Copyright of Gravitas International

With a focus on privacy and security issues

Disclaimer: The views expressed in this article are those of the authors and do not necessarily reflect the official position of the DFINITY Foundation.

Blockchain code base evolves over time. To update the blockchain codes, various interest groups, e.g. users, core developers and full-node providers (also known as miners in Bitcoin system), need to reach a consensus on what to keep and what to change. This is not easy as the interests of these stakeholders are often at odds with each other. To tackle these issues, every blockchain project has a governance system to coordinate conflicts among participants and to…


By Yulin Liu on ALTCOIN MAGAZINE

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the official position of the DFINITY Foundation.

In 2008, the global financial crisis, caused by over-leveraged mortgage-backed securities and unregulated market speculation, led to widespread public distrust in the centralized, interdependent monetary and financial systems. The distrust was later on fueled by the central banks’ controversial policies. After lowering the nominal interest rate to the effective zero lower bound, there was not much room to further cut the policy rate. The major central banks have been relying on the unconventional monetary policy, e.g…


Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the official position of the DFINITY Foundation.

Cosmos is a proof-of-stake (PoS) blockchain project that empowers the interoperation of multiple independent blockchains [1]. This article addresses its design of token economics and on-chain governance system. The views and concerns expressed in this article should not be taken as criticism on Cosmos but rather respectful discussions with good faith. The article was sent to the Interchain Foundation (curator of the Cosmos) for review before publication.

Token Economics

Users pay gas fee in “atom” (the…


Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the official position of the DFINITY Foundation.

Credit to CC0
Credit to CC0

This article is to showcase various forms of Initial Token Offering (ITO) on blockchain and compare their pros and cons. An ideal ITO has the following features

  • open access (e.g. low hurdle for participation)
  • autonomous token offering (e.g. via trustless smart contracts)
  • transparent crowdfunding (e.g. manipulation resistant)
  • diverse token holders (e.g. Sybil attack proof)

Assume a hypothetical blockchain project called Wonder Woman Chain with native token denoted by WWC. …


Disclaimer: This article should not be taken as an investment advice to buy or sell any securities or cryptocurrencies.

Investors and financial analysts are constantly on the lookout for a simple yet informative indicator to assess stock and commodity prices. In recent years, cryptocurrencies or tokens (the two terms are interchangeable in this article) have become the latest focus of this search. An optimal indicator should reflect the position of the market valuation of the asset relative to its fundamentals. Is it overvalued or undervalued? When is a good time to buy or to sell?

This article reviews the price-to-earnings…

Yulin Liu

research on crypto-economics and blockchain governance

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