Search results for "Security token"
showing 8 items of 8 documents
Regulation of security tokens as financial instruments in the EU: is there a need for amendments?
2022
In 2020 the European Commission proposed laws on crypto-assets and DLT. The EU treats security tokens as financial instruments, provided that they fall into the MiFID II definition. This Thesis aims to provide classification for crypto-asset as a financial instrument, to identify regulatory gaps in the EU legislation applicable to crypto-assets that qualify as financial instruments (security tokens), and to provide recommendations in relation to security tokens regulation in the EU. The results indicate that Amending Directive will harmonize the procedure for classification of a crypto-asset as a financial instrument across the EU, but the requirement for the expected profit to be derived f…
ICO Crowdfunding: Incentives, Pricing Strategy, Token Strategy and Crowd Involvement
2020
AbstractBlockchain technologies provide means to develop services that are secure, transparent and efficient by nature. Unsurprisingly, the emerging business opportunities has gained a lot of interest that is realized in form of successful Initial Coin Offerings (ICOs) that are able to raise billions of USD through crowdfunding campaign. In this exploratory research we study 91 ICOs through content analysis in order to investigate the special characteristics of ICO crowdfunding as business models towards the possible investors. We found that ICOs can be described through (1) the model for providing incentives for investment, (2) the pricing strategy, (3) the token strategy and (4) the activ…
Initial Coin Offering (ICO) as a Fundraising Strategy : A Multiple Case Study on Success Factors
2019
Cryptocurrencies and Initial Coin Offerings (ICO) are some of the more prominent examples of currently used blockchain technology applications. Especially software startups have leveraged ICOs to gain funding early on in their lifecycles, going on to develop and create new blockchain based applications. Recently, larger companies such as Facebook have also begun to show interest in cryptocurrency, although thus far not for funding purposes in the form of ICOs. In this paper, we investigate factors that positively affect the abilities of companies to meet their fundraising goals via ICOs. We first identify a set of factors from extant literature and then seek to further confirm the effect of…
Semantics of UML 2.0 Activity Diagram for Business Modeling by Means of Virtual Machine
2005
The paper proposes a more formalized definition of UML 2.0 Activity Diagram semantics. A subset of activity diagram constructs relevant for business process modeling is considered. The semantics definition is based on the original token flow methodology, but a more constructive approach is used. The Activity Diagram Virtual machine is defined by means of a metamodel, with operations defined by a mix of pseudocode and OCL pre- and postconditions. A formal procedure is described which builds the virtual machine for any activity diagram. The relatively complicated original token movement rules in control nodes and edges are combined into paths from an action to action. A new approach is the us…
Circuits and excitations to enable Brownian token-based computing with skyrmions
2021
Brownian computing exploits thermal motion of discrete signal carriers (tokens) for computations. In this paper we address two major challenges that hinder competitive realizations of circuits and application of Brownian token-based computing in actual devices for instance based on magnetic skyrmions. To overcome the problem that crossings generate for the fabrication of circuits, we design a crossing-free layout for a composite half-adder module. This layout greatly simplifies experimental implementations as wire crossings are effectively avoided. Additionally, our design is shorter to speed up computations compared to conventional designs. To address the key issue of slow computation base…
Collective Behavior of Price Changes of ERC-20 Tokens
2020
We analyze a network constructed from tokens developed on Ethereum platform. We collect a large data set of ERC-20 token prices; the total market capitalization of the token set is 50.2 billion (109) US dollars. The token set includes 541 tokens; each one of them has a market capitalization of 1 million US dollars or more. We construct and analyze the networks based on cross-correlation of tokens’ returns. We find that the degree distributions of the resulting graphs do not follow the power law degree distribution. We cannot find any hierarchical structures nor groupings of ERC-20 tokens in our analysis. peerReviewed
Artefacts of Cognition: the Use of Clay Tokens in a Neo-Assyrian Provincial Administration
2014
The study of clay tokens in the Ancient Near East has focused, for the most part, on their role as antecedents to the cuneiform script. Starting with Pierre Amiet and Maurice Lambert in the 1960s the theory was put forward that tokens, or calculi, represent an early cognitive attempt at recording. This theory was taken up by Denise Schmandt-Besserat who studied a large diachronic corpus of Near Eastern tokens. Since then little has been written except in response to Schmandt-Besserat's writings. Most discussions of tokens have generally focused on the time period between the eighth and fourth millennium bc with the assumption that token use drops off as writing gains ground in administrativ…
Blockchain Tokens From the Perspective of German Civil Law: An Updated View
2020
Tokens are increasingly being generated on the basis of blockchain technology, which are intended to embody certain rights and obligations as cryptographically secured electronic coupons or digital coupons or vouchers . This paper provides an overview of the current state of affairs and the legal discussion of recent years and examines the extent to which blockchain tokens can be included under the existing German civil law framework of the BGB (German Civil Code). The key question is how goods can be legally represented ("tokenised") digitally and effectively by tokens instead of in documents. There are several approaches to make tokens marketable. Among them are also those that let the "r…