There exists an ambiguous attitude in economic theory toward referring to the details of exchange mechanisms as a social system. To date, in classical theories, the main research target has been the exchange mechanism for commodities in general. Instead of studying the exchange of the broader social or community system, recently, much work has focused on auction mechanisms for particular goods in the context of experimental design. However, the advent of the community currency and crypto-currency suggests that we should study the feasibility and sustainability of the broader system. In this article, we will focus on systems of exchange with auctioneers and without auctioneers. We then examine the properties of bilateral exchange between randomly selected traders without auctioneers and explore the resulting properties of iterations of such transactions. Finally, we mention special issues of cryptocurrency in the face of the Byzantine General Problem and discuss a well-coordinated distributed system involving digital tools such as blockchain.

中文翻译：

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交换过程的演变：从分散式到分布式数字交换

在经济学理论中，对于将交换机制的细节称为社会制度存在着一种模棱两可的态度。迄今为止，在古典理论中，主要的研究目标一直是大宗商品的交换机制。最近，没有研究广泛的社会或社区系统的交换，而是将许多工作集中在实验设计的背景下，针对特定商品的拍卖机制。但是，社区货币和加密货币的出现表明我们应该研究更广泛系统的可行性和可持续性。在本文中，我们将重点介绍与拍卖人和不与拍卖人进行交流的系统。然后，我们检查没有拍卖人的随机选择的交易者之间的双边交换属性，并探讨此类交易的迭代结果。最后，面对拜占庭式的“一般性问题”，我们提到了加密货币的特殊问题，并讨论了包含数字工具（例如区块链）的协调良好的分布式系统。