An analysis of the acquisition of a monetary function by cryptocurrency using a multi-agent simulation model
Abstract Many types of cryptocurrencies, which predominantly utilize blockchain technology, have emerged worldwide. Several issuers plan to circulate their original cryptocurrencies for monetary use. This study investigates whether issuers can stimulate cryptocurrencies to attain a monetary function...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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SpringerOpen
2022-09-01
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| Series: | Financial Innovation |
| Subjects: | |
| Online Access: | https://doi.org/10.1186/s40854-022-00389-8 |
| _version_ | 1818024722013618176 |
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| author | Kyohei Shibano Gento Mogi |
| author_facet | Kyohei Shibano Gento Mogi |
| author_sort | Kyohei Shibano |
| collection | DOAJ |
| description | Abstract Many types of cryptocurrencies, which predominantly utilize blockchain technology, have emerged worldwide. Several issuers plan to circulate their original cryptocurrencies for monetary use. This study investigates whether issuers can stimulate cryptocurrencies to attain a monetary function. We use a multi-agent model, referred to as the Yasutomi model, which simulates the emergence of money. We analyze two scenarios that may result from the actions taken by the issuer. These scenarios focus on increases in the number of stores that accept cryptocurrency payments and situations whereby the cryptocurrency issuer designs the cryptocurrency to be attractive to people and conducts an airdrop. We find that a cryptocurrency can attain a monetary function in two cases. One such case occurs when 20% of all agents accept the cryptocurrency for payment and 50% of the agents are aware of this fact. The second case occurs when the issuer continuously airdrops a cryptocurrency to a specific person while maintaining the total volume of the cryptocurrency within a range that prevents it from losing its attractiveness. |
| first_indexed | 2024-12-10T04:04:43Z |
| format | Article |
| id | doaj.art-16b4053679f64f42a03f68df0a3532e7 |
| institution | Directory Open Access Journal |
| issn | 2199-4730 |
| language | English |
| last_indexed | 2024-12-10T04:04:43Z |
| publishDate | 2022-09-01 |
| publisher | SpringerOpen |
| record_format | Article |
| series | Financial Innovation |
| spelling | doaj.art-16b4053679f64f42a03f68df0a3532e72022-12-22T02:02:53ZengSpringerOpenFinancial Innovation2199-47302022-09-018113010.1186/s40854-022-00389-8An analysis of the acquisition of a monetary function by cryptocurrency using a multi-agent simulation modelKyohei Shibano0Gento Mogi1Department of Technology Management for Innovation, School of Engineering, The University of TokyoDepartment of Technology Management for Innovation, School of Engineering, The University of TokyoAbstract Many types of cryptocurrencies, which predominantly utilize blockchain technology, have emerged worldwide. Several issuers plan to circulate their original cryptocurrencies for monetary use. This study investigates whether issuers can stimulate cryptocurrencies to attain a monetary function. We use a multi-agent model, referred to as the Yasutomi model, which simulates the emergence of money. We analyze two scenarios that may result from the actions taken by the issuer. These scenarios focus on increases in the number of stores that accept cryptocurrency payments and situations whereby the cryptocurrency issuer designs the cryptocurrency to be attractive to people and conducts an airdrop. We find that a cryptocurrency can attain a monetary function in two cases. One such case occurs when 20% of all agents accept the cryptocurrency for payment and 50% of the agents are aware of this fact. The second case occurs when the issuer continuously airdrops a cryptocurrency to a specific person while maintaining the total volume of the cryptocurrency within a range that prevents it from losing its attractiveness.https://doi.org/10.1186/s40854-022-00389-8CryptocurrencyBlockchainSocial acceptance of cryptocurrencyEmergence of currency |
| spellingShingle | Kyohei Shibano Gento Mogi An analysis of the acquisition of a monetary function by cryptocurrency using a multi-agent simulation model Financial Innovation Cryptocurrency Blockchain Social acceptance of cryptocurrency Emergence of currency |
| title | An analysis of the acquisition of a monetary function by cryptocurrency using a multi-agent simulation model |
| title_full | An analysis of the acquisition of a monetary function by cryptocurrency using a multi-agent simulation model |
| title_fullStr | An analysis of the acquisition of a monetary function by cryptocurrency using a multi-agent simulation model |
| title_full_unstemmed | An analysis of the acquisition of a monetary function by cryptocurrency using a multi-agent simulation model |
| title_short | An analysis of the acquisition of a monetary function by cryptocurrency using a multi-agent simulation model |
| title_sort | analysis of the acquisition of a monetary function by cryptocurrency using a multi agent simulation model |
| topic | Cryptocurrency Blockchain Social acceptance of cryptocurrency Emergence of currency |
| url | https://doi.org/10.1186/s40854-022-00389-8 |
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