SPECT: A system for Peer-to-Peer economic transactions

Author

Loukos, Fotis ; Karatza, Helen

Author_Institution

Dept. of Inf., Aristotle Univ. of Thessaloniki, Thessaloniki, Greece

fYear

2011

fDate

June 28 2011-July 1 2011

Firstpage

1081

Lastpage

1084

Abstract

Network economics appear to be one of the best solutions when it comes to solving the tragedy of the digital common problem in Peer-to-Peer networks. Various solutions have been proposed based on bartering or auctioning. This paper presents SPECT, a new system based on virtual currency. Its novelty lies in the usage of the supply and demand laws and the usage of microeconomic tools. Furthermore, a regulation of the prices and a protection from the misbehavior of other users is provided. An innovation of SPECT is the introduction of a financial instrument, the debt obligations, based on the real world bonds. Using debt obligations, peers are able to profit from being in the network even if they do not share resources with other peers. The authors outline the architecture of the SPECT market and the different portfolio management abilities. Furthermore, a strategy is displayed.

Keywords

electronic commerce; investment; microeconomics; peer-to-peer computing; profitability; supply and demand; SPECT; auctioning; bartering; digital common problem; financial instrument; microeconomic tools; network economics; peer-to-peer economic transaction system; peer-to-peer networks; portfolio management abilities; resource sharing; supply and demand laws; virtual currency; Biological system modeling; Computational modeling; Instruments; Peer to peer computing; Portfolios; Supply and demand; Microeconomics; Network Economics; Peer-to-Peer; Virtual Currency;

fLanguage

English

Publisher

ieee

Conference_Titel

Computers and Communications (ISCC), 2011 IEEE Symposium on

Conference_Location

Kerkyra

ISSN

1530-1346

Print_ISBN

978-1-4577-0680-6

Electronic_ISBN

1530-1346

Type

conf

DOI

10.1109/ISCC.2011.5983986

Filename

5983986