American Economy Association in Relation with Encryption and Blockchain

Last Modified:12 May 2020 15:55:26
American Economy Association in Relation with Encryption and Blockchain

On January 4, American Economy Association, AEA, hosted four specialized lectures in cryptocurrency and Blockchain as a part of its annual meeting. The blockchain is an encrypted infrastructure on which Bitcoin and other digital currencies (encrypted currencies) work. It provides security in encrypted currencies. So, no one can manipulate transactions records, and they are available for the users transparently. The first cryptocurrency based on blockchain which came to the market was Bitcoin. This encrypted platform enjoys four major benefits:

• Not being controlled by any institution or person

• Impossible to face failure and cessation

• Recording transactions in a connected network of all users

• The necessity of manipulating the whole network in case of the need to manipulate Blockchain information

In this assembly held under the title of “Blockchain and Tokenomics,” four academic articles have been covered from numerous resources.

It is hosted by the academic group the Econometrics Society chaired by Lin William Cong, assistant professor of finance at the University of Chicago Booth School of Business.

United States Journal of Economy Criticism is a peer-reviewed academic journal. AEA has published twelve (previously seven) subjects. The first subject was published in 1911 which was assumed as one of the most valid and the best outstanding papers in the economy. Selected articles and related arguments rendered at annual meetings of AEA have been published by the reports of the authorities, commission, and representatives.

AEA is a big agency in the realm of the United States economy and beyond that, which publishes reputable American Economic Review. AEA is a trained association in the economy and was founded in 1885 in New York by young economists educated at famous schools in Germany. The purposes of this association include:

Encouraging economic research, especially historical and statistical studies of real industrial life conditions

Issuing papers related to economic subjects

Encouraging total independence of economic argument

It does not support any groups or parties and does not involve its members in functional issues of the economy.

The advent of a specific event to digital currency, just like Blockchain, is interesting for this association. It is a sign of the lengthening the main route of these technologies.

Following four titles have been covered on January 4:

• Decentralized mining in centralized pools

• Cryptocurrencies: Stylized Facts on a New Investible Instrument

• A Theory of ICOs: Diversification, Agency, and Information Asymmetry

• Tokenomics: Dynamic Compensation for Decentralized Contribution

These articles cover the specific and extraordinary spectrum of encryption principles. For instance, the second article in this association investigates how altcoins which are a replacement for digital currencies return the investors’ net profit, and to some extent, they are related to Bitcoin performance.

Mining which was the subject of the Congress itself is a subject related to the current condition; since, Bitcoin price which fell during last year has shown a strong revolution in this field.

Mining is a process followed by acquiring cryptocurrencies in the world of encrypted cryptocurrencies.