• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.27-34
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• 2020

The study investigates herding behavior in cryptocurrencies in different situations. This study employs daily returns of major cryptocurrencies listed in CCI30 index and sub-major cryptocurrencies and major stock returns listed in Dow-Jones Industrial Average Index, from 2015 to 2018. Quantile regression method is employed to test the herding effect in market asymmetries, inter-dependency and intra-dependency cases. Findings confirm the presence of herding in cryptocurrency in upper quantiles in bullish and high volatility periods because of overexcitement among investors, which lead to high volume trading. Major cryptocurrencies cause herding in sub-major cryptocurrencies, but it is a unidirectional relation. However, no intra-dependency effect among cryptocurrencies and equity market is observed. Results indicate that in the CKK model herding exists at upper quantile in market that may be due when the market is moving fast, continuously trading, and bullish trend are prevailing. Further analysis confirms this narrative as, at upper quantile, the beta of bullish regime is negative and significant, meaning the main source of market herding is a bullish trend in investment, which increases market turbulence and gives investors opportunity to herd. Also, we found that herding in cryptocurrencies exits in high volatility periods, but this herding mostly depends on market activity, not market movement.

• Journal of Multimedia Information System
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• 제9권3호
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• pp.191-200
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• 2022

These days, businesses, in both online and offline, have started accepting cryptocurrencies as payment methods. Even in countries like El Salvador, cryptocurrencies are recognized as fiat currencies. Meanwhile, publicly known, but not patched software vulnerabilities are security threats to not only software users but also to our society in general. As the status of cryptocurrencies has gradually increased, the impact of security vulnerabilities related to cryptocurrencies on our society has increased as well. In this paper, we first analyze vulnerabilities from the two major cryptocurrency vendors of Bitcoin and Ethereum in a quantitative manner with the respect to the CVSS, to see how the vulnerabilities are roughly structured in those systems. Then we introduce a modified AML vulnerability discovery model for the vulnerability datasets from the two vendors, after showing the original AML dose not accurately represent the vulnerability discovery trends on the datasets. The analysis shows that the modified model performs better than the original AML model for the vulnerability datasets from the major cryptocurrencies.

• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.465-471
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• 2021

The study investigates the dynamic correlation of cryptocurrencies and equity in Vietnam and tests the safe-haven property of them from the perspective of the stock market in Vietnam during the pandemic crisis by applying the dynamic conditional correlation (DCC) GARCH model and regression with a dummy variable, respectively. This study employs time series data on the daily dataset from September 2014 to September 2021 with the focus on the two most popular cryptocurrencies - Bitcoin and Litecoin. The results show that the dynamic conditional correlations between cryptocurrencies and equity in Vietnam increased during the pandemic, however, in most periods, positive dynamic correlations often dominate. Besides, the regression results also indicate that Bitcoin and Litecoin act as weak safe-haven investments for stocks in Vietnam during the COVID-19 turmoil. They are more suitable for diversification purposes although the dynamic correlations between them and the stock index in Vietnam vary stronger during the pandemic crisis than before. The findings of this study suggest that in the period of pandemic crisis, cryptocurrencies are not concerned as effective safe-haven assets for stock in Vietnam. Instead, cryptocurrencies are only playing a potential role in diversification benefit in this economy.

• 한국컴퓨터정보학회논문지
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• 제24권2호
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• pp.67-74
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• 2019

Since the announcement of bitcoin, new cryptocurrencies have been launched steadily and blockchain technology is also evolving with cryptocurrcies. In particular, security-related technologies such as consensus algorithm and hash algorithm have been improved and transaction processing speed has also been drastically improved to a level that can replace a centralized system. In addition, the advent of smart contract technology and the DApp platform also provides a means for cryptocurrency to decentralize social services beyond just payment. In this paper, we first describe the technologies for implementing cryptocurrency. And the major cryptocurrencies are described with a focus on the technical characteristics. In addition, the development of cryptocurrency technology is expanding the scope of use, so we tried to introduce various cryptocurrencies.

• 유통과학연구
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• 제17권11호
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• pp.93-101
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• 2019

Purpose: Blockchain technology suggests ways to solve the problems in the existing industry. Among them, Cryptocurrency system, which is an element of Blockchain technology, is a very important factor for operating Blockchain. While Blockchain cryptocurrency has attracted attention, studies on cryptocurrency prices have been mainly conducted, however previous studies mainly conducted on Bitcoin prices. On the other hand, in the context of the creation and trading of various cryptocurrencies based on the Blockchain system, little research has been done on cryptocurrencies other than Bitcoin. Hence, this study attempts to find variables related to the prices of Dash, Litecoin, and Monero cryptocurrencies using machine learning techniques. We also attempt to find differences in the variables related to the prices for each cryptocurrencies and to examine machine learning techniques that can provide better performance. Research design, data, and methodology: This study performed Dash, Litecoin, and Monero price prediction analysis of cryptocurrency using Blockchain information and machine learning techniques. We employed number of transactions in Blockchain, amount of generated cryptocurrency, transaction fees, number of activity accounts in Blockchain, Block creation difficulty, block size, umber of created blocks as independent variables. This study tried to ensure the reliability of the analysis results through 10-fold cross validation. Blockchain information was hierarchically added for price prediction, and the analysis result was measured as RMSE and MAPE. Results: The analysis shows that the prices of Dash, Litecoin and Monero cryptocurrency are related to Blockchain information. Also, we found that different Blockchain information improves the analysis results for each cryptocurrency. In addition, this study found that the neural network machine learning technique provides better analysis results than support-vector machine in predicting cryptocurrency prices. Conclusion: This study concludes that the information of Blockchain should be considered for the prediction of the price of Dash, Litecoin, and Monero cryptocurrency. It also suggests that Blockchain information related to the price of cryptocurrency differs depending on the type of cryptocurrency. We suggest that future research on various types of cryptocurrencies is needed. The findings of this study can provide a theoretical basis for future cryptocurrency research in distribution management.

• 문화기술의 융합
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• 제8권1호
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• pp.583-590
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• 2022

암호화폐는 2009년 비트코인 소스 공개와 더불어 지속적으로 기술적 발전과 시장확대가 진행되고 있다. 최근에는 NFT 코인을 비롯해 메타버스 결제 서비스를 중심으로 새로운 응용성이 확장되고 있다. 특히, 중앙암호화폐거래소는 암호화폐 간 또는 기존 법정화폐와 암호화폐 간 중계 거래를 활발히 지원하고 있다. 이러한 중앙거래소에 기초한 암호화폐 거래 시장은 암호화폐의 투기 요인을 부추겨서, 암호화폐의 투기성과 무용론을 강하게 불러 일으켰다. 또한, 중앙암호화폐거래소는 사용자 및 가상자산의 집중화를 유도해서, 블록체인의 탈중화 및 보안성 강화 전략을 저해하고 있다. 따라서 본 연구는 현재 서비스 중인 중앙통제 기반의 중앙암호화폐거래소 현황 및 문제점을 기술하고, 거래소의 분산화 모델로서 분산암호화폐거래소 모델링 전략 및 주요 이슈를 제시한다. 본 연구는 블록체인의 기초한 암호화폐의 익명성, 분산화, 자치성 등을 강화할 수 있다.

• International Journal of Internet, Broadcasting and Communication
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• 제14권1호
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• pp.1-9
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• 2022

Recently, a large number of cryptocurrencies and block chains have been continuously released. However, these cryptocurrencies and block chains are open to users without authorized verification and testing procedures, causing various reliability problems. Existing cryptocurrencies and blockchain test methods build a blockchain Testnet for a certain period of time by the developer without external verification by a third party, and after repeatedly self-testing and self-operating processes, commercialization is in progress by switching to the Mainnet. This self-verification method does not guarantee objectivity and publicness, and high reliability of customers cannot be realized. This study proposes a cryptocurrency and blockchain test interface and test control system as a third-party open test method.

• 인터넷정보학회논문지
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• 제21권6호
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• pp.51-56
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• 2020

기존 화폐가 은행과 같은 신뢰할 수 있는 중앙기관에 의존하는 것과 달리 비트코인을 비롯한 암호화폐는 탈중앙화, 분산화 및 P2P의 특성을 갖는다. 암호화폐에서 거래는 모든 참여자가 확인할 수 있도록 투명하게 분산 저장되며 공개되지만, 이미 저장된 거래 내역의 위변조는 사실상 불가능한 특징이 있다. 흔히 암호화폐도 기존 화폐와 같이 익명성을 갖는 것으로 생각하지만, 암호화폐는 익명성이 아닌 가명성을 제공한다. 이런 이유로 익명성을 보장하기 위한 다양한 연구가 진행되고 있으며, 믹스를 기반으로 한 익명성 보장도 그중 하나이다. 본 논문에서는 믹스를 기반으로 한 기존 익명성 보장 기법을 살펴보고 효율성을 개선한 하이브리드 믹스 기법을 제안한다.

• International Journal of Computer Science & Network Security
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• 제22권5호
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• pp.234-244
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• 2022

Tourism products involve the transfer of money that is flowing to countries with partners or borders, which do not possess any relations surrounding their business environment. Suitable platforms must be generated by the tourism industry, which are beneficial to users when their demands are satisfied based on financial, technology, knowledge, and industry matters. Intermediaries are applied to alleviate different problems that are related to the non-fulfilment of contracts of existing users and service providers who are offering their services and represent a reliable third party. However, it is significant that intermediaries must be reliable when charges are incurred for any possible commission. Cryptocurrencies rely on blockchain technology to provide smoothness in money interchange without the need for reliable third parties. This interchange allows an increasing number of different new forms, which are related to different customer-to-customer transactions. The study attempts to provide an appropriate answer to the main research question, which is: 'Will the widespread adoption of cryptocurrencies bring new types of customer-to-customer markets from a technological, organizational, and environmental perspective?'.

• Journal of Information Processing Systems
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• 제20권1호
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• pp.85-92
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• 2024

In recent years, Bitcoin and Ethereum have witnessed a surge in trading activity, driven by venture capital investment and funding through initial coin offerings (ICOs) and initial exchange offerings (IEOs). This heightened interest has led to kickstarting a vibrant ecosystem for blockchain development. The total number of cryptocurrencies listed on CoinMarketCap.com has reached 2,274 highlights how dynamic and wide blockchain development landscape has grown. In blockchain development, new blockchain projects are being created by forking blockchains inspired by major cryptocurrencies such as Bitcoin and Ethereum. These projects aim to address the perceived shortcomings and improve existing technologies. Altcoins, representing these alternative cryptocurrencies, are an ongoing industry effort to improve performance and security with enhancement proposals such as Bitcoin Improvement Proposals (BIP), Ethereum Improvement Proposals (EIP), and EOSIO Enhancement Proposals (EEP). With competitive attempts to improve blockchain performance and security, an ongoing performance race between various blockchains has taken shape, each claiming its own performance advantages. In this paper, we describe the transactions contained in the blocks of each representative blockchain, and find the factors that affect the transactions per second (TPS) through transaction processing and block generation processes, and suggest their relationship with scalability.