On the Future of Bitcoin and Altcoins As Currencies, Tokens for Smart Contracts, and Instruments of Commitment (IOCS): Some Considerations Regarding Blockchain Applications

Sociology of Innovation eJournal Pub Date : 2018-05-16 DOI:10.2139/ssrn.3285865

Wolfgang Eibner, Kurt Rätzsch, Antonio Schulz, André Rolapp

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Abstract

In the article we discuss following hypotheses: Thesis 1: "Private Cryptocurrencies will not be seen as an alternative to Fiat-Money in the near future or any time soon." Thesis 2: "Initial Coin Offerings (ICOs) can increasingly become an alternative to traditional Venture Capital Financing and Token might enable to build smart contracts on a decentralized infrastructure." In the article we explain Blockchain technology and its possible applications in a very wide range. Also are shown main cryptocurrencies in their functions as possible future currencies, as platform token, and utility token necessary for Smart Contracts, or equity token, especially for Initial Coin Offerings. A main part of the article is the discussion of possible risks in the these applications of cryptocurrencies or token, referring explicitly to technical risks, economical risks like the stability of the financial markets (volatility, deflation), but also the severe problem of manipulated markets, supplemented by some considerations on legal issues.

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关于比特币和山寨币作为货币、智能合约代币和承诺工具(IOCS)的未来:关于区块链应用的一些考虑

在本文中，我们讨论了以下假设:论文1:“在不久的将来或任何时候，私人加密货币都不会被视为法定货币的替代品。”论文2:“首次代币发行(ico)可以越来越多地成为传统风险投资融资的替代方案，而代币可能能够在分散的基础设施上构建智能合约。”在本文中，我们将解释区块链技术及其在非常广泛的范围内的可能应用。还显示了主要加密货币的功能，作为未来可能的货币，作为智能合约所需的平台代币和实用代币，或股权代币，特别是首次代币发行。文章的主要部分是讨论加密货币或代币在这些应用中可能存在的风险，明确提到技术风险，金融市场稳定性等经济风险(波动，通货紧缩)，以及操纵市场的严重问题，并补充了一些关于法律问题的考虑。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Sociology of Innovation eJournal

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