The Economics of Cryptocurrencies

1. Gabatarwa

Tun lokacin da aka ƙirƙiro Bitcoin a cikin shekara ta 2009, cryptocurrencies sun haifar da muhawara mai zurfi game da mahimmancin tattalin arzikinsu. Masu suka sun yi Allah wadai da su a matsayin zamba ko kumfa, yayin da masu fafutuka suka nuna yuwuwar su na tallafawa biyan kuɗi ba tare da ƙayyadaddun ɓangare na uku waɗanda ke sarrafa kuɗi don riba ba.

Wannan takarda ta haɓaka ƙirar ma'auni na gabaɗaya na cryptocurrency wanda ke amfani da blockchain azaman na'urar rikodin bayanai don biyan kuɗi. Muna ƙirƙira matsalar kashe kuɗi sau biyu kuma muna nuna yadda ake magance ta ta hanyar gasar hakar ma'adinai mai cike da albarkatu da kuma jinkirin tabbatarwa.

Bincikenmu ta bayyana cewa ko da yake Bitcoin a halin yanzu yana da manyan farashin jin dadi, cryptocurrency da aka tsara da kyau zai iya tallafawa biyan kuɗi yadda ya kamata. Muna tantancewa ta yadda cryptocurrencies zasu iya sauƙaƙa ma'amala idan aka kwatanta da tsarin biyan kuɗi na gargajiya.

Takardar ta ba da gudummawa ga ɗanyen adabin tattalin arziki akan cryptocurrencies ta zama na farko don ƙirƙira siffofin fasaha na musamman na tsarin cryptocurrency - blockchain, hakar ma'adinai, da karfafa kashe kuɗi sau biyu - a cikin tsarin tattalin arziki na ƙididdiga.

2. Cryptocurrencies: Gabatarwar Gajerta

Cryptocurrencies kamar Bitcoin suna kawar da buƙatar ɗan uwa na uku da aka amince da su ta hanyar dogaro da cibiyar sadarwar masu tabbatarwa don kiyaye da sabunta kwafin littafin. Amincewa ya dogara ne akan blockchain wanda ke tabbatar da tabbatarwa, sabuntawa da adana tarihin ma'amaloli.

Ana sabunta blockchain ta hanyar tsarin gasa da ake kira mining, inda masu haƙo ma'adinai ke gasa don warware matsalolin tabbatar da aiki masu tsada. Wanda ya yi nasara yana sabunta sarkar tare da wani sabon block kuma yana karɓar lada wanda aka ba da kuɗin sabon ƙirƙirar tsabar kudi da kuɗin ma'amala.

Kalubale makuu ni duniya ya kulipia mara mbili: baada ya kufanya muamala, mtumiaji anaweza kujaribu kuwashawishi wathibitishaji kukubali historia mbadala ambapo malipo hayakufanyika. Jambo hili huzuiwa na ucheleweshaji wa uthibitishaji - wauzaji huwangoja uthibitishaji mwingi kabla ya kutoa bidhaa, na hivyo kufanya mashambulizi ya kulipia mara mbili kuwa magumu zaidi kufanikiwa.

3. Matsalar Kashe Kudi Sau Biyu

Tunatengeneza mfano wa kusoma maamuzi ya kuchimba madini na kulipia mara mbili ndani ya mzunguko wa malipo. Mfano unaonyesha kuwa ili kufutisha muamala wenye ucheleweshaji wa uthibitishaji wa vipindi vidogo vya N, mnunuzi mwerevu anahitaji kushinda mchezo wa kuchimba madini mara N+1 mfululizo.

Wannan ya haifar da sakamakonmu na asali: Ga kowane cryptocurrency da ya dogara da ka'idar Proof-of-Work, sasantawa ba za ta iya zance nan take kuma ta ƙarshe ba. Akwai ciniki na asali tsakanin saurin ma'amala da tsaro daga kashe kuɗi sau biyu.

The model derives a no-double-spending constraint: d < R(N+1)N, where d is the transaction size, R is the mining reward, and N is the confirmation lag. This constraint shows the relationship between transaction size, confirmation lag, and the mining rewards needed to deter double-spending.

4. Tsarin Ma'auni na Gabaɗaya

Mun haɗa tsarin cryptocurrency a cikin tsarin ma'auni na kuɗi na gabaɗaya bisa Lagos da Wright (2005). Wannan mataki yana da mahimmanci domin cryptocurrency tsari ne na rufaffiyar madauki - ƙimarsa ta dogara ne da yawo a cikin tattalin arziki, wanda ke ƙayyade ladan ma'adinai, wanda kuma ya shafi ƙoƙarin haƙa ma'adinai da kuma ƙwaƙƙwaran kashe kuɗi sau biyu.

Tsarin ya ba mu damar bincika mafi kyawun ƙirar cryptocurrency. Mun gano cewa mafi kyawun tsarin lada yana saita kuɗin ma'amala zuwa sifili kuma ya dogara kawai akan haɓakar kuɗi (girma kuɗi). Wannan yana rage karkatacciyar hanya kuma yana inganta inganci.

Mun tabbatar da cewa ma'auni na cryptocurrency hujja na kashe kuɗi sau biyu yana wanzuwa lokacin da rukunin masu amfani ya isa, yana nuna cewa cryptocurrency ya zama mafi inganci tare da sikelin.

5. A Numerical Analysis of Bitcoin

Mun yi amfani da bayanan cinikin Bitcoin na 2015 wajen daidaita tsarin mu. Binciken ya nuna cewa tsarin Bitcoin na yanzu ba shi da inganci sosai, yana haifar da asarar jin dadin jama'a da kashi 1.4% idan aka kwatanta da ingantaccen tsarin kuɗi.

Babuwar rashin inganci ita ce manyan farashin hakar ma'adinai, wanda aka kiyasta dala miliyan 360 a shekara. Wannan yana nufin cewa mutane za su yarda su karɓi tsarin kuɗi mai hauhawar farashi da kashi 230% kafin su fi amfani da Bitcoin.

Duk da haka, Bitcoin da aka ƙera da kyau zai rage farashin jin daɗin jama'a zuwa 0.08% ta hanyar rage haɓakar kuɗi da kuma kawar da kuɗin ma'amala. Madaidaicin adadin hauhawar farashin kaya zai ragu zuwa 27.51%.

Muna kuma kimanta ingancin cryptocurrency don biyan kuɗin dillali (ta amfani da bayanan katin debit na Amurka) da manyan biyan kuɗi (ta amfani da bayanan Fedwire). Cryptocurrencies suna nuna ƙananan asarar jin daɗi don biyan dillali (0.00052%) idan aka kwatanta da manyan tsarin (0.0060%).

6. Conclusion

Yin daidai riƙon bayanai ta hanyar blockchain bisa ga yarjejeniya ta hanyar Tabbacin-Aiki, ra'ayi ne mai ban sha'awa. Tattalin arzikin wannan fasaha yana gudana ne ta hanyar ƙwaƙƙwaran mutum na kashe kuɗi sau biyu da kuma farashin sarrafa waɗannan ƙwaƙƙwaran.

Yayin da girman cryptocurrency ke ƙaruwa, yana zama mafi inganci. Wannan yana bayyana dalilin da yasa ma'auni na hujjar kashe kuɗi sau biyu ke wanzuwa ne kawai tare da isasshen ma'aunin masu amfani, da kuma dalilin da yasa cryptocurrency ke aiki mafi kyau lokacin da adadin ma'amala ya yi girma idan aka kwatanta da girman ma'amalar mutum ɗaya.

Bitcoin ba kawai mai tsada ba ne dangane da farashin ma'adinai har ma bai dace ba a cikin zanensa na dogon lokaci. Ana iya inganta inganci sosai ta hanyar inganta ƙimar ƙirƙirar tsabar kuɗi da rage kuɗin ma'amala.

Tsarin cryptocurrency na iya yuwuwa kalubalantar tsarin biyan kuɗi na dillalai da zarar an magance iyakokin iyawa. Akwai abubuwa da yawa da za a koya game da yuwuwar tattalin arziki da ingantaccen ƙira na fasahar blockchain.

Appendix

The paper includes extensive appendices with proofs, derivations, and additional analyses including:

• Micro-foundation for the proof-of-work problem
• Cikakkun hujjoji na lemmas da shawarwari
• Bincike na Proof-of-Stake a matsayin madadin hanyar yarjejeniya
• Bayanin Blockchain na Tsarin Mulki