Smart Green Bond – 智能绿色债券区块链毕设代写

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Smart Green Bond

We are designing a sustainability-linked bond in Solidity, to enable the issuance and repayment of a corporate or government bond on Ethereum. Blockchain bonds hold promise to offer significant savings in the cost of issuance and administration. Our aim is to link the bond structure to sustainability metrics submitted by an off-chain oracle, which is analyzing measurements of ecological health.

The bond contract must be adapted so that the borrower (i.e. government or corporate entity) is financially incentivized to meet sustainability targets. In our case – a simple prototype to illustrate the capability – we imagine the Greater London Authority issuing a sustainability-linked municipal bond.

In this scenario, the GLA wants to raise 1000 ether. They issue 1000 bonds with a face value of 1 ETH.

From the investor’s perspective, it is a fixed-income instrument: they are paid a coupon rate of 3% of the bond’s face value (i.e. 0.03 ETH) each year for 10 years, then are repaid the full face value once the bond matures.

This means that each year the GLA must pay 30 ether into the contract to repay bond holders.

However, we also want to incentivize the GLA to improve air quality in London. We will do this by linking the repayment amount to measurements of air quality, which will be calculated and submitted on an annual basis by an oracle. In this simple example, we are finding the average NOx level across London based on data generated by DEFRA, the UK Department for Environment, Food and Rural Affairs. (We will leave aside the possibility of collusion between DEFRA and the GLA for now – though this points to the importance of carefully designing the game theory of decentralized spatial finance products.)

In addition to the money repaid annually to pay bond coupons, the bond is designed so the Greater London Authority is required to pay an additional amount, based on the mean NOx levels (in µg m-3) derived from analysis of the DEFRA dataset. This variable rate will provide an economic incentive to the institution to improve air quality. We suppose that the extra funds collected based on this variable rate might be transferred to the agency tasked with improving air quality – a sort of cybernetic control system for adapting government budgeting based on observations of environmental health. We chose not to transfer the additional funds raised to investors because we did not want lenders to profit from degrading air quality. It is worth emphasizing: our aim here is to demonstrate the feasibility of sustainability-linked smart contracts, not to make recommendations about the most appropriate design of these instruments.

For this bond, the Greater London Authority will be required to pay 1 ether for each measured µg m-3 of NOx.

Thus, for the term of 2003-2013, the borrower could expect to see the following dynamics:

year noxLevel bondsNumber parValueEther couponRate coupon totalCoupon variablePayment totalAnnualPayment variableInterestRate
2003 56.15748001 1000 1 0.03 0.03 30 56.15748001 86.15748001 0.08615748001
2004 47.48138536 1000 1 0.03 0.03 30 47.48138536 77.48138536 0.07748138536
2005 49.60424539 1000 1 0.03 0.03 30 49.60424539 79.60424539 0.07960424539
2006 46.74988874 1000 1 0.03 0.03 30 46.74988874 76.74988874 0.07674988874
2007 49.84159725 1000 1 0.03 0.03 30 49.84159725 79.84159725 0.07984159725
2008 43.85691224 1000 1 0.03 0.03 30 43.85691224 73.85691224 0.07385691224
2009 44.05282664 1000 1 0.03 0.03 30 44.05282664 74.05282664 0.07405282664
2010 46.70628094 1000 1 0.03 0.03 30 46.70628094 76.70628094 0.07670628094
2011 41.34744668 1000 1 0.03 0.03 30 41.34744668 71.34744668 0.07134744668
2012 39.26930737 1000 1 0.03 0.03 30 39.26930737 69.26930737 0.06926930737
2013 40.30984002 1000 1 0.03 0.03 30 40.30984002 70.30984002 0.07030984002

Summary figures:

Total capital raised 1000 ether
Total paid coupons 330 ether
Total variable payments 505.38 ether
Total repaid 1835.38 ether

#13


智能绿色债券

我们正在设计一种与可持续发展相关的债券,以便在以太坊eth发行和偿还公司或政府债券。区块链blockchain债券有望大幅节省发行和管理成本。我们的目标是将债券结构与一家正在分析生态健康衡量指标的链外甲骨文公司提交的可持续性指标联系起来。

必须调整债券合同,以使借款人(即政府或企业实体)获得财政激励,以实现可持续发展目标。在我们的例子中——一个简单的原型来说明这种能力——我们设想大伦敦管理局发行一种与可持续性相关的市政债券。

在这种情况下,GLA希望筹集1000乙醚。他们发行1000种面值为1以太币的债券。

从投资者的角度来看,这是一种固定收益工具:他们每年以债券面值的3%(即0.03以太币)的票面利率支付10年,然后在债券到期后全额偿还票面价值。

这意味着GLA每年必须向合同中支付30以太,以偿还债券持有人。

然而,我们也希望激励GLA改善伦敦的空气质量。我们将通过将还款金额与空气质量测量挂钩来做到这一点,甲骨文将每年计算并提交空气质量测量结果。在这个简单的例子中,我们根据英国环境、食品和农村事务部(DEFRA)生成的数据,找到了整个伦敦的平均NOx水平。(我们暂时不考虑金融、金融和金融管理局与全球金融管理局串通的可能性——尽管这表明了仔细设计分散空间金融产品的博弈论的重要性。)

除了每年偿还的支付债券息票的资金外,债券的设计还要求大伦敦管理局支付根据对DEFRA数据集分析得出的平均NOx水平(单位:µg m-3)的额外量。这一变化率将为该机构改善空气质量提供经济激励。我们假设,根据这一可变比率筹集的额外资金可能会转移到负责改善空气质量的机构,这是一种控制论控制系统,用于根据对环境健康的观察调整政府预算。我们选择不把募集到的额外资金转移给投资者,因为我们不希望放贷人从空气质量恶化中获利。值得强调的是:我们在这里的目的是证明与可持续性相关的智能合约的可行性,而不是就这些工具的最合适设计提出建议。

对于本保函,大伦敦管理局将被要求为每测量到的µg m-3 NOx支付1乙醚。

因此,在2003-2013年期间,借款人可以看到以下动态:

year noxLevel bondsNumber parValueEther couponRate coupon totalCoupon variablePayment totalAnnualPayment variableInterestRate
2003年 56.15748001 1000 1 0.03 86.157480012004年左右,2004年左右,该公司47.48138536 1 0.03 1000 1
年,该公司的>0.03 0.03 30 49.60424539 79.60424539 30 1000 1 0.03 0.03
1 43.85.691224 73.856912224 0.07385691224224224224224的,2009年 44.05282664 1000 0.03 30的30家公司分别为46.70628094股和94股,分别是46.70628094股和94> 76.70628094 0.07670628094
2011年41.34744668 1000 0.0.03 0.0.0.03 0.0.0. 30 39.26930737 69.26930737 该公司06926930737人,该公司于2013年(2013年)将该公司40.309.4002 1000
0.03 0.03 0.03 70.30.308 4002 总募集总募集总募集总募集资金< 1000乙醚1000乙醚 总支付的总支付的优惠券< 总支付的总价值< 总变量付款额 505.38以太 偿还总额 1835.38以太
2008 43.85691224 1000 1 0.03 0.03 30 43.85691224 73.85691224 0.07385691224
2009 44.05282664 1000 1 0.03 0.03 30 44.05282664 74.05282664 0.07405282664
2010 46.70628094 1000 1 0.03 0.03 30 46.70628094 76.70628094 0.07670628094
2011 41.34744668 1000 1 0.03 0.03 30 41.34744668 71.34744668 0.07134744668
2012 39.26930737 1000 1 0.03 0.03 30 39.26930737 69.26930737 0.06926930737
2013 40.30984002 1000 1 0.03 0.03 30 40.30984002 70.30984002 0.07030984002

汇总数据:

Total capital raised 1000 ether
Total paid coupons 330 ether
Total variable payments 505.38 ether
Total repaid 1835.38 ether

#13

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