paint with
hi=o &1"=0
In Figure 2, if each spin variable Si represents the
"individual opinion", then magnetization M denotes the
average spin of the system, which is corresponding to the
concept of average opinion in network or majority vote. In
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On the Sustainability of Blockchain Funding
Hamed Balogun
Lancaster University
Lancaster, United Kingdom
[email protected]
Bingsheng Zhang
Lancaster University
Lancaster, United Kingdom
[email protected]
Abstract—Blockchain technology has pioneered a new consen-
sus approach to building a distributed public ledger globally.
A key feature expected from cryptocurrencies and blockchain
systems is the absence of a centralized control over the operation
process. That is, blockchain solutions | [
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"On",
"the",
"Su",
"##sta",
"##ina",
"##bility",
"of",
"Block",
"##cha",
"##in",
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"Ham",
"##ed",
"Ba",
"##log",
"##un",
"Lancaster",
"University",
"Lancaster",
",",
"United",
"Kingdom",
"h",
".",
"b",
"##alog",
"##un",
"@",
"la",
"##nc",
"##aster",
".",
"a",
"##c",
".",
"uk",
"Bing",
"##she",
"##ng",
"Zhang",
"Lancaster",
"University",
"Lancaster",
",",
"United",
"Kingdom",
"b",
".",
"z",
"##hang",
"##2",
"@",
"la",
"##nc",
"##aster",
".",
"a",
"##c",
".",
"uk",
"A",
"##bs",
"##tract",
"—",
"Block",
"##cha",
"##in",
"technology",
"has",
"pioneered",
"a",
"new",
"con",
"##sen",
"-",
"su",
"##s",
"approach",
"to",
"building",
"a",
"distributed",
"public",
"ledge",
"##r",
"globally",
".",
"A",
"key",
"feature",
"expected",
"from",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
"and",
"block",
"##cha",
"##in",
"systems",
"is",
"the",
"absence",
"of",
"a",
"centralized",
"control",
"over",
"the",
"operation",
"process",
".",
"That",
"is",
",",
"block",
"##cha",
"##in",
"solutions",
"should",
"neither",
"rely",
"on",
"\"",
"trusted",
"parties",
"or",
"powerful",
"minority",
"\"",
"for",
"their",
"operations",
",",
"nor",
"introduce",
"such",
"central",
"##isation",
"tendencies",
"into",
"block",
"##cha",
"##in",
"systems",
".",
"On",
"the",
"other",
"hand",
",",
"real",
"-",
"world",
"block",
"##cha",
"##in",
"systems",
"require",
"steady",
"funding",
"for",
"continuous",
"development",
"and",
"maintenance",
"of",
"the",
"systems",
".",
"Given",
"that",
"block",
"##cha",
"##in",
"systems",
"are",
"decent",
"##ral",
"##ized",
"systems",
",",
"their",
"maintenance",
"and",
"developmental",
"funding",
"should",
"also",
"be",
"void",
"of",
"central",
"##ization",
"risks",
".",
"Therefore",
",",
"secure",
"and",
"\"",
"community",
"-",
"inclusive",
"\"",
"long",
"-",
"term",
"sustainability",
"of",
"funding",
"is",
"critical",
"for",
"the",
"health",
"of",
"block",
"##cha",
"##in",
"platforms",
".",
"In",
"this",
"work",
",",
"for",
"the",
"first",
"time",
",",
"we",
"provide",
"a",
"systematic",
"exposition",
"of",
"block",
"##cha",
"##in",
"development",
"funding",
",",
"planning",
",",
"manage",
"-",
"men",
"##t",
",",
"and",
"di",
"##s",
"##bur",
"##se",
"##ment",
"mechanisms",
"aka",
"\"",
"treasury",
"systems",
"\"",
"(",
"for",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
"and",
"block",
"##cha",
"##in",
"systems",
")",
".",
"Drawing",
"from",
"existing",
"literature",
",",
"we",
"identify",
"and",
"cat",
"##ego",
"##rise",
"various",
"treasury",
"models",
",",
"thereby",
"enabling",
"an",
"exploration",
"of",
"their",
"properties",
",",
"benefits",
"and",
"draw",
"##backs",
".",
"Part",
"##icular",
"##ly",
",",
"we",
"perform",
"an",
"evaluation",
"of",
"real",
"-",
"world",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
"treasury",
"system",
"of",
"top",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
"e",
".",
"g",
".",
",",
"Dash",
"governance",
"system",
",",
"and",
"Z",
"##C",
"##ash",
"Foundation",
".",
"Finally",
",",
"we",
"briefly",
"discuss",
"desired",
"properties",
"of",
"decent",
"##ral",
"##ised",
"treasury",
"systems",
"and",
"provide",
"suggestions",
"for",
"improvement",
"or",
"alternative",
"solutions",
"to",
"existing",
"systems",
"or",
"implementation",
"##s",
".",
"Index",
"Te",
"##rms",
"—",
"block",
"##cha",
"##in",
",",
"sustainability",
",",
"funding",
",",
"treasury",
"I",
".",
"IN",
"##TR",
"##OD",
"##UC",
"##TI",
"##ON",
"Block",
"##cha",
"##in",
"technology",
"has",
"pioneered",
"a",
"new",
"con",
"##sen",
"-",
"su",
"##s",
"approach",
"to",
"build",
"a",
"distributed",
"public",
"ledge",
"##r",
"globally",
".",
"Block",
"##cha",
"##ins",
"have",
"become",
"largely",
"u",
"##bi",
"##quito",
"##us",
"across",
"various",
"sectors",
",",
"e",
".",
"g",
".",
",",
"technology",
",",
"a",
"##cademia",
",",
"medicine",
",",
"economics",
"and",
"finance",
",",
"etc",
".",
"Collective",
"##ly",
",",
"the",
"net",
"market",
"capital",
"##isation",
"of",
"top",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
"exceeds",
"200",
"billion",
"USD",
"according",
"to",
"Co",
"##in",
"##M",
"##ark",
"##et",
"##C",
"##ap",
".",
"Following",
"the",
"success",
"of",
"Bit",
"##co",
"##in",
",",
"a",
"large",
"number",
"of",
"other",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
"have",
"emerged",
"in",
"recent",
"years",
"."
] | On the sustainability of blockchain funding | 468 |
On the Sustainability of Blockchain Funding
Hamed Balogun
Lancaster University
Lancaster, United Kingdom
[email protected]
Bingsheng Zhang
Lancaster University
Lancaster, United Kingdom
[email protected]
Abstract—Blockchain technology has pioneered a new consen-
sus approach to building a distributed public ledger globally.
A key feature expected from cryptocurrencies and blockchain
systems is the absence of a centralized control over the operation
process. That is, blockchain solutions | [
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"has",
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"a",
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"USD",
"according",
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"Co",
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"##M",
"##ark",
"##et",
"##C",
"##ap",
".",
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"of",
"Bit",
"##co",
"##in",
",",
"a",
"large",
"number",
"of",
"other",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
"have",
"emerged",
"in",
"recent",
"years",
"."
] | On the sustainability of blockchain funding | 469 |
should neither rely on
"trusted parties or powerful minority" for their operations, nor
introduce such centralisation tendencies into blockchain systems.
On the other hand, real-world blockchain systems require
steady funding for continuous development and maintenance of
the systems. Given that blockchain systems are decentralized
systems, their maintenance and developmental funding should
also be void of centralization risks. Therefore, secure and
"community-inclusive" long-term sustainability of fundi | [
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",",
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"[",
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"]",
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"weaknesses"
] | On the sustainability of blockchain funding | 470 |
should neither rely on
"trusted parties or powerful minority" for their operations, nor
introduce such centralisation tendencies into blockchain systems.
On the other hand, real-world blockchain systems require
steady funding for continuous development and maintenance of
the systems. Given that blockchain systems are decentralized
systems, their maintenance and developmental funding should
also be void of centralization risks. Therefore, secure and
"community-inclusive" long-term sustainability of fundi | [
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] | On the sustainability of blockchain funding | 471 |
ng is
critical for the health of blockchain platforms.
In this work, for the first time, we provide a systematic
exposition of blockchain development funding, planning, manage-
ment, and disbursement mechanisms aka "treasury systems" (for
cryptocurrencies and blockchain systems). Drawing from existing
literature, we identify and categorise various treasury models,
thereby enabling an exploration of their properties, benefits and
drawbacks. Particularly, we perform an evaluation of real-world
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"seem",
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"be",
"ahead",
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"[",
"3",
"]",
".",
"An",
"important",
"portion",
"of",
"resources",
"for",
"the",
"research",
"comes",
"from",
"official",
"websites",
"of",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
"or",
"third",
"-",
"party",
"service",
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"(",
"e",
".",
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".",
",",
"Co",
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")",
",",
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"(",
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",",
"Red",
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",",
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")",
",",
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"lists",
",",
"W",
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"pages",
",",
"G",
"##it",
"##H",
"##ub",
",",
"etc",
".",
"Road",
"##ma",
"##p",
".",
"The",
"remainder",
"of",
"this",
"work",
"is",
"divided",
"into",
"sections",
"described",
"as",
"follows",
":",
"Section",
"II",
"provides",
"a",
"high",
"-",
"level",
"des",
"##c",
"##rip",
"-",
"t",
"##ion",
"of",
"treasury",
"systems",
"for",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
".",
"In",
"Section",
"III",
",",
"we",
"discuss",
"various",
"funding",
"sources",
"for",
"block",
"##cha",
"##in",
"/",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
"maintenance",
"and",
"development",
".",
"Section",
"IV",
"provides",
"an",
"in",
"-",
"sight",
"##ful",
"description",
"and",
"cat",
"##ego",
"##ris",
"##ation",
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"-",
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"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
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".",
"In",
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"##s",
"V",
",",
"VI",
"we",
"explore",
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"for",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
"by",
"anal",
"##ys",
"##ing",
"details",
"of",
"their",
"operations",
",",
"features",
",",
"strengths",
"and",
"weaknesses",
".",
"We",
"examine",
"how",
"these",
"pioneer",
"block",
"##cha",
"##in",
"platforms",
"address",
"per",
"##tinent",
"problems",
"such",
"as",
"decision",
"-",
"making",
"participants",
"and",
"rules",
",",
"and",
"privacy",
",",
"fund",
"u",
"##til",
"##isation",
",",
"etc",
".",
"(",
"and",
"their",
"relevance",
"towards",
"developing",
"secure",
"treasury",
"systems",
"for",
"sustainable",
"block",
"##cha",
"##in",
"technologies",
")",
".",
"Finally",
",",
"we",
"conclude",
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"report",
"with",
"a",
"brief",
"summary",
"of",
"key",
"findings",
"and",
"insights",
",",
"as",
"well",
"as",
"recommendations",
"for",
"improvement",
"and",
"future",
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"systems",
"in",
"Section",
"VIII",
".",
"II",
".",
"T",
"##RE",
"##AS",
"##UR",
"##Y",
"S",
"##Y",
"##ST",
"##EM",
"O",
"##VE",
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"##E",
"##W",
"Si",
"##mp",
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"put",
",",
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"is",
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"-",
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"##sten",
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"me",
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"-",
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"(",
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"##pt",
"##oc",
"##ur",
"##ren",
"##ies",
")",
".",
"Treasury",
"on",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies"
] | On the sustainability of blockchain funding | 472 |
ng is
critical for the health of blockchain platforms.
In this work, for the first time, we provide a systematic
exposition of blockchain development funding, planning, manage-
ment, and disbursement mechanisms aka "treasury systems" (for
cryptocurrencies and blockchain systems). Drawing from existing
literature, we identify and categorise various treasury models,
thereby enabling an exploration of their properties, benefits and
drawbacks. Particularly, we perform an evaluation of real-world
cryptocurren | [
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",",
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":",
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"II",
"provides",
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"-",
"level",
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"##rip",
"-",
"t",
"##ion",
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"for",
"cry",
"##pt",
"##oc",
"##ur",
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"##cies",
".",
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",",
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"##cha",
"##in",
"/",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
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"in",
"-",
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"##ris",
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"-",
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"##ur",
"##ren",
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".",
"In",
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"##s",
"V",
",",
"VI",
"we",
"explore",
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"for",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
"by",
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"##ys",
"##ing",
"details",
"of",
"their",
"operations",
",",
"features",
",",
"strengths",
"and",
"weaknesses",
".",
"We",
"examine",
"how",
"these",
"pioneer",
"block",
"##cha",
"##in",
"platforms",
"address",
"per",
"##tinent",
"problems",
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"as",
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"-",
"making",
"participants",
"and",
"rules",
",",
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"privacy",
",",
"fund",
"u",
"##til",
"##isation",
",",
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"(",
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"relevance",
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"developing",
"secure",
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"systems",
"for",
"sustainable",
"block",
"##cha",
"##in",
"technologies",
")",
".",
"Finally",
",",
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"conclude",
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"with",
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"brief",
"summary",
"of",
"key",
"findings",
"and",
"insights",
",",
"as",
"well",
"as",
"recommendations",
"for",
"improvement",
"and",
"future",
"treasury",
"systems",
"in",
"Section",
"VIII",
".",
"II",
".",
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"##RE",
"##AS",
"##UR",
"##Y",
"S",
"##Y",
"##ST",
"##EM",
"O",
"##VE",
"##R",
"##VI",
"##E",
"##W",
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"##mp",
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"-",
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"\"",
"me",
"##ch",
"-",
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"##cha",
"##in",
"platforms",
"(",
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"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##ies",
")",
".",
"Treasury",
"on",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies"
] | On the sustainability of blockchain funding | 473 |
cy treasury system of top cryptocurrencies e.g., Dash
governance system, and ZCash Foundation. Finally, we briefly
discuss desired properties of decentralised treasury systems and
provide suggestions for improvement or alternative solutions to
existing systems or implementations.
Index Terms—blockchain, sustainability, funding, treasury
I. INTRODUCTION
Blockchain technology has pioneered a new consen-
sus approach to build a distributed public ledger globally.
Blockchains have become largely ubiquitous | [
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"encompasses",
"funding",
"source",
",",
"development",
",",
"maintenance",
"and",
"advancement",
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"underlying",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
"[",
"2",
"]",
",",
"as",
"well",
"as",
"decision",
"-",
"making",
",",
"and",
"long",
"-",
"term",
"sustainability",
".",
"In",
"block",
"##cha",
"##in",
"technologies",
",",
"a",
"treasury",
"system",
"is",
"a",
"decent",
"##ral",
"##ised",
"means",
"of",
"achieving",
"and",
"ensuring",
"continued",
"existence",
"and",
"improvement",
"of",
"its",
"parent",
"-",
"system",
"(",
"e",
".",
"g",
".",
",",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
")",
"by",
"providing",
"a",
"regular",
"source",
"of",
"funding",
"for",
"projects",
"relevant",
"to",
"the",
"survival",
"and",
"growth",
"of",
"the",
"system",
".",
"These",
"projects",
"include",
"marketing",
",",
"software",
"development",
",",
"legal",
"fees",
",",
"advertising",
"and",
"publicity",
",",
"etc",
".",
"Typically",
",",
"a",
"treasury",
"system",
"covers",
"proposal",
"submission",
"##s",
"(",
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"disc",
"##us",
"-",
"si",
"##ons",
"/",
"feedback",
"##s",
")",
",",
"community",
"-",
"inclusive",
"collaborative",
"decision",
"-",
"making",
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",",
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"a",
"secure",
"##ly",
"reliable",
"and",
"sustainable",
"means",
"of",
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"for",
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"treasury",
".",
"Furthermore",
",",
"treasury",
"parameters",
"and",
"features",
"should",
"be",
"compatible",
"with",
",",
"and",
"reflect",
"real",
"-",
"life",
"choices",
"and",
"scenarios",
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"which",
"the",
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"##cha",
"##in",
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"/",
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".",
"For",
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",",
"a",
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"(",
"one",
"month",
")",
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"the",
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"##cha",
"##in",
".",
"A",
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"practical",
"##ity",
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"compatibility",
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"-",
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"(",
"e",
".",
"g",
".",
",",
"s",
"##lal",
"##aries",
"are",
"paid",
"monthly",
")",
",",
"as",
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"other",
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"(",
"e",
".",
"g",
".",
",",
"su",
"##f",
"-",
"fi",
"##ce",
"##int",
"##ly",
"reasonable",
"time",
"for",
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",",
"meetings",
",",
"discussions",
",",
"decision",
"-",
"making",
",",
"etc",
".",
")",
"it",
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"[",
"2",
"]",
".",
"Additionally",
",",
"we",
"highlight",
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",",
"per",
"##tinent",
"issues",
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"are",
"essential",
"to",
"treasury",
"system",
".",
"First",
",",
"a",
"collaborative",
"decision",
"-",
"making",
"mechanism",
"e",
".",
"g",
".",
",",
"a",
"voting",
"scheme",
".",
"Treasury",
"systems",
"should",
"integrate",
"mechanisms",
"that",
"facilitate",
"##s",
"community",
"-",
"inclusive",
"collaborative",
"decision",
"-",
"making",
"in",
"order",
"to",
"ma",
"##xi",
"##mise",
"the",
"collective",
"-",
"intelligence",
"of",
"the",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
"community",
"in",
"particular",
"and",
"block",
"##cha",
"##in",
"ecosystem",
"at",
"large",
".",
"In",
"addition",
"to",
"collective",
"-",
"decision",
"ma",
"##k",
"-",
"ing",
",",
"flexible",
"voting",
"rules",
",",
"that",
"reflect",
"the",
"peculiar",
"##ities",
"of",
"the",
"block",
"##cha",
"##in",
"rather",
"than",
"general",
"voting",
"rules",
",",
"is",
"important",
"to",
"the",
"utility",
"of",
"treasury",
"systems",
".",
"For",
"instance",
",",
"a",
"simple",
"majority",
"voting",
"rule",
"may",
"not",
"su",
"##ff",
"##ice",
"for",
"all",
"situations",
",",
"especially",
",",
"for",
"high",
"-",
"risk",
"proposals",
"that",
"request",
"huge",
"amounts",
"of",
"funds",
".",
"Second",
",",
"a",
"secure",
"and",
"sustainable",
"treasury",
"funding",
"me",
"##cha",
"-",
"ni",
"##sm",
".",
"In",
"addition",
"to",
"contributions",
"from",
"block",
"rewards",
"(",
"i",
".",
"e",
".",
",",
"taxation",
"of",
"miners",
"'",
"rewards",
")",
",",
"the",
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"should",
"a",
"##c",
"-",
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"##mo",
"##date",
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"such",
"as",
"voluntary",
"donations",
",",
"or",
"other",
"external",
"funding",
"sources",
".",
"This",
"option",
"is",
"particularly",
"useful",
"when",
"the",
"tax",
"from",
"block"
] | On the sustainability of blockchain funding | 474 |
cy treasury system of top cryptocurrencies e.g., Dash
governance system, and ZCash Foundation. Finally, we briefly
discuss desired properties of decentralised treasury systems and
provide suggestions for improvement or alternative solutions to
existing systems or implementations.
Index Terms—blockchain, sustainability, funding, treasury
I. INTRODUCTION
Blockchain technology has pioneered a new consen-
sus approach to build a distributed public ledger globally.
Blockchains have become largely ubiquitous | [
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] | On the sustainability of blockchain funding | 475 |
across various
sectors, e.g., technology, academia, medicine, economics and
finance, etc. Collectively, the net market capitalisation of
top cryptocurrencies exceeds 200 billion USD according to
CoinMarketCap.
Following the success of Bitcoin, a large number of
other cryptocurrencies have emerged in recent years. De-
spite this increase in the number of cryptocurrencies, se-
cure and "community-inclusive" long-term sustainability of
maintenance and developmental funding of cryptocurrencies
remains a ser | [
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] | On the sustainability of blockchain funding | 476 |
across various
sectors, e.g., technology, academia, medicine, economics and
finance, etc. Collectively, the net market capitalisation of
top cryptocurrencies exceeds 200 billion USD according to
CoinMarketCap.
Following the success of Bitcoin, a large number of
other cryptocurrencies have emerged in recent years. De-
spite this increase in the number of cryptocurrencies, se-
cure and "community-inclusive" long-term sustainability of
maintenance and developmental funding of cryptocurrencies
remains a ser | [
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"##CO",
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",",
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",",
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"##pt",
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"##ur",
"##ren",
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"(",
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".",
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",",
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"##CO",
"##s",
"are",
"deployed",
"as",
"smart",
"contracts",
"that",
"receive",
"funds",
"and",
"distribute",
"equivalent",
"amount",
"of",
"the",
"new",
"or",
"underlying",
"cry",
"##pt",
"##oc",
"##ur",
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"##cy",
"to",
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"[",
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"]",
".",
"Technologies",
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"as",
"the",
"ER",
"##C",
"##20",
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"of",
"I",
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"##CO",
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"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
"community",
".",
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",",
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"##s",
"in",
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"that",
"their",
"value",
"may",
"rise",
"if",
"project",
"/",
"company",
"offering",
"the",
"I",
"##CO",
"is",
"successful"
] | On the sustainability of blockchain funding | 477 |
ious issue for existing cryptocurrencies. Real-
world blockchain systems require continuous maintenance,
developmental projects and steady funding for continuous
growth of the systems.
Ideally, for blockchain systems, maintenance and develop-
mental funding should be decentralised. Given that blockchain
systems are distributed/decentralised systems, therefore, its
solutions (and by extension sustenance mechanisms) should
be void of centralisation risks. That is, blockchain solu-
tions should not rely on | [
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",",
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"30",
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".",
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"I",
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",",
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",",
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"While",
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"##CO",
"##s",
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",",
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"##CO",
"##s",
".",
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",",
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"##i",
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"that",
"can",
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".",
"However",
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"##oc",
"##ur",
"-",
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"##ncy",
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".",
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"I",
"##CO",
"##s",
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"funding",
"mechanism",
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"##pt",
"##oc",
"##ur",
"##ren",
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".",
"B",
".",
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"Don",
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",",
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",",
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"common",
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"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
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".",
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"##pt",
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"##cy",
"rely",
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",",
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".",
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"##CO",
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".",
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"##in",
"through",
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"-",
"The",
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"##co",
"##in",
"Foundation",
"(",
"whose",
"goal",
"is",
"to",
"increase",
"global",
"acceptance",
"of",
"Bit"
] | On the sustainability of blockchain funding | 478 |
ious issue for existing cryptocurrencies. Real-
world blockchain systems require continuous maintenance,
developmental projects and steady funding for continuous
growth of the systems.
Ideally, for blockchain systems, maintenance and develop-
mental funding should be decentralised. Given that blockchain
systems are distributed/decentralised systems, therefore, its
solutions (and by extension sustenance mechanisms) should
be void of centralisation risks. That is, blockchain solu-
tions should not rely on | [
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] | On the sustainability of blockchain funding | 479 |
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blockchain systems ought to be compatible with core features
of blockchain systems, such as tamper-proof, decentralisation,
disintermediation, secure, and community-inclusive (open to
all), etc.
Our contributions. In the literature, the study of blockchain
sustainability mainly focuses on the environmental sustain-
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"and",
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"registration",
"fees",
",",
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",",
"there",
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"where",
"development",
"activities",
"have",
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"threatened",
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"low",
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".",
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",",
"in",
"2015",
",",
"Olivier",
"Jan",
"##ssen",
"##s",
"(",
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"later",
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"Bit",
"##co",
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"stated",
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",",
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"##C",
"##ore",
",",
"an",
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"##ea",
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"-",
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"##co",
"##in",
"Core",
"S",
"##po",
"##nso",
"##rs",
"##hip",
"Programme",
"-",
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"top",
"companies",
"and",
"industry",
"players",
"can",
"contribute",
"to",
"the",
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"of",
"the",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
".",
"For",
"the",
"Mon",
"##ero",
"(",
"X",
"##MR",
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"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
",",
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"##rs",
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"##oc",
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"##ren",
"##cy",
"development",
"projects",
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"discuss",
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")",
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"get",
"##mon",
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"Mon",
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".",
"Although",
",",
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"##pt",
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"##ur",
"##ren",
"##cy",
"de",
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"-",
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",",
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",",
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"-",
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"sustainability",
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"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
".",
"Planning",
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"is",
"only",
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"through",
"donations",
".",
"Met",
"##ic",
"##ulous",
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"for",
"block",
"##cha",
"##in",
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"activities",
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"imp",
"##ractical",
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"model",
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"to",
"uncertain",
"##ties",
"about",
"the",
"amount",
"of",
"funds",
"that",
"will",
"be",
"available",
"at",
"any",
"period",
"of",
"time",
".",
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",",
"donations",
"could",
"introduce",
"central",
"##isation",
"in",
"the",
"system",
".",
"For",
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",",
"\"",
"popular",
"donors",
"\"",
"(",
"not",
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"##lic",
"##ious",
")",
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"take",
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"to",
"influence",
"decisions",
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"to",
"their",
"favour",
".",
"In",
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",",
"a",
"ma",
"##lic",
"##ious",
"ad",
"##vers",
"##ary",
"or",
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"influence",
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"in",
"ways",
"that",
"are",
"de",
"##tri",
"##mental",
"to",
"the",
"sustainability",
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"of",
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".",
"For",
"instance",
",",
"this",
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"done",
"to",
"c",
"##rip",
"##ple",
"the",
"system",
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"the",
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"##vers",
"##ary",
"holding",
"a",
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"in",
"an",
"al",
"##t",
"##co",
"##in",
"or",
"competitor",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
".",
"C",
".",
"Tax",
"##ations",
"Tax",
"##ation",
"is",
"an",
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"funding",
"source",
"found",
"on",
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"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
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"Dash",
",",
"Zen",
"##C",
"##ash",
",",
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"##C",
"##ash",
",",
"etc",
".",
"By",
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",",
"a",
"fraction",
"of",
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"(",
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"for",
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"new",
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"is",
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",",
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"(",
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"/",
"founders",
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"##p",
"-",
"to",
"##cu",
"##rre",
"##ncy",
")",
",",
"or",
"some",
"other",
"bodies"
] | On the sustainability of blockchain funding | 480 |
amely, proof-of-X, where
X is some resource, stake, or combination of resources and
stake. Whereas, funding sustainability is an issue that has been
overlooked by the research community. Despite the increase
in the number of cryptocurrencies, secure sustainability of
maintenance and developmental funding of cryptocurrencies
remains a serious issue. Real-world blockchain platforms
require continuous maintenance, developmental projects and
steady funding for continuous growth.
Traditionally, blockchain pla | [
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"##C",
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",",
"10",
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"##EC",
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",",
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"Tax",
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",",
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"##in",
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"taking"
] | On the sustainability of blockchain funding | 481 |
tforms are developed (and
funded) by "founders", who are either developers, investors,
researchers, etc., and typically they are responsible for driving
the direction and growth of the platforms. However, in recent
times, an alternative funding and decision making mechanism
for blockchain systems is the treasury system [1]. A treasury
system is a self-sustenance mechanism for the advancement of
blockchain systems [2]. The treasury system is a decentralised,
collaborative decision-making mechanism for cryp | [
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] | On the sustainability of blockchain funding | 482 |
tforms are developed (and
funded) by "founders", who are either developers, investors,
researchers, etc., and typically they are responsible for driving
the direction and growth of the platforms. However, in recent
times, an alternative funding and decision making mechanism
for blockchain systems is the treasury system [1]. A treasury
system is a self-sustenance mechanism for the advancement of
blockchain systems [2]. The treasury system is a decentralised,
collaborative decision-making mechanism for cryp | [
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"funds",
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"because",
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"Clearly",
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"-",
"the",
"##ore",
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"##ti",
"##mum",
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")",
",",
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"at",
"any",
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".",
"This",
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"necessary",
"to",
"determine",
"the",
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"inflation",
"impact",
"and",
"implications",
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"-",
"term",
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"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
".",
"E",
".",
"Pat",
"##ron",
"Organisation",
"##s",
"Apart",
"from",
"I",
"##CO",
"##s",
",",
"taxation",
"##s",
"and",
"donations",
",",
"patron",
"organ",
"##isa",
"-",
"t",
"##ions",
"also",
"provide",
"services",
"to",
"support",
"block",
"##cha",
"##in",
"development",
".",
"For",
"instance",
",",
"Bit",
"##pa",
"##y",
"contributes",
"to",
"Bit",
"##co",
"##in",
"development",
"by",
"funding",
"wages",
"of",
"some",
"Bit",
"##co",
"##in",
"Core",
"developers",
".",
"Furthermore",
",",
"industrial",
"organisations",
"can",
"also",
"contribute",
"human",
"resources",
"and",
"services",
"to",
"the",
"growth",
"of",
"a",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
".",
"For",
"instance",
",",
"in",
"addition",
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"providing",
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"Bit",
"##co",
"##in",
"Core",
",",
"Bit",
"##S",
"##tre",
"##am",
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"##co",
"##in",
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"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
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".",
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".",
",",
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"##co",
"##in",
"Core",
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".",
"An",
"obvious",
"draw",
"##back",
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"w",
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"-",
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"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
"they",
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".",
"Usually",
",",
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"decisions",
"tend",
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"occur",
"in",
"a",
"central",
"##ised",
"manner",
",",
"and",
"central",
"##ised",
"su",
"##sten",
"##ance",
"mechanisms",
"that",
"do",
"not",
"equally",
"represent",
"the",
"interests",
"of",
"all",
"stakeholders",
"are",
"not",
"appropriate",
"for",
"block",
"##cha",
"##ins",
".",
"Con",
"##clusive",
"##ly",
",",
"each",
"of",
"the",
"above",
"-",
"listed",
"block",
"##cha",
"##in",
"de",
"##vel",
"-",
"op",
"##ment",
"funding",
"sources",
",",
"individually",
"does",
"not",
"serve",
"as",
"a",
"secure",
",",
"method",
"##ical",
"and",
"decent",
"##ral",
"##ised",
"planning",
",",
"funding",
"source",
"for",
"decent",
"##ral",
"##ised",
"block",
"##cha",
"##in",
"-",
"based",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
"'",
"treasury",
"system",
".",
"Next",
",",
"we",
"discuss",
"the",
"models",
"of",
"treasury",
"systems",
"for",
"block",
"##cha",
"##in",
"technologies",
".",
"Although",
"the",
"proposed",
"onto",
"##logy",
"for",
"treasury",
"models",
"is",
"motivated",
"by",
"current",
"solutions",
"found",
"in",
"existing",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
",",
"the",
"classification",
"also",
"covers",
"p",
"##oss",
"##i",
"-",
"b",
"##le",
"new",
"treasury",
"systems",
"that",
"could",
"potentially",
"be",
"adopted",
"by",
"other",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
".",
"IV",
".",
"T",
"##RE",
"##AS",
"##UR",
"##Y",
"M",
"##OD",
"##EL",
"##S",
"A",
"key",
"motivation",
"for",
"class",
"##ifying",
"treasury",
"system",
"models",
"is",
"to",
"identify",
"similarities",
",",
"basic",
"properties",
",",
"strengths",
"and",
"weak",
"-",
"ne",
"##sses",
"of",
"the",
"diverse",
"groups",
",",
"with",
"a",
"view",
"to",
"determining",
"their",
"app",
"##lica",
"##bility",
"to",
"particular",
"block",
"##cha",
"##in",
"systems",
".",
"A",
"major",
"over",
"##ar",
"##ching",
"attribute",
"used",
"in",
"the",
"classification",
"of",
"treasury",
"systems",
"is",
"the",
"source",
"of",
"development",
"funding",
"for",
"projects",
",",
"as",
"well",
"as",
"the",
"input",
"and",
"contribution",
"of",
"community",
"members",
"of",
"the",
"cry",
"##pt"
] | On the sustainability of blockchain funding | 483 |
tocurrencies
and blockchain systems.
We examine existing development funding and management
systems (viz-a-viz treasury systems) found in real-world cryp-
tocurrencies and evaluate them with a view to identifying
their strengths and weaknesses and provide suggestions for
improvement (towards achieving solutions which are com-
patible with core blockchain features). Briefly, we remark
that at the core of a truly decentralised treasury system are:
regular and "secure" source(s) of funds, community-inclusiv | [
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"("
] | On the sustainability of blockchain funding | 484 |
tocurrencies
and blockchain systems.
We examine existing development funding and management
systems (viz-a-viz treasury systems) found in real-world cryp-
tocurrencies and evaluate them with a view to identifying
their strengths and weaknesses and provide suggestions for
improvement (towards achieving solutions which are com-
patible with core blockchain features). Briefly, we remark
that at the core of a truly decentralised treasury system are:
regular and "secure" source(s) of funds, community-inclusiv | [
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"##ur",
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"Close",
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"Under",
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"taxi",
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"block",
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"-",
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"are",
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"("
] | On the sustainability of blockchain funding | 485 |
e
collaborative decision-making (with facilities to optimise col-
lective intelligence and experience), absence/minimisation of
centralisation risks, and (possibly) an enforcement mechanism
to ensure compliance with community-wide decisions. It is
important to note that a proportional amount of work in this
area stem from non-academic venues and sources (due to
the ubitquitous nature of cryptocurrencies). Particularly, this
is one area of research where practice seem to be ahead of
theory [3]. An impor | [
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] | On the sustainability of blockchain funding | 486 |
e
collaborative decision-making (with facilities to optimise col-
lective intelligence and experience), absence/minimisation of
centralisation risks, and (possibly) an enforcement mechanism
to ensure compliance with community-wide decisions. It is
important to note that a proportional amount of work in this
area stem from non-academic venues and sources (due to
the ubitquitous nature of cryptocurrencies). Particularly, this
is one area of research where practice seem to be ahead of
theory [3]. An impor | [
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"the",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
"are",
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".",
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] | On the sustainability of blockchain funding | 487 |
tant portion of resources for the research
comes from official websites of cryptocurrencies or third-party
service providers (e.g., Coinmarketcap), official and unofficial
chat forums (e.g., Reddit, Medium), mailing lists, Wiki pages,
GitHub, etc.
Roadmap. The remainder of this work is divided into sections
described as follows: Section II provides a high-level descrip-
tion of treasury systems for cryptocurrencies. In Section III, we
discuss various funding sources for blockchain/cryptocurrency
maintena | [
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"systems",
",",
"funding",
"decisions",
"are",
"made",
"in",
"a",
"central",
"##ised",
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".",
"In",
"other",
"words",
",",
"the",
"community",
"members",
"or",
"holders",
"of",
"stake",
"in",
"the",
"cry",
"##pt",
"##oc",
"##ur",
"-",
"re",
"##ncy",
"w",
"##ield",
"(",
"little",
"or",
")",
"no",
"power",
"in",
"the",
"decision",
"making",
"process",
"on",
"how",
"funds",
"are",
"used",
".",
"Typically",
",",
"an",
"organisation",
"responsible",
"for",
"the",
"block",
"##cha",
"##in",
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"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
"makes",
"all",
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"within",
"the",
"H",
"##OC",
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"systems",
"We",
"now",
"examine",
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"systems",
"in",
"real",
"-",
"world",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cies",
"by",
"discussing",
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"funding",
"source",
",",
"decision",
"-",
"making",
"and",
"community",
"participation",
")",
",",
"strengths",
"and",
"potential",
"draw",
"##backs",
",",
"etc",
".",
"V",
".",
"CA",
"##SE",
"ST",
"##U",
"##D",
"##Y",
":",
"D",
"##AS",
"##H",
"GO",
"##VE",
"##RNA",
"##NC",
"##E",
"S",
"##Y",
"##ST",
"##EM",
"The",
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"governance",
"system",
"(",
"D",
"##GS",
")",
"[",
"9",
"]",
"also",
"referred",
"to",
"as",
"Dash",
"governance",
"by",
"block",
"##cha",
"##in",
"(",
"D",
"##GB",
"##B",
")",
"is",
"the",
"pioneer",
"t",
"##rea",
"-",
"sur",
"##y",
"implementation",
"for",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
"development",
"funding",
"on",
"any",
"real",
"-",
"world",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
"[",
"10",
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".",
"The",
"D",
"##GS",
"allows",
"re",
"##gu",
"-",
"la",
"##r",
"users",
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"to",
"participate",
"in",
"the",
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"process",
"of",
"the",
"Dash",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
"by",
"allowing",
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"submit",
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"proposals",
"(",
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"advancing",
"the",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
")",
"to",
"the",
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".",
"A",
"subset",
"of",
"\"",
"special",
"\"",
"nodes",
"known",
"as",
"Master",
"##no",
"##des",
"then",
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"decide",
"what",
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"receive",
"funding",
".",
"Every",
"voting",
"cycle",
"(",
"approximately",
"one",
"month",
")",
",",
"winning",
"proposals",
"are",
"voted",
"for",
"and",
"funded",
"from",
"the",
"a",
"##cc",
"##rue",
"##d",
"resources",
"in",
"the",
"block",
"##cha",
"##in",
"treasury",
".",
"10",
"%",
"of",
"all",
"block",
"rewards",
"within",
"each",
"monthly",
"voting",
"period",
"is",
"contributed",
"towards",
"the",
"block",
"##cha",
"##in",
"treasury",
",",
"from",
"which",
"proposals",
"are",
"then",
"funded",
".",
"A",
".",
"Pro",
"##po",
"##sal",
"##s",
"and",
"Sub",
"##mission",
"##s",
"Projects",
"willing",
"to",
"support",
"the",
"Dash",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
"request",
"for",
"funds",
"through",
"proposals",
"by",
"submit",
"##ting",
"a",
"special",
"transaction",
"(",
"that",
"burns",
"some",
"Dash",
"to",
"prevent",
"Do",
"##S",
"attack",
")",
"on",
"the",
"net",
"-",
"work",
"[",
"10",
"]",
".",
"Pro",
"##po",
"##sal",
"##s",
"include",
"name",
",",
"U",
"##RL",
"to",
"detailed",
"proposal",
",",
"date",
"(",
"start",
"and",
"end",
"date",
"for",
"funding",
"request",
")",
",",
"payment",
"address",
"(",
"if",
"proposal",
"is",
"successful",
"at",
"voting",
")",
",",
"and",
"the",
"amount",
"of",
"funds",
"requested",
".",
"Every",
"node",
"on",
"the",
"network",
"verify",
"the",
"validity",
"of",
"pro",
"-",
"p",
"##osa",
"##l",
"transactions",
"(",
"GO",
"##VE",
"##RNA",
"##NC",
"##E",
"O",
"##B",
"##J",
"##EC",
"##T",
"PR",
"##OP",
"##OS",
"##AL",
")",
"they",
"have",
"seen",
"before",
"adding",
"them",
"to",
"their",
"local",
"\"",
"s",
"##tor",
"-",
"age",
"\"",
"because",
"the",
"proposals",
"are",
"not",
"stored",
"on",
"the",
"Dash",
"block",
"##cha",
"##in",
".",
"Following",
"submission",
",",
"propose",
"##rs",
"are",
"expected",
"to",
"public",
"##ise",
"their",
"submission",
"##s",
"to",
"other",
"users",
"(",
"s",
"##pec",
"##if",
"##i",
"-",
"call",
"##y"
] | On the sustainability of blockchain funding | 488 |
tant portion of resources for the research
comes from official websites of cryptocurrencies or third-party
service providers (e.g., Coinmarketcap), official and unofficial
chat forums (e.g., Reddit, Medium), mailing lists, Wiki pages,
GitHub, etc.
Roadmap. The remainder of this work is divided into sections
described as follows: Section II provides a high-level descrip-
tion of treasury systems for cryptocurrencies. In Section III, we
discuss various funding sources for blockchain/cryptocurrency
maintena | [
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",",
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"##oc",
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"-",
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",",
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"cry",
"##pt",
"##oc",
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",",
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"##D",
"##Y",
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",",
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"##cy",
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")",
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"-",
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",",
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"-",
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"##y"
] | On the sustainability of blockchain funding | 489 |
nce and development. Section IV provides an in-
sightful description and categorisation of the various trea-
sury models found on existing cryptocurrencies and beyond.
In Sections V, VI we explore known treasury systems for
cryptocurrencies by analysing details of their operations,
features, strengths and weaknesses. We examine how these
pioneer blockchain platforms address pertinent problems such
as decision-making participants and rules, and privacy, fund
utilisation, etc. (and their relevance towards d | [
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"##de",
"as",
"well",
"as",
"the",
"has",
"##h",
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"on",
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"submission",
",",
"every",
"node",
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"to",
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"the",
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"the",
"votes",
"before",
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"(",
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",",
"the",
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"not",
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"on",
"the",
"block",
"##cha",
"##in",
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".",
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"at",
"the",
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"voting",
"(",
"in",
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",",
"winning",
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"fuzzy",
"threshold",
"voting",
"scheme",
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"the",
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"amount",
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"project",
"must",
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"a",
"given",
"threshold",
".",
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",",
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"governance",
"system",
",",
"V",
"##vo",
"##tes",
"=",
"(",
"V",
"##yes",
"−",
"V",
"##no",
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"0",
".",
"1",
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"proposals",
"with",
"V",
"##vo",
"##tes",
"are",
"eligible",
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"funding",
".",
"All",
"eligible",
"proposals",
"are",
"then",
"ranked",
"in",
"a",
"descending",
"order",
"according",
"to",
"the",
"amount",
"of",
"net",
"votes",
"they",
"receive",
"and",
"are",
"funded",
"accordingly",
"until",
"the",
"available",
"budget",
"is",
"exhausted",
".",
"Note",
"that",
",",
"once",
"budget",
"is",
"ex",
"##pen",
"##ded",
",",
"other",
"eligible",
"proposals",
"are",
"discarded",
".",
"Therefore",
",",
"only",
"top",
"-",
"ranked",
"proposals",
"that",
"fit",
"within",
"the",
"available",
"budget",
"are",
"funded",
"in",
"an",
"automated",
"process",
"that",
"requires",
"s",
"##ync",
"##hr",
"##oni",
"##sation",
"of",
"the",
"proposal",
"rankings",
"among",
"master",
"##no",
"##des",
"and",
"communication",
"on",
"the",
"network",
".",
"As",
"earlier",
"mentioned",
",",
"the",
"total",
"budget",
"for",
"any",
"voting",
"period",
"is",
"gotten",
"from",
"taxation",
"of",
"miners",
"'",
"block",
"rewards",
",",
"and",
"is",
"calculated",
"as",
"follows",
":",
"Budget",
"=",
"(",
"Block",
"reward",
"∗",
"0",
".",
"1",
")",
"∗",
"1661",
"##6",
"blocks",
".",
"C",
".",
"Disc",
"##uss",
"##ion",
"D",
"##GS",
"employ",
"off",
"-",
"chain",
"systems",
"in",
"the",
"decision",
"-",
"making",
"process",
".",
"A",
"potential",
"issue",
"arises",
"as",
"a",
"result",
"of",
"reliance",
"on",
"data",
"(",
"voting",
"and",
"proposal",
")",
"which",
"are",
"not",
"stored",
"on",
"the",
"block",
"##cha",
"##in",
".",
"Re",
"##liance",
"on",
"off",
"-"
] | On the sustainability of blockchain funding | 490 |
nce and development. Section IV provides an in-
sightful description and categorisation of the various trea-
sury models found on existing cryptocurrencies and beyond.
In Sections V, VI we explore known treasury systems for
cryptocurrencies by analysing details of their operations,
features, strengths and weaknesses. We examine how these
pioneer blockchain platforms address pertinent problems such
as decision-making participants and rules, and privacy, fund
utilisation, etc. (and their relevance towards d | [
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"For",
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"##de",
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",",
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"/",
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"##vo",
"##te",
"##track",
"##er",
".",
"com",
"/",
",",
"etc",
".",
"B",
".",
"V",
"##oting",
"and",
"Rules",
"The",
"D",
"##GS",
"has",
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"democracy",
"as",
"its",
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"of",
"decision",
"-",
"making",
".",
"That",
"is",
",",
"voters",
"on",
"the",
"D",
"##GS",
"vote",
"directly",
"on",
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"in",
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"using",
"the",
"Dash",
"wallet",
"or",
"other",
"third",
"-",
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"tools",
"or",
"websites",
".",
"Only",
"Master",
"##no",
"##des",
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"on",
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"D",
"##GS",
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"\"",
"Y",
"##ES",
"\"",
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"\"",
"NO",
"\"",
",",
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"ABS",
"##TA",
"##IN",
"\"",
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"\"",
"for",
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"\"",
"against",
"\"",
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"\"",
"neutral",
"\"",
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".",
"V",
"##oting",
"is",
"done",
"via",
"a",
"special",
"transaction",
"that",
"identifies",
"the",
"Master",
"##no",
"##de",
"as",
"well",
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"the",
"has",
"##h",
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"proposal",
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"being",
"voted",
"on",
".",
"Similar",
"to",
"proposal",
"submission",
",",
"every",
"node",
"on",
"the",
"network",
"checks",
"to",
"confirm",
"the",
"validity",
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"the",
"votes",
"before",
"adding",
"to",
"their",
"internal",
"storage",
"(",
"because",
"like",
"the",
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",",
"the",
"votes",
"are",
"also",
"not",
"stored",
"on",
"the",
"block",
"##cha",
"##in",
")",
".",
"In",
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"to",
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"considered",
"for",
"funding",
"at",
"the",
"end",
"of",
"voting",
"(",
"in",
"the",
"payment",
"stage",
")",
",",
"winning",
"proposals",
"are",
"decided",
"upon",
"via",
"a",
"fuzzy",
"threshold",
"voting",
"scheme",
"where",
"the",
"absolute",
"amount",
"of",
"votes",
"for",
"a",
"winning",
"project",
"must",
"be",
"greater",
"than",
"a",
"given",
"threshold",
".",
"Specifically",
",",
"for",
"Dash",
"governance",
"system",
",",
"V",
"##vo",
"##tes",
"=",
"(",
"V",
"##yes",
"−",
"V",
"##no",
")",
"≥",
"0",
".",
"1",
"∗",
"|",
"master",
"nodes",
"|",
"That",
"is",
",",
"only",
"proposals",
"with",
"V",
"##vo",
"##tes",
"are",
"eligible",
"for",
"funding",
".",
"All",
"eligible",
"proposals",
"are",
"then",
"ranked",
"in",
"a",
"descending",
"order",
"according",
"to",
"the",
"amount",
"of",
"net",
"votes",
"they",
"receive",
"and",
"are",
"funded",
"accordingly",
"until",
"the",
"available",
"budget",
"is",
"exhausted",
".",
"Note",
"that",
",",
"once",
"budget",
"is",
"ex",
"##pen",
"##ded",
",",
"other",
"eligible",
"proposals",
"are",
"discarded",
".",
"Therefore",
",",
"only",
"top",
"-",
"ranked",
"proposals",
"that",
"fit",
"within",
"the",
"available",
"budget",
"are",
"funded",
"in",
"an",
"automated",
"process",
"that",
"requires",
"s",
"##ync",
"##hr",
"##oni",
"##sation",
"of",
"the",
"proposal",
"rankings",
"among",
"master",
"##no",
"##des",
"and",
"communication",
"on",
"the",
"network",
".",
"As",
"earlier",
"mentioned",
",",
"the",
"total",
"budget",
"for",
"any",
"voting",
"period",
"is",
"gotten",
"from",
"taxation",
"of",
"miners",
"'",
"block",
"rewards",
",",
"and",
"is",
"calculated",
"as",
"follows",
":",
"Budget",
"=",
"(",
"Block",
"reward",
"∗",
"0",
".",
"1",
")",
"∗",
"1661",
"##6",
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".",
"C",
".",
"Disc",
"##uss",
"##ion",
"D",
"##GS",
"employ",
"off",
"-",
"chain",
"systems",
"in",
"the",
"decision",
"-",
"making",
"process",
".",
"A",
"potential",
"issue",
"arises",
"as",
"a",
"result",
"of",
"reliance",
"on",
"data",
"(",
"voting",
"and",
"proposal",
")",
"which",
"are",
"not",
"stored",
"on",
"the",
"block",
"##cha",
"##in",
".",
"Re",
"##liance",
"on",
"off",
"-"
] | On the sustainability of blockchain funding | 491 |
eveloping secure
treasury systems for sustainable blockchain technologies).
Finally, we conclude the report with a brief summary of
key findings and insights, as well as recommendations for
improvement and future treasury systems in Section VIII.
II. TREASURY SYSTEM OVERVIEW
Simply put, a treasury system is a "self-sustenance" mech-
anism for blockchain platforms (particularly cryptocurrenies).
Treasury on cryptocurrencies encompasses funding source,
development, maintenance and advancement of the under | [
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"##4"
] | On the sustainability of blockchain funding | 492 |
eveloping secure
treasury systems for sustainable blockchain technologies).
Finally, we conclude the report with a brief summary of
key findings and insights, as well as recommendations for
improvement and future treasury systems in Section VIII.
II. TREASURY SYSTEM OVERVIEW
Simply put, a treasury system is a "self-sustenance" mech-
anism for blockchain platforms (particularly cryptocurrenies).
Treasury on cryptocurrencies encompasses funding source,
development, maintenance and advancement of the under | [
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"##4"
] | On the sustainability of blockchain funding | 493 |
lying
cryptocurrency [2], as well as decision-making, and long-
term sustainability. In blockchain technologies, a treasury
system is a decentralised means of achieving and ensuring
continued existence and improvement of its parent-system
(e.g., cryptocurrency) by providing a regular source of funding
for projects relevant to the survival and growth of the system.
These projects include marketing, software development,
legal fees, advertising and publicity, etc. Typically, a
treasury system covers propos | [
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] | On the sustainability of blockchain funding | 494 |
lying
cryptocurrency [2], as well as decision-making, and long-
term sustainability. In blockchain technologies, a treasury
system is a decentralised means of achieving and ensuring
continued existence and improvement of its parent-system
(e.g., cryptocurrency) by providing a regular source of funding
for projects relevant to the survival and growth of the system.
These projects include marketing, software development,
legal fees, advertising and publicity, etc. Typically, a
treasury system covers propos | [
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] | On the sustainability of blockchain funding | 495 |
al submissions (and discus-
sions/feedbacks), community-inclusive collaborative decision-
making mechanism for reaching decisions on proposals, and
a securely reliable and sustainable means of funding for the
treasury. Furthermore, treasury parameters and features should
be compatible with, and reflect real-life choices and scenarios
in which the blockchain community/proposers are expected to
function. For example, a potential period for treasury systems
is 30 days (one month) expressed in corresponding n | [
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",",
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",",
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"##ur",
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"##cy",
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"-",
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"##osa",
"##l",
"submission",
"##s",
",",
"it",
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"##asi",
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"##rup",
"##ulously",
"review",
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"number",
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"appointed",
"by",
"a",
"board",
"(",
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"##oc",
"##ur",
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"##cies",
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"(",
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"possibly"
] | On the sustainability of blockchain funding | 496 |
umber
of blocks in the blockchain. A justification for such a choice
is its practicality and compatibility with the real-world (e.g.,
slalaries are paid monthly), as well as other benefits (e.g., suf-
ficeintly reasonable time for planning, meetings, discussions,
decision-making, etc.) it offers [2]. Additionally, we highlight
below, pertinent issues that are essential to treasury system.
First, a collaborative decision-making mechanism e.g., a
voting scheme. Treasury systems should integrate mechanisms
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"##cha",
"##in",
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"##cy",
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"-",
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",",
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",",
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"-",
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"\"",
"locking",
"\"",
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",",
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",",
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",",
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".",
"In",
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",",
"at",
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",",
"the",
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"-",
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"Board",
".",
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",",
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"##cas",
"##h",
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"Board",
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"##powered",
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"discretion",
"##ary",
"approval"
] | On the sustainability of blockchain funding | 497 |
umber
of blocks in the blockchain. A justification for such a choice
is its practicality and compatibility with the real-world (e.g.,
slalaries are paid monthly), as well as other benefits (e.g., suf-
ficeintly reasonable time for planning, meetings, discussions,
decision-making, etc.) it offers [2]. Additionally, we highlight
below, pertinent issues that are essential to treasury system.
First, a collaborative decision-making mechanism e.g., a
voting scheme. Treasury systems should integrate mechanisms
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"un",
"##av",
"##oid",
"##ably",
"absent",
",",
"thereby",
"limiting",
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"strength",
"to",
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".",
"Some",
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"were",
"reviewed",
"by",
"only",
"3",
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"due",
"to",
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"one",
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".",
"Note",
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"although",
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"Z",
"##cas",
"##h",
"Call",
"##s",
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"Pro",
"##po",
"##sal",
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"Review",
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",",
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"getting",
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".",
"For",
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",",
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",",
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"under",
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",",
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".",
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",",
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"Z",
"##cas",
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"##ur",
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"##cy",
"community",
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"-",
"i",
"##pate",
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".",
"De",
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"##ite",
"##ly",
",",
"a",
"system",
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",",
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"del",
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"##a",
"-",
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"(",
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")",
",",
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"deployed",
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"Z",
"##cas",
"##h",
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"Grant",
"process",
".",
"Another",
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"##back",
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"the",
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"mechanism",
"of",
"the",
"Z",
"##cas",
"##h",
"Foundation",
"Grant",
"system",
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"the",
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"-",
"use",
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"the",
"Z",
"##cas",
"##h",
"block",
"##cha",
"##in",
"at",
"any",
"point",
"in",
"the",
"decision",
"-",
"making",
"process",
".",
"Funding",
"decisions",
"on",
"a",
"block",
"##cha",
"##in",
"-",
"based",
"cry",
"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
"should",
"leverage",
"the",
"facilities",
"the",
"block",
"##cha",
"##in",
"can",
"provide",
"to",
"improve",
"the",
"decision",
"-",
"making",
"process",
".",
"For",
",",
"instance",
",",
"secure",
"time",
"-",
"stamp",
"##ing",
"of",
"final",
"proposals",
",",
"commitment",
"(",
"has",
"##hing",
")",
"of",
"proposal",
"submission",
"##s",
",",
"voting",
"in",
"the",
"decision",
"making",
"process",
",",
"ta",
"##mper",
"-",
"proof",
"\"",
"locking",
"\"",
"of",
"voting",
"and",
"funding",
"decisions",
",",
"etc",
".",
"Moreover",
",",
"at",
"any",
"point",
"in",
"future",
",",
"it",
"is",
"not",
"particularly",
"clear",
"how",
"much",
"money",
"would",
"be",
"available",
"for",
"funding",
"proposals",
".",
"In",
"other",
"words",
",",
"at",
"any",
"particular",
"time",
"in",
"the",
"system",
",",
"the",
"amount",
"of",
"community",
"-",
"driven",
"projects",
"or",
"proposals",
"is",
"solely",
"dependent",
"on",
"the",
"approved",
"budget",
"by",
"Foundation",
"Board",
".",
"Although",
",",
"the",
"Z",
"##cas",
"##h",
"Foundation",
"Board",
"is",
"em",
"##powered",
"to",
"make",
"discretion",
"##ary",
"approval"
] | On the sustainability of blockchain funding | 498 |
that facilitates community-inclusive collaborative decision-
making in order to maximise the collective-intelligence of
the cryptocurrency community in particular and blockchain
ecosystem at large. In addition to collective-decision mak-
ing, flexible voting rules, that reflect the peculiarities of the
blockchain rather than general voting rules, is important to
the utility of treasury systems. For instance, a simple majority
voting rule may not suffice for all situations, especially, for
high-risk propo | [
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"##pt",
"##oc",
"##ur",
"##ren",
"##cy",
".",
"Therefore",
",",
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",",
"such",
"as",
"\"",
"decent",
"##ral",
"##ised",
"treasury",
"pool",
"\"",
"represents",
"a",
"better",
"solution",
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".",
"In",
"conclusion",
",",
"because",
"the",
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"is",
"relatively",
"new",
",",
"it",
"is",
"expected",
"that",
"the",
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"will",
"evolve",
"with",
"time",
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"some",
"of",
"the",
"issues",
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"will",
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".",
"For",
"instance",
",",
"there",
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"plans",
"to",
"implement",
"some",
"changes",
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"the",
"system",
",",
"e",
".",
"g",
".",
",",
"the",
"establishment",
"of",
"\"",
"Working",
"Groups",
"\"",
"for",
"monitoring",
"volunteers",
"/",
"propose",
"##rs",
".",
"Furthermore",
",",
"information",
"on",
"the",
"Z",
"##cas",
"##h",
"Foundation",
"Grant",
"G",
"##it",
"##H",
"##ub",
"page",
"also",
"co",
"##rro",
"##bor",
"##ates",
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"suggestion",
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"there",
"are",
"plans",
"to",
"evolve",
"the",
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"into",
"an",
"\"",
"open",
"-",
"community",
"review",
"process",
"\"",
".",
"VII",
".",
"CA",
"##SE",
"ST",
"##U",
"##D",
"##Y",
":",
"ET",
"##H",
"##ER",
"##E",
"##UM",
"F",
"##O",
"##UN",
"##DA",
"##TI",
"##ON",
"In",
"the",
"E",
"##ther",
"##eum",
"block",
"##cha",
"##in",
",",
"the",
"bulk",
"of",
"discussions",
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"analyses",
"re",
"##vo",
"##lve",
"around",
"governance",
"system",
"rather",
"than",
"t",
"##rea",
"-",
"sur",
"##y",
"system",
".",
"It",
"is",
"important",
"to",
"note",
"that",
"a",
"governance",
"system",
"is",
"not",
"the",
"same",
"as",
"a",
"treasury",
"system",
",",
"although",
",",
"both",
"systems",
"support",
"long",
"-",
"term",
"sustainability",
"of",
"block",
"##cha",
"##in",
"technologies",
".",
"Most",
"importantly",
",",
"a",
"treasury",
"system",
"handles",
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"ensures",
"re",
"##g",
"-",
"ul",
"##ar",
"funding",
"and",
"decision",
"-",
"making",
"on",
"fund",
"usage",
",",
"a",
"governance",
"system",
"is",
"mainly",
"concerned",
"with",
"general",
"block",
"##cha",
"##in",
"and",
"protocol",
"rules",
"such",
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"soft",
"-",
"fork",
"##s",
"and",
"hard",
"-",
"fork",
"##s",
".",
"A",
"governance",
"system",
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"and",
"when",
"changes",
"are",
"made",
"to",
"a",
"block",
"##cha",
"##in",
"'",
"s",
"core",
".",
"Similar",
"to",
"the",
"Bit",
"##co",
"##in",
"Foundation",
",",
"the",
"E",
"##ther",
"##eum",
"Found",
"##a",
"-",
"t",
"##ion",
"is",
"a",
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"-",
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"-",
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"Swiss",
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"E",
"##ther",
"##eum",
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",",
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"[",
"13",
"]",
".",
"Like",
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"##co",
"##in",
"Foundation",
",",
"the",
"E",
"##ther",
"##eum",
"foundation",
"also",
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"on",
"donations",
"as",
"its",
"primary",
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"of",
"funding",
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"E",
"##ther",
"##eum",
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"research",
".",
"Basic",
"##ally",
",",
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"support",
"\"",
"general",
"\"",
"E",
"##ther",
"##eum",
"development",
"activities",
".",
"However",
",",
"donors",
"can",
"specify",
"specific",
"projects",
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"which",
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"donations",
"can",
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"used",
"for",
"(",
"provided",
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")",
".",
"Although",
",",
"the",
"E",
"##ther",
"##eum",
"block",
"##cha",
"##in",
"does",
"not",
"have",
"a",
"treasury",
"system",
",",
"it",
"supports",
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"projects",
"through",
"grants",
"to",
"support",
"research",
"that",
"would",
"improve",
"block",
"##cha",
"##ins",
".",
"For",
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"-",
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",",
"the",
"programs",
"referred",
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"as",
"sub",
"##si",
"##dy",
"programs",
"was",
"established",
"to",
"support",
"projects",
"on",
"s",
"##hard",
"##ing",
"and",
"layer",
"-",
"two",
"protocols",
"that",
"would",
"improve",
"block",
"##cha",
"##in",
"s",
"##cal",
"##ability",
".",
"Teams",
",",
"researchers",
",",
"developers",
",",
"who",
"do"
] | On the sustainability of blockchain funding | 499 |