This paper describes a Hungarian social microcredit programme, called Kiutprogram and discusses the major lessons drawn from its operation. It was launched some 10 years ago as an adaptation of the Grameen model to the Hungarian circumstances to decrease the level of prejudice and discrimination against the Roma and improve their living conditions in the most remote, deprived areas of Hungary; microlending has been understood and introduced as a device to achieve these aims –and not as a profit-seeking business activity.During the almost ten-year long learning process, from the simple adaptation of the Grameen model the Kiutprogram has arrived to the denial of the most important features of joint liability in group lending, namely the application of the devices of social collateral. Experience has also shown that a loan itself is not sufficient to assist escaping fromthe poverty trap. Without knowledge transfer and without inter-community connection building –at least in the case of discriminated minorities –the effect of the loan may even be detrimental. In a modern society not only physical, but also social and cultural capital is needed to run a successful business in the formal sector of the economy.In the Kiutprogram’s model the loan plays a crucial role in escaping from the aspiration trap, and thus helps overcome learned helplessness. Loans without any –financial or social –collateral signal that the lender trusts the client, not only in her honesty, but also in her abilities. This method of lending strongly suggests to the clients the conviction that she is able of achieving a business success. Neither financial aid, nor loan with (social) collateral is suitable to reach this effect.
{"title":"Escaping From the Poverty Trap With Social Innovation: A Social Microcredit Programme in Hungary","authors":"G. Molnár, Attila Havas","doi":"10.2139/ssrn.3390420","DOIUrl":"https://doi.org/10.2139/ssrn.3390420","url":null,"abstract":"This paper describes a Hungarian social microcredit programme, called Kiutprogram and discusses the major lessons drawn from its operation. It was launched some 10 years ago as an adaptation of the Grameen model to the Hungarian circumstances to decrease the level of prejudice and discrimination against the Roma and improve their living conditions in the most remote, deprived areas of Hungary; microlending has been understood and introduced as a device to achieve these aims –and not as a profit-seeking business activity.During the almost ten-year long learning process, from the simple adaptation of the Grameen model the Kiutprogram has arrived to the denial of the most important features of joint liability in group lending, namely the application of the devices of social collateral. Experience has also shown that a loan itself is not sufficient to assist escaping fromthe poverty trap. Without knowledge transfer and without inter-community connection building –at least in the case of discriminated minorities –the effect of the loan may even be detrimental. In a modern society not only physical, but also social and cultural capital is needed to run a successful business in the formal sector of the economy.In the Kiutprogram’s model the loan plays a crucial role in escaping from the aspiration trap, and thus helps overcome learned helplessness. Loans without any –financial or social –collateral signal that the lender trusts the client, not only in her honesty, but also in her abilities. This method of lending strongly suggests to the clients the conviction that she is able of achieving a business success. Neither financial aid, nor loan with (social) collateral is suitable to reach this effect.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116237240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Savva Shanaev, Arina Shuraeva, Mikhail Vasenin, M. Kuznetsov
In this study, a mathematical model of proof-of-work cryptocurrency valuation is developed based on the concepts of simultaneous equilibria in two mining games, the purchasing power parity in the system of equations of exchange and the network effects of transaction cost optimisation in the economy where agents utilise both conventional and digital currencies to process payments. The model lays the foundation for rigorous long-term proof-of-work cryptocurrency valuation superior to existing approaches that are solely based on variations of Metcalfe’s law or costs of mining. Based on the model, the long-term Bitcoin equilibrium price conditional on current block size limit is $106, while if the block size limit is abandoned, the conditional equilibrium price is $6725. Network hashrate is consistent with the no-limit scenario, while the transaction fees are consistent with the status quo, revealing an important source of uncertainty on the market. The developed framework is also applied to the measure the net social value of proof-of-work cryptocurrencies, and Bitcoin long-term social value of equilibrium is shown to be positive at $126,200 per block. The comparison of equilibrium and optimal cases shows that external intervention is not necessary to guarantee socially beneficial outcomes.
{"title":"Towards Proof-of-Work Cryptocurrency Valuation: Mining Games, Network Effects and the Social Value of Blockchain","authors":"Savva Shanaev, Arina Shuraeva, Mikhail Vasenin, M. Kuznetsov","doi":"10.2139/ssrn.3352098","DOIUrl":"https://doi.org/10.2139/ssrn.3352098","url":null,"abstract":"In this study, a mathematical model of proof-of-work cryptocurrency valuation is developed based on the concepts of simultaneous equilibria in two mining games, the purchasing power parity in the system of equations of exchange and the network effects of transaction cost optimisation in the economy where agents utilise both conventional and digital currencies to process payments. The model lays the foundation for rigorous long-term proof-of-work cryptocurrency valuation superior to existing approaches that are solely based on variations of Metcalfe’s law or costs of mining. Based on the model, the long-term Bitcoin equilibrium price conditional on current block size limit is $106, while if the block size limit is abandoned, the conditional equilibrium price is $6725. Network hashrate is consistent with the no-limit scenario, while the transaction fees are consistent with the status quo, revealing an important source of uncertainty on the market. The developed framework is also applied to the measure the net social value of proof-of-work cryptocurrencies, and Bitcoin long-term social value of equilibrium is shown to be positive at $126,200 per block. The comparison of equilibrium and optimal cases shows that external intervention is not necessary to guarantee socially beneficial outcomes.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"132 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122506522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Retail portfolio management service is an essential service for the effective channelization and utilization of surplus funds for economic growth of capital markets. Many investors have burnt their fingers in the capital markets by either being misled by aggressive wealth management advisors or on account of reliance on media reports and advice of friends and family.
However, these lacunae are now gradually being eliminated by the use of ROBO Advisory services. By automating financial planning, ROBO advisors emphasize on the user experience and combat the behavioral aspects of investing that can cause people to fall short of their financial goals. These programmed Robots will thus eliminate the risk of human bias or human error. The services are gradually making inroads in the Indian financial sector as well.
In the light of this, the present research endeavors to understand the awareness and perception of ROBO advisors in Portfolio Management services amongst 50 investors in Pune, Maharashtra through the interview method. The study aims to target individuals in the age group of 25 to 45 years who are generally considered to be quite technology savvy.
{"title":"A Study on the Awareness and Perception of Robo Advisory Services Among Investors in Pune City","authors":"Farida Rasiwala, Bindya Kohli","doi":"10.2139/ssrn.3308595","DOIUrl":"https://doi.org/10.2139/ssrn.3308595","url":null,"abstract":"Retail portfolio management service is an essential service for the effective channelization and utilization of surplus funds for economic growth of capital markets. Many investors have burnt their fingers in the capital markets by either being misled by aggressive wealth management advisors or on account of reliance on media reports and advice of friends and family.<br><br>However, these lacunae are now gradually being eliminated by the use of ROBO Advisory services. By automating financial planning, ROBO advisors emphasize on the user experience and combat the behavioral aspects of investing that can cause people to fall short of their financial goals. These programmed Robots will thus eliminate the risk of human bias or human error. The services are gradually making inroads in the Indian financial sector as well.<br><br>In the light of this, the present research endeavors to understand the awareness and perception of ROBO advisors in Portfolio Management services amongst 50 investors in Pune, Maharashtra through the interview method. The study aims to target individuals in the age group of 25 to 45 years who are generally considered to be quite technology savvy.<br>","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127522659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
E-Banking has become an integral part of the global financial environment. Improvement in technologies and financial innovations has made E-banking is an intense part of the banking sector. “As day by day increasing the technologies are also increasing”. Technology has become the fuel for rapid change. In earlier times, the banking customers were required to visit in a bank in order to transact their accounts in the bank but now by the help of E-Banking the customers do not need to visit in a bank and with the help of internet, customers can easily transact their accounts from anywhere. E- Banking is playing a major role that it’s improving the service quality and strengthens the banking sector because of the electronic payment there is increase in customer satisfaction level, increased productivity, reduction in cost of banking operations, settlement faster and in large volumes. The world has become a global village and it has brought a revolution in the banking industry because of increasing in the development of information technology. The key trends are discussed for their impact on future E-Banking services.
{"title":"Impact of E-Banking Its Growth and Future in India","authors":"Bijendra Pushkar, Ananya Gupta","doi":"10.2139/ssrn.3308577","DOIUrl":"https://doi.org/10.2139/ssrn.3308577","url":null,"abstract":"E-Banking has become an integral part of the global financial environment. Improvement in technologies and financial innovations has made E-banking is an intense part of the banking sector. “As day by day increasing the technologies are also increasing”. Technology has become the fuel for rapid change. \u0000 \u0000In earlier times, the banking customers were required to visit in a bank in order to transact their accounts in the bank but now by the help of E-Banking the customers do not need to visit in a bank and with the help of internet, customers can easily transact their accounts from anywhere. \u0000 \u0000E- Banking is playing a major role that it’s improving the service quality and strengthens the banking sector because of the electronic payment there is increase in customer satisfaction level, increased productivity, reduction in cost of banking operations, settlement faster and in large volumes. \u0000 \u0000The world has become a global village and it has brought a revolution in the banking industry because of increasing in the development of information technology. The key trends are discussed for their impact on future E-Banking services.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125806592","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Initial Coin Offerings (ICOs) are currently one of the most fashionable topics in the area of financial markets. For token issuers, they are a success story. By the end of 2018 nearly $ 30 billion dollars have been raised in ICOs. From the investors’ perspective, however, things do not look so shiny. Lots of them claim to have lost significant amounts of money invested in tokens issued by more or less reputable companies. In this market report, we analyze the ICOs of 2017. We illustrate the ICO market of that year and scrutinize how prices of the issued tokens have developed until today. Thereby, we take the perspective of an investor that bought tokens initially from the issuer. We found that investors, which invested in ICOs during 2017, had, at first, a 50% chance that their tokens traded above their ICO issue price after six months. Yet, things have changed over time. By mid-December 2018, the vast majority of those tokens are in the red. 55% of tokens have lost substantially all their value. Nevertheless, it is our view that it would be too hasty to predict the end of ICOs from these numbers.
{"title":"ICO Market Report 2017. Performance Analysis of Initial Coin Offerings (Presentation Slides)","authors":"Lars Haffke, Mathias Fromberger","doi":"10.2139/SSRN.3309271","DOIUrl":"https://doi.org/10.2139/SSRN.3309271","url":null,"abstract":"Initial Coin Offerings (ICOs) are currently one of the most fashionable topics in the area of financial markets. For token issuers, they are a success story. By the end of 2018 nearly $ 30 billion dollars have been raised in ICOs. From the investors’ perspective, however, things do not look so shiny. Lots of them claim to have lost significant amounts of money invested in tokens issued by more or less reputable companies. \u0000 \u0000In this market report, we analyze the ICOs of 2017. We illustrate the ICO market of that year and scrutinize how prices of the issued tokens have developed until today. Thereby, we take the perspective of an investor that bought tokens initially from the issuer. We found that investors, which invested in ICOs during 2017, had, at first, a 50% chance that their tokens traded above their ICO issue price after six months. Yet, things have changed over time. By mid-December 2018, the vast majority of those tokens are in the red. 55% of tokens have lost substantially all their value. Nevertheless, it is our view that it would be too hasty to predict the end of ICOs from these numbers.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"143 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132746661","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We review the emergence of a novel regulatory innovation called a ‘regulatory sandbox,’ designed to incubate innovation in the financial sector in a relaxed, but safeguarded regulatory environment. It also provides a symbiotic environment for innovators to test new technologies and for regulators to understand their implications for the financial sector and consumer protection. While the concept has been embraced by a growing number of developed and developing world regulators, we describe where and how these sandboxes are being used in developing countries. We assess that for these countries, establishing thematic regulatory sandboxes which focus on specific national financial and developmental priorities - such as remittances - rather than spanning multiple national agendas may be preferred as a more efficient use of scarce resources.
{"title":"The State of Regulatory Sandboxes in Developing Countries","authors":"Michael Wechsler, L. Perlman, Nora Gurung","doi":"10.2139/ssrn.3285938","DOIUrl":"https://doi.org/10.2139/ssrn.3285938","url":null,"abstract":"We review the emergence of a novel regulatory innovation called a ‘regulatory sandbox,’ designed to incubate innovation in the financial sector in a relaxed, but safeguarded regulatory environment. It also provides a symbiotic environment for innovators to test new technologies and for regulators to understand their implications for the financial sector and consumer protection. \u0000 \u0000While the concept has been embraced by a growing number of developed and developing world regulators, we describe where and how these sandboxes are being used in developing countries. We assess that for these countries, establishing thematic regulatory sandboxes which focus on specific national financial and developmental priorities - such as remittances - rather than spanning multiple national agendas may be preferred as a more efficient use of scarce resources.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115035995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Governments are important financiers of private sector innovation. While these public funds can ease capital constraints and information asymmetries, they can also introduce political distortions. We empirically explore these issues for China, where a quarter of firms’ R&D expenditures come from government subsidies. Using a difference-in-differences approach, we find that the anticorruption campaign that began in 2012 and the departures of local government officials responsible for innovation programs strengthened the relationship between firms’ historical innovative efficiency and subsequent subsidy awards and depressed the influence of their corruption-related expenditures. We also examine the impact of these changes: subsidies became significantly positively associated with future innovation after the anti-corruption campaign and the departure of government innovation officials.
{"title":"Corruption, Government Subsidies, and Innovation: Evidence from China","authors":"Lily H. Fang, J. Lerner, Chaopeng Wu, Qi Zhang","doi":"10.2139/ssrn.3251449","DOIUrl":"https://doi.org/10.2139/ssrn.3251449","url":null,"abstract":"Governments are important financiers of private sector innovation. While these public funds can ease capital constraints and information asymmetries, they can also introduce political distortions. We empirically explore these issues for China, where a quarter of firms’ R&D expenditures come from government subsidies. Using a difference-in-differences approach, we find that the anticorruption campaign that began in 2012 and the departures of local government officials responsible for innovation programs strengthened the relationship between firms’ historical innovative efficiency and subsequent subsidy awards and depressed the influence of their corruption-related expenditures. We also examine the impact of these changes: subsidies became significantly positively associated with future innovation after the anti-corruption campaign and the departure of government innovation officials.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123811898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the relationship between firms' innovation activities and the hierarchy of financing behaviours. We analyse the role of innovation inputs (R&D), intermediate outputs (patents) and outcomes (product and process innovations) as sources of information asymmetry in financing decisions. Our focus on mainly unlisted companies allows us to study the effects of information asymmetries in the context where they are most severe, that is, among small and medium-sized firms. We identify the effect of innovation, alongside the size of the firm, its age and its human capital, on the order of directly observed external capital allocations. Our results show that innovation is strongly associated with a pecking order characterised by increasing agency costs, and that the more uncertain the innovation signal, the stronger its effect on the pecking order. In further robustness tests, this relationship and associated hierarchy of external financing emerge from the data without imposing an a-priori pecking order.
{"title":"The Pecking Order of Innovation Finance","authors":"Andrea Mina, Henry Lahr","doi":"10.2139/ssrn.3224441","DOIUrl":"https://doi.org/10.2139/ssrn.3224441","url":null,"abstract":"This paper examines the relationship between firms' innovation activities and the hierarchy of financing behaviours. We analyse the role of innovation inputs (R&D), intermediate outputs (patents) and outcomes (product and process innovations) as sources of information asymmetry in financing decisions. Our focus on mainly unlisted companies allows us to study the effects of information asymmetries in the context where they are most severe, that is, among small and medium-sized firms. We identify the effect of innovation, alongside the size of the firm, its age and its human capital, on the order of directly observed external capital allocations. Our results show that innovation is strongly associated with a pecking order characterised by increasing agency costs, and that the more uncertain the innovation signal, the stronger its effect on the pecking order. In further robustness tests, this relationship and associated hierarchy of external financing emerge from the data without imposing an a-priori pecking order.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131129568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract We apply the Markowitz mean-variance framework in order to assess risk-return benefits of cryptocurrency-portfolios. Using daily data of the 500 most capitalized cryptocurrencies for the time span 1/1/2015 to 12/31/2017, we relate risk and return of different mean-variance portfolio strategies to single cryptocurrency investments and two benchmarks, the naively diversified portfolio and the CRIX. In an out-of-sample analysis accounting for transaction cost we find that combining cryptocurrencies enriches the set of ‘low’-risk cryptocurrency investment opportunities. In terms of the Sharpe ratio and certainty equivalent returns, the 1/N-portfolio outperforms single cryptocurrencies and more than 75% of mean-variance optimal portfolios.
{"title":"Cryptocurrency-Portfolios in a Mean-Variance Framework","authors":"Alexander Brauneis, R. Mestel","doi":"10.2139/ssrn.3124832","DOIUrl":"https://doi.org/10.2139/ssrn.3124832","url":null,"abstract":"Abstract We apply the Markowitz mean-variance framework in order to assess risk-return benefits of cryptocurrency-portfolios. Using daily data of the 500 most capitalized cryptocurrencies for the time span 1/1/2015 to 12/31/2017, we relate risk and return of different mean-variance portfolio strategies to single cryptocurrency investments and two benchmarks, the naively diversified portfolio and the CRIX. In an out-of-sample analysis accounting for transaction cost we find that combining cryptocurrencies enriches the set of ‘low’-risk cryptocurrency investment opportunities. In terms of the Sharpe ratio and certainty equivalent returns, the 1/N-portfolio outperforms single cryptocurrencies and more than 75% of mean-variance optimal portfolios.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131361267","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Italian Abstract: Questo paper si propone di offrire una panoramica su Ripple, una delle altcoin piu diffuse. Il sistema e prevalentemente dedicato alle applicazioni finanziarie e presenta aspetti di applicazione che spaziano dai trasferimenti bancari intercontinentali al microcredito, passando per la stanza di compensazione dei servizi di pagamento su carta di credito e money transfer. La struttura dati offre inoltre cittadinanza alle applicazioni beyond finance, oggi utilizzate per lo sviluppo di un nuovo panorama socio economico. English Abstract: This paper aims to offer a glance at Ripple, one of the more widespread altcoin. The system is mainly used for financial applications and admits applicative profiles going from inter-continental bank payments to microcredit, passing through the clearing-house service for credit cards and money-transmitting. The data-structure offers, as well, citizenship to those beyond-finance applications that are nowadays enhancing the development of a new socioeconomic panorama. This paper is available in Italian
{"title":"Monete Digitali Alternative: Ripple (Altcoins: Ripple)","authors":"Maria Letizia Perugini","doi":"10.2139/SSRN.2665756","DOIUrl":"https://doi.org/10.2139/SSRN.2665756","url":null,"abstract":"Italian Abstract: Questo paper si propone di offrire una panoramica su Ripple, una delle altcoin piu diffuse. Il sistema e prevalentemente dedicato alle applicazioni finanziarie e presenta aspetti di applicazione che spaziano dai trasferimenti bancari intercontinentali al microcredito, passando per la stanza di compensazione dei servizi di pagamento su carta di credito e money transfer. La struttura dati offre inoltre cittadinanza alle applicazioni beyond finance, oggi utilizzate per lo sviluppo di un nuovo panorama socio economico. \u0000English Abstract: This paper aims to offer a glance at Ripple, one of the more widespread altcoin. The system is mainly used for financial applications and admits applicative profiles going from inter-continental bank payments to microcredit, passing through the clearing-house service for credit cards and money-transmitting. The data-structure offers, as well, citizenship to those beyond-finance applications that are nowadays enhancing the development of a new socioeconomic panorama. This paper is available in Italian","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"414 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123255242","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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