Before interacting with the chain, all users must validate their identity, a process that Polymesh streamlines by creating a single identity on the chain for each real-world individual or organization and by attaching attestations to their identity as needed. Identity verification is only one aspect of the growing compliance burden facing financial institutions.
General-purpose blockchains struggle with processing the complex logic necessary for compliance, and this problem only stands to grow as security tokens mature, increasing in complexity and requiring more on-chain computation. Capital markets participants value confidentiality and privacy and need to safeguard their own financial interests while protecting client information in order to comply with privacy requirements. To address this, Polymesh has engineered a secure asset management protocol that enables confidential asset issuance and transfers.
In a nutshell, it allows for some pseudonymity on the chain while simultaneously giving KYC providers the visibility they need for full compliance with regulations.
Transfer amounts, account balances, and asset types are kept confidential, while trusted parties have the right to view transaction details without disclosing private information related to the transactions. Governance is an extremely tricky question on any blockchain, and even more so on a blockchain for security tokens, where the chain needs to be the source of truth for potentially billions of dollars. A fork in particular creates major legal and tax challenges for tokens backed by real assets.
Polymesh also relies on a council of key stakeholders that review improvement proposals submitted by committees or token holders, which helps to steer the chain past any potential issues or disagreements. This compromise is particularly complex in real-time settings so an interesting alternative avenue for future research might be to move towards the identification of early warning signals that can highlight suspicious trading at a point in time where the costs of false positives are relatively low e.
In order to minimise the likelihood of Type I errors i. Thus, a cost for both Type I and Type II errors needs to be determined, and a balance struck between the two.
Thus, a desirable area for future research would be to create of a database of confirmed pumps. While labour intensive to do in a fully manual way, the creation of such a database could likely be achieved through a smart combination of automated and manual tasks e.
Such a database could be used as a means of testing the accuracy of a detection algorithm, as well as allowing for the use of supervised machine learning methods. Two lines of research seem particularly interesting for an extension of cryptocurrency pump-and-dump identification. First, identifying vulnerable coins and understanding the characteristics of those coins that are repeatedly targeted in more detail would allow for efficient resource allocation of detection systems e.
Second, moving away from exchange trading data, the modus operandi of pump-and-dumps could be examined in more detail. A particularly promising path for future studies could be the linguistic analysis of the coordination of pump-and-dumps in online chat groups, on the one hand; and the means by which misinformation about specific coins is spread on, for example, social media, on the other hand.
This paper has attempted to provide a first look into research for cryptocurrency pump-and-dump schemes. Ultimately, it is the hope that the information presented in this paper will serve useful as a basis for further research into the detection of these fraudulent schemes.
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