Summarizes the Pearson correlations among cryptocurrencies, returns and halving events.
\\n\\n
IntechOpen Book Series will also publish a program of research-driven Thematic Edited Volumes that focus on specific areas and allow for a more in-depth overview of a particular subject.
\\n\\nIntechOpen Book Series will be launching regularly to offer our authors and editors exciting opportunities to publish their research Open Access. We will begin by relaunching some of our existing Book Series in this innovative book format, and will expand in 2022 into rapidly growing research fields that are driving and advancing society.
\\n\\nLaunching 2021
\\n\\nArtificial Intelligence, ISSN 2633-1403
\\n\\nVeterinary Medicine and Science, ISSN 2632-0517
\\n\\nBiochemistry, ISSN 2632-0983
\\n\\nBiomedical Engineering, ISSN 2631-5343
\\n\\nInfectious Diseases, ISSN 2631-6188
\\n\\nPhysiology (Coming Soon)
\\n\\nDentistry (Coming Soon)
\\n\\nWe invite you to explore our IntechOpen Book Series, find the right publishing program for you and reach your desired audience in record time.
\\n\\nNote: Edited in October 2021
\\n"}]',published:!0,mainMedia:{caption:"",originalUrl:"/media/original/132"}},components:[{type:"htmlEditorComponent",content:'With the desire to make book publishing more relevant for the digital age and offer innovative Open Access publishing options, we are thrilled to announce the launch of our new publishing format: IntechOpen Book Series.
\n\nDesigned to cover fast-moving research fields in rapidly expanding areas, our Book Series feature a Topic structure allowing us to present the most relevant sub-disciplines. Book Series are headed by Series Editors, and a team of Topic Editors supported by international Editorial Board members. Topics are always open for submissions, with an Annual Volume published each calendar year.
\n\nAfter a robust peer-review process, accepted works are published quickly, thanks to Online First, ensuring research is made available to the scientific community without delay.
\n\nOur innovative Book Series format brings you:
\n\nIntechOpen Book Series will also publish a program of research-driven Thematic Edited Volumes that focus on specific areas and allow for a more in-depth overview of a particular subject.
\n\nIntechOpen Book Series will be launching regularly to offer our authors and editors exciting opportunities to publish their research Open Access. We will begin by relaunching some of our existing Book Series in this innovative book format, and will expand in 2022 into rapidly growing research fields that are driving and advancing society.
\n\nLaunching 2021
\n\nArtificial Intelligence, ISSN 2633-1403
\n\nVeterinary Medicine and Science, ISSN 2632-0517
\n\nBiochemistry, ISSN 2632-0983
\n\nBiomedical Engineering, ISSN 2631-5343
\n\nInfectious Diseases, ISSN 2631-6188
\n\nPhysiology (Coming Soon)
\n\nDentistry (Coming Soon)
\n\nWe invite you to explore our IntechOpen Book Series, find the right publishing program for you and reach your desired audience in record time.
\n\nNote: Edited in October 2021
\n'}],latestNews:[{slug:"webinar-introduction-to-open-science-wednesday-18-may-1-pm-cest-20220518",title:"Webinar: Introduction to Open Science | Wednesday 18 May, 1 PM CEST"},{slug:"step-in-the-right-direction-intechopen-launches-a-portfolio-of-open-science-journals-20220414",title:"Step in the Right Direction: IntechOpen Launches a Portfolio of Open Science Journals"},{slug:"let-s-meet-at-london-book-fair-5-7-april-2022-olympia-london-20220321",title:"Let’s meet at London Book Fair, 5-7 April 2022, Olympia London"},{slug:"50-books-published-as-part-of-intechopen-and-knowledge-unlatched-ku-collaboration-20220316",title:"50 Books published as part of IntechOpen and Knowledge Unlatched (KU) Collaboration"},{slug:"intechopen-joins-the-united-nations-sustainable-development-goals-publishers-compact-20221702",title:"IntechOpen joins the United Nations Sustainable Development Goals Publishers Compact"},{slug:"intechopen-signs-exclusive-representation-agreement-with-lsr-libros-servicios-y-representaciones-s-a-de-c-v-20211123",title:"IntechOpen Signs Exclusive Representation Agreement with LSR Libros Servicios y Representaciones S.A. de C.V"},{slug:"intechopen-expands-partnership-with-research4life-20211110",title:"IntechOpen Expands Partnership with Research4Life"},{slug:"introducing-intechopen-book-series-a-new-publishing-format-for-oa-books-20210915",title:"Introducing IntechOpen Book Series - A New Publishing Format for OA Books"}]},book:{item:{type:"book",id:"10450",leadTitle:null,fullTitle:"Evolutionary Psychology Meets Social Neuroscience",title:"Evolutionary Psychology Meets Social Neuroscience",subtitle:null,reviewType:"peer-reviewed",abstract:"This book aims to open a debate full of theoretical and experimental contributions among the different disciplines in social research, psychology, neuroscience, and sociology and to give an innovative vision to the present research and future perspective on the topic. The fundamental research areas of evolutionary psychology can be divided into two broad categories: the basic cognitive processes, and the way they evolved within the species, and the adaptive social behaviors that derive from the theory of evolution: survival, parenting, family and kinship, interactions with nonparents, and cultural evolution. Evolutionary Psychology Meets Social Neuroscience explains at individual and group level the fundamental behaviors of social life, such as altruism, cooperation, competition, social exclusion, and social support.",isbn:"978-1-83968-871-3",printIsbn:"978-1-83968-870-6",pdfIsbn:"978-1-83968-872-0",doi:"10.5772/intechopen.92465",price:100,priceEur:109,priceUsd:129,slug:"evolutionary-psychology-meets-social-neuroscience",numberOfPages:82,isOpenForSubmission:!1,isInWos:null,isInBkci:!1,hash:"bd4df54e3fb185306ec3899db7044efb",bookSignature:"Rosalba Morese, Vincenzo Auriemma and Sara Palermo",publishedDate:"January 7th 2022",coverURL:"https://cdn.intechopen.com/books/images_new/10450.jpg",numberOfDownloads:857,numberOfWosCitations:0,numberOfCrossrefCitations:0,numberOfCrossrefCitationsByBook:0,numberOfDimensionsCitations:0,numberOfDimensionsCitationsByBook:0,hasAltmetrics:1,numberOfTotalCitations:0,isAvailableForWebshopOrdering:!0,dateEndFirstStepPublish:"September 18th 2020",dateEndSecondStepPublish:"December 21st 2020",dateEndThirdStepPublish:"February 24th 2021",dateEndFourthStepPublish:"May 15th 2021",dateEndFifthStepPublish:"July 14th 2021",currentStepOfPublishingProcess:5,indexedIn:"1,2,3,4,5,6",editedByType:"Edited by",kuFlag:!1,featuredMarkup:null,editors:[{id:"214435",title:"Dr.",name:"Rosalba",middleName:null,surname:"Morese",slug:"rosalba-morese",fullName:"Rosalba Morese",profilePictureURL:"https://mts.intechopen.com/storage/users/214435/images/system/214435.jpg",biography:"Rosalba Morese, born in Italy, holds a bachelor\\'s degree in psychology at the University of Parma and a Ph.D. in neuroscience at the University of Turin. She aims to develop new techniques and approaches in cognitive science and social neuroscience. She is an expert in experimental neuroscience, neuroeconomics, psychophysiology, and cognitive and social neuroscience. She performs neuroimaging studies in social contexts in order to investigate neural correlates involved during social interactions, such as, social exclusion, social support, empathy, communicative intention, social decision-making, in-group and out-group settings, etc. She currently works at Università della Svizzera italiana, Lugano, Switzerland.\n\nFor more information: http://usi.to/xuj",institutionString:"Faculty of Biomedical Sciences",position:null,outsideEditionCount:0,totalCites:0,totalAuthoredChapters:"8",totalChapterViews:"0",totalEditedBooks:"4",institution:{name:"Universita della Svizzera Italiana",institutionURL:null,country:{name:"Switzerland"}}}],equalEditorOne:null,equalEditorTwo:null,equalEditorThree:null,coeditorOne:{id:"338363",title:"Dr.",name:"Vincenzo",middleName:null,surname:"Auriemma",slug:"vincenzo-auriemma",fullName:"Vincenzo Auriemma",profilePictureURL:"https://mts.intechopen.com/storage/users/338363/images/system/338363.jpg",biography:"Vincenzo Auriemma, born in Italy, holds a bachelor\\'s degree in sociology at the University of Salerno and a Ph.D. in sociology at the same university. He developed new techniques for empathy analysis in the relationship between sociology and social neuroscience. He is an expert in the history of sociological thought, neurosociology, institutions of sociology, and general sociology. He carries out transdisciplinary studies based on the relationship of sociology with other sciences in the investigation of empathy on both individuals and groups, in order to investigate whether it is a culturally constructed or genetically given aspect. He currently works as a postdoc research fellow at the Department of Political and Social Studies of the University of Salerno. He is the scientific director of the National Passa la Palla Network, which deals with combating bullying and cyberbullying, and is a member of both the Italian Association of Sociology (AIS) and the Sociology of the Person (SPe). He is part of a research group that focuses on the analysis of dropout in psychotherapy as a methodology of transdisciplinary research between the University of Cassino and the University of Salerno and a member of a research group that studies the well-being of patients and healthcare personnel at San Giovanni di Dio e Ruggi d\\'Aragona University Hospital, an affiliate of the University of Salerno.",institutionString:"University of Salerno",position:null,outsideEditionCount:0,totalCites:0,totalAuthoredChapters:"0",totalChapterViews:"0",totalEditedBooks:"0",institution:{name:"University of Salerno",institutionURL:null,country:{name:"Italy"}}},coeditorTwo:{id:"233998",title:"Ph.D.",name:"Sara",middleName:null,surname:"Palermo",slug:"sara-palermo",fullName:"Sara Palermo",profilePictureURL:"https://mts.intechopen.com/storage/users/233998/images/system/233998.png",biography:"Sara Palermo has an MSc in clinical psychology and a PhD in experimental neuroscience. She is specialty chief editor of Frontiers in Psychology, Neuropsychology, and scientific director of the Italian National Institute of Philanthropy, Filantropolis. She is a member of the Italian Society of Neuropsychology, the Italian Association of Psychogeriatrics, the Italian Society of Neurology for Dementia, and the Society for Interdisciplinary Placebo Studies. She was a member of the European Innovation Partnership on Active and Healthy Ageing (EIP AHA), for which she was involved in Action Group A3: Action for Prevention of Functional Decline and Frailty. Dr Palermo works as a researcher at the Department of Psychology - University of Turin (Italy) and as Scientific Consultant at the Fondazione IRCCS, Istituto Neurologico Carlo Besta (FINCB), Milan, Italy.",institutionString:"University of Turin, Italy & The Foundation of the Carlo Besta Neurological Institute IRCCS",position:null,outsideEditionCount:0,totalCites:0,totalAuthoredChapters:"6",totalChapterViews:"0",totalEditedBooks:"5",institution:{name:"University of Turin",institutionURL:null,country:{name:"Italy"}}},coeditorThree:null,coeditorFour:null,coeditorFive:null,topics:[{id:"278",title:"Social Psychology",slug:"social-psychology"}],chapters:[{id:"79433",title:"Introductory Chapter: (trans) Disciplinarity - A New Alliance between Sociology and Neuroscience",doi:"10.5772/intechopen.100605",slug:"introductory-chapter-em-trans-em-disciplinarity-a-new-alliance-between-sociology-and-neuroscience",totalDownloads:104,totalCrossrefCites:0,totalDimensionsCites:0,hasAltmetrics:0,abstract:null,signatures:"Vincenzo Auriemma, Chiara Fante, Rosalba Morese and Sara Palermo",downloadPdfUrl:"/chapter/pdf-download/79433",previewPdfUrl:"/chapter/pdf-preview/79433",authors:[{id:"214435",title:"Dr.",name:"Rosalba",surname:"Morese",slug:"rosalba-morese",fullName:"Rosalba Morese"},{id:"439522",title:"Dr.",name:"Vincenzo",surname:"Auriemma",slug:"vincenzo-auriemma",fullName:"Vincenzo Auriemma"},{id:"439523",title:"Dr.",name:"Chiara",surname:"Fante",slug:"chiara-fante",fullName:"Chiara Fante"},{id:"439524",title:"Dr.",name:"Sara",surname:"Palermo",slug:"sara-palermo",fullName:"Sara Palermo"}],corrections:null},{id:"77185",title:"An Evolutionary Approach to the Adaptive Value of Belief",doi:"10.5772/intechopen.97538",slug:"an-evolutionary-approach-to-the-adaptive-value-of-belief",totalDownloads:244,totalCrossrefCites:0,totalDimensionsCites:0,hasAltmetrics:1,abstract:"The word “belief” evokes concepts such as religious or political beliefs, however there is more to belief than cultural aspects. The formation of beliefs depends on information acquired through subjective sampling and informants. Recent developments in the study of animal cognition suggest that animals also hold beliefs and there are some aspects that underly the formation of beliefs which are shared with other animal species, namely the relationship between causality, predictability and utility of beliefs. This review explores the biological roots of belief formation and suggests explanations for how evolution shaped the mind to harbour complex concepts based on linguistic structures held by humans. Furthermore, it suggests that beliefs are shaped by the type and process of information acquisition which progresses through three levels of complexity.",signatures:"Anabela Pinto",downloadPdfUrl:"/chapter/pdf-download/77185",previewPdfUrl:"/chapter/pdf-preview/77185",authors:[{id:"343920",title:"Ph.D.",name:"Anabela",surname:"Pinto",slug:"anabela-pinto",fullName:"Anabela Pinto"}],corrections:null},{id:"78719",title:"Social Inclusion and Exclusion: How Evolution Changes Our Relational and Social Brain",doi:"10.5772/intechopen.99916",slug:"social-inclusion-and-exclusion-how-evolution-changes-our-relational-and-social-brain",totalDownloads:143,totalCrossrefCites:0,totalDimensionsCites:0,hasAltmetrics:1,abstract:"Belonging to social groups is an important need for human beings and social exclusion has a significant psychological impact on individual wellbeing. Social neuroscience has clarified the similarity of the neuronal substrate between physical pain and social pain during the experience of social exclusion. Pain is the oldest signal that something is wrong for our brain, and the anticipation of pain motivates a move away from perceived dangerous or noxious stimuli. The Evolutionary Theory of Motivation (ETM) considered group affiliation as an adaptive goal that supports the individual\\'s adaptation to the environment; however, invalidating experiences may induce avoidance of its pursuit. In this perspective, social exclusion could thus be considered as the result of failures at one or more levels of the human motivational systems. This chapter attempts to understand the neuroscience findings on social exclusion in this theoretical framework.",signatures:"Chiara Fante, Sara Palermo, Vincenzo Auriemma and Morese Rosalba",downloadPdfUrl:"/chapter/pdf-download/78719",previewPdfUrl:"/chapter/pdf-preview/78719",authors:[{id:"214435",title:"Dr.",name:"Rosalba",surname:"Morese",slug:"rosalba-morese",fullName:"Rosalba Morese"},{id:"429517",title:"Dr.",name:"Fante",surname:"Chiara",slug:"fante-chiara",fullName:"Fante Chiara"},{id:"429518",title:"Dr.",name:"Sara",surname:"Palermo",slug:"sara-palermo",fullName:"Sara Palermo"},{id:"429519",title:"Dr.",name:"Vincenzo",surname:"Auriemma",slug:"vincenzo-auriemma",fullName:"Vincenzo Auriemma"}],corrections:null},{id:"76704",title:"Social Supports Available to Persons with Disabilities in Nigeria",doi:"10.5772/intechopen.97790",slug:"social-supports-available-to-persons-with-disabilities-in-nigeria",totalDownloads:232,totalCrossrefCites:0,totalDimensionsCites:0,hasAltmetrics:0,abstract:"Disability entails more than the mere physical deformity such as stroke; however, a disability could manifest in different forms; mental, emotional, sensory and intellectual disability among others. People with disability are faced with a lot of challenges and they experience depression, isolation and social exclusion which were explained in studies from the natural and behavioral sciences. Also, Social workers and Psychologists alike have often discussed the importance of social inclusion and social support for people living with a disability. Social support helps to reduce psychological stress, enhance the quality of life and achieve social inclusion. Lack of social support increases the risk of depression, social exclusion, maladaptive behaviors and mortality. In this paper, we will give a thorough explanation of Social support and its forms. We emphasized the influence of neurobiology, personality features, social system and perception on who gets social support and to what extent. The paper also discussed Nigeria’s perceptions of disability and the social support networks in Nigeria, using vast literature. From literature, social supports are of different kinds however, this paper emphasized the need for functional social support which entails changing negative perceptions about disability. In other words, social support should not be just assisting the individual to access their immediate needs but should entail involving them in decision making – social inclusion.",signatures:"Chinyere Onalu and Nneka Nwafor",downloadPdfUrl:"/chapter/pdf-download/76704",previewPdfUrl:"/chapter/pdf-preview/76704",authors:[{id:"343216",title:"Mrs.",name:"Chinyere",surname:"Onalu",slug:"chinyere-onalu",fullName:"Chinyere Onalu"},{id:"350015",title:"Ms.",name:"Nneka",surname:"Nwafor",slug:"nneka-nwafor",fullName:"Nneka Nwafor"}],corrections:null},{id:"76564",title:"Biological Determinants of Hostility",doi:"10.5772/intechopen.97526",slug:"biological-determinants-of-hostility",totalDownloads:135,totalCrossrefCites:0,totalDimensionsCites:0,hasAltmetrics:0,abstract:"Our aim was to study the association of hostility with the DRD4, DAT, MAOA genes in an open male population of 25–64 years old. A representative sample of men aged 25–64 years (n = 657 men, average age 44.3 ± 0.4 years) was examined in 1994–1995 and 45–64 years old (n = 781 men, average age - 56.48 ± 0.2 years) in 2003–2005 using the methods proposed by the WHO international program “MONICA-psychosocial” and “HAPIEE”. All respondents completed the hostility questionnaire on their own. Genotyping of the DRD4, DAT and MAOA gene polymorphisms was carried out. It was established that the level of hostility in the male population was 76.9% in the group of 25–64 years old and 60.3% in the group of 45–64 years old. Genotypes 4/6, 4/7 of the DRD4 gene are reliably associated with a high level of hostility; the genotype 4/4 of the DRD4 gene is associated with an average and lower level of hostility. There was no association of individual genotypes and VNTR alleles of DAT gene polymorphism with different levels of hostility. It was found that among individuals with low-active alleles of the MAOA-L gene (alleles 2 and 3), a high level of hostility was more common - 50.9%. The results of constructing a logistic regression model showed that the presence of low-active alleles (2; 3) of the MAOA gene increases the likelihood of hostility OR = 2.103 (95% CI 1.137–3.889, p = 0.018). Based on the received data we can assume that the long alleles of the DRD4 gene and the low-level allele of the MAOA-L gene are associated with hostility.",signatures:"Valery V. Gafarov, Elena A. Gromova, Vladimir N. Maksimov, Igor V. Gagulin and Almira V. Gafarova",downloadPdfUrl:"/chapter/pdf-download/76564",previewPdfUrl:"/chapter/pdf-preview/76564",authors:[{id:"325050",title:"Dr.",name:"Elena A.",surname:"Gromova",slug:"elena-a.-gromova",fullName:"Elena A. Gromova"},{id:"325389",title:"Dr.",name:"Valery V.",surname:"Gafarov",slug:"valery-v.-gafarov",fullName:"Valery V. Gafarov"},{id:"325405",title:"Dr.",name:"Igor V.",surname:"Gagulin",slug:"igor-v.-gagulin",fullName:"Igor V. Gagulin"},{id:"343740",title:"Prof.",name:"Vladimir N.",surname:"Maksimov",slug:"vladimir-n.-maksimov",fullName:"Vladimir N. Maksimov"},{id:"343742",title:"Dr.",name:"Almira V.",surname:"Gafarova",slug:"almira-v.-gafarova",fullName:"Almira V. 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These models take into account semiconductor devices such as MOSFETs and analyze the device features through rigorous testing and optimization of the device characteristics. The device models are developed employing various mathematical calculations and simulation processes before being adopted into practical circuit and system-level simulation steps. This book chapter takes a deeper dive into different types of semiconductor device modeling and simulation techniques by leveraging their full potential.
\nTo understand the characteristics of a device, analytical modeling is performed under various environmental and operating conditions by varying the device parameters. Physics-based analytical models are developed by analyzing the behaviors of a device based on the fundamental physics by solving rigorous mathematical equations governing the underlying device physics. This enables selection of optimal device features and predictability of the device operation under various conditions to simulate its performance in electronic circuits and systems. Although this type of modeling provides accurate results, the calculation scheme is not fast enough for higher level analysis tools including circuit simulators such as SPICE. For fast calculation of device characteristics, empirical models are commonly used. Empirical modeling is a computer-based modeling scheme involving experimental data. Unlike analytical modeling approach, this specific technique depends on simulation of device behavior by implementing mathematically fitted equations. This results in a trade-off between the accuracy of device models and the computational speed. Empirical modeling of a device plays a leading role in circuit simulation using tools such as SPICE, which is a general-purpose analog electronic circuit simulator. It has the capability to analyze and predict the device behavior in a circuit design by solving a combination of theoretical and empirical models. However, to explore full potential of a device in implementing efficient circuits, researchers are dedicating much time in implementing numerical models using commercial device simulators such as technology computer-aided design (TCAD) tools. Numerical modeling optimizes the characteristics of a device by simulating the device in virtual environment. This type of modeling of a device involves solutions to a set of coupled partial differential equations. The core concept of this type of modeling involves analyzing various mathematical techniques to provide a realistic solution for predictability and operation of the device. Creating virtual environment under different conditions to simulate various device features and characteristics enables researchers to achieve a grasp on the functionality of a certain device and its characteristics in circuit environment.
\nPhysics-based models are developed by simplifying coupled nonlinear partial differential equations that describe the physics of the semiconductor devices. These models need to be robust, accurate, and computationally efficient and are often preferred in analog and RF circuit design. Although modern industry standard models often have some empirical fitting parameters, their core is usually physics-based and most parameters have some physical significance. Since these models try to capture the essence of underlying physics, they usually have better scalability and predictive power compared to their empirical counterparts.
\nPhysics-based compact models can be divided into several subcategories. The most widely used models in industry are BSIM3 [1] and BSIM4 [2]. These models are threshold-based, source-referenced, characterized by inversion charge proportional to overdrive voltage, and use interpolation between strong and weak inversion. In addition, some empirical fitting parameters are used in these models to cover wide bias, geometry, and temperature ranges.
\nSurface potential-based models such as PSP [3] and HiSIM [4] have recently emerged as other important physics-based compact modeling paradigms. PSP was developed as a collaboration between Gildenblat et al. and Philips corporation and is characterized by both inversion charge and drain current being computed from the surface potential
Another approach is known as inversion charge-based model such as EKV named after its founders (Enz-Krmmencher-Vittoz) [5] and ACM (Advanced Compact model) [6]. EKV was originally developed at CSEM and EPFL at Switzerland and has found use in low-power and RF integrated circuit (IC) design due to some of the shortcomings of BSIM-based models in these applications. It is a body-referenced and symmetric model based on channel charge linearization. There is also a companion model for hand analysis.
\nIn addition to these popular choices, there are other models such as, analytical model for ballistic field-effect transistors [7], MIT Virtual Source model [8] etc. Although these models are not used in industry, they involve a relatively small set of parameters with strong physical significance and can provide useful insight into the underlying physical phenomena of nanoscale transistors.
\nA number of works have been performed over the years on physics-based modeling of transistors. Gummel in [9] developed a model based on finite difference method for solving model equations to provide information about internal parameters such as potential and electric field distribution along with the terminal characteristics. This approach was modified in [10] using a new discretization technique for ensuring convergence. Building upon Scharfetter-Gummel algorithm, Slotboom [11] proposed a new model using two new artificial variables for linearization of differential equations facilitating implementation in computer-aided design (CAD) programs.
\nEarly pioneers of device modeling include Pao and Sah who came up with the classic double integral drain current expression and explored different characteristics of transistor action [12, 13]. However, these formulas are computation intensive and CAD implementation requires a simplified model. Brews in [14] proposed a charge sheet model that assumes the inversion layer to be a conducting plane of zero thickness.
\nAs the transistors kept getting smaller, the significance of subthreshold leakage conduction became apparent and the authors in [15] explored basic charge equation to derive a model that covers conduction mechanism from subthreshold to strong inversion. A one-dimensional model reported in [16] incorporates the dependence of subthreshold conduction on drain voltage, substrate bias, and temperature. The effect of terminal voltages on subthreshold conduction was captured in another model proposed by Taylor [17], which also explored the potential adverse two-dimensional effects on drain conductance. Later, Taylor unified the existing short- and long-channel models into an analytical model in [18]. Moreover, with the increasing use of MOSFETs in the domain of analog circuit design, there has been a growing need for a better small signal CAD models. Liu et al. presented a first-order and a second-order large-signal MOSFET models and derived corresponding small-signal models where the parameters are associated with bias condition and process technology [19].
\nSeveral researchers have explored the effect of electric field, doping density, and temperature on carrier mobility. Arora et al. developed an analytical expression of carrier mobilities in silicon as a function of doping concentration and temperature based on experimental data and modified Brooks-Herring theory of mobility [20]. Masetti et al. explored the dependence of carrier mobility on dopant concentration in silicon [21]. Later, Reggiani et al. proposed a unified model that combines mobility dependence on multiple factors such as doping, temperature, and electric field [22]. Another major contribution was the development of a universal expression for carrier generation and recombination, which was independently reported by Hall [23] and Shockley-Read [24] in 1952. Carrier lifetime is the most important parameter affecting the rate of generation-recombination and its dependence on temperature and electric field was analyzed by Schenk in [25].
\nThe first-generation CAD models refer to the three built-in models (Level 1, 2, and 3) in the SPICE2 program [26]. Sheu et al. developed CSIM (Compact Short-channel IGFET Model) [27] and later improved and converted it into its now-famous successor called “Berkeley Short-channel IGFET Model” (BSIM) [28]. This was the beginning of the second generation of SPICE models. Technical considerations underlying the evolution of these models will be explored in greater detail in Section 2.5.
\nEmpirical modeling is an alternative to physics-based modeling, which is used for rapid and accurate circuit simulation. The basic methodology is to take experimental or simulated device data as input and then create a model capable of accurately reproducing the complex nonlinear behavior of the semiconductor devices under different operating conditions using some sort of special functions such as Black-Box model or table look-up models. Usually, these methods are flexible and can be applied to different types of transistors [29].
\nThe most commonly used empirical models utilize look-up table and quadratic or higher order polynomials for interpolation between data points. The data can be obtained from TCAD simulations or experimental results. Some simulators internally use table look-up methods for faster simulation. Currently, there are some mixed-device circuit simulators, which can generate table look-up models from TCAD simulations for carrying out circuit simulation. These methods can have some serious drawbacks such as wiggles in I-V characteristics, nonphysical negative resistances, limited applicability in exponentially varying regions of operation resulting from the use of low-order polynomial interpolation, inability to accommodate changes in temperature and geometry, limited capability for modeling statistical variation and noise, and lack of predictive capabilities for future technologies.
\nAnother method involves using special functions such as hyperbolic tangent in an ingenious way to match the shape of experimental data. Parameters tend to be fitting coefficients but they may have some sort of first-order physical significance. A different approach, known as Black-Box modeling, leverages sophisticated numerical packages that take arbitrary sets of data and automatically generate some form of mathematical model that best fits the supplied data. This approach has mostly been confined to complex interconnect structures and system-level modeling. The boundary between physics-based and empirical models has gradually become fuzzier in recent years since most modern industry standard physics-based models now have some empirical content.
\nThe table look-up method was implemented for digital circuit simulation in the timing simulator MOTIS [30], which was used to obtain timing information on the propagation of signals through circuits. Rofougaran et al. reported a FET model consisting of a main look-up table, along with a coarse 3-D sub-table for including substrate effects and another table for interpolating between different channel lengths [31]. This was used to resolve some of the limitations faced by analytical models in capturing short-channel effects. Another table-based method was used in [32] to address the requirements of analog circuit design, which demands greater accuracy in reproducing small-signal parameters, large-signal nonlinearities, subthreshold conduction, body effects, and bias-dependent capacitances.
\nMeijer proposed an
Yanilmaz et al. extended Bernstein approximation technique to multidimensional variation diminishing interpolation and modeled DC I-V and Q-V characteristics of a MOSFET [36]. An important attribute of this model is the preservation of continuity and monotonicity, which are important for convergence in Newton-Raphson algorithm commonly used in most modern circuit simulators. Similarly, the authors in [37] have used Lagrange interpolation and Bernstein approximation techniques for modeling multi-gate SOI transistors. Shima et al. employed monotonic piecewise cubic interpolation on stored table data obtained from a 2-D TCAD simulator to evaluate operating points of MOS transistors [38]. Authors in [39] used a tableau-style quadratic spline formulation that ensured the continuity of the model function and its derivative and proposed a new data-compression method for efficient storage of coefficients. The authors in [40] have used multidimensional linear and cubic spline interpolation methods for modeling SOI four-gate transistor (G4FET).
\nA comprehensive list of attributes of a good CAD model for circuit simulation can be found in [41]. In this section, a brief discussion on the most salient features of an excellent compact model is presented. To design analog and mixed analog/digital circuits effectively, CAD models have to meet some basic requirements based on I-V characteristics, charges, leakage currents etc.; should provide continuous results that must have physical sense; should meet the requirement for intrinsic and extrinsic effects; and should provide accurate prediction for temperature range of interests etc. In addition, the model must have criteria for any combination of channel length and width values from the minimum specified upward bound and should provide a flag when it is used outside the limit of validity. Finally, and perhaps most importantly, a compact model must be computationally efficient, sufficiently accurate, and numerically robust.
\nThe model developers need to satisfy certain criteria beyond model simulation. The general considerations include choice of parameters [42], choice of references [43], choice of modeling expressions [44], out of range behavior [42], charge versus capacitance formulation [45], and non-quasi-static analysis [46]. Furthermore, there are two important points, namely the choice of smoothing function and the judicious use of conditionals, which are the topics of the following discussion.
\nSmoothing function is an important tool to build a single expression by combining several expressions. Sometimes it is hard to model a device with general expressions for different regions of operation. The resultant single expression from smoothing function can be used for all the regions. However, the smoothing functions reveal particular expression in particular regions while maintaining continuity at boundaries between regions.
\nFor example, the traditional MOSFET drain current,
where, \n
where
and
\nHere \n
Illustration of two smoothing functions for ensuring higher order continuity of the model as shown in Eq. (1-3). (Here,
Sometimes, it is hard to maintain perfectly smooth model without using any conditionals. For efficiency, conditional models are used to include or exclude block models that are turned on or off by using different model parameters [47]. For example, let us consider the following common limiting function:
\nThis function asymptotically approaches zero for large negative
The “Simulation Program with Integrated Circuit Emphasis” (SPICE) was developed in the Electronics Research Laboratory at the University of California, Berkeley in 1973 [50]. However, the real popularity of SPICE comes after the release of SPICE 2 in 1975, which included three first-generation MOSFET models for the first time [51]. The first-generation compact models for MOSFET include Level 1, Level 2, and Level 3 models. The second-generation models are BSIM, BSIM2, and HSPICE Level 28. The third-generation models include Level 7, Level 48, BSIM3, and other advanced models. The following section presents the chronological progression from the Level 1 model to Level 3 and finally to BSIM models.
\nIn this model, the MOSFET operation is divided into three regions. When
In Eqs. (7) and (8), the term,
where
The drain voltage in the saturation region is expressed in Eq. (12). The drain current in the saturation region is obtained from Eq. (11) at
The Level 2 model offers other modifications including nonzero drain current in the weak-inversion region when
The short-channel effect influences the empirical parameters,
This model handles the gate voltage dependence of the surface mobility,
In Eq. (15), the term
To continue the advancement of semiconductor industry beyond the imminent demise of Moore’s Law, researchers all around the world have been exploring new technologies and consequently, a multitude of novel devices have emerged in recent years. This book chapter has been focused mainly on the development of compact models for bulk MOSFET. These models have been modified and extended for several novel transistors. For example, for SOI (silicon-on-insulator) devices, PSP-based model [66] and BSIM-based model [67, 68] have been reported. From the BSIM group, BSIM-IMG model for independent multi-gate MOSFET operation [69] and BSIM-CMG for common multi-gate transistor, that is, FinFET have been developed [70].
\nIn addition to different nanoscale transistors, the lessons learned during development of different generations of compact models have also been successfully used to model many emerging devices such as metal-oxide-based resistive random-access memory (RRAM) devices [71, 72], insulator-metal-transition devices [73], biomolecular memristors [74] and memcapacitors [75] etc.
\nFor any newly developed semiconductor device, different parameters need to be optimized before the device model can be adopted for practical circuit applications. However, with rapid development of new device and process technologies, optimization of semiconductor manufacturing processes guided by experimental approach becomes very time-consuming and expensive. As an alternative, device simulation can allow optimization of the device parameters in a virtual environment in a fast and cost-effective way to verify the device models for a newly developed semiconductor technology. In general, the tools used for numerical device simulation include three major components: (i) simulation of the fabrication process, (ii) simulation of the device characteristics, and (iii) simulation of the device for circuit applications. Figure 2 shows the basic hierarchy of process, device and circuit simulation. Process simulation is closely coupled to the original device simulation because the behavior of the fabricated device is significantly related to the overall processing steps. Process simulation is implemented by mimicking the original device fabrication steps that include several lithography steps as well as ion implantation, diffusion, annealing, and oxidation steps. This simulation is based on the measurement of doping profile using secondary ion mass spectroscopy (SIMS), topography provided by transmission electron microscopy (TEM), the process recipe, and the lithography masks. Simulation of the device characteristics is based on the overall geometry of the device coupled with the simulated profile from the process simulation. This part of the simulation mainly focuses on the device output and transfer current-voltage (I-V) characteristics, capacitance-voltage (C-V) characteristics, or frequency response. The compact model intended to be used for the circuit simulation can be developed based on the output of the process and device simulation data optimized using different device parameters in TCAD tools.
\nHierarchy of process, device, and circuit simulation.
Semiconductor device simulation usually follows two different approaches such as semiclassical approach and quantum mechanical formulations. In the semiclassical approach, Boltzmann transport equation is used to model the carrier transport in the semiconductor devices by developing the drift-diffusion model along with the energy transport model. The solution of Boltzmann transport equation is usually obtained from doping profile of the device structure. The electrostatic potential, which depends on the dopant profile, is obtained from the Poisson’s equation. In order to incorporate quantum mechanical transport phenomena in the modern device models, Boltzmann transport equation is coupled with Schrödinger equation and Wigner function [76, 77]. Device simulation using the classical approach is discussed in next section, which is then followed by a discussion of the quantum mechanical approach.
\nIn the semiclassical approach, the Boltzmann transport equations to describe the transport of electron and holes in a device can be written as,
\nwhere
The drift-diffusion model can be obtained, by applying the method of moment in the Boltzmann transport equation. For the derivation of the drift-diffusion model, the first two moments such as
where
where
The basic simulation model using the semiclassical approach does not consider the quantum mechanical properties present in the semiconductor device. However, with the continuous reduction of the device size and due to the dual wave-particle nature of electron, quantum mechanical effects in the semiconductor devices have become significant and thus need to be incorporated in the model. There have been several procedures developed to formulate the quantum mechanical transport in modern electronic devices. Figure 3 shows a flow chart representing the relationships among the relevant formulation of quantum models including Schrödinger equation, transfer-matrix, density matrix, Green’s functions, Wigner function, and path integral approaches [80].
\nFlow chart illustrating the formulation of the quantum mechanical transport.
One of the most common ways to incorporate the quantum mechanical effect with the already developed semiclassical model involves coupling of Boltzmann transport equation with Schrödinger equation inside a self-consistent Schrödinger-Poisson loop. In this approach, the carrier concentration and the electrostatic potential are obtained by using Schrödinger equation and Poisson equation, respectively, in several iterations until a self-consistent solution is obtained. Boltzmann transport equations are then solved using the derived carrier concentration [81].
\nAnother approach involves using the Wigner function along with Boltzmann transport equation to derive Boltzmann-Wigner equation [82],
\nwhere
where
where
The numerical models described in the previous section are very computationally intensive and iterative in nature. For this reason, device simulation is usually performed using technology computer-aided design (TCAD) tools, which can provide excellent predicting capability of the device properties allowing virtual prototyping and optimization [93, 94, 95]. Most of the modern TCAD packages consist of several tools to implement device processing, device design, parameter extraction, device and circuit simulation, and data visualization as shown in Figure 4. Several of these tools can be combined together based on designer preference in order to study the impact of any single step on the overall system performance. Among these, the process simulation tool creates a virtual environment to emulate the original fabrication and processing recipes that allow the process engineer to study each processing step on the device characteristics and thus facilitate fine tuning of their recipe to optimize the device performance. Electrical, thermal, and optical properties of semiconductor devices are analyzed using another dedicated tool for device simulation. Most TCAD device simulation tools implement finite element methods and some of them have the capability to extract SPICE model parameters for implementation in circuit applications. Physical equations and material properties are incorporated for better prediction while considering the convergence speed. The simulated data are stored in a standard format, which can be represented by the visualization tools for further analysis.
\nPrinciple tools inside TCAD device simulation suites with input and output files.
In the era of rapid development of device technology and electronic circuit design, semiconductor device modeling plays a vital role. To build sophisticated electronic circuits, one needs to take a deeper dive into understanding the features and the characteristics of the device through various modeling techniques. In this chapter, different approaches of device modeling for electronic circuit design have been discussed. To understand the behavior of any type of device, the first and foremost approach is to understand the underlying physics for the device operation. Physics-based analytical models provide accurate description of a device formulation using mathematical equations with different operating parameters. However, with the development of more complicated device structure, this type of technique is becoming more complex and computationally inefficient. To achieve a computationally efficient process, empirically fitted parameters are introduced in the original physics-based equations. In order to predict the device behavior in a circuit application, SPICE simulation with efficient, accurate, and robust device model becomes essential. With continuous research breakthroughs and introduction of new physical phenomena, compact device models have evolved from the first-generation Level 1 model to more sophisticated BSIM models. The newly developed device models include a number of device parameters not only to describe the fundamental device characteristics but to include other secondary phenomena that have become significant with continuous device scaling and modification. In addition to the development of efficient device models for wide range of circuit applications, it is also important for device simulation to optimize the fabrication parameters, prior to actual processing. This is to keep pace with the rapid development of newly emerging devices. This book chapter attempts to provide a brief overview of different aspects and methods for device modeling and simulation for electronic circuit design.
\nBitcoin emerged as an alternative source of fiat currency that is intended to be fast (i.e., electronic) and peer-to-peer that does not require the need of a third party (i.e., intermediaries like banks or governments). In his 2008 paper that marked the birth of bitcoin, Satoshi Nakamoto describes bitcoin as
Bitcoin can be visualized as a reward from solving a puzzle. Participants on the blockchain are usually connected to nodes/computers. To earn bitcoin, participants must solve a cryptographic problem using the “proof-of work” concept to reach consensus among nodes/computers and create a block. Once a block is created, bitcoin is generated as a reward. Every four years, the reward from mining bitcoin is reduced by half, a phenomenon called bitcoin halving. When bitcoin was first mined, the first chunk of mining reward was 50 bitcoin per block. Three halving events have happened since the inception of bitcoin, which were in 2012, 2016 and 2020. In 2012, the halving resulted in rewards from 50 to 25 bitcoin, and from 25 to 12.5 bitcoins after the 2016 halving event. The late halving event occurred on May 11, 2020, where the reward from bitcoin went down from 12.5 to 6.25 bitcoins per block. More interestingly, the trading price of bitcoin, which started around $0.0008 in July 2010, has reached over $40,000 in January 2021, raising the concerns and interests of various market constituencies including current and prospective traders, regulators, and policy makers (Figure 1).
Bitcoin historical prices (2010–2021).
In order to prevent inflation, there are only 21 million bitcoin that can be mined. As of February 2021, the total number of mined bitcoins is 18.5 million. To get to 18.5 million, it took roughly 10 years for miners. With 2.5 million remaining bitcoins to mine, it is uncertain whether the supply of bitcoin will stop at this point. Bitcoin is the first cryptocurrency, but it is not the last. Hundreds of cryptocurrencies are currently circulating in the market. In 2020, the market capitalization of cryptocurrencies went from $200 billion to $1 trillion. Bitcoin holders during COVID-19 witnessed the highest peak in prices since its inception. The rise in bitcoin prices during COVID-19 is claimed to be attributed to the slew of institutional investors who started to view bitcoin as the future of money. For example, MicroStrategy bought 70,000 bitcoins [3]. This unimaginable increase spurred speculation on whether this price surge is a bubble or simply a reaffirmation that it became more popular as a store of value. On December 17, 2017, bitcoin reached nearly $20,000 and a few days later, on December 22, 2017, the price dropped 45% to below $11,000.
The speculative nature of bitcoin has made it a lucrative investment opportunity for risk-takers as well as a threat to the stability of financial markets and innovation due to the high volatility of the ever-changing price. The controversy over the lack of intrinsic value of bitcoin, along with its ability to surpass gold, infused an uncertainty among market participants on whether it is a speculative short-term trading medium or an innovative new currency that is here for the long term. Therefore, regulators had to intervene to provide guidelines on the use, classification, and the trading of bitcoin. This chapter discusses bitcoin as an innovative venture tool of investment. More specifically, this chapter reviews global market regulations of bitcoin, classification, use cases, policies, and economic implications of trading bitcoin in the U.S. market. This chapter helps in understanding the nature of bitcoin, and its potential benefits as well as threats, not only to the U.S. market but also the global economy.
Is bitcoin a currency or investment instrument? The speculative nature of bitcoin, high volatility, low correlation with fiat currencies or gold, and vulnerability to cyber risk made regulators tend to classify it as an investment instrument rather than a currency. To be classified as a currency, bitcoin needs to have three functions: value storage, medium of exchange and account unit [2]. The International Securities Services Association (ISSA) classifies digital assets into four categories [4]: payment (i.e., cryptocurrencies), utility (i.e., provides digital access to an application), asset (i.e., security), and asset-backed (i.e., rights of ownership). Concerns about digital asset’s nature, transparency, trading, and valuation have been the prime interests of policy makers and regulators. For example, trading on these assets requires an identification of whether these assets are considered as a “security” under federal jurisdiction. A security can be broadly defined as an investment contract or other instruments such as stocks and bonds. The U.S. Treasury has classified bitcoin as money services but not currency. That is, to subject bitcoin to market rules and regulations such as the Bank Secrecy Act and Anti Money Laundering Laws. For tax purposes, bitcoin is considered as a digital asset and thereby profits on trading bitcoins are taxable.
On April 3, 2019, the SEC released “Framework for ‘Investment Contract’ Analysis of Digital Assets” to determine whether a digital asset is a security under the Investment Company Act of 1940 and the Investment Advisers Act of 1940. The framework also made it possible to identify whether the security may no longer be a security. In the U.S., an investment contract exists if it meets the
Elements of the
Investment of money through the sale of digital assets in exchange of value. This condition usually exists because there is always a sale of such assets as the first step of recognizing its existence.
Common enterprise must exist.
Reasonable expectation of profits derived from efforts of others. The efforts of others could be promoters, sponsors, or active participant. Under the Howey test, price appreciation should not result solely from external market forces. Rather, reasonable expectation of profits comes from the capital appreciation that results from investment in the enterprise. Therefore, to meet the Howey test, the digital asset should give the investor the right to share profits (i.e., dividends) in the enterprise. The federal court examines other characteristics of digital assets such as the economic reality of transaction to identify whether there is reasonable expectation of profit derived from the efforts of others. Among these considerations are: (1) whether digital assets are fully developed, (2) whether holders of such assets can use it immediately, (3) whether the structure of digital assets meets the expectation of holders of such assets, and (4) whether it can be used as to make payments, in case of virtual currency.
A digital asset that meets the criteria of “security” is still a topic of interest by regulators because of the complex issues associated with after selling this security, such as valuation, classification in the balance sheet, and operational risk. For example, the below issues were raised by the SEC in a comment letter [6]:
Valuation: cryptocurrencies, for example, are highly volatile and new to the futures market. It is unclear how would managers assess the fair values of such assets.
Classification: how would digital assets be classified in financial statements (i.e., short vs. long term)?
Operational risk: how would manipulation in the digital asset prices in the financial market affect its trading?
The US federal securities laws and regulations also apply to Decentralized Autonomous Organization (DAO) that uses decentralized or distributed ledger such as blockchain technology. In July 2017, the SEC considered Slock.it UG digital asset as a “security”, however, decided against pursuing enforcement action towards it. [7] Slock.it is a DAO, a virtual organization that is executed on a distributed ledger or blockchain. The virtual organization sold 1.15 billion DAO in exchange for 12 million ether (ETH) that was later valued at $150 million at the time of the sale. The SEC concluded that the co-founders of Slock.it promoted their DAO using various platforms, the company was audited by leading security audit companies, and solicited media interest. The DAO tokens that were issued in exchange for Ethereum (ETH), which gave holders certain voting and ownership rights and prospect of earning a return on investment. Therefore, the SEC deemed the DAO token as a security for the following reasons: (1) the SEC securities laws apply to virtual organization making use of distributed ledger technology, (2) investors in the DAO invested money, (3) there was a reasonable expectation of profits, (4) the assumed profits are derived from the managerial efforts of others because the efforts of the co-founders and the DAO’s curators were essential to the enterprise.
Cryptocurrencies classification varies across countries. For example, in November 2019, digital assets were recognized as a property/commodity according to the UK Jurisdiction Taskforce [8]. More specifically, digital assets exhibit four characteristics: (1) definable, (2) identifiable by third parties, (3) capable in their nature of assumption by third parties, and (4) having some degree of permanence. The Financial Conduct Authority (FCA), the financial market regulatory authority in the UK, mandated that businesses dealing with digital assets to register with the authority by June 30, 2020, failing to register by the deadline would carry a penalty of case trading [9]. According to the FCA, digital assets can be classified as regulated and unregulated tokens. Regulated tokens are security tokens and e-money tokens, and unregulated tokens are utility and exchange tokens. Rules of classifying tokens include prospectus and transparency requirements, manager’s certification regime, and principles of business.
Because of Bitcoin’s features (i.e., irrevocability, anonymity, and low transaction costs) along with the rise of decentralized finance (DeFi), bitcoin has become widely used as a fast payment tool in buying/selling, smart contracts, voting, collateral, donations, and a trading investment. For example, bitcoin can be used as a substitute to cash and as a peer-to-peer electronic cash system as initially envisioned by Satoshi Nakamoto. Bitcoin can be used in smart contracts, which are stored codes that can be automatically excused using bitcoin as the electronic cash. It can also be used as collateral on DeFi networks. Bitcoin is one of the best tools or solutions to cross-border transfer of money without the need of intermediaries and hence considerably reduces the transactions fees. It is widely known as a tool to facilitate internet of value.
The global capital market regulators realized the need for fostering innovation in the capital market by embracing nascent technologies (i.e., blockchain) and flexible forms of ownership/payment (i.e., digital assets, cryptocurrencies). On the one hand, in line with expectations that global jurisdictions are embracing innovative technologies, regulators around the world (i.e., USA, Singapore, Thailand, Switzerland, and Hong Kong) are issuing guidelines and framework to facilitate exchange of digital assets [4].
On the other hand, the speculative nature of bitcoin and high volatility mandate regulatory government intervention and the subsequent issuance of guidance and rules on the classification and use of bitcoin. The intervention of government regulators is, however, sometimes perceived as a setback to the innovative nature of bitcoin and emergence as peer-to-peer tool that discards intermediaries. Hence, there are unintended consequences with government regulations. Market intervention in cryptocurrency trading, in general, may include communications from regulators and/or issuances of regulatory rules. For example, in September 2017, the Chinese government halted trading on cryptocurrencies and banned initial coin offerings (ICOs). In April 2017, Japan issued the Payment Services Act and the Financial Instruments and Exchange Act that was later revised in 2020 to tighten restrictions on cryptocurrency custodians, but meanwhile allowed the use of crypto as digital assets. Indeed, Japan was the lead country in Asia to allow cryptocurrency to be a safe haven asset. In August 2020, the UK approved its first digital stock exchange, Archax. David Lester, former chief strategy officer of the London Stock Exchange Group mentioned that:
In 2015, the U.S. classified bitcoin as a commodity. Realizing the need to adapt to flexibility in financial market innovations, the Securities and Exchange Commission (SEC) has been diligently working towards protecting investor’s rights as well as fostering innovation in the financial market by allowing it to develop exponentially and at the same time expanding the SEC federal rules and regulations to include digital assets. Additionally, in the US market, the regulatory oversight over digital assets have become more developed and geared towards simplifying the rules and regulations. For example, the SEC modernized the digital asset securities settlement and condensed its steps from four to three to reduce the operational risk for broker-dealer who operate alternative trading system (ATS) [11]. The four steps are: (1) the buyer and seller send orders to ATS, (2) the ATS matches the orders, (3) the ATS notifies the buyer and seller with the matching process, and (4) the transaction is bilaterally settled. The streamlined process involves only three steps: (1) the buyer and seller send orders to ATS and instruct their custodian to settle the transactions when the match is announced on the ATS, (2) the ATS matches the order, and (3) the ATS notified the buyer and seller with the matched and the custodians of the parties execute the instructions. However, digital assets regulations in the US market are not uniform across the states [12]. Some states (i.e., Wyoming, Colorado, Oklahoma) are “crypto-friendly” while others are not (i.e., Iowa). Crypto-friendly states promote bitcoin as a faster and more efficient payment system by reducing regulatory barriers and leveraging investment in the technology and allowing for a wider adoption among the community participants. For example, legislatures in Wyoming supported the initiation of a special purpose depository institutions to handle digital assets. Likewise, lawmakers in Colorado exempted cryptocurrencies from state securities regulations. While the SEC declared Bitcoin and Ethereum not to be securities, it used a double standard with XRP, the Ripple token, when it sued Ripple and two of its executive, claiming that Ripple sold unlicensed securities. Although Ripple has been in circulation since 2012, the SEC only initiated the lawsuit in late 2020, a few days before President Trump administration left SEC leadership, starting speculations about the interference of politics with cryptocurrency regulations. Ripple claims that the SEC suit caused XRP’s price to plummet, accumulating in over $15 billion in losses. Notably, President Trump twitted in different occasions about cryptocurrency and bitcoin
The study made by Park et al. [13] examine the exogenous shocks of local regulations on bitcoin prices and trading activities across six countries. Anecdotal evidence suggests that market regulations have a short-term impact on bitcoin price and a long-term suppressive trading effect. More interestingly, bitcoin prices vary across jurisdictions and although regulations have a short-term influence on bitcoin prices, the market for bitcoin is sought to be globally integrated and local frictions are weak to persist in the face of bitcoin’s strong international network.
The size of the global cryptocurrency market is too big to regulate by one government. In fact, anecdotal evidence suggests that regulations on bitcoin create market frictions and long-term decline in trading activities. Bitcoin was invented to cross borders and barriers, facilitate fast payment, reduce market frictions and transactions costs. Global efforts are required to achieve the tangible benefits of bitcoin and lessen the unavoidable negative consequences that usually comes with innovative technologies in times of need such as the unprecedented COVID-19.
When bitcoin was invented by Satoshi Nakamoto, he developed blockchain as the tool or medium to exchange bitcoin. You may think of bitcoin as the vehicle and blockchain as the road. Hence, one can imagine the power and innovation that comes with the invention of the first vehicle on the road. Yet, the present status of the cryptocurrency industry is that there are thousands of vehicles “cryptocurrencies” invented after bitcoin, each with its own features that may be incremental or decremental to bitcoin in functions. Bitcoin represents roughly 69% of the total market capitalization of cryptocurrencies that reached a peak of over $1 trillion on January, 6 of 2021. For example, Ethereum (ETH) is an altcoin that is used in a smart contract on the Ethereum network. Another substitute to bitcoin is XPR, which is a Ripple token that is using network of nodes of participating banks and financial institutions. Litecoin is another cryptocurrency that is four times faster than bitcoin and offer four times the amount of bitcoin supply (i.e., the total supply of bitcoin is 21 million while Litecoin’s supply is 84 million). While bitcoin will remain the first innovative cryptocurrency, it is difficult to speculate that it is the best one on the road.
As a peer-to-peer transaction, bitcoin defies the central government sole right to issue currencies and calls for a decentralized flow of currency. The market for bitcoin is concentrated in six major markets (the USA, Japan, China, Europe, UK, and South Korea) that roughly represent 99% of bitcoin trading activities with China taking over 88% of total bitcoin trading as of 2018 [13]. Therefore, it is likely that if there are cross border usage of bitcoin, it will happen mostly among these six countries. The lack of a centralized authority to regulate bitcoin along with its high tendency to be anonymous even though create an opportunity for faster and cheaper cross border transfer of currency, it opens another gate to illegal transfer of money. More specifically, one major risk associated with bitcoin is capital flight. The problem intensifies when bitcoin transaction is anonymized to cover cross-border money laundering. A study [14] examines bitcoin’s capital flight from China to USA as the largest two originators of bitcoin transactions. It also examines whether market regulations can be effective in curbing the illegal transfer of bitcoin across countries. They use bitcoin-implied exchange rate discount as a proxy for bitcoin capital flight from China to the USA prior to China’s announcement of regulations that banned financial institutions and payment companies from using bitcoin transactions. Further, they document that China’s regulatory regime successfully halted this transaction. Therefore, the intervention of financial institutions in regulating bitcoin is becoming more crucial to reduce the likelihood of using it in illicit activities and improve transparency in trading.
Expectedly, bitcoin price variability across exchanges may involve illegal behavior and anomalies related to ask and bid prices [15]. The European Central Bank (ECB) Regulations on bitcoin are meant to curb illegal trading, reduce cyber-attacks, and protect investors. However, it is unclear whether individual bitcoin regulations across different jurisdictions can make a global impact on bitcoin trading activities. Additionally, bitcoin’s virtual nature made it subject to lost and disappearance. For example, 20% of the 18.5 million circulated bitcoins are believed to be lost because owners of these bitcoins have lost their password to nearly $140 billion in bitcoins. In 2014, Mt. Gox trading platform in Tokyo went bankrupt [16] leaving 850,000 bitcoins owners clueless trying to find their passwords. James Howells from the UK mistakenly dumped his computer hard drive that includes 7,500 bitcoins that he mined in 2009. The fact that the identity of bitcoin developer is anonymous also raises speculation on whether bitcoin was originally developed for the dark web. Bitcoin can be used for money laundry and can help perpetrators cover up their identities. Ransomware attacks in the digital age includes demands for bitcoin, which made bitcoin a tool used for cyber-attacks. It is estimated that bitcoin drives ransomware of $1.4 billion in the U.S. Cyber risk and security are one of the key barriers to bitcoin evolution as a mainstream digital currency.
Another study [17] raised other concerns not addressed by the SEC in their framework such as whether digital assets traded by “Airdrop” are considered a security and the status of digital assets traded overseas. Lack of regulatory clarity of such important issues hampers the development of digital assets and blockchain technology. Challenges to securities service providers and their clients have been raised by [4] as obstacles towards getting the most out of tokenization. Some of these challenges include lack of common standards and interoperability after the introduction of new concepts by market participants. Issues regarding market stability from digital assets are also of great concerns to investors, regulators, activists, and various stakeholders. Barriers of entry (i.e., fiduciary obligation) of institutional investors into the digital asset world has slowed down the development of digital assets and underlying blockchain technology, at least this was the case before the onset of COVID-19. Among other impediment to the development of digital asset worldwide are various regulations across regulations, fraud, lack of scaling by blockchain technology and balancing scalability and security. Park, Sang, Lee, and Jang (2019) raised two critical issues related to digital assets: privacy and access by third party after death. Related, another study [18] questioned whether people should be able to inherit digital assets and whether to consider social media accounts (i.e., Email accounts, Facebook, Twitter, LinkedIn) as digital assets because they contain monetary value and are real.
An interesting question on whether bitcoin came up with net economic benefits to the U.S. financial system is still unanswered. Anecdotal evidence suggests that bitcoin prices are influenced by the quality of financial system (governance and regulations) it exists at. Nevertheless, the major characteristics of bitcoin are its volatility and price unpredictability, two major factors that are more than enough to hinder its international recognition as an innovative payment system that has the potential of replacing fiat currencies. These features are, however, puzzling. Why would bitcoin prices decline by 50% on March 12, 2020 and go up by 36% on November 19, 2013, while the global stock indexes do not synchronize in movement in the same manner? Additionally, anecdotal evidence suggests that bitcoin prices vary across different markets due to differences in market infrastructure, financial frictions, regulatory oversight, and institutional investors [12, 19].
Although the market for bitcoin is dispersed worldwide, it is globally integrated by a diverse group of bitcoin holders. When the total market capitalization reached out a peak of $1 trillion on January 6, 2021, market participants started to contemplate on whether this unimaginable magnitude of the cryptocurrency market that is mainly sparked by bitcoin is frothy. In this section, I empirically test the economic consequences of bitcoin halving events on the U.S. capital market. More specifically, I examine the market reaction to bitcoin’s first and second halving events that occurred over the past decade. There are three halving events occurred since 2009. The first halving occurred on November 28, 2012 and ended up with reducing the rewards from mining for bitcoin from 50 to 25 bitcoins per block. The second halving further reduced the reward to 12.5 bitcoins per block when it occurred on July 9, 2016. The last halving at the time of writing this study occurred on May 11, 2020 and reduced the rewards from bitcoin mining to 6.25 bitcoins per block. Due to lack of data on CRSP database post 2019 about stock prices, this study focuses on examining the stock market reactions to the first and second halving events that occurred in 2012 and 2016.
The halving event is intended to reduce bitcoin’s inflation rate. It is usually scheduled when miners solve a certain number of blocks and happens every 210,000 blocks. The next halving will happen when miners reach out 840,000 blocks and it is scheduled to happened between February 2024 and June 2024. Litecoin rewards is also halved every four years but it does not sync with bitcoin halving events.
I started my sample by July 18, 2010 and ended on December 31, 2019 as CRSP database does not provide stock returns date for the year 2020 yet. This restriction in the available dataset will not allow the empirical testing of the third halving event as previously stated that occurred on May 11, 2020. To examine the economic effect of bitcoin halving events on the U.S. capital market, I first estimate stock returns using the Capital Asset Pricing Model (CAPM) and then calculate abnormal returns as the difference between actual and estimated returns. Then, I cumulate abnormal returns to calculate Cumulative Abnormal returns (CARs) around difference length of return windows, a short window (2 days) and long window (10 days).
I first ran a Pearson correlation among cryptocurrencies, halving events, and stock returns. The results of the correlation analysis are displayed in Table 1 that shows positive and significant correlations at 1% between the two halving events (1st_E and 2nd_E) under investigation and contemporaneous stock returns (R). The magnitude of the correlation is very weak. There is a negative significant correlation at 1% between contemporaneous stock returns (R) and change in bitcoin (ΔBTC), suggesting that an increase in BTC corresponds to a decrease in R. However, other altcoins, cryptocurrencies other than bitcoin, such as ADA, LINK, ETH, and XLM seem to be positively correlated with R.
Pearson correlation coefficients | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
1st_E | 2nd_E | Δ BTC | Δ BCH | Δ ADA | Δ LINK | Δ ETH | Δ LTC | Δ XLM | Δ USDT | Δ XRP | |
CAR | 0.001a | 0.002a | −0.002a | 0.001a | 0.004a | 0.00a | 0.003a | 0.00 | 0.002a | −0.002a | −0.002a |
1st_E | −0.00c | −0.00 | −0.00 | 0.00 | −0.00 | −0.00 | −0.00 | −0.00 | −0.00a | 0.00 | |
2nd_E | 0.002a | −0.00 | 0.00 | −0.00 | −0.00 | −0.00 | −0.00 | 0.00a | 0.001a | ||
Δ BTC | 0.254a | 0.264a | 0.200a | 0.545a | 0.45 1a | 0.309a | 0.068a | 0.620a | |||
Δ BCH | 0.206a | 0.058a | 0.450a | 0.241a | 0.253a | 0.113a | 0.022a | ||||
Δ ADA | 0.050a | 0.467a | 0.211a | 0.772a | 0.025a | 0.042a | |||||
Δ LINK | 0.097a | 0.124a | 0.066a | 0.018a | −0.016a | ||||||
Δ ETH | 0.564a | 0.462a | 0.082a | 0.183a | |||||||
Δ LTC | 0.237a | 0.079a | 0.236a | ||||||||
Δ XLM | 0.068a | 0.059a | |||||||||
Δ USDT | −0.026a |
Summarizes the Pearson correlations among cryptocurrencies, returns and halving events.
Significance levels at 1%.
Significance levels at 5%.
Significance levels at 10%.
1st_E is an indicator variable for the first halving event that occurred on November 28, 2012, zero otherwise. 2nd_E is an indicator variable for the second halving event that occurred on July 9, 2016, zero otherwise. Δ BTC is the change in returns on bitcoin as measured by the difference in bitcoin prices in day t and day t-1. Δ BCH is the change in returns on bitcoin cash as measured by the difference in bitcoin cash prices in day t and day t-1. Δ ADA is the change in returns on Cardano coin as measured by the difference in Cardano prices in day t and day t-1. Δ LINK is the change in returns on ChainLink coin as measured by the difference in ChainLink prices in day t and day t-1. Δ ETH is the the change in returns on Ethereum coin as measured by the difference in Ethereum prices in day t and day t-1. Δ LTC is the change in returns on Litecoin as measured by the difference in Litecoin prices in day t and day t-1. Δ XLM is the change in returns on Stellar Lumens as measured by the difference in Stellar Lumens prices in day t and day t-1. Δ USDT is the change in returns on Tether coin as measured by the difference in Tether prices in day t and day t-1. Δ XRP is t the change in returns on Ripple token (XRP) as measured by the difference in XRP prices in day t and day t-1.
The result of the event study on the effect of bitcoin halving events on the U.S. capital market is summarized in Tables 2 and 3 and Figures 2–5. Table 2 summarizes the results of CARs and lists its correspondence t-test with the level of significance for the test of the first halving event. As shown in Panel A, CARs around 2 days return window of the first bitcoin halving shows that the first bitcoin halving event has a significant negative market reaction on the event date. CARs shows a decline two days before the event date and then an increase starting from day +1. Panel B shows the results using 10 days return window and the results show large fluctuations around the halving event. The use of a large return window should be interpreted with caution since other market events may confound the results. Figures 2 and 3 confirms the results displayed in Table 2 by showing the negative market reaction on day zero (the event date). Table 3 summarizes the results of CARs and lists its correspondence t-test with the level of significance for the test of the second halving event. Because the second halving event occurred during a holiday, I used July 11, 2016 as the event date when the market opened to capture the market reaction after the second halving event. Although the results in Panel (A) of Table 3 show significant positive CARs on the event date, the CARs are significantly declining from day −1 to day 0 (the event day, suggesting that the second halving event still causes a downward abnormal stock returns but perhaps not with the same negative magnitude caused by the first halving event. Panel (B) of Table 3 displays CARs around 10 days return window and as expected CARs fluctuates around the event and showing the lowest significant statistical decline on the event date. Figure 4 and 5 shows the market reaction around the second halving event and supports the main conclusion reached from Table 3.
CARit around the 1st Bitcoin Halving Event on Nov. 28, 2012 | |||||
---|---|---|---|---|---|
Days | −2 | −1 | 0 | 1 | 2 |
CARit | 0.0041 | 0.0014 | −0.0015 | 0.0022 | 0.0029 |
t-test | (7.44)*** | (3.02)*** | (−4.91)*** | (5.05)*** | (5.59)*** |
No. Obs. | 6654 | 6655 | 6656 | 6653 | 6652 |
Days | −10 | −5 | 0 | 5 | 10 |
CARit | −0.0034 | 0.0051 | −0.0015 | 0.0030 | 0.0029 |
t-test | (−3.36)*** | (7.16)*** | (−4.91)*** | (4.20)*** | (2.63)*** |
No. Obs. | 6644 | 6652 | 6656 | 6640 | 6631 |
Displays the Cumulative Abnormal Stock Returns (CAR) around two event windows, 2 days as in Panel (A) and 10 days as in Panel (B) for the 1st bitcoin halving event.
*Significance levels at 10%
**Significance levels at 5%
*** Significance levels at 1%
CARit around the 2nd Bitcoin Halving Event on July 9, 2016 | |||||
---|---|---|---|---|---|
Days | −2 | −1 | 0 | 1 | 2 |
CARit | 0.0080 | 0.0063 | 0.0031 | 0.0068 | 0.0046 |
t-test | (7.44)*** | (3.02)*** | (9.93)*** | (5.05)*** | (5.59)*** |
No. Obs. | 7178 | 7173 | 7170 | 7204 | 7201 |
Days | −10 | −5 | 0 | 5 | 10 |
CARit | 0.0043 | 0.0084 | 0.0031 | 0.0050 | 0.0056 |
t-test | (−3.36)*** | (7.16)*** | (9.93)*** | (4.20)*** | (2.63)*** |
No. Obs. | 7207 | 7186 | 7170 | 7188 | 7176 |
Displays the Cumulative Abnormal Stock Returns (CAR) around two event windows, 2 days as in Panel (A) and 10 days as in Panel (B) for the 2nd bitcoin halving event.
*Significance levels at 10%
**Significance levels at 5%
*** Significance levels at 1%
CAR around 2 days return-window of the 1st Bitcoin Halving Event on November 28, 2012.
CAR around 10 days return-window of the 1st Bitcoin Halving Event on November 28, 2012.
CAR around 2 days return-window of the 2nd Bitcoin Halving Event on July 9, 2016.
CAR around 10 days return-window of the 2nd Bitcoin Halving Event on July 9, 2016.
I also ran an OLS regression by regressing stock returns (R) on the halving events, change in bitcoin, change in altcoin, and industry categorization to get a better understanding on the nature of the economic effect of the halving events on stock returns. The results are displayed in Tables 4 and 5. Table 4 summarizes the OLS regression on the association between contemporaneous stock returns as the dependent variable in all models and 1st bitcoin halving event halving, changes in bitcoin, changes in cryptocurrencies, and industry categorization as the independent variables. The 1st bitcoin halving event (1st_E) is the independent variable of interest. The coefficient on this variable (1st_E) is expected to be negative and significant, consistent with the documented results from the event study. As shown in Table 4, there is a significant negative association (coefficient = −0.00152) at 1% significance level between the first bitcoin halving event (1st_E) and stock returns (R). I used different variations of the regression model by regressing the contemporaneous stock returns on bitcoin, returns on other altcoins, industry categorization, and substituting cryptocurrencies returns with trading volumes as displayed in models 1–7 and the results are still the same. Table 5 summarizes the OLS regression on the association between contemporaneous stock returns (R) as the dependent variable and 2nd bitcoin halving event, changes in bitcoin, changes in cryptocurrencies, and industry categorization as the independent variables. The 2nd bitcoin halving event (2nd _E) is the independent variable of interest. The coefficient on this variable (2nd _E) is expected to be negative and significant, consistent with the documented results from the event study. The results in Table 5 suggests the same conclusion from Table 4 that the second halving event is statistically and significantly associated with negative stock returns. I used different variations of the regression model by regressing the contemporaneous stock returns on bitcoin, returns on other altcoins, industry categorization, and substituting cryptocurrencies returns with trading volumes as displayed in models 1–7 and the results are still the same. The results in this section suggests that bitcoin halving events, which eventually increased the demand on and price of bitcoin, are detrimental to the U.S. capital market because these events are associated with a downward abnormal stock returns around the announcement date.
Model (1) | Model (2) | Model (3) | Model (4) | Model (5) | Model (6) | Model (7) | ||
---|---|---|---|---|---|---|---|---|
−0.00002*** | −0.00002*** | −0.00002*** | −0.00001 | −0.00002** | −0.00002*** | −0.00002*** | ||
−0.00152*** | −0.00152*** | −0.00153*** | −0.00153*** | −0.00152*** | −0.00152*** | −0.00152*** | ||
0.00000*** | 0.00000*** | 0.00000*** | 0.00000*** | 0.00000*** | 0.00000*** | |||
0.00000 | 0.00000 | 0.00000*** | 0.00000*** | |||||
0.01236*** | 0.01236*** | 0.00000*** | 0.00000*** | |||||
0.00081*** | 0.00081*** | 0.00000*** | 0.00000*** | |||||
0.00001*** | 0.00001*** | 0.00000 | 0.00000*** | |||||
0.00000** | 0.00000** | 0.00000*** | 0.00000*** | |||||
−0.00336*** | −0.00336*** | 0.00000*** | 0.00000*** | |||||
−0.01586*** | −0.01587*** | 0.00000*** | 0.00000*** | |||||
0.00000 | 0.00000 | 0.00000*** | 0.00000*** | |||||
No | No | No | Yes | No | No | Yes | ||
F-Ratio | 15.69 | 28 | 57.89 | 29.12 | F-Ratio | 50.14 | 46.02 | 23.18 |
P-Value | <.0001 | <.0001 | <.0001 | <.0001 | P-Value | <.0001 | <.0001 | <.0001 |
# Obs. | 16,621,212 | 16,621,212 | 16,621,212 | 16,621,212 | # Obs. | 16,621,212 | 16,621,212 | 16,621,212 |
Summarizes the OLS regression on the association between stock returns and 1st bitcoin event halving and changes in crypto currencies.
Significance levels at 10%.
Significance levels at 5%.
Significance levels at 1%.
1st_E is an indicator variable for the first halving event that occurred on November 28, 2012, zero otherwise. Δ BTC is the change in returns on bitcoin as measured by the difference in bitcoin prices in day t and day t-1. Δ BCH is the change in returns on bitcoin cash as measured by the difference in bitcoin cash prices in day t and day t-1. Δ ADA is the change in returns on Cardano coin as measured by the difference in Cardano prices in day t and day t-1. Δ LINK is the change in returns on ChainLink coin as measured by the difference in ChainLink prices in day t and day t-1. Δ ETH is the change in returns on Ethereum coin as measured by the difference in Ethereum prices in day t and day t-1. Δ LTC is the change in returns on Litecoin as measured by the difference in Litecoin prices in day t and day t-1. Δ XLM is the change in returns on Stellar Lumens as measured by the difference in Stellar Lumens prices in day t and day t-1. Δ USDT is the change in returns on Tether coin as measured by the difference in Tether prices in day t and day t-1. Δ XRP is t the change in returns on Ripple token (XRP) as measured by the difference in XRP prices in day t and day t-1.
Model (1) | Model (2) | Model (3) | Model (4) | Model (5) | Model (6) | Model (7) | ||
---|---|---|---|---|---|---|---|---|
−0.00002*** | −0.00002*** | −0.00002*** | −0.00001 | −0.00002** | −0.00002*** | −0.00002*** | ||
−0.00314*** | −0.00315*** | −0.00316*** | −0.00316*** | 0.00313*** | 0.00314*** | 0.00314*** | ||
0.00000*** | 0.00000*** | 0.00000*** | 0.00000*** | 0.00000*** | 0.00000*** | |||
0.00000 | 0.00000 | 0.00000v** | 0.00000*** | |||||
0.01236*** | 0.01236*** | 0.00000*** | 0.00000*** | |||||
0.00081*** | 0.00081*** | 0.00000** | 0.00000*** | |||||
0.00001*** | 0.00001*** | 0.00000 | 0.00000 | |||||
0.00000** | 0.00000** | 0.00000*** | 0.00000*** | |||||
−0.00336**** | −0.00336*** | 0.00000*** | 0.00000*** | |||||
−0.01586*** | −0.01587*** | 0.00000*** | 0.00000*** | |||||
0.00000 | 0.00000 | 0.00000*** | 0.00000*** | |||||
No | No | No | Yes | No | No | Yes | ||
F-Ratio | 72.23 | 56.39 | 63.60 | 31.98 | F-Ratio | 78.06 | 51.67 | 26.00 |
P-Value | <.0001 | <.0001 | <.0001 | <.0001 | P-Value | <.0001 | <.0001 | <.0001 |
# Obs. | 16,621,212 | 16,621,212 | 16,621,212 | 16,621,212 | # Obs. | 16,621,212 | 16,621,212 | 16,621,212 |
Summarizes the OLS regression on the association between stock returns and 2nd bitcoin event halving and changes in crypto currencies.
Significance levels at 10%.
Significance levels at 5%.
Significance levels at 1%.
2nd_E is an indicator variable for the second halving event that occurred on July 9, 2016, zero otherwise. Δ BTC is the change in returns on bitcoin as measured by the difference in bitcoin prices in day t and day t-1. Δ BCH is the change in returns on bitcoin cash as measured by the difference in bitcoin cash prices in day t and day t-1. Δ ADA is the change in returns on Cardano coin as measured by the difference in Cardano prices in day t and day t-1. Δ LINK is the change in returns on ChainLink coin as measured by the difference in ChainLink prices in day t and day t-1. Δ ETH is the the change in returns on Ethereum coin as measured by the difference in Ethereum prices in day t and day t-1. Δ LTC is the change in returns on Litecoin as measured by the difference in Litecoin prices in day t and day t-1. Δ XLM is the change in returns on Stellar Lumens as measured by the difference in Stellar Lumens prices in day t and day t-1. Δ USDT is the change in returns on Tether coin as measured by the difference in Tether prices in day t and day t-1. Δ XRP is t the change in returns on Ripple token (XRP) as measured by the difference in XRP prices in day t and day t-1. ΔBTC_V is the change in trading volume of BTC, ΔBCH_V is the change in trading volume of BCH, ΔADA_V is change in the trading volume of ADA, ΔLINK_V is the change in trading volume of LINK, ΔETH_V is the change in trading volume of ETH, ΔLTC_V is the change in trading volume of LTC, ΔXLM_V is the change in trading volume of XLM, ΔUSDT_V is the change in trading volume of USDT, ΔXPR_V is change in the trading volume of XRP.
It is indisputable that regulatory bodies across different countries lack harmony and agreement on bitcoin classification, use cases and policies. Even within the same country such as the case in the U.S., bitcoin regulations diverge widely across different states. And despite regulatory intervention, or lack thereof, across different jurisdictions, bitcoin stood against regulatory constraints in terms of financial performance in the cryptocurrency world. It showed steady increase over the past decade and most notably over the past several months, especially during COVID-19 era that hastened decades of innovation. However, it is unclear whether COVID-19 accelerated the need for financial innovation and hence contributed to a surge in bitcoin price or the market is presently experiencing a bubble. The conclusion from this study is that bitcoin scarce supply as measured by the decline in the reward from bitcoin is detrimental to the U.S. capital market because the halving events are significantly associated with negative abnormal stock returns around the announcement days. The results suggest that the second halving event has less of an impact on the stock market than the first halving event. Future research may study the market reaction to the third halving event and examine whether the results will remain the same.
The theoretical argument and conclusion from this study are of benefits to many market constituencies such as regulators, practitioners, research scholars, and cryptocurrency traders. For example, current and prospective cryptocurrency traders should bear in mind that the price surge in cryptocurrencies that is mainly driven by the past, most recent bitcoin halving event in 2020, and the current pandemic is negatively associated with their investment in the U.S. capital market. Therefore, perhaps having a diverse portfolio to hedge the risk associated with investing solely in one market is a good investment strategy at the present time. Additionally, evidence suggests that the cryptocurrency market is highly volatile, if new traders would like to penetrate this unique market, they should wait until the price drops to a reasonable level they can afford and they should not put all their savings (i.e., pension funds, college savings) into this market. Likewise, it is always a good strategy to exit the cryptocurrency market “temporarily” when traders achieve certain level of profits (i.e., 30%) and then reinvest again when the market experience sudden decline and it will eventually happen because sharp volatility is a primary trait of cryptocurrency market. Regulators should be aware that the gigantic size of bitcoin and other cryptocurrencies is not going to vanish, and it would be beneficial for regulators to work with those in other jurisdictions on a local, national, and international levels to regulate this market. Regulating cryptocurrency market will come up with several tangible advantages. First, it will reduce the risk associated with cryptocurrencies’ cyber-attacks. Second, it will stabilize the price of cryptocurrencies so that the market gets the anticipated benefits of using cryptocurrencies in blockchain applications. Scholars who would like to examine the risks and benefits of cryptocurrencies may attempt to investigate the economic consequences of corporate investment in cryptocurrencies on financial performance or financial reporting quality such as accounting conservatism and internal control quality. For example, a firm may use investment in cryptocurrencies to cover up its poor financial performance and signal a better performance. In early 2021, Tesla company invested $1.5 billion in bitcoin where the price was (and still) skyrocketing. Speculators believe that Tesla made between $0.29 to $0.98 billion profit just from investment in bitcoin during a very short period. Notably, Telsa’s profit in 2020 per form 10-K was a modest $721 million. This previous example illustrates how some companies can make “everything” from trading in cryptocurrencies. Nevertheless, it does not rule out the possibility that everything can turn into “nothing” if the price of bitcoin tailspins to the opposite direction with the news of reopening the global market and getting vaccinated against the risk of exposure to coronavirus.
It is worthwhile to note that despite the increase in bitcoin in 2020, investors still consider it a venture tool of investment. Proponents of bitcoin argue that it shares characteristics with gold (i.e., scarce, mined, international) and can be used for hedging and diversifying asset. However, gold is “scientifically” not scarce as evidence [20] suggests that gold can be formulated instantaneously within a few tenths of a second in response to earthquakes. With the same token, it is reasonable to assume that bitcoin miners may be able to change its protocol and increase its supply. With too much uncertainty at stake, it is difficult to make a prediction that bitcoin is the future of money. Nevertheless, there is quite agreement that blockchain technology is valuable tool for many applications (i.e., supply chain management) and in order for blockchain to function, an efficient form of cryptocurrency (virtual money) is needed.
The question whether bitcoin will reach $500,000 per coin or dive into $1,000 a decade from today is not the correct answer at the present time. A relevant question would be whether bitcoin can improve our lives, decrease transaction cost, accelerate transfer of money, reduce market frictions, reduce cyber-attacks and fraudulent activities, and eliminate intermediaries’ costs. Another interesting question is perhaps whether bitcoin is a safe haven against financial crises? The limited supply of the total amount of bitcoin that can be circulated along with the mining reward that is split into half every four years made it, by definition, a scarce commodity. Using a simple equilibrium scenario, plotting the demand and supply of bitcoin shows that the price is poised to rise in the future, but this is under the assumption that bitcoin is the only cryptocurrency in the market, which is untrue. Related, it is not impossible to change the bitcoin protocol and increase the amount of its supply. Therefore, the economic as well as real benefits of bitcoin to the market still open for discussion and future research is needed to provoke in depth discussion about its assumed risk and benefits to market constituencies.
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Abdurakhmonov"}],equalEditorOne:null,equalEditorTwo:null,equalEditorThree:null,productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"5151",title:"Alternative Crops and Cropping Systems",subtitle:null,isOpenForSubmission:!1,hash:"da773fc0f1b6cc2c98a5633e81f921ea",slug:"alternative-crops-and-cropping-systems",bookSignature:"Petr Konvalina",coverURL:"https://cdn.intechopen.com/books/images_new/5151.jpg",editedByType:"Edited by",editors:[{id:"77330",title:"Dr.",name:"Petr",middleName:null,surname:"Konvalina",slug:"petr-konvalina",fullName:"Petr Konvalina"}],equalEditorOne:null,equalEditorTwo:null,equalEditorThree:null,productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}}],booksByTopicTotal:26,seriesByTopicCollection:[],seriesByTopicTotal:0,mostCitedChapters:[{id:"40178",doi:"10.5772/52583",title:"Molecular Markers and Marker-Assisted Breeding in Plants",slug:"molecular-markers-and-marker-assisted-breeding-in-plants",totalDownloads:22947,totalCrossrefCites:77,totalDimensionsCites:142,abstract:null,book:{id:"3060",slug:"plant-breeding-from-laboratories-to-fields",title:"Plant Breeding from Laboratories to Fields",fullTitle:"Plant Breeding from Laboratories to Fields"},signatures:"Guo-Liang Jiang",authors:[{id:"158810",title:"Dr.",name:"Guo-Liang",middleName:null,surname:"Jiang",slug:"guo-liang-jiang",fullName:"Guo-Liang Jiang"}]},{id:"45745",doi:"10.5772/56824",title:"Current Advances on Genetic Resistance to Rice Blast Disease",slug:"current-advances-on-genetic-resistance-to-rice-blast-disease",totalDownloads:4507,totalCrossrefCites:27,totalDimensionsCites:57,abstract:null,book:{id:"3554",slug:"rice-germplasm-genetics-and-improvement",title:"Rice",fullTitle:"Rice - Germplasm, Genetics and Improvement"},signatures:"Xueyan Wang, Seonghee Lee, Jichun Wang, Jianbing Ma, Tracy\nBianco and Yulin Jia",authors:[{id:"168971",title:"Dr.",name:"Yulin",middleName:null,surname:"Jia",slug:"yulin-jia",fullName:"Yulin Jia"}]},{id:"45540",doi:"10.5772/56621",title:"Genes and QTLs for Rice Grain Quality Improvement",slug:"genes-and-qtls-for-rice-grain-quality-improvement",totalDownloads:3706,totalCrossrefCites:21,totalDimensionsCites:45,abstract:null,book:{id:"3554",slug:"rice-germplasm-genetics-and-improvement",title:"Rice",fullTitle:"Rice - Germplasm, Genetics and Improvement"},signatures:"Jinsong Bao",authors:[{id:"52135",title:"Dr.",name:"Jinsong",middleName:null,surname:"Bao",slug:"jinsong-bao",fullName:"Jinsong Bao"}]},{id:"44012",doi:"10.5772/53611",title:"Genetic Dissection of Blackleg Resistance Loci in Rapeseed (Brassica napus L.)",slug:"genetic-dissection-of-blackleg-resistance-loci-in-rapeseed-brassica-napus-l-",totalDownloads:3414,totalCrossrefCites:22,totalDimensionsCites:39,abstract:null,book:{id:"3060",slug:"plant-breeding-from-laboratories-to-fields",title:"Plant Breeding from Laboratories to Fields",fullTitle:"Plant Breeding from Laboratories to Fields"},signatures:"Harsh Raman, Rosy Raman and Nick Larkan",authors:[{id:"76347",title:"Dr.",name:"Harsh",middleName:null,surname:"Raman",slug:"harsh-raman",fullName:"Harsh Raman"},{id:"166451",title:"Dr.",name:"Rosy",middleName:null,surname:"Raman",slug:"rosy-raman",fullName:"Rosy Raman"},{id:"166452",title:"Dr.",name:"Nicholas",middleName:null,surname:"Larkan",slug:"nicholas-larkan",fullName:"Nicholas Larkan"}]},{id:"61116",doi:"10.5772/intechopen.75944",title:"Landraces and Crop Genetic Improvement",slug:"landraces-and-crop-genetic-improvement",totalDownloads:2110,totalCrossrefCites:18,totalDimensionsCites:26,abstract:"Landraces are repository of gene pool that enrich biodiversity and maintain and stabilize ecosystem in a sustainable way to make it functional. Cultivation of traditional crops in different regions of the world, aside maintaining biodiversity in agriculture, also avails humanity of regulatory services such as nutrient cycling, carbon sequestration, control of soil erosion, reduction of greenhouse gas emission and control of hydrological processes. However, man through over-exploitation of some plant species with utter neglect to some other either deliberately or otherwise through modern agricultural systems that promote cultivation of a few high-input and high-yielding crop species caused disaffection to biodiversity with consequences of reduction in its regulatory services. In this chapter, different landraces of crops are examined, their usefulness in the maintenance of genetic diversity is explored, and implications of their depletion are discussed.",book:{id:"6317",slug:"rediscovery-of-landraces-as-a-resource-for-the-future",title:"Rediscovery of Landraces as a Resource for the Future",fullTitle:"Rediscovery of Landraces as a Resource for the Future"},signatures:"Musibau A. Azeez, Amos O. Adubi and Felicia A. Durodola",authors:[{id:"228835",title:"Dr.",name:"Musibau",middleName:null,surname:"Azeez",slug:"musibau-azeez",fullName:"Musibau Azeez"},{id:"240210",title:"MSc.",name:"Felicia",middleName:null,surname:"Durodola",slug:"felicia-durodola",fullName:"Felicia Durodola"},{id:"240213",title:"MSc.",name:"Amos",middleName:null,surname:"Adubi",slug:"amos-adubi",fullName:"Amos Adubi"}]}],mostDownloadedChaptersLast30Days:[{id:"40178",title:"Molecular Markers and Marker-Assisted Breeding in Plants",slug:"molecular-markers-and-marker-assisted-breeding-in-plants",totalDownloads:22919,totalCrossrefCites:75,totalDimensionsCites:140,abstract:null,book:{id:"3060",slug:"plant-breeding-from-laboratories-to-fields",title:"Plant Breeding from Laboratories to Fields",fullTitle:"Plant Breeding from Laboratories to Fields"},signatures:"Guo-Liang Jiang",authors:[{id:"158810",title:"Dr.",name:"Guo-Liang",middleName:null,surname:"Jiang",slug:"guo-liang-jiang",fullName:"Guo-Liang Jiang"}]},{id:"60074",title:"Pollen Germination in vitro",slug:"pollen-germination-in-vitro",totalDownloads:2714,totalCrossrefCites:1,totalDimensionsCites:1,abstract:"Pollen germination in vitro is a reliable method to test the pollen viability. It also addresses many basic questions in sexual reproduction and particularly useful in wide hybridization. Many pollen germination medium ranging from simple sugars to complex one having vitamins, growth regulators, etc. in addition to various minerals have been standardized to germinate pollen artificially. The different media, successful pollen germination methods, procedures from pollen germination studies with wheat, rye, brinjal, pigeonpea and its wild relatives are discussed.",book:{id:"6659",slug:"pollination-in-plants",title:"Pollination in Plants",fullTitle:"Pollination in Plants"},signatures:"Jayaprakash P",authors:[{id:"235465",title:"Dr.",name:"Jayaprakash",middleName:null,surname:"P",slug:"jayaprakash-p",fullName:"Jayaprakash P"}]},{id:"62376",title:"Genotype × Environment Interaction: A Prerequisite for Tomato Variety Development",slug:"genotype-environment-interaction-a-prerequisite-for-tomato-variety-development",totalDownloads:2262,totalCrossrefCites:1,totalDimensionsCites:6,abstract:"Tomato (Solanum lycopersicum L.) is the second most important vegetable crop in the world due to its high level of nutrition particularly in vitamins and antioxidants. It is grown in several ecologies of the world due to its adaptability and ease of cultivation. Besides field conditions, tomatoes are grown in controlled environments which range from hydroponics and simple high tunnel structures to highly automated screen houses in advanced countries. However, the yield and quality of the fruits are highly influenced by the environment. This results in unpredictable performances in different growing environments in terms of quality, a phenomenon known as genotype by environment (G × E) interaction which confounds selection efficiency. Various approaches are employed by plant breeders to evaluate and address the challenges posed by genotype by environment interaction. This chapter discusses various field and controlled environments for growing tomatoes and the effect of these environments on the performance of the crop. The various types of genotype × environment interactions and their effect of the tomato plant are discussed. Finally, efforts are made to suggest ways and methods of mitigating the confounding effects of genotype × environment interaction including statistical approaches.",book:{id:"6422",slug:"recent-advances-in-tomato-breeding-and-production",title:"Recent Advances in Tomato Breeding and Production",fullTitle:"Recent Advances in Tomato Breeding and Production"},signatures:"Michael Kwabena Osei, Benjamin Annor, Joseph Adjebeng-\nDanquah, Agyemang Danquah, Eric Danquah, Essie Blay and Hans\nAdu-Dapaah",authors:[{id:"204223",title:"Dr.",name:"Agyemang",middleName:null,surname:"Danquah",slug:"agyemang-danquah",fullName:"Agyemang Danquah"},{id:"217531",title:"M.Sc.",name:"Michael Kwabena",middleName:null,surname:"Osei",slug:"michael-kwabena-osei",fullName:"Michael Kwabena Osei"},{id:"217760",title:"Dr.",name:"Joseph",middleName:null,surname:"Adjebeng-Danquah",slug:"joseph-adjebeng-danquah",fullName:"Joseph Adjebeng-Danquah"},{id:"217768",title:"MSc.",name:"Benjamin",middleName:null,surname:"Annor",slug:"benjamin-annor",fullName:"Benjamin Annor"},{id:"247378",title:"Dr.",name:"Eric Y.",middleName:null,surname:"Danquah",slug:"eric-y.-danquah",fullName:"Eric Y. Danquah"},{id:"248095",title:"Prof.",name:"Essie",middleName:null,surname:"Blay",slug:"essie-blay",fullName:"Essie Blay"},{id:"248096",title:"Prof.",name:"Hans",middleName:null,surname:"Adu-Dapaah",slug:"hans-adu-dapaah",fullName:"Hans Adu-Dapaah"}]},{id:"45153",title:"Irrigation of Sandy Soils, Basics and Scheduling",slug:"irrigation-of-sandy-soils-basics-and-scheduling",totalDownloads:5584,totalCrossrefCites:4,totalDimensionsCites:10,abstract:null,book:{id:"3357",slug:"crop-production",title:"Crop Production",fullTitle:"Crop Production"},signatures:"Mohamed S. Alhammadi and Ali M. Al-Shrouf",authors:[{id:"78245",title:"Dr.",name:"Mohamed",middleName:"Salman",surname:"Alhammadi",slug:"mohamed-alhammadi",fullName:"Mohamed Alhammadi"},{id:"159904",title:"Mr.",name:"Ali",middleName:null,surname:"Al-Shrouf",slug:"ali-al-shrouf",fullName:"Ali Al-Shrouf"}]},{id:"58553",title:"Water Stress: Morphological and Anatomical Changes in Soybean (Glycine max L.) Plants",slug:"water-stress-morphological-and-anatomical-changes-in-soybean-glycine-max-l-plants",totalDownloads:1793,totalCrossrefCites:9,totalDimensionsCites:17,abstract:"Water stress is one of the most important physiological stress factors that adversely affect soybeans in many critical aspects of their growth and metabolism. Soybean’s growth, development and productivity are severely diminished, when soil or cell water potential becomes inadequate to sustain metabolic functioning. However, little has been done to gather comprehensive information regarding the specific changes that occur in water-stressed plants at the anatomical and morphological level. In this study, deviations in root growth, shoot growth, stomatal conductance, yield components and anatomical features are reported. Treatments with two levels of water stress imposed by reducing irrigation (once in 7 days or once in 15 days) revealed that, all cultivars (Dundee, LS 677, LS 678, TGx 1740-2F, TGx 1835-10E and Peking) were highly susceptible to prolonged water stress, exhibiting severe dehydration and death. A 15.0 and 30.0% survival frequency was obtained in plants irrigated once in 7 days; LS 677 and Peking, respectively. Unlike many other stresses, water deficit did not only affect the density of stomata, but, photosynthesis was affected by the lower levels of tissue CO2. These results suggest that, balanced biochemical, physiological, anatomical and morphological regulations are necessary for increased growth and yields in soybean.",book:{id:"6377",slug:"plant-abiotic-stress-and-responses-to-climate-change",title:"Plant, Abiotic Stress and Responses to Climate Change",fullTitle:"Plant, Abiotic Stress and Responses to Climate Change"},signatures:"Phetole Mangena",authors:[{id:"191391",title:"Mr.",name:"Phetole",middleName:null,surname:"Mangena",slug:"phetole-mangena",fullName:"Phetole Mangena"}]}],onlineFirstChaptersFilter:{topicId:"311",limit:6,offset:0},onlineFirstChaptersCollection:[],onlineFirstChaptersTotal:0},preDownload:{success:null,errors:{}},subscriptionForm:{success:null,errors:{}},aboutIntechopen:{},privacyPolicy:{},peerReviewing:{},howOpenAccessPublishingWithIntechopenWorks:{},sponsorshipBooks:{sponsorshipBooks:[],offset:8,limit:8,total:0},allSeries:{pteSeriesList:[{id:"14",title:"Artificial Intelligence",numberOfPublishedBooks:9,numberOfPublishedChapters:87,numberOfOpenTopics:6,numberOfUpcomingTopics:0,issn:"2633-1403",doi:"10.5772/intechopen.79920",isOpenForSubmission:!0},{id:"7",title:"Biomedical Engineering",numberOfPublishedBooks:12,numberOfPublishedChapters:98,numberOfOpenTopics:3,numberOfUpcomingTopics:0,issn:"2631-5343",doi:"10.5772/intechopen.71985",isOpenForSubmission:!0}],lsSeriesList:[{id:"11",title:"Biochemistry",numberOfPublishedBooks:27,numberOfPublishedChapters:288,numberOfOpenTopics:4,numberOfUpcomingTopics:0,issn:"2632-0983",doi:"10.5772/intechopen.72877",isOpenForSubmission:!0},{id:"25",title:"Environmental Sciences",numberOfPublishedBooks:1,numberOfPublishedChapters:9,numberOfOpenTopics:4,numberOfUpcomingTopics:0,issn:"2754-6713",doi:"10.5772/intechopen.100362",isOpenForSubmission:!0},{id:"10",title:"Physiology",numberOfPublishedBooks:11,numberOfPublishedChapters:139,numberOfOpenTopics:4,numberOfUpcomingTopics:0,issn:"2631-8261",doi:"10.5772/intechopen.72796",isOpenForSubmission:!0}],hsSeriesList:[{id:"3",title:"Dentistry",numberOfPublishedBooks:8,numberOfPublishedChapters:129,numberOfOpenTopics:0,numberOfUpcomingTopics:2,issn:"2631-6218",doi:"10.5772/intechopen.71199",isOpenForSubmission:!1},{id:"6",title:"Infectious Diseases",numberOfPublishedBooks:13,numberOfPublishedChapters:107,numberOfOpenTopics:3,numberOfUpcomingTopics:1,issn:"2631-6188",doi:"10.5772/intechopen.71852",isOpenForSubmission:!0},{id:"13",title:"Veterinary Medicine and Science",numberOfPublishedBooks:10,numberOfPublishedChapters:103,numberOfOpenTopics:3,numberOfUpcomingTopics:0,issn:"2632-0517",doi:"10.5772/intechopen.73681",isOpenForSubmission:!0}],sshSeriesList:[{id:"22",title:"Business, Management and Economics",numberOfPublishedBooks:1,numberOfPublishedChapters:12,numberOfOpenTopics:2,numberOfUpcomingTopics:1,issn:"2753-894X",doi:"10.5772/intechopen.100359",isOpenForSubmission:!0},{id:"23",title:"Education and Human Development",numberOfPublishedBooks:0,numberOfPublishedChapters:0,numberOfOpenTopics:2,numberOfUpcomingTopics:0,issn:null,doi:"10.5772/intechopen.100360",isOpenForSubmission:!1},{id:"24",title:"Sustainable Development",numberOfPublishedBooks:0,numberOfPublishedChapters:11,numberOfOpenTopics:4,numberOfUpcomingTopics:1,issn:null,doi:"10.5772/intechopen.100361",isOpenForSubmission:!0}],testimonialsList:[{id:"6",text:"It is great to work with the IntechOpen to produce a worthwhile collection of research that also becomes a great educational resource and guide for future research endeavors.",author:{id:"259298",name:"Edward",surname:"Narayan",institutionString:null,profilePictureURL:"https://mts.intechopen.com/storage/users/259298/images/system/259298.jpeg",slug:"edward-narayan",institution:{id:"3",name:"University of Queensland",country:{id:null,name:"Australia"}}}},{id:"13",text:"The collaboration with and support of the technical staff of IntechOpen is fantastic. The whole process of submitting an article and editing of the submitted article goes extremely smooth and fast, the number of reads and downloads of chapters is high, and the contributions are also frequently cited.",author:{id:"55578",name:"Antonio",surname:"Jurado-Navas",institutionString:null,profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRisIQAS/Profile_Picture_1626166543950",slug:"antonio-jurado-navas",institution:{id:"720",name:"University of Malaga",country:{id:null,name:"Spain"}}}}]},series:{item:{id:"6",title:"Infectious Diseases",doi:"10.5772/intechopen.71852",issn:"2631-6188",scope:"This series will provide a comprehensive overview of recent research trends in various Infectious Diseases (as per the most recent Baltimore classification). Topics will include general overviews of infections, immunopathology, diagnosis, treatment, epidemiology, etiology, and current clinical recommendations for managing infectious diseases. 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He is the president of the Travel Medicine Committee of the Pan-American Infectious Diseases Association (API), as well as the president of the Colombian Association of Infectious Diseases (ACIN). He is a member of the Committee on Tropical Medicine, Zoonoses, and Travel Medicine of ACIN. He is a vice-president of the Latin American Society for Travel Medicine (SLAMVI) and a Member of the Council of the International Society for Infectious Diseases (ISID). Since 2014, he has been recognized as a Senior Researcher, at the Ministry of Science of Colombia. He is a professor at the Faculty of Medicine of the Fundacion Universitaria Autonoma de las Americas, in Pereira, Risaralda, Colombia. He is an External Professor, Master in Research on Tropical Medicine and International Health, Universitat de Barcelona, Spain. He is also a professor at the Master in Clinical Epidemiology and Biostatistics, Universidad Científica del Sur, Lima, Peru. In 2021 he has been awarded the “Raul Isturiz Award” Medal of the API. Also, in 2021, he was awarded with the “Jose Felix Patiño” Asclepius Staff Medal of the Colombian Medical College, due to his scientific contributions to COVID-19 during the pandemic. He is currently the Editor in Chief of the journal Travel Medicine and Infectious Diseases. 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A dynamic career research platform which is based on the thematic areas of comparative vertebrate physiology, stress endocrinology, reproductive endocrinology, animal health and welfare, and conservation biology. \nEdward has supervised 40 research students and published over 60 peer reviewed research.",institutionString:null,institution:{name:"University of Queensland",institutionURL:null,country:{name:"Australia"}}},editorTwo:null,editorThree:null},{id:"20",title:"Animal Nutrition",coverUrl:"https://cdn.intechopen.com/series_topics/covers/20.jpg",isOpenForSubmission:!0,editor:{id:"175967",title:"Dr.",name:"Manuel",middleName:null,surname:"Gonzalez Ronquillo",slug:"manuel-gonzalez-ronquillo",fullName:"Manuel Gonzalez Ronquillo",profilePictureURL:"https://mts.intechopen.com/storage/users/175967/images/system/175967.png",biography:"Dr. Manuel González Ronquillo obtained his doctorate degree from the University of Zaragoza, Spain, in 2001. 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She obtained her Ph.D. in Veterinary Sciences from the University of Trás-os-Montes e Alto Douro, Portugal. After almost 32 years of teaching at the University of Trás-os-Montes and Alto Douro, she recently moved to the University of Évora, Department of Veterinary Medicine, where she teaches in the field of Animal Reproduction and Clinics. Her primary research areas include the molecular markers of the endometrial cycle and the embryo–maternal interaction, including oxidative stress and the reproductive physiology and disorders of sexual development, besides the molecular determinants of male and female fertility. She often supervises students preparing their master's or doctoral theses. 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He is also Member of the Laboratory of genetic, animal and feed resource and member of Animal science Department of INAT. He graduated from Higher School of Agriculture of Mateur, University of Carthage, in 2002 and completed his masters in 2006. Dr. M’HAMDI completed his PhD thesis in Genetic welfare indicators of dairy cattle at Higher Institute of Agronomy of Chott-Meriem, University of Sousse, in 2011. 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He also obtained an MSc in Molecular and Genetic Medicine, and a Ph.D. in Clinical Immunology and Human Genetics from the University of Sheffield, UK. He also completed a short-term fellowship in Pediatric Clinical Immunology and Bone Marrow Transplantation at Newcastle General Hospital, England. Dr. Rezaei is a Full Professor of Immunology and Vice Dean of International Affairs and Research, at the School of Medicine, Tehran University of Medical Sciences, and the co-founder and head of the Research Center for Immunodeficiencies. He is also the founding president of the Universal Scientific Education and Research Network (USERN). Dr. Rezaei has directed more than 100 research projects and has designed and participated in several international collaborative projects. He is an editor, editorial assistant, or editorial board member of more than forty international journals. He has edited more than 50 international books, presented more than 500 lectures/posters in congresses/meetings, and published more than 1,100 scientific papers in international journals.",institutionString:"Tehran University of Medical Sciences",institution:{name:"Tehran University of Medical Sciences",country:{name:"Iran"}}},{id:"180733",title:"Dr.",name:"Jean",middleName:null,surname:"Engohang-Ndong",slug:"jean-engohang-ndong",fullName:"Jean Engohang-Ndong",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/180733/images/system/180733.png",biography:"Dr. Jean Engohang-Ndong was born and raised in Gabon. After obtaining his Associate Degree of Science at the University of Science and Technology of Masuku, Gabon, he continued his education in France where he obtained his BS, MS, and Ph.D. in Medical Microbiology. He worked as a post-doctoral fellow at the Public Health Research Institute (PHRI), Newark, NJ for four years before accepting a three-year faculty position at Brigham Young University-Hawaii. Dr. Engohang-Ndong is a tenured faculty member with the academic rank of Full Professor at Kent State University, Ohio, where he teaches a wide range of biological science courses and pursues his research in medical and environmental microbiology. Recently, he expanded his research interest to epidemiology and biostatistics of chronic diseases in Gabon.",institutionString:"Kent State University",institution:{name:"Kent State University",country:{name:"United States of America"}}},{id:"188773",title:"Prof.",name:"Emmanuel",middleName:null,surname:"Drouet",slug:"emmanuel-drouet",fullName:"Emmanuel Drouet",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/188773/images/system/188773.png",biography:"Emmanuel Drouet, PharmD, is a Professor of Virology at the Faculty of Pharmacy, the University Grenoble-Alpes, France. As a head scientist at the Institute of Structural Biology in Grenoble, Dr. Drouet’s research investigates persisting viruses in humans (RNA and DNA viruses) and the balance with our host immune system. He focuses on these viruses’ effects on humans (both their impact on pathology and their symbiotic relationships in humans). He has an excellent track record in the herpesvirus field, and his group is engaged in clinical research in the field of Epstein-Barr virus diseases. He is the editor of the online Encyclopedia of Environment and he coordinates the Universal Health Coverage education program for the BioHealth Computing Schools of the European Institute of Science.",institutionString:null,institution:{name:"Grenoble Alpes University",country:{name:"France"}}},{id:"131400",title:"Prof.",name:"Alfonso J.",middleName:null,surname:"Rodriguez-Morales",slug:"alfonso-j.-rodriguez-morales",fullName:"Alfonso J. Rodriguez-Morales",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/131400/images/system/131400.png",biography:"Dr. Rodriguez-Morales is an expert in tropical and emerging diseases, particularly zoonotic and vector-borne diseases (especially arboviral diseases). He is the president of the Travel Medicine Committee of the Pan-American Infectious Diseases Association (API), as well as the president of the Colombian Association of Infectious Diseases (ACIN). He is a member of the Committee on Tropical Medicine, Zoonoses, and Travel Medicine of ACIN. He is a vice-president of the Latin American Society for Travel Medicine (SLAMVI) and a Member of the Council of the International Society for Infectious Diseases (ISID). Since 2014, he has been recognized as a Senior Researcher, at the Ministry of Science of Colombia. He is a professor at the Faculty of Medicine of the Fundacion Universitaria Autonoma de las Americas, in Pereira, Risaralda, Colombia. He is an External Professor, Master in Research on Tropical Medicine and International Health, Universitat de Barcelona, Spain. He is also a professor at the Master in Clinical Epidemiology and Biostatistics, Universidad Científica del Sur, Lima, Peru. In 2021 he has been awarded the “Raul Isturiz Award” Medal of the API. Also, in 2021, he was awarded with the “Jose Felix Patiño” Asclepius Staff Medal of the Colombian Medical College, due to his scientific contributions to COVID-19 during the pandemic. He is currently the Editor in Chief of the journal Travel Medicine and Infectious Diseases. His Scopus H index is 47 (Google Scholar H index, 68).",institutionString:"Institución Universitaria Visión de las Américas, Colombia",institution:null},{id:"332819",title:"Dr.",name:"Chukwudi Michael",middleName:"Michael",surname:"Egbuche",slug:"chukwudi-michael-egbuche",fullName:"Chukwudi Michael Egbuche",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/332819/images/14624_n.jpg",biography:"I an Dr. Chukwudi Michael Egbuche. I am a Senior Lecturer in the Department of Parasitology and Entomology, Nnamdi Azikiwe University, Awka.",institutionString:null,institution:{name:"Nnamdi Azikiwe University",country:{name:"Nigeria"}}},{id:"284232",title:"Mr.",name:"Nikunj",middleName:"U",surname:"Tandel",slug:"nikunj-tandel",fullName:"Nikunj Tandel",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/284232/images/8275_n.jpg",biography:'Mr. Nikunj Tandel has completed his Master\'s degree in Biotechnology from VIT University, India in the year of 2012. He is having 8 years of research experience especially in the field of malaria epidemiology, immunology, and nanoparticle-based drug delivery system against the infectious diseases, autoimmune disorders and cancer. He has worked for the NIH funded-International Center of Excellence in Malaria Research project "Center for the study of complex malaria in India (CSCMi)" in collaboration with New York University. The preliminary objectives of the study are to understand and develop the evidence-based tools and interventions for the control and prevention of malaria in different sites of the INDIA. Alongside, with the help of next-generation genomics study, the team has studied the antimalarial drug resistance in India. Further, he has extended his research in the development of Humanized mice for the study of liver-stage malaria and identification of molecular marker(s) for the Artemisinin resistance. At present, his research focuses on understanding the role of B cells in the activation of CD8+ T cells in malaria. Received the CSIR-SRF (Senior Research Fellow) award-2018, FIMSA (Federation of Immunological Societies of Asia-Oceania) Travel Bursary award to attend the IUIS-IIS-FIMSA Immunology course-2019',institutionString:"Nirma University",institution:{name:"Nirma University",country:{name:"India"}}},{id:"334383",title:"Ph.D.",name:"Simone",middleName:"Ulrich",surname:"Ulrich Picoli",slug:"simone-ulrich-picoli",fullName:"Simone Ulrich Picoli",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/334383/images/15919_n.jpg",biography:"Graduated in Pharmacy from Universidade Luterana do Brasil (1999), Master in Agricultural and Environmental Microbiology from Federal University of Rio Grande do Sul (2002), Specialization in Clinical Microbiology from Universidade de São Paulo, USP (2007) and PhD in Sciences in Gastroenterology and Hepatology (2012). She is currently an Adjunct Professor at Feevale University in Medicine and Biomedicine courses and a permanent professor of the Academic Master\\'s Degree in Virology. She has experience in the field of Microbiology, with an emphasis on Bacteriology, working mainly on the following topics: bacteriophages, bacterial resistance, clinical microbiology and food microbiology.",institutionString:null,institution:{name:"Universidade Feevale",country:{name:"Brazil"}}},{id:"229220",title:"Dr.",name:"Amjad",middleName:"Islam",surname:"Aqib",slug:"amjad-aqib",fullName:"Amjad Aqib",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/229220/images/system/229220.png",biography:"Dr. Amjad Islam Aqib obtained a DVM and MSc (Hons) from University of Agriculture Faisalabad (UAF), Pakistan, and a PhD from the University of Veterinary and Animal Sciences Lahore, Pakistan. Dr. Aqib joined the Department of Clinical Medicine and Surgery at UAF for one year as an assistant professor where he developed a research laboratory designated for pathogenic bacteria. Since 2018, he has been Assistant Professor/Officer in-charge, Department of Medicine, Manager Research Operations and Development-ORIC, and President One Health Club at Cholistan University of Veterinary and Animal Sciences, Bahawalpur, Pakistan. He has nearly 100 publications to his credit. His research interests include epidemiological patterns and molecular analysis of antimicrobial resistance and modulation and vaccine development against animal pathogens of public health concern.",institutionString:"Cholistan University of Veterinary and Animal Sciences",institution:null},{id:"62900",title:"Prof.",name:"Fethi",middleName:null,surname:"Derbel",slug:"fethi-derbel",fullName:"Fethi Derbel",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/62900/images/system/62900.jpeg",biography:"Professor Fethi Derbel was born in 1960 in Tunisia. He received his medical degree from the Sousse Faculty of Medicine at Sousse, University of Sousse, Tunisia. He completed his surgical residency in General Surgery at the University Hospital Farhat Hached of Sousse and was a member of the Unit of Liver Transplantation in the University of Rennes, France. He then worked in the Department of Surgery at the Sahloul University Hospital in Sousse. Professor Derbel is presently working at the Clinique les Oliviers, Sousse, Tunisia. His hospital activities are mostly concerned with laparoscopic, colorectal, pancreatic, hepatobiliary, and gastric surgery. He is also very interested in hernia surgery and performs ventral hernia repairs and inguinal hernia repairs. He has been a member of the GREPA and Tunisian Hernia Society (THS). During his residency, he managed patients suffering from diabetic foot, and he was very interested in this pathology. For this reason, he decided to coordinate a book project dealing with the diabetic foot. Professor Derbel has published many articles in journals and collaborates intensively with IntechOpen Access Publisher as an editor.",institutionString:"Clinique les Oliviers",institution:null},{id:"300144",title:"Dr.",name:"Meriem",middleName:null,surname:"Braiki",slug:"meriem-braiki",fullName:"Meriem Braiki",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/300144/images/system/300144.jpg",biography:"Dr. Meriem Braiki is a specialist in pediatric surgeon from Tunisia. She was born in 1985. She received her medical degree from the University of Medicine at Sousse, Tunisia. She achieved her surgical residency training periods in Pediatric Surgery departments at University Hospitals in Monastir, Tunis and France.\r\nShe is currently working at the Pediatric surgery department, Sidi Bouzid Hospital, Tunisia. Her hospital activities are mostly concerned with laparoscopic, parietal, urological and digestive surgery. She has published several articles in diffrent journals.",institutionString:"Sidi Bouzid Regional Hospital",institution:null},{id:"229481",title:"Dr.",name:"Erika M.",middleName:"Martins",surname:"de Carvalho",slug:"erika-m.-de-carvalho",fullName:"Erika M. de Carvalho",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/229481/images/6397_n.jpg",biography:null,institutionString:null,institution:{name:"Oswaldo Cruz Foundation",country:{name:"Brazil"}}},{id:"186537",title:"Prof.",name:"Tonay",middleName:null,surname:"Inceboz",slug:"tonay-inceboz",fullName:"Tonay Inceboz",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/186537/images/system/186537.jfif",biography:"I was graduated from Ege University of Medical Faculty (Turkey) in 1988 and completed his Med. PhD degree in Medical Parasitology at the same university. I became an Associate Professor in 2008 and Professor in 2014. I am currently working as a Professor at the Department of Medical Parasitology at Dokuz Eylul University, Izmir, Turkey.\n\nI have given many lectures, presentations in different academic meetings. I have more than 60 articles in peer-reviewed journals, 18 book chapters, 1 book editorship.\n\nMy research interests are Echinococcus granulosus, Echinococcus multilocularis (diagnosis, life cycle, in vitro and in vivo cultivation), and Trichomonas vaginalis (diagnosis, PCR, and in vitro cultivation).",institutionString:"Dokuz Eylül University",institution:{name:"Dokuz Eylül University",country:{name:"Turkey"}}},{id:"71812",title:"Prof.",name:"Hanem Fathy",middleName:"Fathy",surname:"Khater",slug:"hanem-fathy-khater",fullName:"Hanem Fathy Khater",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/71812/images/1167_n.jpg",biography:"Prof. Khater is a Professor of Parasitology at Benha University, Egypt. She studied for her doctoral degree, at the Department of Entomology, College of Agriculture, Food and Natural Resources, University of Missouri, Columbia, USA. She has completed her Ph.D. degrees in Parasitology in Egypt, from where she got the award for “the best scientific Ph.D. dissertation”. She worked at the School of Biological Sciences, Bristol, England, the UK in controlling insects of medical and veterinary importance as a grant from Newton Mosharafa, the British Council. Her research is focused on searching of pesticides against mosquitoes, house flies, lice, green bottle fly, camel nasal botfly, soft and hard ticks, mites, and the diamondback moth as well as control of several parasites using safe and natural materials to avoid drug resistances and environmental contamination.",institutionString:null,institution:{name:"Banha University",country:{name:"Egypt"}}},{id:"99780",title:"Prof.",name:"Omolade",middleName:"Olayinka",surname:"Okwa",slug:"omolade-okwa",fullName:"Omolade Okwa",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/99780/images/system/99780.jpg",biography:"Omolade Olayinka Okwa is presently a Professor of Parasitology at Lagos State University, Nigeria. She has a PhD in Parasitology (1997), an MSc in Cellular Parasitology (1992), and a BSc (Hons) Zoology (1990) all from the University of Ibadan, Nigeria. She teaches parasitology at the undergraduate and postgraduate levels. She was a recipient of a Commonwealth fellowship supported by British Council tenable at the Centre for Entomology and Parasitology (CAEP), Keele University, United Kingdom between 2004 and 2005. She was awarded an Honorary Visiting Research Fellow at the same university from 2005 to 2007. \nShe has been an external examiner to the Department of Veterinary Microbiology and Parasitology, University of Ibadan, MSc programme between 2010 and 2012. She is a member of the Nigerian Society of Experimental Biology (NISEB), Parasitology and Public Health Society of Nigeria (PPSN), Science Association of Nigeria (SAN), Zoological Society of Nigeria (ZSN), and is Vice Chairperson of the Organisation of Women in Science (OWSG), LASU chapter. She served as Head of Department of Zoology and Environmental Biology, Lagos State University from 2007 to 2010 and 2014 to 2016. She is a reviewer for several local and international journals such as Unilag Journal of Science, Libyan Journal of Medicine, Journal of Medicine and Medical Sciences, and Annual Research and Review in Science. \nShe has authored 45 scientific research publications in local and international journals, 8 scientific reviews, 4 books, and 3 book chapters, which includes the books “Malaria Parasites” and “Malaria” which are IntechOpen access publications.",institutionString:"Lagos State University",institution:{name:"Lagos State University",country:{name:"Nigeria"}}},{id:"273100",title:"Dr.",name:"Vijay",middleName:null,surname:"Gayam",slug:"vijay-gayam",fullName:"Vijay Gayam",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/273100/images/system/273100.jpeg",biography:"Dr. Vijay Bhaskar Reddy Gayam is currently practicing as an internist at Interfaith Medical Center in Brooklyn, New York, USA. He is also a Clinical Assistant Professor at the SUNY Downstate University Hospital and Adjunct Professor of Medicine at the American University of Antigua. He is a holder of an M.B.B.S. degree bestowed to him by Osmania Medical College and received his M.D. at Interfaith Medical Center. His career goals thus far have heavily focused on direct patient care, medical education, and clinical research. He currently serves in two leadership capacities; Assistant Program Director of Medicine at Interfaith Medical Center and as a Councilor for the American\r\nFederation for Medical Research. As a true academician and researcher, he has more than 50 papers indexed in international peer-reviewed journals. He has also presented numerous papers in multiple national and international scientific conferences. His areas of research interest include general internal medicine, gastroenterology and hepatology. He serves as an editor, editorial board member and reviewer for multiple international journals. His research on Hepatitis C has been very successful and has led to multiple research awards, including the 'Equity in Prevention and Treatment Award” from the New York Department of Health Viral Hepatitis Symposium (2018) and the 'Presidential Poster Award” awarded to him by the American College of Gastroenterology (2018). He was also awarded 'Outstanding Clinician in General Medicine” by Venus International Foundation for his extensive research expertise and services, perform over and above the standard expected in the advancement of healthcare, patient safety and quality of care.",institutionString:"Interfaith Medical Center",institution:{name:"Interfaith Medical Center",country:{name:"United States of America"}}},{id:"93517",title:"Dr.",name:"Clement",middleName:"Adebajo",surname:"Meseko",slug:"clement-meseko",fullName:"Clement Meseko",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/93517/images/system/93517.jpg",biography:"Dr. Clement Meseko obtained DVM and PhD degree in Veterinary Medicine and Virology respectively. He has worked for over 20 years in both private and public sectors including the academia, contributing to knowledge and control of infectious disease. Through the application of epidemiological skill, classical and molecular virological skills, he investigates viruses of economic and public health importance for the mitigation of the negative impact on people, animal and the environment in the context of Onehealth. \r\nDr. Meseko’s field experience on animal and zoonotic diseases and pathogen dynamics at the human-animal interface over the years shaped his carrier in research and scientific inquiries. He has been part of the investigation of Highly Pathogenic Avian Influenza incursions in sub Saharan Africa and monitors swine Influenza (Pandemic influenza Virus) agro-ecology and potential for interspecies transmission. He has authored and reviewed a number of journal articles and book chapters.",institutionString:"National Veterinary Research Institute",institution:{name:"National Veterinary Research Institute",country:{name:"Nigeria"}}},{id:"158026",title:"Prof.",name:"Shailendra K.",middleName:null,surname:"Saxena",slug:"shailendra-k.-saxena",fullName:"Shailendra K. Saxena",position:null,profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRET3QAO/Profile_Picture_2022-05-10T10:10:26.jpeg",biography:"Professor Dr. Shailendra K. Saxena is a vice dean and professor at King George's Medical University, Lucknow, India. His research interests involve understanding the molecular mechanisms of host defense during human viral infections and developing new predictive, preventive, and therapeutic strategies for them using Japanese encephalitis virus (JEV), HIV, and emerging viruses as a model via stem cell and cell culture technologies. His research work has been published in various high-impact factor journals (Science, PNAS, Nature Medicine) with a high number of citations. He has received many awards and honors in India and abroad including various Young Scientist Awards, BBSRC India Partnering Award, and Dr. JC Bose National Award of Department of Biotechnology, Min. of Science and Technology, Govt. of India. Dr. Saxena is a fellow of various international societies/academies including the Royal College of Pathologists, United Kingdom; Royal Society of Medicine, London; Royal Society of Biology, United Kingdom; Royal Society of Chemistry, London; and Academy of Translational Medicine Professionals, Austria. He was named a Global Leader in Science by The Scientist. He is also an international opinion leader/expert in vaccination for Japanese encephalitis by IPIC (UK).",institutionString:"King George's Medical University",institution:{name:"King George's Medical University",country:{name:"India"}}},{id:"94928",title:"Dr.",name:"Takuo",middleName:null,surname:"Mizukami",slug:"takuo-mizukami",fullName:"Takuo Mizukami",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/94928/images/6402_n.jpg",biography:null,institutionString:null,institution:{name:"National Institute of Infectious Diseases",country:{name:"Japan"}}},{id:"233433",title:"Dr.",name:"Yulia",middleName:null,surname:"Desheva",slug:"yulia-desheva",fullName:"Yulia Desheva",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/233433/images/system/233433.png",biography:"Dr. Yulia Desheva is a leading researcher at the Institute of Experimental Medicine, St. Petersburg, Russia. She is a professor in the Stomatology Faculty, St. Petersburg State University. She has expertise in the development and evaluation of a wide range of live mucosal vaccines against influenza and bacterial complications. Her research interests include immunity against influenza and COVID-19 and the development of immunization schemes for high-risk individuals.",institutionString:'Federal State Budgetary Scientific Institution "Institute of Experimental Medicine"',institution:null},{id:"238958",title:"Mr.",name:"Atamjit",middleName:null,surname:"Singh",slug:"atamjit-singh",fullName:"Atamjit Singh",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/238958/images/6575_n.jpg",biography:null,institutionString:null,institution:null},{id:"333753",title:"Dr.",name:"Rais",middleName:null,surname:"Ahmed",slug:"rais-ahmed",fullName:"Rais Ahmed",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/333753/images/20168_n.jpg",biography:null,institutionString:null,institution:null},{id:"252058",title:"M.Sc.",name:"Juan",middleName:null,surname:"Sulca",slug:"juan-sulca",fullName:"Juan Sulca",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/252058/images/12834_n.jpg",biography:null,institutionString:null,institution:null},{id:"191392",title:"Dr.",name:"Marimuthu",middleName:null,surname:"Govindarajan",slug:"marimuthu-govindarajan",fullName:"Marimuthu Govindarajan",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/191392/images/5828_n.jpg",biography:"Dr. M. Govindarajan completed his BSc degree in Zoology at Government Arts College (Autonomous), Kumbakonam, and MSc, MPhil, and PhD degrees at Annamalai University, Annamalai Nagar, Tamil Nadu, India. He is serving as an assistant professor at the Department of Zoology, Annamalai University. His research interests include isolation, identification, and characterization of biologically active molecules from plants and microbes. He has identified more than 20 pure compounds with high mosquitocidal activity and also conducted high-quality research on photochemistry and nanosynthesis. He has published more than 150 studies in journals with impact factor and 2 books in Lambert Academic Publishing, Germany. He serves as an editorial board member in various national and international scientific journals.",institutionString:null,institution:null},{id:"274660",title:"Dr.",name:"Damodar",middleName:null,surname:"Paudel",slug:"damodar-paudel",fullName:"Damodar Paudel",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/274660/images/8176_n.jpg",biography:"I am DrDamodar Paudel,currently working as consultant Physician in Nepal police Hospital.",institutionString:null,institution:null},{id:"241562",title:"Dr.",name:"Melvin",middleName:null,surname:"Sanicas",slug:"melvin-sanicas",fullName:"Melvin Sanicas",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/241562/images/6699_n.jpg",biography:null,institutionString:null,institution:null},{id:"337446",title:"Dr.",name:"Maria",middleName:null,surname:"Zavala-Colon",slug:"maria-zavala-colon",fullName:"Maria Zavala-Colon",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"University of Puerto Rico, Medical Sciences Campus",country:{name:"United States of America"}}},{id:"338856",title:"Mrs.",name:"Nur Alvira",middleName:null,surname:"Pascawati",slug:"nur-alvira-pascawati",fullName:"Nur Alvira Pascawati",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"Universitas Respati Yogyakarta",country:{name:"Indonesia"}}},{id:"441116",title:"Dr.",name:"Jovanka M.",middleName:null,surname:"Voyich",slug:"jovanka-m.-voyich",fullName:"Jovanka M. Voyich",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"Montana State University",country:{name:"United States of America"}}},{id:"330412",title:"Dr.",name:"Muhammad",middleName:null,surname:"Farhab",slug:"muhammad-farhab",fullName:"Muhammad Farhab",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"University of Agriculture Faisalabad",country:{name:"Pakistan"}}},{id:"349495",title:"Dr.",name:"Muhammad",middleName:null,surname:"Ijaz",slug:"muhammad-ijaz",fullName:"Muhammad Ijaz",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"University of Veterinary and Animal Sciences",country:{name:"Pakistan"}}}]}},subseries:{item:{id:"5",type:"subseries",title:"Parasitic Infectious Diseases",keywords:"Blood Borne Parasites, Intestinal Parasites, Protozoa, Helminths, Arthropods, Water Born Parasites, Epidemiology, Molecular Biology, Systematics, Genomics, Proteomics, Ecology",scope:"Parasitic diseases have evolved alongside their human hosts. In many cases, these diseases have adapted so well that they have developed efficient resilience methods in the human host and can live in the host for years. Others, particularly some blood parasites, can cause very acute diseases and are responsible for millions of deaths yearly. Many parasitic diseases are classified as neglected tropical diseases because they have received minimal funding over recent years and, in many cases, are under-reported despite the critical role they play in morbidity and mortality among human and animal hosts. The current topic, Parasitic Infectious Diseases, in the Infectious Diseases Series aims to publish studies on the systematics, epidemiology, molecular biology, genomics, pathogenesis, genetics, and clinical significance of parasitic diseases from blood borne to intestinal parasites as well as zoonotic parasites. We hope to cover all aspects of parasitic diseases to provide current and relevant research data on these very important diseases. In the current atmosphere of the Coronavirus pandemic, communities around the world, particularly those in different underdeveloped areas, are faced with the growing challenges of the high burden of parasitic diseases. At the same time, they are faced with the Covid-19 pandemic leading to what some authors have called potential syndemics that might worsen the outcome of such infections. Therefore, it is important to conduct studies that examine parasitic infections in the context of the coronavirus pandemic for the benefit of all communities to help foster more informed decisions for the betterment of human and animal health.",coverUrl:"https://cdn.intechopen.com/series_topics/covers/5.jpg",hasOnlineFirst:!0,hasPublishedBooks:!0,annualVolume:11401,editor:{id:"67907",title:"Dr.",name:"Amidou",middleName:null,surname:"Samie",slug:"amidou-samie",fullName:"Amidou Samie",profilePictureURL:"https://mts.intechopen.com/storage/users/67907/images/system/67907.jpg",biography:"Dr. Amidou Samie is an Associate Professor of Microbiology at the University of Venda, in South Africa, where he graduated for his PhD in May 2008. He joined the Department of Microbiology the same year and has been giving lectures on topics covering parasitology, immunology, molecular biology and industrial microbiology. He is currently a rated researcher by the National Research Foundation of South Africa at category C2. He has published widely in the field of infectious diseases and has overseen several MSc’s and PhDs. His research activities mostly cover topics on infectious diseases from epidemiology to control. His particular interest lies in the study of intestinal protozoan parasites and opportunistic infections among HIV patients as well as the potential impact of childhood diarrhoea on growth and child development. He also conducts research on water-borne diseases and water quality and is involved in the evaluation of point-of-use water treatment technologies using silver and copper nanoparticles in collaboration with the University of Virginia, USA. He also studies the use of medicinal plants for the control of infectious diseases as well as antimicrobial drug resistance.",institutionString:null,institution:{name:"University of Venda",institutionURL:null,country:{name:"South Africa"}}},editorTwo:null,editorThree:null,series:{id:"6",title:"Infectious Diseases",doi:"10.5772/intechopen.71852",issn:"2631-6188"},editorialBoard:[{id:"188881",title:"Dr.",name:"Fernando José",middleName:null,surname:"Andrade-Narváez",slug:"fernando-jose-andrade-narvaez",fullName:"Fernando José Andrade-Narváez",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRIV7QAO/Profile_Picture_1628834308121",institutionString:null,institution:{name:"Autonomous University of Yucatán",institutionURL:null,country:{name:"Mexico"}}},{id:"269120",title:"Dr.",name:"Rajeev",middleName:"K.",surname:"Tyagi",slug:"rajeev-tyagi",fullName:"Rajeev Tyagi",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRaBqQAK/Profile_Picture_1644331884726",institutionString:"CSIR - Institute of Microbial Technology, India",institution:null},{id:"336849",title:"Prof.",name:"Ricardo",middleName:null,surname:"Izurieta",slug:"ricardo-izurieta",fullName:"Ricardo Izurieta",profilePictureURL:"https://mts.intechopen.com/storage/users/293169/images/system/293169.png",institutionString:null,institution:{name:"University of South Florida",institutionURL:null,country:{name:"United States of America"}}}]},onlineFirstChapters:{paginationCount:13,paginationItems:[{id:"81566",title:"New and Emerging Technologies for Integrative Ambulatory Autonomic Assessment and Intervention as a Catalyst in the Synergy of Remote Geocoded Biosensing, Algorithmic Networked Cloud Computing, Deep Learning, and Regenerative/Biomic Medicine: Further Real",doi:"10.5772/intechopen.104092",signatures:"Robert L. 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Behind these definitions are hidden all the aspects of normal and pathological functioning of all processes that the topic ‘Metabolism’ will cover within the Biochemistry Series. 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