李婷婷 | Token Economics: A Risk Redistribution Standard for Practical Cryptocurrency Payment

Token Economics: A Risk Redistribution Standard for Practical Cryptocurrency Payment This is one of the 12 papers accepted in IEEE DAPPCON’19. Abstract Cryptocurrencies are developed as a decentralized and trustless payment system, in which participants should be able to conduct payments across borders with acceptable latency. However, the fluctuation of the exchange rate between crypto and fiat currencies has raised significant concerns and thwarted the prevalence of cryptocurrency payment adoption. Existing solutions require merchants to liquidate the received cryptocurrency on an exchange platform. To compensate for the exchange rate risk, merchants tend to charge a higher price in cryptocurrencies compare to in fiat currency, which dampens the incentive of customers to choose cryptocurrencies as the means of payment. This paper proposes an architecture bolstered by smart contracts to transfer the risk from the merchants to the cryptocurrency issuer. This narrows the gap between prices denominated in cryptocurrencies and fiat currencies, and thus increases the adoption of cryptocurrencies as a payment method. The Ethereum blockchain is chosen as the experimental environment in this work, yet the architecture can be migrated to other decentralized systems without additional efforts. This work devises a novel ERC1586 standard to resolve the payment at a predetermined exchange rate that can be employed by any existing cryptocur- rency. Immutable events on the blockchain will be generated upon the issuance and settlement of a payment, which are considered as the receipts for granting rights to the merchants to settle the payment at a regular basis. The architecture demonstrates a notable reduction on the exchange rate risk for the merchants, solving the primary problem of cryptocurrency payment adoptions nowadays. 共筆: https://hackmd.io/@coscup/SJTglQlEH 講者: 李婷婷 李婷婷現任圖靈鏈科技共同創辦人暨技術長，和加州柏克萊大學區塊鏈研究院受邀學者。曾於微軟亞太區人工智能部門擔任顧問，同時亦於 ACM、IEEE 及國際期刊 CPE 發表過三篇區塊鏈論文。此外，也是知名 Medium 專欄作者筆括密碼貨幣與區塊鏈，為全球前 20 大中文 Medium 作家，逾 3400 位全球訂閱者。近期開設的中文區塊鏈線上課程，更吸引逾千位學員註冊。曾獲香港科技大學年度傑出研究獎、香港區工程學院年度卓越獎學金等數項學術獎項。專訪報導於天下雜誌、女人迷等各大媒體均有刊出。 Slide: https://docs.google.com/file/d/1DdaQcED-mGg6zs6x1fyhY85cuMN8Q9it ===== 加入 Meetup 以得知下次聚會時間地點： http://www.meetup.com/Taipei-Ethereum-Meetup/ slack 討論：https://ethertw.slack.com 。請先從網站取得邀請信： http://bit.ly­/252hNY0 通關密語：decentralized 臉書社團： https://www.facebook.com/groups/443751072484739 歷次講座投影片、程式碼整理： https://github.com/EtherTW/Taipei-Ethereum-Wiki/wiki