Primitive System Research Articles

A Weakly Initial Algebra for Higher-Order Abstract Syntax in Cedille

Cedille is a relatively recent tool based on a Curry-style pure type theory, without a primitive datatype system. Using novel techniques based on dependent intersection types, inductive datatypes with their induction principles are derived. One benefit of this approach is that it allows exploration of new or advanced forms of inductive datatypes. This paper reports work in progress on one such form, namely higher-order abstract syntax (HOAS). We consider the nature of HOAS in the setting of pure type theory, comparing with the traditional concept of environment models for lambda calculus. We see an alternative, based on what we term Kripke function-spaces, for which we can derive a weakly initial algebra in Cedille. Several examples are given using the encoding.

Economic rationalism or administrative rationalism? Curbside collection systems in Sweden and Japan

Abstract Sweden and Japan are environmental leaders in their regions; however, Sweden has shown much better performance in the development of a circular economy. This paper suggests that different environmental discourses between the two countries help explain this gap. An actor-discourse analysis was conducted, taking the case of curbside collection systems. Results show that in Sweden, producers have physical and financial responsibility for collection and recycling while municipalities are responsible for planning and providing information. Economic incentives are well considered, and easy waste sorting at home is a shared norm, fostering systematic improvement of curbside collection systems and drastically increasing recycling rates. In Japan, in contrast, producers address recycling, municipalities do collection, and consumers cover sorting. The necessity of promoting consumer awareness of recycling is broadly accepted, but systematic thinking has not been introduced; as a result, primitive curbside collection systems remain mainstream in Japan, and it is not easy to sort waste at home. Thus, Sweden has favored economic rationalism while Japan administrative rationalism and, the former has been more effective.

Circular code motifs in the ribosome: a missing link in the evolution of translation?

The origin of the genetic code remains enigmatic five decades after it was elucidated, although there is growing evidence that the code coevolved progressively with the ribosome. A number of primordial codes were proposed as ancestors of the modern genetic code, including comma-free codes such as the RRY, RNY, or GNC codes (R = G or A, Y = C or T, N = any nucleotide), and the X circular code, an error-correcting code that also allows identification and maintenance of the reading frame. It was demonstrated previously that motifs of the X circular code are significantly enriched in the protein-coding genes of most organisms, from bacteria to eukaryotes. Here, we show that imprints of this code also exist in the ribosomal RNA (rRNA). In a large-scale study involving 133 organisms representative of the three domains of life, we identified 32 universal X motifs that are conserved in the rRNA of >90% of the organisms. Intriguingly, most of the universal X motifs are located in rRNA regions involved in important ribosome functions, notably in the peptidyl transferase center and the decoding center that form the original “proto-ribosome.” Building on the existing accretion models for ribosome evolution, we propose that error-correcting circular codes represented an important step in the emergence of the modern genetic code. Thus, circular codes would have allowed the simultaneous coding of amino acids and synchronization of the reading frame in primitive translation systems, prior to the emergence of more sophisticated start codon recognition and translation initiation mechanisms.

Self in the Supernatural Belief Context: A Conceptual Analysis

This paper explores the notion of self from evolutionary, cognitive, and sociocultural perspectives. It is argued that the supernatural constructs embedded in religious rituals and ceremonies and various local traditions do inform peoples’ notions of self and identity. These constructs are rooted in the primitive social systems and represent a creative synthesis of evolutionary process, group functioning, and religious processes. This articulation involves the relations of events in the macrocosm, the natural world, and the microcosm, the inner world. The beliefs about self too contribute to this synthesis. The supernatural beliefs prevailing among various communities in India often reveal these aspects of self. From the evolutionary viewpoint, Sigmund Freud foresaw the role of supernatural entities in understanding group. The paper revisits this leap of imagination in view of advances in neurology, cognitive science, information processing, and psychotherapy. The supernatural entities vary in their scope of application or use and have their life span. These attributes allow us to visualize collective self in diverse forms of conflict within and between religious groups. The evolutionary model of Wynne-Edwards suggests that the evolution of supernatural elements explains cooperation among the group members. The personification of nature is an important phenomenon, and we have to explore the psychological mechanism by which one experiences a supernatural entity. It has two aspects: the plausible neural and mental mechanisms and the processes of evolution of supernatural figures in the natural world. Hayek’s theory of mind helps in exploring these two aspects. These supernatural entities travel in minds of people and are transmitted through culture. There is likelihood of inhibition and facilitation of a supernatural entity inside and outside the mind and are reflected in various activities. The interactions between mind and social milieu need to be understood to explicate the social embedding of self. Instead of focusing upon some specific aspect of the self, the attempt here is to look into a range of phenomena from evolutionary, group, and religious domains that has relevance for understanding self.

Development of the concept of control system work for plaster works based on neural network

Preparation of mortar, its submission to the place of work and application to the surface is efficiently carried out by means of automated mechanical systems in tandem with concrete pumps combined with plastering machine units. The technical consistency and competitiveness of robotic plastering stations largely depends on the accepted kinematic models of the plastering robot being developed and the development of advanced control systems based on them. Simple kinematic circuits generate simple design solutions that are quickly prototyped and of low cost, but because of their design imperfection, these solutions are commonly used for limited production processes, have low precision and primitive control systems, which do not allow for deep automation production. Complex kinematic circuits of robots allow them to be used as a versatile tool in many stages of construction, but such design solutions require the creation of sophisticated control systems.The use of a neural network allows the architecture of the robot control system to be compromised, making it a versatile robot for performing various technological procedures, but requires a clear algorithm for describing the mathematical model of work and its training.This study proposes a mathematical model of a neural network based on a sigmoidal activation function for a two-link manipulator.

Mineralogy and oxygen isotope systematics of magnetite grains and a magnetite‐dolomite assemblage in hydrated fine‐grained Antarctic micrometeorites

AbstractWe report the mineralogy and texture of magnetite grains, a magnetite‐dolomite assemblage, and the adjacent mineral phases in five hydrated fine‐grained Antarctic micrometeorites (H‐FgMMs). Additionally, we measured the oxygen isotopic composition of magnetite grains and a magnetite‐dolomite assemblage in these samples. Our mineralogical study shows that the secondary phases identified in H‐FgMMs have similar textures and chemical compositions to those described previously in other primitive solar system materials, such as carbonaceous chondrites. However, the oxygen isotopic compositions of magnetite in H‐FgMMs span a range of ∆17O values from +1.3‰ to +4.2‰, which is intermediate between magnetites measured in carbonaceous and ordinary chondrites (CCs and OCs). The δ18O values of magnetites in one H‐FgMM have a ~27‰ mass‐dependent spread in a single 100 × 200 μm particle, indicating that there was a localized control of the fluid composition, probably due to a low water‐to‐rock mass ratio. The ∆17O values of magnetite indicate that H‐FgMMs sampled a different aqueous fluid than ordinary and carbonaceous chondrites, implying that the source of H‐FgMMs is probably distinct from the asteroidal source of CCs and OCs. Additionally, we analyzed the oxygen isotopic composition of a magnetite‐dolomite assemblage in one of the H‐FgMMs (sample 03‐36‐46) to investigate the temperature at which these minerals coprecipitated. We have used the oxygen isotope fractionation between the coexisting magnetite and dolomite to infer a precipitation temperature between 160 and 280 °C for this sample. This alteration temperature is ~100–200 °C warmer than that determined from a calcite‐magnetite assemblage from the CR2 chondrite Al Rais, but similar to the estimated temperature of aqueous alteration for unequilibrated OCs, CIs, and CMs. This suggests that the sample 03‐36‐46 could come from a parent body that was large enough to attain temperatures as high as the OCs, CIs, and CMs, which implies an asteroidal origin for this particular H‐FgMM.

Sulfur isotope study of sulfides in CI, CM, C2ung chondrites and volatile-rich clasts – Evidence for different generations and reservoirs of sulfide formation

Abstract Deciphering aspects of the solar system’s formation process and the origin of planetary bodies can be achieved by examining primitive solar system materials, as these materials reflect the early solar system composition and may represent the building blocks of planetary bodies. Along these lines, knowing the original composition of carbonaceous chondrite meteorites is a valuable asset for determining the conditions in the parent bodies where they formed. Therefore, to determine the key characteristics of the parent bodies from which the carbonaceous chondrites and primitive materials are derived, we examined chemical and sulfur isotope compositions of sulfides in CM, CI and C2ung carbonaceous chondrites as well as from CM- and CI-like volatile-rich clasts; such an investigation allows us to explore the origin of these sulfides and to determine the primordial S composition of their parent body source region. In this study, sulfides from 7 CM, CI, and C2ung carbonaceous chondrites and 16 chondritic and achondritic breccias containing volatile-rich clasts were analyzed by electron microprobe and SIMS. Different sulfides were found, which shows evidence of different formation origins. Based on compositions and exsolution textures, we suggest that one fraction of the sulfides in both clasts and chondrites formed at high temperatures prior to incorporation into the parent body. The other sulfides most likely have a secondary origin and precipitated during fluid–rock interaction. Furthermore, differences in the S isotopic signature of the sulfides in chondrites correlate with the degree of aqueous alteration of the carbonaceous host rocks (CM or CI). Studying the sulfides of the volatile-rich clasts in brecciated chondrites and achondrites, a similar fractionation cannot be seen. Even though the mineralogy of CI chondrites and CI-like clasts is similar, the sulfides in CI chondrites appear to be enriched in heavy isotopes compared to those in the clasts (δ34S + 1‰ (CI) vs −2‰ (CI-like clast). This could have been caused by different alteration conditions, or it represents a different sampling reservoir. In this study a large S isotopic fractionation between pentlandite and pyrrhotite was found in large primarily formed sulfides showing exsolution textures, indicating that pentlandite prefers to incorporate light S isotopes. Considering the S isotope composition of the exsolved phase which can be found in CM- and CI-like clasts, the pristine δ34S value of the original monosulfide solid solution (mss) is estimated to be ∼−2‰. This value possibly resembles the sampling reservoir from which the sulfides formed, indicating that both CM- and CI-like clasts derived from a similar reservoir, and this reservoir is different from the formation reservoir of the CI chondrites.

A new population of dust from stellar explosions among meteoritic stardust

Primitive Solar System materials host small amounts of refractory dust grains predating the formation of the Sun and its planetary system. These ‘presolar’ grains condensed in the ejecta of evolved stars, novae and supernovae1. Their highly anomalous isotopic compositions cannot be explained by chemical or physical processes within the Solar System; instead, they represent the nucleosynthetic signatures of their stellar parents. Among this ‘true stardust’, silicates are the most abundant type of dust available for single-grain analyses2, with typical sizes of approximately 150 nm (ref. 3). Unlike presolar silicon carbides, aluminium oxides or graphites, which can be separated chemically from meteorites, presolar silicates have to be identified in situ, as they would be destroyed by extraction agents. Instrumental restrictions have constrained almost all previous magnesium isotopic measurements to presolar aluminium oxides, and the contribution of radiogenic 26Mg from 26Al decay has precluded unambiguous conclusions about their initial magnesium isotopes. Recent technical advances have enabled the undisturbed in situ investigation of magnesium isotopes in presolar silicates with unprecedented spatial resolution ( 200-nm-sized presolar silicates significantly higher than previously inferred1. A minor but important fraction of silicate stardust believed to come from red giant stars is shown to have a supernova origin instead, making the supernova dust fraction among >200-nm-sized presolar silicates significantly higher than previously inferred.

Parallel Emergence of a Compartmentalized Striatum with the Phylogenetic Development of the Cerebral Cortex.

The intricate neuronal architecture of the striatum plays a pivotal role in the functioning of the basal ganglia circuits involved in the control of various aspects of motor, cognitive, and emotional functions. Unlike the cerebral cortex, which has a laminar structure, the striatum is primarily composed of two functional subdivisions (i.e., the striosome and matrix compartments) arranged in a mosaic fashion. This review addresses whether striatal compartmentalization is present in non-mammalian vertebrates, in which simple cognitive and behavioral functions are executed by primitive sensori-motor systems. Studies show that neuronal subpopulations that share neurochemical and connective properties with striosomal and matrix neurons are present in the striata of not only anamniotes (fishes and amphibians), but also amniotes (reptiles and birds). However, these neurons do not form clearly segregated compartments in these vertebrates, suggesting that such compartmentalization is unique to mammals. In the ontogeny of the mammalian forebrain, the later-born matrix neurons disperse the early-born striosome neurons into clusters to form the compartments in tandem with the development of striatal afferents from the cortex. We propose that striatal compartmentalization in mammals emerged in parallel with the evolution of the cortex and possibly enhanced complex processing of sensory information and behavioral flexibility phylogenetically.

Functional Role of T-tubules on Calcium Transients in Canine Cardiac Myocytes

Background: A loss of t-tubules and alterations in ultrastructure occur in cultured ventricular myocytes. A similar alteration in t-tubules and ultrastructure is well documented under certain pathological conditions such as heart failure. We examined the ultrastructural changes in cultured canine cardiac cells and determined the functional impact these changes have on excitation-contraction coupling and Ca2+ transients. Materials, Methods and Results: Atrial, ventricle, and Purkinje myocytes were isolated by enzymatic dispersion. Atrial and ventricular myocytes were cultured for up to 48 h. Voltage clamp recordings were made with patch electrodes. Ca2+ transient was recorded as a laser scanning confocal microscope in myocytes loaded with Ca2+ fluorescent dyes. Membrane ultrastructure was imaged in myocytes stained with the membrane selective dye, di-8-ANEPP. Freshly isolated ventricular myocytes had a well-developed t-tubule system, while Purkinje cells had no t-tubules; some atrial cells exhibited a primitive t-tubule system. In atrial and Purkinje cells, the Ca2+ transient had a U-shaped profile with the fluorescence highest at the edge of the cell. In contrast, ventricular myocytes showed a homogeneous rise in Ca2+ at the edge and center of cells. Ventricular myocytes cultured for 2 days showed a nearly complete loss of t-tubules. The Ca2+ transients revealed a phenotypic switch from a homogeneous profile to a “U”-shaped profile. Interestingly, atrial cells in culture maintained their primitive t-tubule system. Conclusions: Our results show that atrial and ventricular myocytes respond differently to being placed in culture. Ventricular myocytes, but not atrial myocytes, quickly lose their t-tubules accompanied by a Ca2+ transient profile suggestive of a phenotypic switch in Ca2+ handling. The differential response also suggests that the various cardiac tissue types would respond differently to pathophysiological stresses.

The optimal size of protocells from simple entropic considerations.

Potential constraints on protocell size are developed from simple entropic considerations. To do that, two new different indexes as measures of their structural and dynamic order were developed and applied to an elemental model of the heterotrophic protocell. According to our results, cell size should be a key factor determining the potential of these primitive systems to evolve and consequently to support life. Our analyses also suggest that the size of the optimal vesicles could be constrained to have radii in the interval [Formula: see text], where the two extreme limits [Formula: see text] and [Formula: see text] represent the states of maximum structural order (largest accumulation of substrate inside the vesicle) and the maximum flux of entropy production, respectively. According to the above criteria, the size of the optimum vesicles falls, approximately, in the same spatial range estimated for biological living cells assuming plausible values for the second-order rate constant involved in the catabolic process. Furthermore, the existence of very small vesicles could be seriously affected by the limited efficiency, far from the theoretical limits, with which these catabolic processes may proceed in a prebiotic system.

Two Broad Host Range Rhizobial Strains Isolated From Relict Legumes Have Various Complementary Effects on Symbiotic Parameters of Co-inoculated Plants.

Two bacterial strains Ach-343 and Opo-235 were isolated, respectively from nodules of Miocene-Pliocene relict legumes Astragalus chorinensis Bunge and Oxytropis popoviana Peschkova originated from Buryatia (Baikal Lake region, Russia). For identification of these strains the sequencing of 16S rRNA (rrs) gene was used. Strain Opo-235 belonged to the species Mesorhizobium japonicum, while the strain Ach-343 was identified as M. kowhaii (100 and 99.9% rrs similarity with the type strains MAFF 303099T and ICMP 19512T, respectively). Symbiotic genes of these strains as well as some genes that promote plant growth (acdS, gibberellin- and auxin-synthesis related genes) were searched throughout the whole genome sequences. The sets of plant growth-promoting genes found were almost identical in both strains, whereas the sets of symbiotic genes were different and complemented each other with several nod, nif, and fix genes. Effects of mono- and co-inoculation of Astragalus sericeocanus, Oxytropis caespitosa, Glycyrrhiza uralensis, Medicago sativa, and Trifolium pratense plants with the strains M. kowhaii Ach-343 and M. japonicum Opo-235 expressing fluorescent proteins mCherry (red) and EGFP (green) were studied in the gnotobiotic plant nodulation assay. It was shown that both strains had a wide range of host specificity, including species of different legume genera from two tribes (Galegeae and Trifolieae). The effects of co-microsymbionts on plants depended on the plant species and varied from decrease, no effect, to increase in the number of nodules, nitrogen-fixing activity and plant biomass. One of the reasons for this phenomenon may be the discovered complementarity in co-microsymbionts of symbiotic genes responsible for the specific modification of Nod-factors and nitrogenase activity. Localization and co-localization of the strains in nodules was confirmed by the confocal microscopy. Analysis of histological and ultrastructural organization of A. chorinensis and O. popoviana root nodules was performed. It can be concluded that the strains M. kowhaii Ach-343 and M. japonicum Opo-235 demonstrate lack of high symbiotic specificity that is characteristic for primitive legume-rhizobia systems. Further study of the root nodule bacteria having complementary sets of symbiotic genes will contribute to clarify the evolutionary paths of legume-rhizobia relationships and the mechanisms of effective integration between partners.

Exact Learning of Primitive Formal Systems Defining Labeled Ordered Tree Languages via Queries

Exact Learning of Primitive Formal Systems Defining Labeled Ordered Tree Languages via Queries

The core genome m5C methyltransferase JHP1050 (M.Hpy99III) plays an important role in orchestrating gene expression in Helicobacter pylori.

Helicobacter pylori encodes a large number of restriction–modification (R–M) systems despite its small genome. R–M systems have been described as ‘primitive immune systems’ in bacteria, but the role of methylation in bacterial gene regulation and other processes is increasingly accepted. Every H. pylori strain harbours a unique set of R–M systems resulting in a highly diverse methylome. We identified a highly conserved GCGC-specific m5C MTase (JHP1050) that was predicted to be active in all of 459 H. pylori genome sequences analyzed. Transcriptome analysis of two H. pylori strains and their respective MTase mutants showed that inactivation of the MTase led to changes in the expression of 225 genes in strain J99, and 29 genes in strain BCM-300. Ten genes were differentially expressed in both mutated strains. Combining bioinformatic analysis and site-directed mutagenesis, we demonstrated that motifs overlapping the promoter influence the expression of genes directly, while methylation of other motifs might cause secondary effects. Thus, m5C methylation modifies the transcription of multiple genes, affecting important phenotypic traits that include adherence to host cells, natural competence for DNA uptake, bacterial cell shape, and susceptibility to copper.

Bacterial Surface Layer Proteins: A Promising Nano-Technological Tool for Bio-Sensing Applications

The phenomenal rise in the demand of biosensors accelerated their rapid development and immersive applications in the myriads of fields. The essential requirement of developing efficient bio-sensing platform is to find stable well organized interfacial architecture that can serve as an excellent matrix for binding and recognizing biomolecules. In this context, the enormous potential has been envisaged in surface layer proteins that represented themselves as most primitive and simplest self-assembled system with repetitive physicochemical properties for the molecular functionalization of surfaces and various interfaces. The prominence of S-layer proteins has been broadened by integrating genetic engineering approaches for the fine tuning of functional groups and protein domains in geometrically well-defined manner. The efficient and stable binding of various nanomaterials with S-layers in regular arrays has led to paradigmatic shift in their nano-biotechnological sensing applications. More recently, functional S-layer supported lipid membranes have been generated through covalent binding of lipid molecules either with native or recombinant S-layer proteins at nano-scale dimensions serving as “proof of concept” for the development of bio-sensing platform. Thus, in the light of benefits conferred by surface layer proteins for the development of highly efficient biosensors, an exciting path has been opened for broadening their translational applications in drug delivery, disease diagnosis, vaccines development, lab-on-chip devices etc. Therefore, this review intends to describe about the importance of surface layer proteins in the development of biosensors.

Влияние отклонений электрических параметров электропередачи на предельное время отключения короткого замыкания по условию устойчивости генераторов системы

From weather-related uncertainty to geometrical errors of OPL design, numerous factors contribute to the variations of impedance and conductance. Still, an unambiguous judgment can be made on how such variations could affect the transient stability does require additional simulations and computational experiments. This research seeks to evaluate how deviations in the parameters of OPL equivalent circuits could affect the transient stability of generators. To that end, the paper proposes a primitive trinodal test system for simulating random deviations in OPL equivalent circuit parameters so as to run multiple simulations of transients. Step One is to independently analyse each parameter in terms of how it affects the critical fault clearance time. Step Two is to simultaneously measure the line conductance and impedance and to monitor the curves of the test-network generators. The final step is to computationally analyse the collected data so as to find the controlled values as a function of equivalent-circuit parameters. Experimentation has revealed two patterns; first, only random deviations in reactance significantly affect the stability. Second, as found at Step Two, random deviations result in significant uncertainty and scatter of the parametric curves. Thus, the research demonstrates that neglecting the possible deviations in equivalent-circuit parameters in the first approximation does affect simulation results.

Regionalized nervous system in Hydra and the mechanism of its development

The last common ancestor of Bilateria and Cnidaria is considered to develop a nervous system over 500 million years ago. Despite the long course of evolution, many of the neuron-related genes, which are active in Bilateria, are also found in the cnidarian Hydra. Thus, Hydra is a good model to study the putative primitive nervous system in the last common ancestor that had the great potential to evolve to a more advanced one. Regionalization of the nervous system is one of the advanced features of bilaterian nervous system. Although a regionalized nervous system is already known to be present in Hydra, its developmental mechanisms are poorly understood. In this study we show how it is formed and maintained, focusing on the neuropeptide Hym-176 gene and its paralogs. First, we demonstrate that four axially localized neuron subsets that express different combination of the neuropeptide Hym-176 gene and its paralogs cover almost an entire body, forming a regionalized nervous system in Hydra. Second, we show that positional information governed by the Wnt signaling pathway plays a key role in determining the regional specificity of the neuron subsets as is the case in bilaterians. Finally, we demonstrated two basic mechanisms, regionally restricted new differentiation and phenotypic conversion, both of which are in part conserved in bilaterians, are involved in maintaining boundaries between the neuron subsets. Therefore, this study is the first comprehensive analysis of the anatomy and developmental regulation of the divergently evolved and axially regionalized peptidergic nervous system in Hydra, implicating an ancestral origin of neural regionalization.

An approach for monitoring the execution of human based assembly operations using machine learning

During the past years, as part of the continuous research to increase productivity in industrial sector, hybrid solutions allowing the cooperation of industrial robots with operators have been studied. Those combine characteristics from both worlds, such as high accuracy, speed and repeatability of a robot with dexterity of human to perform delicate tasks. Sensing systems have been introduced safeguarding the operators, while primitive workflow monitoring systems, primarily based on operator’s feedback, enhance the dynamic behaviour of the system. This paper presents an approach to automatically monitor the execution of human based assembly operations using vision sensors and machine learning techniques. A reference example based on the assembly of a water pump is showcasing the effectiveness of the proposed approach in real-life application.

A Centimeter-wave Study of Methanol and Ammonia Isotopologues in Sgr B2(N): Physical and Chemical Differentiation between Two Hot Cores

Abstract We present new radio-frequency interferometric maps of emission from the 14NH3, 15NH3, and NH2D isotopologues of ammonia and the 12CH3OH and 13CH3OH isotopologues of methanol toward Sgr B2(N). With a resolution of ∼3″ (0.1 pc), we are able to spatially resolve emission from two hot cores in this source and separate it from absorption against the compact H ii regions in this area. The first (N1) is the well-known v = 64 km s−1 core, and the second (N2) is a core 6″ to the north at v = 73 km s−1. Using emission from 15NH3 and hyperfine satellites of 14NH3 metastable transitions, we estimate the 14NH3 column densities of these sources and compare them to those of NH2D. We find that the ammonia deuteration fraction of N2 is roughly 10–20 times higher than that in N1. We also measure an [15NH3/14NH3] abundance ratio that is apparently 2–3 times higher in N2 than in N1, which could indicate a correspondingly higher degree of nitrogen fractionation in N2. In addition, we find that N2 has a factor of 7 higher methanol abundance than N1. Together, these abundance signatures suggest that N2 is a younger source, for which species characteristic of grain chemistry at low temperatures are currently being actively liberated from ice mantles and have not yet reached chemical equilibrium in the warm gas phase. The high D abundance and possible high 15N abundance in NH3 found in N2 are interesting for studying the potential interstellar origin of abundances in primitive solar system material.

Bitcoin and Blockchain: A Threat or Opportunity for the Financial System

Abstract As world economy evolved over years, barter which is a primitive transaction system left its place to money system. Commodity and bimetallic systems of money resolved the problems, especially the requirement of double coincidence of wants and eased the trade within parties. Chronologically, paper system of money followed the commodity system and implemented via two methods. In the first method, convertible paper money is converted into gold and silver by the authority that issued paper money. In the second method that is still valid today, fiat money is accepted by parties because of its being a legal tender. Money supply definitions keep changing as new liquid assets emerge day by day. Especially after the post global financial crisis, central banks have a more critical function for the world economies. Keeping all these developments aside, surrounded by fintech trends, financial system has confronted with a new instrument bitcoin that is first introduced in 2009. Though there are still too many consideration about this new financial instrument, number of bitcoins has growing since 2009 and has reached almost 17 million as of September 2018. Some economists consider bitcoin and other cryptocurrencies as a threat especially for central banks’ emission power. In this study we try to shed light to bitcoin, other cryptocurrencies and blockchain technology with regard to their evolvement and whether they pose a threat or provide an opportunity to the financial system.