The market for decentralised financial instruments, more commonly known as cryptocurrencies, has gained momentum over the past recent years and the application areas are many. Modern portfolio theory has for years demonstrated its applicability to traditional assets, such as equities and other instruments, but to some extent omitted the application of mathematical portfolio theory with respect for cryptocurrencies. This master's thesis aims to evaluate both traditional and DeFi assets from a modern optimization perspective. The focus area includes whichallocation structures that minimize the risk-adjusted return. The optimizations strategies are based on the risk measures, standard deviation, Conditional Value at Risk and First linear partial moment. The method has its structure in different scenarios where the outcome is optimized for traditional assets, DeFi assets and a hybrid set of these. The input data for the optimization methodology is based on weekly and adjusted price data for the assets. The output variables are weight-distribution, risk levels, return, maximum drawdown and graphic visualizations. Our results show that there is a value in incorporating parts of assets from the decentralized financial world in a portfolio provided that the risk-adjusted ratio increases through but through both higher returns and higher potential risk. These results are based on incorporation of certain parts of the new landscape where more established assets such as Bitcoin, Ethereum etc. have proven to perform well while other assets that are less traded shows a significantly worse result relative to risk. / Marknaden för decentraliserade finansiella instrument, mer känt som kryptovalutor, har tagit sin fart de senaste åren och applikationsområdena är många. Modern portföljteori har i åratal visat sin tillämpbarhet på traditionella tillgångar, såsom aktier och andra instrument, men till en viss grad utelämnat applicering av matematisk portföljteori med avseende på kryptovalutor. Denna master uppsats ämnar till att utvärdera både traditionella och DeFi tillgångar ur ett modernt optimerings-perspektiv. Fokusområdet innefattar vilka allokeringsstrukturer som minimerar den risk justerade avkastningen. Optimeringsstrategierna baseras på riskmåtten, standardavvikelse, Conditional Value at Risk samt First linear partial moment. Metodiken har sin grundstruktur i olika scenarion där man studerat optimerade utfall för traditionella tillgångar, DeFi tillgångar samt en hybrid uppsättning av dessa.  Ingångsdatan till optimeringsmetodiken baseras på veckovis och justerad prisdata för tillgångarna. Utgångsvariablerna är allkokeringsfördelning, risknivåer, avkastning, maximum drawdown samt grafiska visualiseringar.  Våra resultat visar att det finns det finns ett värde i att omstrukturera sin portfölj med delar av tillgångar från den decentraliserade finansvärlden under förutsättningarna att riskjusterade kvoten ökar genom men genom både högre avkastning och högre potentiell risk. Dessa resultat bygger på inkorporering av vissa delar av de nya landskapet där mer etablerade tillgångar som Bitcoin, Ethereum etc. har visat sig prestera bra medans andra tillgångar som är mindre omsatta visar ett avsevärt sämre resultat relativt risk.

[pt] A principal contribuição deste trabalho é: Discutir os desafios e oportunidades no surgimento das Finanças Descentralizadas. Este trabalho fornece uma visão abrangente dos princípios fundamentais que sustentam as tecnologias Blockchain, como arquiteturas de sistema e algoritmos de consenso distribuído. Em seguida, nos concentramos em possíveis soluções de Blockchain para o setor financeiro, discutindo seus desafios e oportunidades. / [en] The main contribution of this work is: Discuss the challenges and opportunities in the emergence of Decentralized Finance. This work provides a comprehensive overview of the fundamental principles that underpin Blockchain technologies, such as system architectures and distributed consensus algorithms. Next, we focus on possible Blockchain solutions for the financial sector by discussing their challenges and opportunities.

This master's thesis describes a principle of the systems for data communication over powerline. The frequency we can divide to narrowband and broadband. Various modulatory techniques with their usage and access method technology according to norms are mentioned. Engineering constraints as are frequency subband and sources disturbance are mentioned. A conception laboratory net is designed, where are effected trial measurement in data communications for systems ModemTec, Homeplug AV a DS2. This demonstration of communication contains display communications spectrum of choice systems and their matching. To comparison is used synthetic created nets LISN (Line Impedance Stabilizing Network) in narrowband transmissions. Long - term metering of systems ModemTec is is effected in laboratory net VUT and in the working condition in Swiss extension companies Daetwyler Rubber where are produced robust rubbery production. System DS2 is measured in home network, where are supposes low disturbance and in industrial environment company Daetwyler Rubber. On the basis report information of phase quality recorder a powerline and measured rate of communication, it is evaluate an influence disturbance on a data transmission and response time. At the close are mentioned principles of usage this communication.

The rise of cryptocurrencies has brought with it new math problems with new sets of constraints. The MEV problem entails solving for the ordering of pending trades that maximizes a block creator's profit. In decentralized finance, time is a big constraint, so an exhaustive search of all possible orderings is impossible. I propose a solution to the MEV problem that gives a near optimal result that can be solved in a reasonable amount of time. I layout the method and the formulas required for my solution. Additionally, I test my solution on synthesized data to show that it works as desired.

Access to finance is often a vital tool for a company to make investments which in turn leads to increased generation of income. In 2022, the amount of lending to non-financial companies increased by around 13 %. Banks' traditional lending channels have recently been challenged by DeFi. Within DeFi, no central intermediary is used, the security provided is cryptocurrencies and the transaction history is public. The most common cryptocurrency used in DeFi is bitcoin. At the time of writing, bitcoin has a market capitalization of approximately $521 million. The use of DeFi has grown rapidly in 2022 as cryptocurrencies worth just under $110 billion were pledged in DeFi as collateral for credit. The EBA has previously warned about the risks of cryptocurrencies. Despite warnings, neither case law nor any clear legislation regarding cryptocurrencies and creditors protection has thus been created. Though, there is a proposal from EU that will create a uniform regulation for cryptocurrencies that are not currently covered by the EU's existing regulatory framework for financial services, the so-called MiCA regulation. In Swedish legislation, there is an ongoing investigation on how to handle cryptocurrencies. However, neither the proposals at EU-level nor national level deal with substantive legal aspects such as creditors protection. The purpose of the thesis is to present a proposal for what bitcoin as property is classified as according to Swedish law and to identify the most appropriate legal aspect when bitcoins are used within DeFi. Based on the purpose, the following questions arise (i) What type of property should the cryptocurrency bitcoin be legally classified as? (ii) How can creditor protection be achieved when a transaction with bitcoin is made? (iii) How can creditor protection be achieved when bitcoin is used as collateral? In this thesis, the legal dogmatic method and law analogies will be used to answer the questions. The conclusions are that bitcoin should first be seen as a financial instrument according to MiFID II and creditor protection in the case of acquired ownership of bitcoins can basically never be achieved. Creditor protection in case of retained ownership can be achieved with analogous application of RVL and using registration as an element of property rights. When bitcoin is used as collateral, creditor protection can be achieved through the property right element of registration or tradition. In the case of three-party escrow, notification of transfer of claim must be made to the person who holds the pledged property in accordance with the 1936 Pawn Law.

We study the properties of a number of algorithms proposed to explore the computational space generated by a very simple and general idea: the notion of a mathematical definition and a number of suggested formal interpretations ofthis idea. Theories of partial inductive definitions (PID) constitute a class of logics based on the notion of an inductive definition. Formal systems based on this notion can be used to generalize Horn-logic and naturally allow and suggest extensions which differ in interesting ways from generalizations based on first order predicate calculus. E.g. the notion of completion generated by a calculus of PID and the resulting notion of negation is completely natural and does not require externally motivated procedures such as "negation as failure". For this reason, computational issues arising in these calculi deserve closer inspection. This work discuss a number of finitary theories of PID and analyzethe algorithmic and semantical issues that arise in each of them. There has been significant work on implementing logic programming languages in this setting and we briefly present the programming language and knowledge modelling tool GCLA II in which many of the computational prob-lems discussed arise naturally in practice. / <p>Also published as SICS Dissertation no. SICS-D-19</p>

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