Trading Protocol Research Articles

A Non-Transferable Trade Scheme of Green Power Based on Blockchain

Power consumers can obtain authoritative green environmental value certification through green electricity trading, which plays an important role in improving the production competitiveness of enterprises, especially for international product trade affairs. However, the credibility of green electricity transactions faces serious challenges in the enterprise green authentication affairs, especially the user’s identity authentication, the traceability of green electricity transactions, and the standardization of green electricity transactions. Aiming to solve the certification and traceability problem of tradable green certificates, this paper proposes an integrated green certificate trading protocol, which solves its double-trading problem and helps to improve the credibility of renewable energy use. The main contribution is providing a solution based on the consortium blockchain technology to solve the main challenges mentioned above. The main solved scheme designs a series of protocols, which includes a purchase protocol, payment protocol, and non-transferable protocol. The whole process ensures the credibility, traceability, and non-transferability of green certificate trading. Multiple verification measures are adopted to address security and privacy challenges in green certificate management. Through security analysis, the protocol effectively defends against attacks such as double payments, transaction rollback, and transaction replays while ensuring users’ privacy.

The Method of Choosing Parameters for Margin Trading Protocols in the Constant Product Model

We introduce a new method of choosing parameters for margin trading protocols in the Constant Product Model and apply it to our new DeFi Margin Trading protocol Primex, which can work with different DEXs and DeFi platforms. The main advantages of Primex, in comparison with existing DeFi protocols, are the following: (1) the possibility to trade with leverage, using large asset amounts and having only a small part (deposit) in one of the assets; (2) full explanation and justification of the choice of protocol parameters and relations (such as liquidation condition, maximum leverage, different fees, etc.), which allows to estimate different risks (for Lenders and the protocol) and reduce them to the required level; (3) additional decentralization and, at the same time, protection against different faults in protocol functioning, achieved by the usage of the decentralized Keeper; (4) transparent rules and conditions for all participants—Lenders, Traders, and Keepers. We give a detailed explanation for our approach to set protocol parameters and build a corresponding method to obtain their numerical values in the case of the Constant Product Model. The obtained numerical results provide additional indirect confirmation of the consistency of our method. Note that it also may be applied (after the corresponding recalculation of some coefficients) to other models, such as the Order Book Model, Constant Sum Model, or the Mixed Constant Sum/Constant Product Model (as described in the Curve whitepaper), and even other types of DeFi protocols after some modification.

How do providers assess young people for risk of sex trafficking? Observed indicators, follow-up, and assessment questions from a sample of social service providers

The extent to which service providers across systems identify and assess potentially sex trafficked youth is understudied. The purpose of this study is to determine whether and how providers observe relevant indicators and assess for sex trafficking risk among minors (ages 12–17), young adults (ages 18–29), and families of minors. A cross-sectional, web-based survey was disseminated to service providers, who represented child welfare, youth justice, and social services (e.g. runaway youth, sexual violence), in a region of a Midwestern state (United States). Participants (N = 267) were asked whether they provided direct services to minors (ages 12–17, n = 245), adults (ages 18–29, n = 148), and/or families/foster families of minors (ages 12–17, n = 163), resulting in three respective client groups. Survey items assessed the extent to which providers (1) identified possible sex trafficking indicators across 5 domains; (2) took follow up actions; and (3) asked risk assessment questions. T-tests were conducted to examine differences between those who reported receiving sex trafficking trainings, compared to those who did not. Results suggest that the most commonly identified indicators included depressive symptoms, shame and guilt, lack of social support. Least common indicators included torture, false IDs, hotel involvement. A third of minor-aged providers did not ask sex trafficking risk assessment questions. Providers reported asking fewer clients about online sex trading than in-person forms. There were statistically significant differences among providers who received training. Implications, including provider strategies for assessing online sex trading and organizational protocols to enhance sex trafficking identification, are discussed.

Bibliometric Analysis: The Use of Blockchain Technology in Smart City Mapping Concept

Research on the adoption of blockchain technology in supporting the application of the smart city idea is extensively carried out to keep up with the development and difficulty of more intricate city management. This study aims to review research trends in the use of blockchain technology in the concept of Smart City mapping through research published on the Scopus database in 2016 - 2022. Three hundred forty-two (342) documents taken from Scopus with the keywords “smart city” and “blockchain technology” for 2016 to 2022 were analyzed using a bibliometric approach. Articles were analyzed based on the number of publications per year, country, author, affiliation, source, and funding. CiteSpace analyzed connectivity trends between keywords, authors, and countries. The results showed that Sustainable Smart Cities, Energy Trading, and On-demand Protocol dominated ten (10) clusters. Broadly speaking, it also discusses sustainable smart cities and energy trading using blockchain technology. The most dominant authors in this study trend are Jabalbarezisarbijan. Meanwhile, analysis of the Scopus database revealed three dominating countries, namely India (72), China (63), and the United States (47). At the same time, the institution, according to the most dominating institutional publication trend, is Brandon University. Then, blockchain technology substantially impacts the advancement of infrastructure within the domains of smart cities, intelligent transportation systems, electric vehicles, and renewable energy. This current study proposed the trajectory of advancement for the use of blockchain technology in smart city governance, thereby illuminating the future of the smart city concept.

Secure distributed power trading protocol for networked microgrids based on blockchain and elliptic curve cryptography

AbstractThe definition of an electricity trading protocol among microgrids is not an easy task to perform due to the grid's increasing requirements. In fact, a trading process must provide security and especially privacy of the buyer and seller identities as well as prices. Also, guaranteeing a financial profit to trading parties is of great importnace. Moreover, matching the full distributed paradigm is required since it will be executed in a distributed system. All these constraints must be satisfied with consideration to the computational costs especially data storage. In this paper, an electricity trading protocol is introduced to ensure: (1) the security and privacy of buyers, sellers, and sales information, (2) the trading process distribution, and (3) the minimisation of the stored data. The protocol builds upon the blockchain technology and the Elliptic Curve Cryptography. To achieve the protocol goals, a new architecture based on a concept of membership of microgrids to families and groups of families is defined. The proposed protocol is implemented using Java programming langauge. An honest‐but‐curious‐adversary security model is applied to a formal case study to prove security of the protocol.

Small is beautiful? How the introduction of mini futures contracts affects the regular contracts

Using panel data covering 27 years and more than 20 contracts, we analyze how the introduction of mini futures contracts affects the liquidity of the regular contracts. The liquidity of the regular contracts increases and the volatility decreases while the trading volume does not change significantly. Further analysis reveals that only those regular contracts that are traded electronically benefit from the introduction of a mini contract. Our results imply that increased fragmentation is not necessarily harmful to market quality and they reveal a preference of traders for electronic trading protocols.

Interopera: An Efficient Cross-Chain Trading Protocol

Abstract With the rapid development of blockchains, blockchain systems are moving on from a stand-alone manner to cross-chain interactions, and achieving interoperability is emerging as one of the essential features of blockchains. Unfortunately, existing mechanisms such as XCLAIM mostly focus on exchanging assets between two blockchains and it is slow and expensive to process each cross-chain trade among more than two blockchains as multiple transactions are required. In this paper, we present Interopera, a decentralized and efficient cross-chain trading protocol among two or more blockchains. Interopera atomically processes each cross-chain trade faster and more cheaply with fewer transactions by a two-phase lock/unlock process. Interopera also achieves efficient cross-chain communication by our presented Partitioned-FlyClient and Tx-FlyClient. Partitioned-FlyClient is based on FlyClient but more efficient with smaller proof size, reducing the storage and bandwidth overheads. Tx-FlyClient maintains efficiency even when cross-chain trades become frequent, instead of other mechanisms only being effective under low cross-chain trades volumes. We also develop a proof-of-concept implementation and the results demonstrate high efficiency of our protocol.

STBC: A Novel Blockchain-Based Spectrum Trading Solution

The ever-developing 5G and Internet of Things (IoT) technology has recently drawn increased attention to the use and management of underutilized spectrum. Blockchain is a good potential solution, however, the Nakamoto consensus-based scheme has a low spectrum utilization rate, high transaction delay, and a huge waste of energy. In this paper, we present a novel decentralized distributed spectrum trading protocol STBC (Spectrum Trading Blockchain) base on blockchain, which explicitly aims for efficiency, simplicity, safety, and energy-saving. STBC uses a new consensus mechanism to quickly confirm transactions while tolerating up to <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex-math notation="LaTeX">${n}$ </tex-math></inline-formula> /3 malicious nodes ( <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex-math notation="LaTeX">${n}$ </tex-math></inline-formula> is the total number of nodes), and its implementation code is very concise. We adopt the similar idea of sharding to improve the efficiency and scalability of the system. Due to the specificality of spectrum trading, it is necessary to protect the privacy of trading nodes. Therefore we propose a temporarily anonymous transaction that can effectively prevent DDoS (Distributed Denial of Service) attack. Moreover, theoretical analysis shows that STBC is also secure against mainstream attacks such as double-spending attacks and the power consumption of STBC is significantly less than the Nakamoto consensus-based scheme. The prototype evaluation of our protocol demonstrates that it improves the spectrum utilization by about 30% compared with the state-of-the-art blockchain spectrum trading schemes, and meanwhile reducing the transaction confirmation delay by about 12.5x.

Is an Automated Market Maker an Alternative to Fiat Trading Protocols?

Is an Automated Market Maker an Alternative to Fiat Trading Protocols?

Influence of the Position of Mango Fruit on the Tree (Mangifera indica L. CV. ‘Zibda’) on Chilling Sensitivity and Antioxidant Enzyme Activity

Mango fruits sourced from tropical yields have had a high commercial comeback from being viewed as susceptible to chilling injury under long storage durations. When the fruits are exposed to cold storage, this results in physiological changes due to the side effects of the storage on the fruits, expanding the rates of loss during the period between harvest and marketing. It is difficult to harvest mangoes as the fruits show varying maturities and are located in different positions on the trees. The purpose of this study was to test the idea that fruits’ location on the tree influences how the fruit behaves during cold storage. During two seasons (2019–2020), the impact of on-tree fruit location, i.e., sunny side (SUN; fruit exposed to the sun for most of the day), shade (SHA; fruit grown on the shady side of trees), and inside the canopy (INS; fruit grown inside the tree canopy), on the chilling sensitivity and the activities of antioxidant enzymes of ‘Zibda’ mangos stored at a low temperature (4 ± 1 °C) for 35 days was determined. In contrast to SHA and SUN mangos, INS fruits were shown to be progressively tolerant to low storage temperatures. These fruits also showed the highest activities of ascorbate peroxidase (APX), peroxidase (POD), catalase (CAT), and superoxide dismutase (SOD). In addition, the contents of O2− and H2O2 decreased in INS fruit during storage. Consequently, the cell membrane compartments were maintained, showing low accumulation of both malondialdehyde (MDA) and the protein carbonyl group (PCG) during storage. These results indicate that the fruit positions can also be considered at the time of harvesting for the classification of fruits before cold storage. This classification can also be added to the mango trading protocol to minimize the loss of economic returns by chilling injury.

A Fair and Privacy-Preserving Image Trading System Based on Blockchain and Group Signature

With the rise of digital images in our daily lives, there is a growing need to provide an image trading market where people can monetize their images and get desired images at prices that fit their budget. Those images are usually uploaded and stored onto centralized image trading service providers’ servers and the transactions for image trading are processed by these providers. Unfortunately, transaction unfairness and users’ privacy breaches have become major concerns since the service providers might be untrusted and able to manipulate image trading prices and infer users’ private information. Recently, several approaches have been proposed to address the unfairness issue by using the decentralized ledger technique and smart contract, but users’ privacy protection is not considered. In this paper, we propose a fair and privacy-preserving protocol that supports image fair exchange and protect user privacy. In particular, we exploit blockchain and Merkle tree to construct a fair image trading protocol with low communication overhead based on smart contract, which serves as an external judge that resolves disputes between buyers and sellers in image transactions. Moreover, we extend a popular short group signature scheme to protect users’ identity privacy, prevent linkability of transactions from being inferred, and ensure traceability of malicious users who may sell fake images and/or refuse to pay. Finally, we design and build a practical and open-source image trading system to evaluate the performance of our proposed protocol. Experimental results demonstrate its effectiveness and efficiency in real-world applications.

Blockchain-based Fair and Decentralized Data Trading Model

Abstract Data is a kind of important asset in the digital economy and is driving the rise of data markets. Meanwhile, data markets promote data trading efficiently and improve the utilization of data. However, several challenges about data trading need to be addressed. Here, we resolve these challenges via our blockchain-based fair and decentralized data trading model. Disputes about data correctness is settled by the decentralized arbitration mechanism in our model. To ensure the fairness of data trading, we integrate a sale contract and a deterministic public-key encryption algorithm. The decentralization feature of blockchain cuts off the single-point failure for the data trading platform. In addition, we prove that the proposed protocol achieves the desirable security properties that a secure data trading protocol should have. Moreover, utilizing the smart contract in Solidity and program in Java, we implement our model and then evaluate its performance.

Science to Commerce: A Commercial-Scale Protocol for Carbon Trading Applied to a 28-Year Record of Forest Carbon Monitoring at the Harvard Forest

Forest carbon sequestration offset protocols have been employed for more than 20 years with limited success in slowing deforestation and increasing forest carbon trading volume. Direct measurement of forest carbon flux improves quantification for trading but has not been applied to forest carbon research projects with more than 600 site installations worldwide. In this study, we apply carbon accounting methods, scaling hours to decades to 28-years of scientific CO2 eddy covariance data for the Harvard Forest (US-Ha1), located in central Massachusetts, USA and establishing commercial carbon trading protocols and applications for similar sites. We illustrate and explain transactions of high-frequency direct measurement for CO2 net ecosystem exchange (NEE, gC m−2 year−1) that track and monetize ecosystem carbon dynamics in contrast to approaches that rely on forest mensuration and growth models. NEE, based on eddy covariance methodology, quantifies loss of CO2 by ecosystem respiration accounted for as an unavoidable debit to net carbon sequestration. Retrospective analysis of the US-Ha1 NEE times series including carbon pricing, interval analysis, and ton-year exit accounting and revenue scenarios inform entrepreneur, investor, and landowner forest carbon commercialization strategies. CO2 efflux accounts for ~45% of the US-Ha1 NEE, an error of ~466% if excluded; however, the decades-old coupled human and natural system remains a financially viable net carbon sink. We introduce isoflux NEE for t13C16O2 and t12C18O16O to directly partition and quantify daytime ecosystem respiration and photosynthesis, creating new soil carbon commerce applications and derivative products in contrast to undifferentiated bulk soil carbon pool approaches. Eddy covariance NEE methods harmonize and standardize carbon commerce across diverse forest applications including, a New England, USA regional eddy covariance network, the Paris Agreement, and related climate mitigation platforms.

Modeling and Analysis of Data Trading on Blockchain-Based Market in IoT Networks

Mobile devices with embedded sensors for data collection and environmental sensing create a basis for a cost-effective approach for data trading. For example, these data can be related to pollution and gas emissions, which can be used to check the compliance with national and international regulations. The current approach for IoT data trading relies on a centralized third-party entity to negotiate between data consumers and data providers, which is inefficient and insecure on a large scale. In comparison, a decentralized approach based on distributed ledger technologies (DLT) enables data trading while ensuring trust, security, and privacy. However, due to the lack of understanding of the communication efficiency between sellers and buyers, there is still a significant gap in benchmarking the data trading protocols in IoT environments. Motivated by this knowledge gap, we introduce a model for DLT-based IoT data trading over the narrowband Internet-of-Things (NB-IoT) system, intended to support massive environmental sensing. We characterize the communication efficiency of three basic DLT-based IoT data trading protocols via NB-IoT connectivity in terms of latency and energy consumption. The model and analyses of these protocols provide a benchmark for IoT data trading applications.

Exchange Design and Efficiency

Most assets clear independently rather than jointly. This paper presents a model based on the uniform‐price double auction which accommodates arbitrary restrictions on market clearing, including independent clearing across assets (allowed when demand for each asset is contingent only on the price of that asset) and joint market clearing for all assets (required when demand for each asset is contingent on the prices of all assets). Additional trading protocols for traded assets—neutral when the market clears jointly—are generally not redundant innovations, even if all traders participate in all protocols. Multiple trading protocols that clear independently can be designed to be at least as efficient as joint market clearing for all assets. The change in price impact brought by independence in market clearing can overcome the loss of information, and enhance diversification and risk sharing. Except when the market is competitive, market characteristics should guide innovation in trading technology.

On The Quality Of Cryptocurrency Markets: Centralized Versus Decentralized Exchanges

Despite the growing adoption of decentralized exchanges, not much is yet known about their market quality. To shed light on this issue, we compare decentralized blockchain-based venues (DEX) to centralized crypto exchanges (CEX) by assessing two key aspects of market quality: price efficiency and market liquidity. Using a novel and comprehensive data set, we find that overall CEX provide better market quality but DEX become competitive for transactions exceeding \$ 100,000. Further, the main determinant of the lower price-efficiency of DEX is the high gas price stemming from proof-of-work blockchains. We propose and empirically validate a stylized theory of DEX liquidity provision, which links trading volumes, protocol fees, and liquidity in equilibrium. Our model identifies quantitative conditions for DEX to overtake CEX in the future.

Customer Liquidity Provision in Corporate Bond Markets: Electronic Trading versus Dealer Intermediation

We investigate electronic trading among customers under normal market conditions and during the Covid-19 crisis using a unique data sample of U.S. corporate bond transactions from UBS Bond Port. We show that electronic customer-to-customer (C-to-C) trading is beneficial in terms of costs for orders up to $ 1 million. The advantage of electronic C-to-C trading primarily benefits liquidity-consuming customers, as dealers penalize liquidity takers more than the electronic trading channel. Contrary to expectations, at the onset of the Covid-19 crisis the costs for liquidity takers selling bonds electronically inverted, resulting in negative aggressor markups. We argue that this effect is allocated to the trading protocol of a firm and transparent order book. Volumes in electronic C-to-C trading are more driven by orders wherein the liquidity-consuming party is selling; this effect is amplified in stressed markets. Whereas electronic liquidity provision by dealers is primarily concentrated to normal market conditions, electronic C-to-C trading becomes more important in stressed markets. Literature underestimates the effect of inverting markups during the Covid-19 crisis and thus undervalues electronic C-to-C trading as a viable liquidity pool in stressed markets.

Selling “Money” on eBay: A field study of surplus division

Abstract We study the division of trade surplus in a natural field experiment on German eBay. Acting as a seller, we offer Amazon gift cards with face values between 5 and 500 Euro. eBay users, the subjects of our experiment, make price offers according to the Buy-it-Now or Best Offer trading protocol. Using a novel decomposition method, we infer the trade surplus from the data and find that on average the buyers offer one quarter of the surplus to the seller. Additionally, we document: (i) insignificant effects of stake size; (ii) poor use of strategically relevant public information; and (iii) differences between East and West German subjects.

WITHDRAWN: Blockchain based data trading ecosystem

Abstract Data, a key asset in our data-driven economy, has fuelled the emergence of a new data trading industry. However, there is variety of limitations in conventional data trading platforms thanks to the existence of dishonest buyer/data broker. To mitigate these limitations, the importance posit of a data processing–as–a-service model, which complements Conventional data hosting/exchange-as-a-service model. Specifically, a secure data trading ecosystem has introduced and present a new blockchain based data trading ecosystem (hereafter referred to as SDTE). In the ecosystem, both data broker and buyer aren't ready to obtain access to the seller’s data, as they're only getting access to the analysis findings that they require. In other words reducing the challenge to secure the data processing. Also build a security model to research the info trading market, and describe a replacement set of trading protocols for the whole data trading market. To demonstrate utility, the implementation of proposed secure data trading platform (SDTP) on Ethereum & Intel Software Guard Extensions (SGX) and perform an in-depth analysis.

Employing Decentralized Trading Protocol (P2P) to Optimize Assets Allocation

As it is the power of that gives occasion for the division of labor, so the extent of this division must always be limited by the extent of this power, (Adam Smith, 1776, Book 1, Chapter. 3). This paper deals with innovations in technology that have the potential to increase the power of exchanging by making decentralized P2P barter trading protocol operational in certain markets. The unprecedented growth of the market in terms of the variety of goods and services, the number of traders and the locations in which they trade make decentralized trading protocol (exchanging) more important than ever. Economic theory suggests that the optimal exchanging system is a decentralized P2P barter trading in state contingent claims on current and future consumption or in securities that represent such claims. Until now decentralized trading protocols were not possible and global trade is carried out through centralized fiat money as a medium of exchange. Fiat money contributes to a market of monopolistic competition due to the power and opportunistic behavior of governments that issue money and of central banks that manage the money. Blockchain and decentralized trading technologies make it possible to replace centralized fiat money as medium of exchange where the media of exchange are tokens registered on blockchains. The tokens represent claims on current and future consumption. Decentralized trading protocols implemented on blockchain the distributed ledger technology are still in nascent stage, but once applied even to a small and limited segment of the market they are likely to expand and to contribute to optimal asset allocation in the market as a whole.