English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Plus monthly

Global: Zendy Tools annual

Global: Zendy Tools monthly

Global: Zendy Free Plan

Decentralized Ledger Technology, popularized by the Bitcoin network, aims tokeep track of a ledger of valid transactions between agents of a virtualeconomy without a central institution for coordination. In order to keep trackof a faithful and accurate list of transactions, the ledger is broadcast andreplicated across machines in a peer-to-peer network. To enforce validity oftransactions in the ledger (i.e., no negative balance or double spending), thenetwork as a whole coordinates to accept or reject new transactions based on aset of rules aiming to detect and block operations of malicious agents (i.e.,Byzantine attacks). Consensus protocols are particularly important tocoordinate operation of the network, since they are used to reconcilepotentially conflicting versions of the ledger. Regardless of architecture andconsensus mechanism used, resulting economic networks remain largely similar,with economic agents driven by incentives under a set of rules. Due to theintense activity in this area, proper mathematical frameworks to model andanalyze behavior of blockchain-enabled systems are essential. In this paper, weaddress this need and provide the following contributions: (i) we establish aformal framework, with tools from dynamical systems theory, to mathematicallydescribe core concepts in blockchain-enabled networks, (ii) we apply thisframework to the Bitcoin network and recover its key properties, and (iii) weconnect our modeling framework with powerful tools from control engineering,such as Lyapunov-like functions, to properly engineer economic systems withprovable properties. Apart from the aforementioned contributions, themathematical framework herein proposed lays a foundation for engineering moregeneral economic systems built on emerging Turing complete networks, such asthe Ethereum network, through which complex alternative economic models areexplored.

A State-Space Modeling Framework for Engineering Blockchain-Enabled Economic Systems