• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2018.05a
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• pp.119-121
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• 2018

IWhile the investment on virtual currency is incresing, it is needed to check the authentication and security on virtual currency exchange. Therefore, this research is to examine the elements of authentication and security on virtual currency exchange.

• Journal of Information Technology Applications and Management
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• v.29 no.2
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• pp.17-25
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• 2022

Although the two types of currencies compete, the possibility of a virtual currency price bubble is diagnosed by assuming an economic model with currencies (won, virtual currency) that are intrinsically worthless. The won is supplied by the central bank to achieve the price stability target, while the supply of virtual currency increases by a fixed number. According to the basic price theory equation, as a simple proposition, cryptocurrency prices form a Martin Gale process [Schilling and Uhlig, 2019, p.20]. Based on the existing theoretical proposition, we applied the variance ratio verification method [Linton and Smetanina, 2016] and a simple technical chart method for empirical analysis. For the purpose of this study, the possibility of a bubble was empirically analyzed by analyzing the price volatility formed in the Korean virtual currency market over the past year, and brief policy implications for this were presented.

• The Journal of Information Systems
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• v.27 no.3
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• pp.43-62
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• 2018

Purpose Since the Bitcoin, which was the first virtual currency, was made at 2009, almost 1,000 virtual currencies appeared onstage in the world. Even though virtual currencies have the function of money as a medium of exchange or contract, any of those has not yet entered the commercialization stage. Instead, some of the virtual currencies show the nature of investment assets. In the case of virtual money investment, users tend to use all the information of the world because information transfer is very easy and capital movement is almost free between different countries. In addition, as the transaction sizes of virtual currencies increase, a virtual currency price is no longer independent and is likely to be affected by the prices of other virtual currencies. Therefore, it is necessary to understand the influence among virtual currency markets, which helps successful implementation of investment strategies. Design/methodology/approach This study focuses on the investment product function of virtual money and conducts the analysis using the time series model used in the financial and economic areas. In this paper, we try to analyze the return and volatility transfer effect of virtual money markets through GJR-GARCH model. Findings This study is expected to find out whether we can make market forecasts through reflecting changes in other markets. In addition, we can reduce the trial and error of user decision making by using the information on the yield and volatility transition effect derived from the research results, and it is expected to reduce the opportunity cost of users.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.11
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• pp.287-294
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• 2018

This thesis covers legal aspects of the crypto-currency exchange and the legal rights of crypto-currencies holders. Unlike financial markets in which central authorities or intermediaries determine the validity of transactions and manage records, crypto-currency markets utilize a decentralization system based on block chain technology. Such distinct characteristics distinguish crypto-currency from currency, notes, or financial instruments. Therefore, we need to check closely the legal principles that are applicable to crypto-currency. Crypto-currency users possess rights indirectly through the crypto-currency exchange. However, we should look at whether crypto-currency can be an object of ownership. This research found that legal protection for crypto-currency exchanges are limited. Domestic laws have many shortcomings to protect users' rights. This study found that users who incurred damages due to internet computation errors at exchanges require a protective system like stock markets. Therefore, studies on the legal controls and system regulations are required to protect users' rights. Also, crypto-currency information exchanges keep inside and protections for users' private information need to be further examined.

• The Journal of the Convergence on Culture Technology
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• v.8 no.1
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• pp.583-590
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• 2022

With the release of the Bitcoin source in 2009, cryptocurrencies are continuously developing and expanding the market. Recently, new applicability is expanding centered on NFT coin and metaverse payment service. In particular, the Central Cryptocurrency Exchange actively supports relay transactions between cryptocurrencies or between traditional fiat currencies and cryptocurrencies. The cryptocurrency trading market based on such a central exchange encouraged speculative factors of cryptocurrencies, strongly arousing speculation and futility of cryptocurrencies. In addition, the central cryptocurrency exchange induces the centralization of users and virtual assets, thereby hindering the decentralization and security enhancement strategies of the block chain. Therefore, this study describes the current status and problems of centrally controlled centralized cryptocurrency exchanges in service, and presents a distributed cryptocurrency exchange modeling strategy and major issues as a decentralization model of the exchange. This research can strengthen the anonymity, decentralization, and autonomy of cryptocurrency based on blockchain.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.2
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• pp.585-594
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• 2018

Virtual currencies have emerged along with new technologies such as block chain, artificial intelligence (AI), and big data. This study examines the benefits of a security-enhanced block chain resulting from individual trading, decentralized from governments, as well as the problems associated with misuse of virtual currencies. Virtual currencies, due to its anonymity, is vulnerable to financial crimes, such as ransom-ware, fraud, drug trafficking, tax evasion and money laundering. Use of virtual currencies can facilitate criminals avoid detection from investigative agencies. Government regulatory policy continues to address these concerns, and the virtual currency exchange has also announced a self-regulation proposal. However, a fundamental solution remains necessary. The purpose of this paper is to investigate the problems regarding abuse of virtual currency and to identify a practical system for transactions involving virtual currencies. However, in order to promote transactions involving virtual currencies and to institutionalize a governance system, multilateral cooperation is required. Although the restricting the use of virtual currencies regarding minors and foreign trade, as well as the introduction of a real-name system are considered promising prospects, many problems remain. Virtual currency is not a simple digital item but a method of redesigning the function of money. Coordinated efforts are needed globally to be able to further activate the positive aspects concerning the use of virtual currencies.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2018.05a
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• pp.203-204
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• 2018

In recent years, interest in various virtual currencies has been increasing, starting with bit coin, and investment and trading of virtual currencies are being activated. However, since the price of virtual money is unstable and the rate of change of the price is very large, frequent confirmation of the amount of money is required, so that virtual money investors often have to check the virtual money market. Therefore, in this paper, we expect that it will reduce the wasted time on the exchange by using the price information guidance system that collects the virtual currency price information data and express it in RGB, and only the system user can understand the data expression and support the confidentiality.

• Journal of KIBIM
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• v.14 no.1
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• pp.30-38
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• 2024

This study aims to propose a smart city governance logic model that can accommodate more diverse information service systems by mixing hub-and-spoke and blockchain technologies as a data management model. Specifically, the research focuses on deriving the logic of an operating system that can work across smart city planning based on the two data governance technologies. The first step of the logic is the generation and collection of information, which is first divided into information that requires information protection and information that can be shared with the public, and the information that requires privacy is blockchainized, and the shared information is integrated and aggregated in a data hub. The next step is the processing and use of the information, which can actively use the blockchain technology, but for the information that can be shared other than the protected information, the governance logic is built in parallel with the hub-and-spoke type. Next is the logic of the distribution stage, where the key is to establish a service contact point between service providers and beneficiaries. Also, This study proposes the establishment of a one-to-one data exchange relationship between information providers, information consumers, and information processors. Finally, in order to expand and promote citizen participation opportunities through a reasonable compensation system in the operation of smart cities, we developed virtual currency as a local currency and designed an open operation logic of local virtual currency that can operate in the compensation dimension of information.

• Korean Security Journal
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• no.62
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• pp.9-33
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• 2020

This study presents aspects of the financing of terrorism using virtual-currencies. Fisrt of all, this introduces the conventional threat of the financing of terrorism and the analysis of current legal system regarding virtual-currency in South Korea. Next, the financing of terrorism cases are analyzed. With given analysis, the paper deals with its response and future extensions by technical and institutional aspects. The threats of the financing of terrorism are going higher after the appearance of virtual-currencies such as Bitcoin. There are two typical ways to use virtual-currencies by terrorist groups. One is to conduct public fund-raising in the social network system and the dark web. The other is to hack into virtual-currency exchange network in order to steal virtual currencies for developing the weapon of mass destruction. Specifically South Korea is top three country of trading virtual currencies and has been subject to virtual-currency hacking more than 10 cases. However, many countries including South Korea deal with virtual currencies as only innovative technology and means of investment, not the threats of the financing of terrorism. Under these circumstances, there a the legal contradiction. This article points this limit and absurdity. Also, it shows reasonable alternatives. All in all, given these aspects, the article proposes detailed policy directions.

• KIPS Transactions on Computer and Communication Systems
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• v.11 no.8
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• pp.249-258
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• 2022

Since the advent of Bitcoin, various virtual assets have been actively traded through virtual asset services of virtual asset exchanges. Recently, security accidents have frequently occurred in virtual asset exchanges, so the government is obligated to obtain information security management system (ISMS) certification to strengthen information protection of virtual asset exchanges, and 56 additional specialized items have been established. In this paper, we compared the domain importance of ISMS and CryptoCurrency Security Standard (CCSS) which is a set of requirements for all information systems that make use of cryptocurrencies, and analyzed the results after mapping them to gain insight into the characteristics of each certification system. Improvements for 4 items of High Level were derived by classifying the priorities for improvement items into 3 stages: High, Medium, and Low. These results can provide priority for virtual asset and information system security, support method and systematic decision-making on improvement of certified items, and contribute to vitalization of virtual asset transactions by enhancing the reliability and safety of virtual asset services.