Money Innovations Enabled by Blockchain Technologies: From Cryptocurrency to Cryptomoney

Abstract

This Ph.D. thesis paves the way for turning cryptocurrencies into cryptomonies. The difference between cryptocurrency and cryptomoney is that the latter is reliable, functioning as a Decentralized Payment System, and is also environmentally sustainable. The first research work analyses the price difference behavior of ERC-20 tokens, providing insights into the forthcoming many-money cryptoeconomies. The second research article fixes the problem with Morini’s stablecoin scheme by using antimoney to form a many-money economy that allows for trading, even when the Savings wallet’s money funds are frozen. The novel method should turn cryptocurrencies into cryptomonies because both unit-of-account and store-of-value are stabilized. As an interesting side-effect, there will be a new way to distribute cryptomoney to the economy by simultaneously giving equal amounts of money and antimoney units. The third research introduces hash recycling as a Justification (value-increasing) technology and reversible bitcoin mining as a Green (energy-decreasing) technology. The fourth research is a survey categorizing many interesting technologies into Green, Justification and ‘Mix of Both’ technologies. The following categories are proposed in this thesis as two new properties for (sound) cryptomonies: greenness and justness. The fifth research is a perspective article that connects three different computing categories of cryptocurrency mining, grid (volunteer) computing and unconventional computing. Keywords: Bitcoin, cryptocurrency, cryptomoney, blockchain, distributed ledger technology, unconventional computing, grid computing, cryptocurrency mining, volunteer computing, stablecoin, DeFi, hash recycling, reversible computing