Titov, V., Uandykova, M., Litvishko, O., Kalmykova, T., Prosekov, S., & Senjyu, T. (2021). Cryptocurrency open innovation payment system: Comparative analysis of existing cryptocurrencies. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 1-13.
This article examines the possibility of expanding the reach and use of cryptocurrency through the implementation of an open, innovative cryptocurrency financial system. The article discusses the main advantages of implementing the system, including the ease of maintaining international financial records through a single currency. The decentralized nature of cryptocurrency is also an advantage. Among the challenges of implementation, the article highlights the high volatility of cryptocurrency, the uncertainty of its legal status, and the increased risks associated with its trading (Titov et al., 2021). The use of cryptocurrency is volatile and can entail both financial success and financial risks. The article concludes that the EOS system is optimal and satisfies most of the needs of the modern financial environment, for example, it can compete with the Visa payment system.
The research involved 6 scientists who co-authored the article. Valery Titov, Oleg Litvishko, and Tatiana Kalmykova are from Plekhanov Russian University of Economics. These academics relate directly to cryptocurrencies and write quite critically about their development globally, including Russia. These authors have written works that have been reviewed and approved in the scientific community concerning information technology. Mafura Uandykova from Narxoz University, in Kazakhstan, Sergey Prosekov from the Financial University under the Government of the Russian Federation, and Tomonobu Senjyu from the University of the Ryukyus also have an extensive research portfolio. The above facts suggest that the authors have been sufficiently critical in their writing and have not been subject to bias.
I agree with the arguments in the article as although cryptocurrency has intense volatility in today’s market, its potential cannot be denied. The use of cryptocurrency as a single currency in the future will make financial transactions much more accessible. Regarding instability, this could be reduced by adopting cryptocurrency as an official currency in states and providing it with real valuable metals.
Phillips, R. C., & Gorse, D. (2018). Cryptocurrency price drivers: Wavelet coherence analysis revisited. PLoS ONE, 13(4), 1-21.
This paper explores how factor relationships tend to increase and decrease their correlation with price as a cryptocurrency goes through a market regime such as bubbles, using wavelet coherence. The social media platform Reddit was used for the study, specifically metrics such as posts per day, subscriber growth, and new authors (Phillips & Gorse, 2018). In this paper, wavelet coherence is combined with the application of a bubble test. The article’s conclusion is that the medium-term correlations with online indicators intensify during cryptocurrency price bubbles.
Two people worked on this article in co-authorship. Ross Phillips, who was engaged in information collection, conceptualization, methodology, and visualization, is a verified author in the scientific community. He is from the Computer Science department at University College London. He is also the author of many peer-reviewed materials in the field of computer technology. Denis Gorse, who was engaged in the supervision and writing, is also a scientist in the field of computer technology and also belongs to University College in London. These data allow asserting that the study was conducted professionally and critically.
I believe that the research conducted in the article is quite informative and comprehensive. Based on my own experience, social networks can find wide application in the analysis of the cryptocurrency. The results of this study allow to expand people’s understanding of the areas of correlation of cryptocurrencies with other financial market factors. I believe that this setting should pay more attention to social networks since there are many opportunities for research concentrated on them.
References
Phillips, R. C., & Gorse, D. (2018). Cryptocurrency price drivers: Wavelet coherence analysis revisited. PLoS ONE, 13(4), 1-21. Web.
Titov, V., Uandykova, M., Litvishko, O., Kalmykova, T., Prosekov, S., & Senjyu, T. (2021). Cryptocurrency open innovation payment system: Comparative analysis of existing cryptocurrencies. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 1-13. Web.