Contractualized Digital Cash: Research on Digital Currency and Secure Transaction Execution

Table of Contents

• 1. Gabatarwa
• 2. Ma'anoni na Tsarin Kuɗin Lantarki
  • 2.1 Orthogonal Properties of Currency
  • 2.2 Contractual Functionality
• 3. Bincike Mai Zurfi na Tsarin Banki
• 4. Tsarin Mulkin Rabe-rabe
• 5. Aikace-aikacen Sashen Mai zaman kansa
  • 5.1 Tokenization of Invoice Debt
• 6. Public Sector Applications
• 7. Danish e-krone Proposal
• 8. Technical Implementation
  • 8.1 Tushen Lissafi
  • 8.2 Aiwar Lissafi
• 9. Sakamakon Gwaji
• 10. Aikace-aikace da Jagorori na Gaba
• 11. Bincike na Asali
• 12. References

1. Gabatarwa

Wannan jerin kasidu sun binciko ra'ayin Contractual Digital Cash, wanda ake amfani da shi azaman daidaitaccen tsarin kuɗi na dijital na kuɗin cikin hannu, kuma an ƙarfafa shi ta hanyar aikin aiwatar da ma'amalar tsaro ta kwangilar dijital. Binciken ya rarraba kuɗi zuwa sifofi masu ma'ana, kuma ya gano muhimman sifofin tsarin kuɗin dijital.

2. Ma'anoni na Tsarin Kuɗin Lantarki

2.1 Orthogonal Properties of Currency

Digital cash integrates security, fungibility, decentralization, direct control, and privacy while enhancing transferability and storability. Contractual functions enable fully digitalized, low-cost, and guaranteed transaction execution.

2.2 Contractual Functionality

Smart contracts eliminate counterparty risk and settlement risk through atomic resource exchange. Design space exploration separates currency design from implementation technologies such as Byzantine consensus and cryptographic hashing.

3. Bincike Mai Zurfi na Tsarin Banki

The contemporary banking system exposes individuals and non-bank enterprises to private money with default risk, while banks themselves can use default-risk-free digital currency. This creates an inherent inequality in risk exposure.

4. Tsarin Mulkin Rabe-rabe

Blockchain da fasahar distributed ledger sun samar da dandali na peer-to-peer don sarrafa mallaka da musayar ba tare da bangaren da ke da gata ba. Rarrabawa yana da mahimmanci ga gasa mai adalci a cikin tattalin arzikin 'yanci.

5. Aikace-aikacen Sashen Mai zaman kansa

5.1 Tokenization of Invoice Debt

Ta amfani da kwangilar wayo mai daidaitaccen tsarin dala akan Ethereum, za a iya ingantaccen sanya bashi na takaddar biya ya zama token, yana baiwa ƙananan da matsakaitan kamfanoni damar yin securitization na bashi cikin ƙaramin farashi.

6. Public Sector Applications

Kwangilolin wayo za su iya bayar da kuɗaɗen biyan kuɗi bisa ga dokokin zamantakewa cikin gaskiya da bayyana, haɓaka ingancin aiki da lissafin amana na sassan jama'a.

7. Danish e-krone Proposal

The proposed Danish e-krone features usage or scale limitations, delivers political and economic benefits, and offers a state-backed digital currency alternative to private digital currency systems.

8. Technical Implementation

8.1 Tushen Lissafi

The security of digital cash systems relies on cryptographic primitives. The commitment scheme for transaction integrity can be expressed as: $Commit(m) = H(r || m)$, where $H$ is a cryptographic hash function, $m$ is the message, and $r$ is a random number.

8.2 Aiwar Lissafi

// 原子交换的简化智能合约
contract AtomicSwap {
    mapping(address => uint) public balances;
    
    function swap(address counterparty, uint amount) public {
        require(balances[msg.sender] >= amount);
        require(balances[counterparty] >= amount);
        
        // 原子化转账
        balances[msg.sender] -= amount;
        balances[counterparty] += amount;
        balances[counterparty] -= amount;
        balances[msg.sender] += amount;
    }
}

9. Sakamakon Gwaji

Implementation on Ethereum demonstrates settlement time reduced from days to seconds, with transaction costs for small businesses under $0.01. The tokenized system processed over 10,000 invoices with zero default rate.

10. Aikace-aikace da Jagorori na Gaba

Ci gaban gaba ya haɗa da haɗa kai tare da tsarin IoT don cimma sarrafa ƙananan biyan kuɗi ta atomatik, mafita na haɗin gwiwar sarkar, da haɓaka sirri mai yarda da bin ka'idoji ta amfani da hujjar sanin sifili.

11. Bincike na Asali

The paper on contractual digital cash achieves significant progress in digital currency design by systematically decomposing monetary attributes and separating policy considerations from implementation details. This approach echoes the modular design philosophy seen in influential computer science research, such as the CycleGAN paper (Zhu et al., 2017), which demonstrates how to learn cross-domain mappings without paired samples through carefully decomposed loss functions. Similarly, the orthogonal decomposition of monetary attributes enables exploration of a broad design space for digital cash systems, unconstrained by specific technical implementations.

The technical contribution lies in framing blockchain and distributed ledger technologies as peer-to-peer platforms for managing ownership and exchange, emphasizing that decentralized governance is crucial for fair competition. This perspective aligns with the Bank for International Settlements (BIS, 2021) research on central bank digital currencies, which highlights the tension between centralized control and financial innovation. Contractual functionalities address fundamental limitations of traditional finance, particularly counterparty and settlement risks, which the Depository Trust & Clearing Corporation (DTCC) estimates cost global markets $2-4 billion annually.

Compared to Bitcoin's UTXO model and Ethereum's account system, the proposed framework provides more abstract functional specifications that can be implemented using various distributed systems technologies. The mathematical formulation of atomic swaps using cryptographic commitments ($Commit(m) = H(r || m)$) offers formal guarantees lacking in traditional financial systems. Experimental results demonstrating orders-of-magnitude improvement in settlement time confirm findings from the Federal Reserve Faster Payments Task Force, which identified delayed settlement as a key inefficiency in modern payment systems.

Mafi girman hasashe na takarda shine nazarin rabon haɗarin banki na zamani, inda masana haɗarin bashi (banki) ke jin daɗin kuɗin dijital mara haɗari, yayin da waɗanda ba ƙwararru ba ke ɗaukar haɗarin rashin biyan bashi. Wannan bincike ya faɗaɗa hasashen rashin kwanciyar hankali na kuɗi na Hyman Minsky zuwa kuɗin dijital, yana nuna cewa tsarin kuɗin dijital da ya dace zai iya rage haɗarin tsarin. Gabatarwar Danish e-krone tana wakiltar hanya mai ma'ana ta babban bankin kuɗin dijital, daidaita sabuntawa da damuwar kwanciyar hankali na kuɗi, kama da aikin e-krona na Sweden, amma tare da ƙayyadaddun iyaka ko iyaka don sarrafa yuwuwar haɗarin cirewa.

12. References

1. Zhu, J. Y., Park, T., Isola, P., & Efros, A. A. (2017). Unpaired Image-to-Image Translation using Cycle-Consistent Adversarial Networks. IEEE International Conference on Computer Vision.
2. Bank for International Settlements. (2021). Annual Economic Report.
3. Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System.
4. Buterin, V. (2014). Ethereum: Dandalin Kwangila Mai Hikima na Zamani da Dandalin Aikace-aikacen Rarrabawa.
5. Minsky, H. P. (1992). Hasashen Rashin Kwanciyar Hankali na Kuɗi.