Abstract:
As an emerging concept, digital currency challenges traditional monetary theories to certain extent. New theoretical framework is needed. Drawing upon Buchanan's public economic paradigm, this paper tries to build a logic framework based on transaction fees and consensus cost optimization and intends to explain, based on unanimity rule, how currency evolves from barter transaction, commodity currency, precious metal currency, credit currency to digital currency. For a currency to be unanimously accepted by the public and becomes real currency, it has to ensure universal seigniorage for every member in the community. Private digital money does not meet the unanimity rule, which means that it cannot become real money, let alone replace fiat money which is unanimously accepted. In the future, fiat currency will be increasingly digitalized and intelligent, lowering transaction costs and consensus costs. This paper tries to propose an AI model and a learning algorithm for issuance of digital fiat currency.
姚前. 共识规则下的货币演化逻辑与法定数字货币的人工智能发行[J]. 金融研究, 2018, 459(9): 37-55.
YAO Qian. Currency Evolution Logic under Consensus Mechanism and Digital Fiat Currency Issuance based on Artificial Intelligence. Journal of Financial Research, 2018, 459(9): 37-55.
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