Chian-Hsueng Chao, I. Ting, Yi-Jun Tseng, Bing-Wen Wang, Shin-Hua Wang, Yu-Qing Wang
{"title":"The Study of DeFi in Virtual Community and Financial Supervision","authors":"Chian-Hsueng Chao, I. Ting, Yi-Jun Tseng, Bing-Wen Wang, Shin-Hua Wang, Yu-Qing Wang","doi":"10.1145/3561278.3561297","DOIUrl":null,"url":null,"abstract":"In recent years, when the world economic activity was affected by the epidemic, it was very active in the virtual world. Since Facebook announced the development of the Metaverse, its related applications and services have instantly become hot issues. Although it may take a few years for the Metaverse to become popular as a social platform today, its impact on future community development will be significant. On the other hand, since Ethereum pioneered smart contracts in the blockchain, the Ethereum Virtual Machine (EVM) can connect public nodes scattered throughout the network into a virtual machine to execute Turing-complete programs, and the issue of decentralization has gradually spread. Today, as the application of smart contracts becomes more and more extensive and innovative, such as the decentralized architecture and applications of NFT, DeFi, GameFi, DApp, DAO, DEX, its influence has gradually expanded from the virtual world to physical applications, and also has impacts on real financial applications. The recent burst of NFT and DeFi addressed this issue. There are some gaps between reality and hype, and it is a lesson just like e-commerce burst some 20 years ago. A well format regulation and supervision seem required. However, the challenge for financial supervision today is the decentralized application and anonymity. This paper discusses the innovations in communities that related to decentralized financial services in the blockchain. And the blockchain financial supervision issues that within the tolerable range of risk and impact to both virtual and real world.","PeriodicalId":199727,"journal":{"name":"Proceedings of the 9th Multidisciplinary International Social Networks Conference","volume":"12 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2022-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Proceedings of the 9th Multidisciplinary International Social Networks Conference","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1145/3561278.3561297","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 2
Abstract
In recent years, when the world economic activity was affected by the epidemic, it was very active in the virtual world. Since Facebook announced the development of the Metaverse, its related applications and services have instantly become hot issues. Although it may take a few years for the Metaverse to become popular as a social platform today, its impact on future community development will be significant. On the other hand, since Ethereum pioneered smart contracts in the blockchain, the Ethereum Virtual Machine (EVM) can connect public nodes scattered throughout the network into a virtual machine to execute Turing-complete programs, and the issue of decentralization has gradually spread. Today, as the application of smart contracts becomes more and more extensive and innovative, such as the decentralized architecture and applications of NFT, DeFi, GameFi, DApp, DAO, DEX, its influence has gradually expanded from the virtual world to physical applications, and also has impacts on real financial applications. The recent burst of NFT and DeFi addressed this issue. There are some gaps between reality and hype, and it is a lesson just like e-commerce burst some 20 years ago. A well format regulation and supervision seem required. However, the challenge for financial supervision today is the decentralized application and anonymity. This paper discusses the innovations in communities that related to decentralized financial services in the blockchain. And the blockchain financial supervision issues that within the tolerable range of risk and impact to both virtual and real world.