Blockchain and Crypto Currency
Makoto Yano
Business & Money
Blockchain and Crypto Currency

This open access book contributes to the creation of a cyber ecosystem supported by blockchain technology in which technology and people can coexist in harmony. Blockchains have shown that trusted records, or ledgers, of permanent data can be stored on the Internet in a decentralized manner. The decentralization of the recording process is expected to significantly economize the cost of transactions. Creating a ledger on data, a blockchain makes it possible to designate the owner of each piece of data, to trade data pieces, and to market them. This book examines the formation of markets for various types of data from the theory of market quality proposed and developed by M. Yano. Blockchains are expected to give data itself the status of a new production factor. Bringing ownership of data to the hands of data producers, blockchains can reduce the possibility of information leakage, enhance the sharing and use of IoT data, and prevent data monopoly and misuse. The industry will have a bright future as soon as better technology is developed and when a healthy infrastructure is created to support the blockchain market.

Editors and Contributors
1 Creation of Blockchain and a New Ecosystem
1 Data: A New Productive Resource
2 Blockchain Technology
2.1 Blockchain and Data Ownership
2.2 Distributed Computing
2.3 Blockchain: Decentralized Ledger
2.4 Mining
2.5 Advancement of Blockchain Technology
Consensus Among Blockchain Nodes
Scalability and Decentralization
Token Price: Security or Utility
Traceability and anonymity
3 Building a People-Friendly Ecosystem
3.1 Society 5.0
3.2 Industrial Revolution and Market Quality
3.3 Data Monopoly and Data Abuse
3.4 Small to Medium-Sized Enterprises
4 Organization of This Book
4.1 Data Ownership
4.2 Data as Money
4.3 Data Industry
2 Market Quality Approach to IoT Data on Blockchain Big Data
1 Introduction
2 IoT in Society 5.0
3 IoT Big Data: Underutilization, Unfairness, and Inefficiency
3.1 Data Security Issues
3.2 Data Monopoly Issues
4 Decentralization: Towards Fair and Efficient Use
4.1 Unfair Data Monopoly
4.2 Inefficient Use of IoT Big Data
4.3 Decentralized Creation
4.4 Need for a New Blockchain Protocol to Handle IoT Data
5 Market Quality: Fairness and Efficiency
5.1 Market Quality Theory
5.2 Competitive Fairness
6 Creation of a High-Quality Big Data Market
6.1 Assignment of Data Ownership
6.2 Predatory Pricing and Exploitation: A Price Theory Approach
6.3 Further Discussions
3 Industrial Applications of Blockchain to IoT Data
1 IoT and Blockchain
1.1 Challenges Facing the IoT Space
1.2 Blockchain Empowers IoT Devices
1.3 Current Limitations to the IoT + Blockchain Vision
2 A Blockchain Network Created for IoT Devices
2.1 Characteristics IoT Devices and Implications on the Design of Blockchain Networks
2.2 An Evolving Landscape
2.3 Taraxa’s Innovations
3 Potential Applications
3.1 Blockchain Application Suitability
3.2 Potential IoT Applications by Archetype
4 Theory of Money: From Ancient Japanese Copper Coins to Virtual Currencies
1 History of Money: From Commodity Money to Virtual Currency
1.1 History of Japanese Money
1.2 Paper Money
1.3 Ledger Currencies
3 Transaction Costs and Money
3.1 Commodity Money
3.2 Currency and Transaction Costs
3.3 Ledger Currencies and Transaction Costs
3.4 Cost Structure of Different Currencies
2 Money and Its Function
4 New Monetary Theory for the Digital Era
4.1 An Economy with Commodity Money Only
4.2 Nobunaga Oda’s Currency Policy
4.3 “Nobunaga’s Alchemy”
4.4 Monetary Policy of Nobunaga Oda and Hideyoshi Toyotomi
4.5 Paper Money System
4.6 Deposit Currency to Virtual Currency
5 Ethereum, Smart Contracts, DApps
1 A Brief History of Decentralization
2 Ethereum
2.1 Smart Contracts
5 DApp Development and Challenges
5.1 How Are DApps Made?
5.2 Smart Contract Maintenance
3 What Is a DApp?
3.1 DApp and Blockchain
3.2 Coins, Tokens, and DApps
3.3 The Case for DApps
4 Where Is the Smart Contract?
6 The Boundary Between DApps and the Real World
6.1 Consistency with Laws
6.2 Reliability of Data
6.3 Scalability
6.4 The Future of DApps
6 DEX: A DApp for the Decentralized Marketplace
1 Why Are We Getting More Centralized as a Whole?
2 Tokenization at Different Layers of Blockchain
2.1 Crypto Asset Token and Its Value
2.2 Economic Benefit of Tokenization
2.3 Enabling Truly Effective and Fair Exchange
2.4 Decentralized Application Tokens and Their Value
2.5 Protocol Layer Coin and Its Value
3 What Is a DEX?
3.1 Key Technical Core of a DEX
3.2 Implication of DEX: Revolution Brought by the Ability to Issue, Trade, and Record Crypto Assets
3.3 Challenges for DEX
7 Blockchain Business and Its Regulation
1 Risky and Risk-Free Decentralized Assets
1.1 Roles on Securities Markets
1.2 Securities Regulations: From Caveat Emptor to Caveat Venditor
1.3 Money and Tokens
2.1 Utility Tokens
2.2 From ICO to STO
3 ICO and Securities Regulations
3.1 Types of Tokens and Proper Regulations
3.2 Information Disclosure
3.3 Blockchain Characteristics and Security Regulation Conformance
3.4 Desirable ICOs
4 Towards Building a Healthy Blockchain Ecosystem
4.1 Professional Market for Financing
4.2 Reliability of Payment Tokens
4.3 Application Safety and Quality
4.4 Creation of an International Ecosystem Beyond Borders
8 Bitcoin and Blockchain Technology
1 Chain of Blocks
2 Proof-of-Work
3 Decentralized Consensus Algorithm
4 Open-Key Cryptographic Accounts
5 Concluding Remarks
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