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Virtual wealth protection through virtual money exchange
Jingzhi Guo1; Angelina Chow1; Rolf T. Wigand2
Source PublicationElectronic Commerce Research and Applications

This article presents pioneering research on virtual money exchange (VMX) to protect the wealth generated in virtual worlds. This goal is realized by designing and implementing a VMX system through which virtual money exchange rates between virtual worlds are generated based on a redistribution strategy. Moreover, this strategy aims to re-value the total intrinsic value and the total exchangeable value of virtual currencies at a series of Pareto exchange points. We have designed, implemented, proved and extended a novel VMX exchange rate algorithm (VERA) algorithm, which implements the redistribution strategy. In order to observe the behavior of virtual money exchange rate generations, we built a VMX simulator to simulate various cases of virtual money exchange. Experiments on our VMX simulator show that minimum acceptable virtual exchange rates set by exchange requestors have a great impact on the success or failure of a virtual money exchange. This suggests the need for further research to reconcile the contradiction between presenting fair virtual currency exchange rates and achieving low fluctuations of virtual currency exchange rates. Finally, this research contributes to a better understanding of many aspects relating to virtual money, virtual currency exchange and virtual wealth protection. These are important for the future design and implementation of integrated virtual worlds. © 2010 Elsevier B.V. All rights reserved.

KeywordAlgorithms Currency Exchange Design Science Research Exchange Rates Experimental Analysis Simulation Virtual Currency Virtual Money Exchange Virtual Wealth Protection Virtual Worlds
URLView the original
Indexed BySCI
WOS Research AreaBusiness & Economics
WOS SubjectComputer Science
WOS IDWOS:Business; Computer Science, Information Systems; Computer Science, Interdisciplinary Applications
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Document TypeJournal article
Corresponding AuthorJingzhi Guo
Affiliation1.Department of Computer and Information Science, University of Macau, Av. Padre Tomás, Pereira, S.J., Taipa, Macau
2.Departments of Information Science and Management, University of Arkansas at Little Rock, Little Rock, AR, USA
First Author AffilicationUniversity of Macau
Corresponding Author AffilicationUniversity of Macau
Recommended Citation
GB/T 7714
Jingzhi Guo,Angelina Chow,Rolf T. Wigand. Virtual wealth protection through virtual money exchange[J]. Electronic Commerce Research and Applications,2011,10(3):313-330.
APA Jingzhi Guo,Angelina Chow,&Rolf T. Wigand.(2011).Virtual wealth protection through virtual money exchange.Electronic Commerce Research and Applications,10(3),313-330.
MLA Jingzhi Guo,et al."Virtual wealth protection through virtual money exchange".Electronic Commerce Research and Applications 10.3(2011):313-330.
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