An analysis of the acquisition of a monetary function by cryptocurrency using a multi-agent simulation model

Abstract

Many types of cryptocurrencies, which predominantly utilize blockchain technology, have emerged worldwide. Several issuers plan to circulate their original cryptocurrencies for monetary use. This study investigates whether issuers can stimulate cryptocurrencies to attain a monetary function. We use a multi-agent model, referred to as the Yasutomi model, which simulates the emergence of money. We analyze two scenarios that may result from the actions taken by the issuer. These scenarios focus on increases in the number of stores that accept cryptocurrency payments and situations whereby the cryptocurrency issuer designs the cryptocurrency to be attractive to people and conducts an airdrop. We find that a cryptocurrency can attain a monetary function in two cases. One such case occurs when 20% of all agents accept the cryptocurrency for payment and 50% of the agents are aware of this fact. The second case occurs when the issuer continuously airdrops a cryptocurrency to a specific person while maintaining the total volume of the cryptocurrency within a range that prevents it from losing its attractiveness.

Pattern recognition of financial innovation life cycle for renewable energy investments with integer code series and multiple technology S-curves based on Q-ROF DEMATEL

“…Therefore, appropriate financial products can be created specific to the needs of these investors. Because they provide customer satisfaction, these financial products will be preferred by renewable energy investors (Xu and Wang 2021;Shibano and Mogi 2022). Hence, this situation contributes to the success of financial innovation (Chao et al 2022).…”

A fuzzy BWM and MARCOS integrated framework with Heronian function for evaluating cryptocurrency exchanges: a case study of Türkiye

“…The popularity of crypto exchanges is also another consideration for performance improvement. Investors prefer the most popular cryptocurrency exchanges (Shibano and Mogi 2022). The fact that there are many exchanges where crypto transactions can be made leads to an increase in competition (Trigka et al 2022).…”

Blockchain and digital finance

“…The fourth group studies cryptocurrency from other novel perspectives. Shibano and Mogi ( 2022 ) discuss two cases in which issuers can stimulate cryptocurrencies to attain a monetary function. Minutolo et al ( 2022 ) find that the impacts of COVID-19 outbreak on the price change and trading volume of cryptocurrencies vary by trading currencies and regions.…”

“…There are several other lines of research that may need to be further explored. First, whether the results obtained in Shibano and Mogi ( 2022 ) can be applied in the real world needs to be examined and validated. Second, future research may extend the analysis results on cryptocurrency by Minutolo et al ( 2022 ) to other crypto asset classes, such as non-fungible tokens (NFTs).…”