VONEX: a novel approach to establishing open virtual money exchange regime

Authors:
Angelina Chow;Jingzhi Guo
Affiliations:
University of Macau, Pereira, S.J., Taipa, Macau;University of Macau, Pereira, S.J., Taipa, Macau
Venue:
Proceedings of the 11th International Conference on Electronic Commerce
Year:
2009

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Abstract

Establishing an open virtual money exchange regime is a novel idea but rarely discussed. This paper provides a pioneer research on virtual money exchange (VONEX) approach, aiming to facilitate the exchange of virtual currencies among a variety of heterogeneous virtual communities. It has defined the intrinsic value and exchangeable value of virtual currencies and suggested a redistribution strategy, constituting the theoretical foundation of the virtual exchange rate system, by which a novel VONEX exchange rate algorithm is derived. Further to the introduction of the algorithm, a proof is given to ensure its correctness.