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"Recent years have witnessed the rise of non-fungible tokens (NFTs) as vehicles for non-investment finance, including in nonprofit and political fundraising. As with other financial sectors in which NFTs have a role, the use of NFTs in financing nonprofits and political campaigns and committees has revealed gaps and ambiguities in existing legal regulatory systems. Appetite exists to evolve legal frameworks to complete and clarify applicable bodies of law and regulation.
Blockchain-based fundraising transforms the way issuers raise capital from the public, promising to reduce transaction costs, expand financial access, and reshape issuer-investor interactions. Despite these promises, the blockchain finance market is currently plagued by severe asymmetric information and is rife with fraudulent and low-quality issuers who exploit this friction. This chapter explores the reasons for the severe asymmetric information in this market and discusses the extent to which signaling and analysts can address it. It suggests that the effectiveness of signaling is limited due to the low costs of producing and disseminating signals and investors' inability to verify biased signals ex ante and punish biased signals ex post. These limitations make analysts a vital source for reducing asymmetric information but they, too, appear to suffer from significant problems – ranging from conflicts of interest to lack of transparency to low competence and expertise – which hinder their effectiveness in reducing asymmetric information. The chapter concludes with the policy implications arising from these observations, which can also guide policy-makers in addressing emerging blockchain-based fundraising mechanisms, such as non-fungible token (NFT) offerings.
The digital asset landscape is rapidly evolving, despite recent volatility exemplified by the collapse of FTX in 2022. However, the taxation of cryptocurrencies remains a contentious topic, raising questions about how these financial instruments should be taxed. While the IRS has not signaled any immediate changes to the tax code, arguments persist for new tax specifics. This chapter presents the case for integrating fresh tax regulations into the code, catering to both academics and practitioners. Exploring the complexities of taxing cryptocurrencies, it considers factors such as classifying tax liabilities for various digital assets and understanding the implications of crypto transactions on taxable events, and delves into the challenges faced by tax authorities in monitoring decentralized and pseudonymous cryptocurrency transactions. With a focus on bridging theory and practice, the chapter offers practical insights for implementing effective taxation policies for digital assets. It aims to guide policy-makers and taxpayers in navigating the dynamic cryptocurrency landscape. Additionally, it advocates for an updated tax code that aligns with the evolving nature of the digital asset ecosystem. By providing a comprehensive economic rationale, it contributes to ongoing discussions on cryptocurrency taxation, fostering an efficient and equitable tax framework tailored for NFTs and digital assets.
For better or worse, non-fungible tokens (NFTs) are the most peculiar and least expected art market innovations of the early twenty-first century. This chapter provides a brief history of NFTs and the NFT market, beginning with the invention of blockchain technology, through the creation of the Bitcoin, Namecoin, and Ethereum blockchains, and the NFT phenomenon. It describes a selection of NFT projects and artists and provides a theoretical account of both the art market and the NFT market.
Fueled in part by the wealth created from digital currencies, major art dealers such as Christie’s and Sotheby’s have embraced the sale of non-fungible tokens (NFTs) attached to unique digital works of art. NFTs, how they are related to the blockchain, and the evolution of the market for digital art is the subject of this chapter. Despite recent decreases in value, it appears that digital art can be added to the growing list of uses for blockchain technology, which is now becoming a part of modern life. This chapter proceeds in five sections. First, the overview of the evolutionary progression of blockchain technology in the form of NFTs. Second, a description of the emergence of the market for digital art. Third, an explanation and historical account of digital art and related recent issues. Fourth, a coverage of the abrupt decline in the market price for many NFTs. And last, a conclusion, which focuses on how the dramatic extension of blockchain and other digital technology to the world of art represents a new and exciting platform for creative expression. This chapter offers a valuable addition to the literature by providing a readable introduction and overview of what is now known about the likely impact of blockchain technology and NFTs to art. Additionally, this important development should have a significant impact on the future of innovation and property law.
The tension distribution problem of cable-driven parallel robots is inevitable in real-time control. Currently, iterative algorithms or geometric algorithms are commonly used to solve this problem. Iterative algorithms are difficult to improve in real-time performance, and the tension obtained by geometric algorithms may not be continuous. In this paper, a novel tension distribution method for four-cable, 3-DOF cable-driven parallel robots is proposed based on the wave equation. The tension calculated by this method is continuous and differentiable, without the need for iterative computation or geometric centroid calculations, thus exhibiting good real-time performance. Furthermore, the feasibility and rationality of this algorithm are theoretically proven. Finally, the real-time performance and continuity of cable tension are analyzed through a specific numerical example.
This study proposes a novel hybrid learning approach for developing a visual path-following algorithm for industrial robots. The process involves three steps: data collection from a simulation environment, network training, and testing on a real robot. The actor network is trained using supervised learning for 500 epochs. A semitrained network is then obtained at the $250^{th}$ epoch. This network is further trained for another 250 epochs using reinforcement learning methods within the simulation environment. Networks trained with supervised learning (500 epochs) and the proposed hybrid learning method (250 epochs each of supervised and reinforcement learning) are compared. The hybrid learning approach achieves a significantly lower average error (30.9 mm) compared with supervised learning (39.3 mm) on real-world images. Additionally, the hybrid approach exhibits faster processing times (31.7 s) compared with supervised learning (35.0 s). The proposed method is implemented on a KUKA Agilus KR6 R900 six-axis robot, demonstrating its effectiveness. Furthermore, the hybrid approach reduces the total power consumption of the robot’s motors compared with the supervised learning method. These results suggest that the hybrid learning approach offers a more effective and efficient solution for visual path following in industrial robots compared with traditional supervised learning.
Given an $n\times n$ symmetric matrix $W\in [0,1]^{[n]\times [n]}$, let ${\mathcal G}(n,W)$ be the random graph obtained by independently including each edge $jk\in \binom{[n]}{2}$ with probability $W_{jk}=W_{kj}$. Given a degree sequence $\textbf{d}=(d_1,\ldots, d_n)$, let ${\mathcal G}(n,\textbf{d})$ denote a uniformly random graph with degree sequence $\textbf{d}$. We couple ${\mathcal G}(n,W)$ and ${\mathcal G}(n,\textbf{d})$ together so that asymptotically almost surely ${\mathcal G}(n,W)$ is a subgraph of ${\mathcal G}(n,\textbf{d})$, where $W$ is some function of $\textbf{d}$. Let $\Delta (\textbf{d})$ denote the maximum degree in $\textbf{d}$. Our coupling result is optimal when $\Delta (\textbf{d})^2\ll \|\textbf{d}\|_1$, that is, $W_{ij}$ is asymptotic to ${\mathbb P}(ij\in{\mathcal G}(n,\textbf{d}))$ for every $i,j\in [n]$. We also have coupling results for $\textbf{d}$ that are not constrained by the condition $\Delta (\textbf{d})^2\ll \|\textbf{d}\|_1$. For such $\textbf{d}$ our coupling result is still close to optimal, in the sense that $W_{ij}$ is asymptotic to ${\mathbb P}(ij\in{\mathcal G}(n,\textbf{d}))$ for most pairs $ij\in \binom{[n]}{2}$.
Accurate dynamic model is essential for the model-based control of robotic systems. However, on the one hand, the nonlinearity of the friction is seldom treated in robot dynamics. On the other hand, few of the previous studies reasonably balance the calculation time-consuming and the quality for the excitation trajectory optimization. To address these challenges, this article gives a Lie-theory-based dynamic modeling scheme of multi-degree-of-freedom (DoF) serial robots involving nonlinear friction and excitation trajectory optimization. First, we introduce two coefficients to describe the Stribeck characteristics of Coulomb and static friction and consider the dependency of friction on load torque, so as to propose an improved Stribeck friction model. Whereafter, the improved friction model is simplified in a no-load scenario, a novel nonlinear dynamic model is linearized to capture the features of viscous friction across the entire velocity range. Additionally, a new optimization algorithm of excitation trajectories is presented considering the benefits of three different optimization criteria to design the optimal excitation trajectory. On the basis of the above, we retrieve a feasible dynamic parameter set of serial robots through the hybrid least square algorithm. Finally, our research is supported by simulation and experimental analyses of different combinations on the seven-DoF Franka Emika robot. The results show that the proposed friction has better accuracy performance, and the modified optimization algorithm can reduce the overall time required for the optimization process while maintaining the quality of the identification results.
This paper introduces a lower limb exoskeleton for gait rehabilitation, which has been designed to be adjustable to a wide range of patients by incorporating an extension mechanism and series elastic actuators (SEAs). This configuration adapts better to the user’s anatomy and the natural movements of the user’s joints. However, the inclusion of SEAs increases actuator mass and size, while also introducing nonlinearities and changes in the dynamic response of the exoskeletons. To address the challenges related to the human–exoskeleton dynamic interaction, a nonsingular terminal sliding mode control that integrates an adaptive parameter adjustment strategy is proposed, offering a practical solution for trajectory tracking with uncertain exoskeleton dynamics. Simulation results demonstrate the algorithm’s ability to estimate unknown parameters. Experimental tests analyze the performance of the controller against uncertainties and external disturbances.
This article focuses on measuring the impact of artificial intelligence (AI) on the peace and security agenda, taking stock of recent initiatives and progress in this area. While there is a keen awareness of the fact that AI can be weaponized to become a tool of power politics and military competition, there is comparatively less systematic attention paid to what technology can do for peace. While it is important to address risk mitigation, equal space should be given to thinking about how to harness the peace potential of AI on a large scale. This study follows a series of publications that aim to assess the impact of technological innovation on peace, also referred to as PeaceTech, Global PeaceTech, peace innovation, or digital peacebuilding. The first section provides an overview of the debate on the impact of AI on peace and conflict. The second section examines conceptual frameworks and measures of the impact of AI on peace and conflict. The third section looks at the risks to peace and conflict posed by the use of AI and possible governance measures to mitigate them. The fourth section provides examples of AI-enabled initiatives that are having a positive impact on peace, providing a compass for public and private investment. The conclusion offers policy recommendations to advance the AI for peace agenda.
This study explored how collaborative writing, an often-used instructional strategy in second language (L2) learning, intersects with large-group dynamics, and investigated their potential impact on the quality of writing outcomes in an online distance learning course. Using a mixed-methods approach, the research scrutinized intra-group interaction processes in two large groups undertaking a computer-assisted language learning writing assignment and evaluated the impact of these interaction processes on their writing products. Data from discussions in both a public online forum and a private social communication platform (WeChat) were collected, systematically coded, and analysed quantitatively and qualitatively based on language functions. Data collection also included an assessment of the written products and follow-up group interviews. The findings indicate distinct interaction patterns between high-performing and low-performing groups, characterised by an expert/participant pattern and a dominant/passive pattern, respectively. Additionally, insights from the interviews shed light on these interaction patterns and the potential impact on student learning outcomes. The study suggests practical implications, highlighting the importance of task design in promoting high levels of collaborative knowledge construction to enhance students’ writing skills and L2 language learning in large-group settings.
This study creates a virtual space for language learning using a user-customizable metaverse platform and explores its potential for EFL learning. To this end, a virtual learning space, grounded in constructivist learning principles – contextualized learning, active learning, and collaborative learning – was created on a 2D metaverse platform. The metaverse was designed as a simulated deserted island for enjoyable and playful learning, allowing the students to actively explore, discover, and interact as they look for clues to escape the island. For educational application, 29 Korean middle school students participated in a two-hour activity. Data included screen recordings of student activities, student surveys, and interviews with the students and teachers. The findings showed that, as an EFL learning space of playful constructivism, the metaverse had great potential to embed contextualized learning and served as a medium for active learning that positively affected student interest and motivation. The results confirmed that the team-based approach combined with a game-like metaverse fostered student collaboration. Overall, the study showcased how language instructors can make use of a customizable metaverse for L2 learning and how a virtual space may serve as an arena for learner-centered instruction.
This paper proposes a kinematic calibration method of a novel 5-degree-of-freedom double-driven parallel mechanism with the sub-closed loop on limbs. At first, considering the introduction of a sub-closed loop significantly increased the complexity and difficulty of kinematic error modeling, an equivalent transformation method is proposed for the limb with a sub-closed loop. Then kinematic error model of the parallel mechanism is established based on the closed-loop vector method and parasitic motion analysis, which is verified by virtual prototype technology. Because the full kinematic error model is generally redundant, error parameter identifiability analysis is carried out by QR decomposition of the identification Jacobian matrix, and the redundant parameters are removed. Additionally, the Sequence Forward Floating Search algorithm is utilized to optimize measurement configurations to reduce the influence of measurement noise. Finally, with a laser tracker as the measuring device, numerical simulations and experiments are implemented to verify the proposed kinematic calibration method. The experiment results show that average position and orientation errors are reduced from 2.778 mm and 1.115° to 0.263 mm and 0.176°, respectively, within the prescribed workspace.
Controlling the landing position of a spinning ball is difficult when using a table tennis robot. A complete physical model requires the factoring in of aerodynamic elements and object collisions, and inaccurate environmental coefficients would increase the landing position error. This study proposed a landing position control method based on a cascade neural network (CNN) that consists of forward and recurrent neural networks (RNNs). The forward NNs are used to estimate the velocity of the outgoing ball according to the velocity and acceleration of the incoming ball captured by cameras and the desired velocity of the outgoing ball. The RNN is employed to reverse-predict ball displacement based on the state of the incoming ball, desired landing point, and ball flight duration. The experiments verified that the method proposed in this study achieved control of differently spinning balls more effectively than the locally weighted regression (LWR)-based model did. The success rate of the CNN at two of six desired landing points was 25.9% and 32.9% higher, respectively, compared with use of the LWR-based model.
The sheer number of research outputs published every year makes systematic reviewing increasingly time- and resource-intensive. This paper explores the use of machine learning techniques to help navigate the systematic review process. Machine learning has previously been used to reliably “screen” articles for review – that is, identify relevant articles based on reviewers’ inclusion criteria. The application of machine learning techniques to subsequent stages of a review, however, such as data extraction and evidence mapping, is in its infancy. We, therefore, set out to develop a series of tools that would assist in the profiling and analysis of 1952 publications on the theme of “outcomes-based contracting.” Tools were developed for the following tasks: assigning publications into “policy area” categories; identifying and extracting key information for evidence mapping, such as organizations, laws, and geographical information; connecting the evidence base to an existing dataset on the same topic; and identifying subgroups of articles that may share thematic content. An interactive tool using these techniques and a public dataset with their outputs have been released. Our results demonstrate the utility of machine learning techniques to enhance evidence accessibility and analysis within the systematic review processes. These efforts show promise in potentially yielding substantial efficiencies for future systematic reviewing and for broadening their analytical scope. Beyond this, our work suggests that there may be implications for the ease with which policymakers and practitioners can access evidence. While machine learning techniques seem poised to play a significant role in bridging the gap between research and policy by offering innovative ways of gathering, accessing, and analyzing data from systematic reviews, we also highlight their current limitations and the need to exercise caution in their application, particularly given the potential for errors and biases.
Multi-player pursuit-evasion games are crucial for addressing the maneuver decision problem arising in the cooperative control of multi-agent systems. This paper presents a cooperative defense strategy involving cooperation and confrontation among the target, attacker, and multiple defenders based on location information only. The primary objective of the attacker is to capture the target while avoiding being captured by multiple defenders. Meanwhile, the target is confined to a restricted area and can only move within its boundaries. The proposed cooperative defense strategy aims to prevent the attacker from capturing the target while minimizing the time required to neutralize the threat. Therefore, the multiple defenders are classified into two categories: the primary defender and the auxiliary defenders. The primary defender is to prevent the attacker from approaching the target by predicting the intention of the attacker. On the other hand, the auxiliary defenders adopt a surround-shrink-capture strategy to reduce the time consumption to capture the attacker. Numerical simulations have been conducted to validate the effectiveness of the proposed strategy.
Due to the flexibility obtained through both materials and structures, soft robots have wide potential applications in complicated internal and external environments. This paper presents a new soft crawling robot with multiple locomotion patterns that integrate inchworm motion and various turning motions. First, the conceptual design of the proposed robot is presented by introducing thick-panel origami into the synthesis of a crawling robot, resulting in a Waterbomb-structure-inspired hybrid mechanism. Second, all locomotion patterns of the robot are precisely described and analyzed by screw theory in an algebraic manner, which include inchworm motion, restricted planar motion, quantitative turning motion, and marginal exploration motion. Then, the output motion parameter for each locomotion pattern is analytically modeled as a function of the robotic dimensional parameters, and the robot can thus be designed and controlled in a customized way for the expected output motion. Finally, the theoretical analysis and derivations are validated by simulation and physical prototype building, which lay the foundations for the design and manufacture of small-scale soft crawling robots with precise output motions in a complex planar environment.
Carbon neutrality cannot be achieved without different economic sectors, individuals and households, and the government making serious efforts. Green finance in different forms including environmental, social and governance investment and carbon emissions trading are used to measure the reduction in carbon emissions and place a monetary value on them. However, because of inconsistencies or even manipulation in the monitoring/measurement, reporting and verification (MRV) of air quality and carbon emissions data, the effectiveness of green finance has been largely compromised. Environmental MRV is a technology-based engineering task, which is also heavily impacted by institutional design and professionalism. This commentary will draw upon principal–agent theory and the practical arrangements of environmental MRV to discuss why professionalism is badly needed and how to bridge the missing link for achieving carbon neutrality and sustainability transitions.