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TOKEN SYSTEMS, PAYMENT CHANNELS, AND
CORPORATE CURRENCIES
Tutorial @ Austrian Financial Market Authority (FMA)
Vienna, Nov...
PREVIOUS TALKS @ FMA
Explain and demystify recent developments in the cryptoasset space
GOALS
3
Off-Chain Payment
Channels
Token Systems
Token ...
TOKEN SYSTEMS
TOKENS | TAXONOMY
5
Bitcoin & Derived
Altcoins
Privacy-centric
Currencies
Fungible Tokens
(FT)
Non-fungible Tokens
(NFT)
C...
• Asset: an economic resource; something of
value (dt.: “Vermögenswert”)
• Cryptoasset: an exchangeable virtual asset
util...
• Second most relevant blockchain system by market valuation
• Open-Source, public, distributed, blockchain system
• Inten...
ETHEREUM | TOKEN STANDARDS
8
Fungible Tokens (FT) Non-fungible Tokens (NFT)
Interchangeable
A token can be exchanged to an...
ETHEREUM | ERC-20 EXAMPLES
9
ETHEREUM | ERC-721 EXAMPLES
10
ETHEREUM | MARKET VALUATION
11
Why Are Token Systems Interesting ?
Market valuation:
Top Token Systems
e 28 billion
>
Tota...
• Balance = sum of values
assigned to public keys owned
by the holder of corresponding
private keys
• Used in Bitcoin and ...
ETHEREUM | EXTERNALLY OWNED ACCOUNT
Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitcoin Cr...
ETHEREUM | EXTERNALLY OWNED ACCOUNT
Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitcoin Cr...
ETHEREUM | CODE ACCOUNT (SMART CONTRACT)
Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitco...
ETHEREUM | CODE ACCOUNT (SMART CONTRACT)
Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitco...
“SMART CONTRACT “ = COMPUTER PROGRAM ≠ LEGAL CONTRACT
TOKEN SYSTEMS | TAKE AWAY
17
ETHEREUM | TOKEN SYSTEM
Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitcoin Cryptocurrenci...
ETHEREUM | TOKEN SYSTEM
Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitcoin Cryptocurrenci...
ETHEREUM | CREATING A TOKEN SYSTEM
20
Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitcoin ...
ETHEREUM | TOKEN INTERPRETABILITY
21
• Interpretability = Human understanding of token systems
• Non-trivial / impossible if source code is not available (uplo...
• Atomic Swaps:
• Allows two parties to exchange their asserts “atomically” without trusted third parties
• Decentralized ...
TOKEN | RECENT DEVELOPMENTS
24
Cryptoassets meet Financial Engineering
(Options, Futures, Perpetual Contracts)
PAYMENT CHANNELS
CRYPTOCURRENCIES | OBSERVATIONS
Anonymity
Global Micropayments
Decentralization
Early Promises and Expectations
Trackable ...
PAYMENT CHANNELS | MOTIVATION
27
Blockchain
Blocksize: 1 MB
ca. 1500 - 2000 transactions
ca 10 min
Maximum throughput: ca....
• Move massive bulk of transactions off-chain
• Users
• carry out transactions off-chain between
each other
• rely on bloc...
PAYMENT CHANNELS | PHASES
29
Inspired by R. Böhme “Prinzip von Off-Chain Zahlungskanälen”
Blockchain
Time
Funding Tx
Input...
PAYMENT CHANNELS | IMPLEMENTATIONS
31
Fast, cheap, scalable
token transfers
https://raiden.networkhttps://lightning.networ...
LIGHTNING NETWORK | EXAMPLE SETUP
32
Alice Charlie
Blockchain
[contributed by P. Holzer]
LIGHTNING NETWORK | EXAMPLE & DEMO
33
Alice Charlie
Blockchain
Time
Before LN Transactions:
Alice: 25.570 Satoshi
Charlie:...
LIGHTNING NETWORK | DEMO
34
[contributed by P. Holzer]
LIGHTNING NETWORK | DEMO TRANSACTIONS
35
[contributed by P. Holzer]
PAYMENT CHANNELS | BUSINESS CASE
37
Custodial Wallet
Users do not have access to private keys.
They are stored and managed...
PAYMENT CHANNELS | BUSINESS CASE
38
Alice
Buy 1 BTC
Custodial Wallet Provider
Blockchain
Wallet Provider: 1,000 BTC
No blo...
PAYMENT CHANNELS | BUSINESS CASE
39
Alice
Send 1 BTC
Custodial Wallet Provider
Charlie
Blockchain
Wallet Provider: 1,000 B...
PAYMENT CHANNELS | BUSINESS CASE
40
Wallet Provider A: 999 BTC
Wallet Provider B: 1,001 BTC
Blockchain
transaction
~ 1h co...
PAYMENT CHANNELS | BUSINESS CASE
41
Blockchain
Opening + Settlement Transactions
Custodial Wallet Provider A Custodial Wal...
• Blockchains have scalability problems; payment channels are a possible solution
• Changing role
• Without payment channe...
CORPORATE CURRENCIES
CRYPTO VS. CORPORATE CURRENCIES
Financial
Transaction
Infrastructure
Money issuance
and control
Value
Governance
Permissio...
Libra Transaction = State change in a distributed database
Libra Blockchain = Versioned database
LIBRA PROTOCOL | KEY CONC...
The Libra protocol uses an account-based data model (c.f., Ethereum)
LIBRA PROTOCOL | KEY CONCEPTS
46
Account Address Acco...
LIBRA PROTOCOL | DEMO
47
• Corporate currencies = digital currencies and financial transaction infrastructures
controlled by corporations
• Libra “...
All papers are openly available via arxiv.org or ssrn.com
• Fröwis and Böhme (2017): “In Code We Trust? Measuring the Cont...
bernhard.haslhofer@ait.ac.at
https://graphsense.info
virtcrime-project.infotitanium-project.info
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Token Systems, Payment Channels, and Corporate Currencies Slide 1 Token Systems, Payment Channels, and Corporate Currencies Slide 2 Token Systems, Payment Channels, and Corporate Currencies Slide 3 Token Systems, Payment Channels, and Corporate Currencies Slide 4 Token Systems, Payment Channels, and Corporate Currencies Slide 5 Token Systems, Payment Channels, and Corporate Currencies Slide 6 Token Systems, Payment Channels, and Corporate Currencies Slide 7 Token Systems, Payment Channels, and Corporate Currencies Slide 8 Token Systems, Payment Channels, and Corporate Currencies Slide 9 Token Systems, Payment Channels, and Corporate Currencies Slide 10 Token Systems, Payment Channels, and Corporate Currencies Slide 11 Token Systems, Payment Channels, and Corporate Currencies Slide 12 Token Systems, Payment Channels, and Corporate Currencies Slide 13 Token Systems, Payment Channels, and Corporate Currencies Slide 14 Token Systems, Payment Channels, and Corporate Currencies Slide 15 Token Systems, Payment Channels, and Corporate Currencies Slide 16 Token Systems, Payment Channels, and Corporate Currencies Slide 17 Token Systems, Payment Channels, and Corporate Currencies Slide 18 Token Systems, Payment Channels, and Corporate Currencies Slide 19 Token Systems, Payment Channels, and Corporate Currencies Slide 20 Token Systems, Payment Channels, and Corporate Currencies Slide 21 Token Systems, Payment Channels, and Corporate Currencies Slide 22 Token Systems, Payment Channels, and Corporate Currencies Slide 23 Token Systems, Payment Channels, and Corporate Currencies Slide 24 Token Systems, Payment Channels, and Corporate Currencies Slide 25 Token Systems, Payment Channels, and Corporate Currencies Slide 26 Token Systems, Payment Channels, and Corporate Currencies Slide 27 Token Systems, Payment Channels, and Corporate Currencies Slide 28 Token Systems, Payment Channels, and Corporate Currencies Slide 29 Token Systems, Payment Channels, and Corporate Currencies Slide 30 Token Systems, Payment Channels, and Corporate Currencies Slide 31 Token Systems, Payment Channels, and Corporate Currencies Slide 32 Token Systems, Payment Channels, and Corporate Currencies Slide 33 Token Systems, Payment Channels, and Corporate Currencies Slide 34 Token Systems, Payment Channels, and Corporate Currencies Slide 35 Token Systems, Payment Channels, and Corporate Currencies Slide 36 Token Systems, Payment Channels, and Corporate Currencies Slide 37 Token Systems, Payment Channels, and Corporate Currencies Slide 38 Token Systems, Payment Channels, and Corporate Currencies Slide 39 Token Systems, Payment Channels, and Corporate Currencies Slide 40 Token Systems, Payment Channels, and Corporate Currencies Slide 41 Token Systems, Payment Channels, and Corporate Currencies Slide 42 Token Systems, Payment Channels, and Corporate Currencies Slide 43 Token Systems, Payment Channels, and Corporate Currencies Slide 44 Token Systems, Payment Channels, and Corporate Currencies Slide 45 Token Systems, Payment Channels, and Corporate Currencies Slide 46 Token Systems, Payment Channels, and Corporate Currencies Slide 47 Token Systems, Payment Channels, and Corporate Currencies Slide 48
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An attempt to explain and demystify common notions in the cryptoasset space

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Token Systems, Payment Channels, and Corporate Currencies

  1. 1. TOKEN SYSTEMS, PAYMENT CHANNELS, AND CORPORATE CURRENCIES Tutorial @ Austrian Financial Market Authority (FMA) Vienna, November 13th 2019 Dr. Bernhard Haslhofer Senior Scientist Center for Digital Safety & Security
  2. 2. PREVIOUS TALKS @ FMA
  3. 3. Explain and demystify recent developments in the cryptoasset space GOALS 3 Off-Chain Payment Channels Token Systems Token Systems Token Systems Corporate Currencies Token Systems
  4. 4. TOKEN SYSTEMS
  5. 5. TOKENS | TAXONOMY 5 Bitcoin & Derived Altcoins Privacy-centric Currencies Fungible Tokens (FT) Non-fungible Tokens (NFT) Cryptoassets TokensCryptocurrencies
  6. 6. • Asset: an economic resource; something of value (dt.: “Vermögenswert”) • Cryptoasset: an exchangeable virtual asset utilizing cryptographic primitives • Token: jargon for some cryptoasset (fungible or non-fungible) • Token system: code account (smart contract) keeping track of token ownership and transfers TOKEN SYSTEMS | DEFINITIONS 6 Fungible Non-Fungible Token
  7. 7. • Second most relevant blockchain system by market valuation • Open-Source, public, distributed, blockchain system • Intention: build decentralized applications • Built-in currency called Ether (ETH), subunit wei • With Proof-of-work, approx. 14 seconds block time • Ethereum Virtual Machine (EVM) • Most significant feature differentiating Ethereum from other cryptocurrencies • Can execute programs (smart contracts) written in high- level programming languages (e.g., solidity) TOKEN SYSTEMS | ETHEREUM 7
  8. 8. ETHEREUM | TOKEN STANDARDS 8 Fungible Tokens (FT) Non-fungible Tokens (NFT) Interchangeable A token can be exchanged to any other token of the same type. Analogy: dollar bill Not interchangeable A non-fungible token cannot be replaced with another non-fungible token of the same type. If you lend a token to somebody else, you expect that person to return the same token and not another of another type Analogy: birth certificate Uniform All tokens of the same type are identical in specification, each token is identical to another Unique Each token is unique and different to all other tokens of the same type Divisible Fungible tokens are divisible in smaller units and it does not matter which units you get as long as the value is the same Non-divisible Non-fungible tokens cannot be divided. The elementary unit is one token and one token only ERC-20 standard Examples: Tether, SNC, TRX….and ICO (scams) ERC-721 standard Examples: CryptoKitties, Crypt Baseball Source: https://medium.com/0xcert/fungible-vs-non-fungible-tokens-on-the-blockchain-ab4b12e0181a
  9. 9. ETHEREUM | ERC-20 EXAMPLES 9
  10. 10. ETHEREUM | ERC-721 EXAMPLES 10
  11. 11. ETHEREUM | MARKET VALUATION 11 Why Are Token Systems Interesting ? Market valuation: Top Token Systems e 28 billion > Total Ether e 20 billion Sources: Etherscan, coinmarketcap.com, October 9th, 2018 Symposium on Post-Bitcoin Cryptocurrencies - October 19th, 2018 10 Source: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitcoin Cryptocurrencies, 2018 Sources: Etherscan, coinmarketcap.com, October 9th, 2018
  12. 12. • Balance = sum of values assigned to public keys owned by the holder of corresponding private keys • Used in Bitcoin and many other cryptocurrencies 12 ETHEREUM | ACCOUNT MODEL • Externally Owned account (EOA) • “normal” account (like in banks) • public / private key pair • no associated code • controlled by private keys • Code Account (CA) aka “Smart Contract” • Associated code • No directly associated keys • Controlled by code • Activated by EOA UTXO model Account Model
  13. 13. ETHEREUM | EXTERNALLY OWNED ACCOUNT Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitcoin Cryptocurrencies, 2018 Balance: 6 ETH Alice (EOA) Alice Transaction From: Alice To: Bob Value: 1 ETH Data: Sign: Alice Bob Bob (EOA) Balance: 3 ETH
  14. 14. ETHEREUM | EXTERNALLY OWNED ACCOUNT Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitcoin Cryptocurrencies, 2018 Balance: 6 – 1 ETH Transaction From: Alice To: Bob Value: 1 ETH Data: Sign: Alice Alice (EOA) Alice Bob Bob (EOA) Balance: 3 + 1 ETH
  15. 15. ETHEREUM | CODE ACCOUNT (SMART CONTRACT) Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitcoin Cryptocurrencies, 2018 Company Company account (CA) Rules: IF data = ’donate’ THEN add 1 to Donations Balance: 6 ETH State: Donations: 0 Alice (EOA) Balance: 6 ETH Alice Transaction From: Alice To: Company Value: 1 ETH Data: donate Sign: Alice
  16. 16. ETHEREUM | CODE ACCOUNT (SMART CONTRACT) Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitcoin Cryptocurrencies, 2018 Alice (EOA) Balance: 6 – 1 ETH Company Company account (CA) Balance: 6 + 1 ETH State: Rules: IF data = ’donate’ THEN add 1 to Donations Donations: 1 Alice Transaction From: Alice To: Company Value: 1 ETH Data: donate Sign: Alice A computer program that encodes state transition rules
  17. 17. “SMART CONTRACT “ = COMPUTER PROGRAM ≠ LEGAL CONTRACT TOKEN SYSTEMS | TAKE AWAY 17
  18. 18. ETHEREUM | TOKEN SYSTEM Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitcoin Cryptocurrencies, 2018 My Token (CA) Rules: IF data = ’send’; to; val AND from ≥ val THEN sub val FROM from add val TO to Balance: 0 ETH State: Alice: 2 Bob: 0 Alice (EOA) Balance: 3 ETH Alice Transaction From: Alice To: My Token Value: 0 ETH Data: send; Bob; 2 Sign: Alice
  19. 19. ETHEREUM | TOKEN SYSTEM Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitcoin Cryptocurrencies, 2018 My Token (CA) Rules: IF data = ’send’; to; val AND from ≥ val THEN sub val FROM from add val TO to Balance: 0 ETH State: Alice: 2 - 2 Bob: 0 + 2 Alice (EOA) Balance: 3 ETH Alice Transaction From: Alice To: My Token Value: 0 ETH Data: send; Bob; 2 Sign: Alice
  20. 20. ETHEREUM | CREATING A TOKEN SYSTEM 20 Adapted from: Fröwis: Tracking Payment Flows in Ethereum, Symposium on Post-Bitcoin Cryptocurrencies, 2018
  21. 21. ETHEREUM | TOKEN INTERPRETABILITY 21
  22. 22. • Interpretability = Human understanding of token systems • Non-trivial / impossible if source code is not available (upload non- mandatory in Ethereum) • Immutability of source code ≠ immutability of control flows (trust issues) • As smart contracts become more popular and carry more value they become interesting targets for fraudsters and attackers TOKEN SYSTEMS | TAKE AWAY 22
  23. 23. • Atomic Swaps: • Allows two parties to exchange their asserts “atomically” without trusted third parties • Decentralized Exchanges (DEXs) • Non-custodial traders (no need to deposit money) • 30 DEX protocols, > 250 DEXs, 4000 active traders, 50K ETH market volume TOKEN SYSTEMS | RECENT DEVELOPMENTS 23 [Source: Han et al., 2019: “On the optionality and fairness of Atomic Swaps”]
  24. 24. TOKEN | RECENT DEVELOPMENTS 24 Cryptoassets meet Financial Engineering (Options, Futures, Perpetual Contracts)
  25. 25. PAYMENT CHANNELS
  26. 26. CRYPTOCURRENCIES | OBSERVATIONS Anonymity Global Micropayments Decentralization Early Promises and Expectations Trackable Payments Scalability Issues De-facto centralization Status Quo
  27. 27. PAYMENT CHANNELS | MOTIVATION 27 Blockchain Blocksize: 1 MB ca. 1500 - 2000 transactions ca 10 min Maximum throughput: ca. 7 tx / sec Major design issue: All transactions are stored on the blockchain and replicated among peers. Facilitate about 2,000 tps Peak capacity: 56,000 tps
  28. 28. • Move massive bulk of transactions off-chain • Users • carry out transactions off-chain between each other • rely on blockchain • for settlement • to resolve dispute in case of disagreement PAYMENT CHANNELS | BASIC IDEA 28 Blockchain Off-chain transactions Settlement Resolve dispute
  29. 29. PAYMENT CHANNELS | PHASES 29 Inspired by R. Böhme “Prinzip von Off-Chain Zahlungskanälen” Blockchain Time Funding Tx Input Output Input Phase 1 “Open Payment Channel” Settlement Tx Input Output Phase 3 “Close Payment Channel” Output Phase 2 “Off-Chain Transactions”
  30. 30. PAYMENT CHANNELS | IMPLEMENTATIONS 31 Fast, cheap, scalable token transfers https://raiden.networkhttps://lightning.network Scalable, instant Bitcoin transactions Lightning Network Token Systems Raiden Network
  31. 31. LIGHTNING NETWORK | EXAMPLE SETUP 32 Alice Charlie Blockchain [contributed by P. Holzer]
  32. 32. LIGHTNING NETWORK | EXAMPLE & DEMO 33 Alice Charlie Blockchain Time Before LN Transactions: Alice: 25.570 Satoshi Charlie: 47.677 Satoshi After LN Transactions: Alice: 23.667 Satoshi Charlie: 48.677 Satoshi 1. Alice creates Payment Channel with Charlie and locks 20.000 Satoshi 3. Alice pays invoice and sends Charlie 2.000 Satoshi 2. Charlie sends Alice invoice about 2.000 Satoshi 4. Alice sends Charlie invoice about 1.000 Satoshi 5. Charlie pays invoice and sends Alice 1.000 Satoshi 6. Charlie requests Payment Channel Closing -1903 +1000 [contributed by P. Holzer]
  33. 33. LIGHTNING NETWORK | DEMO 34 [contributed by P. Holzer]
  34. 34. LIGHTNING NETWORK | DEMO TRANSACTIONS 35 [contributed by P. Holzer]
  35. 35. PAYMENT CHANNELS | BUSINESS CASE 37 Custodial Wallet Users do not have access to private keys. They are stored and managed by exchanges or wallet providers. Non-custodial wallets Alice Charlie Users hold private keys and have full control over their funds.
  36. 36. PAYMENT CHANNELS | BUSINESS CASE 38 Alice Buy 1 BTC Custodial Wallet Provider Blockchain Wallet Provider: 1,000 BTC No blockchain transaction Instant No fees Alice: 1 BTC …. Wallet Provider Database Alice: + 1 BTC
  37. 37. PAYMENT CHANNELS | BUSINESS CASE 39 Alice Send 1 BTC Custodial Wallet Provider Charlie Blockchain Wallet Provider: 1,000 BTC Receive 1 BTC No blockchain transaction Instant No fees Alice: 0 BTC Charlie: 1 BTC …. Wallet Provider Database Alice: - 1 BTC Charlie: + 1 BTC
  38. 38. PAYMENT CHANNELS | BUSINESS CASE 40 Wallet Provider A: 999 BTC Wallet Provider B: 1,001 BTC Blockchain transaction ~ 1h confirmation time transaction costs traceability Custodial Wallet Provider A Custodial Wallet Provider B Alice Send 1 BTC Receive 1 BTC Charlie Blockchain Send BTC Transaction A à B (1 BTC) Check ledger for transactions assigning values to B
  39. 39. PAYMENT CHANNELS | BUSINESS CASE 41 Blockchain Opening + Settlement Transactions Custodial Wallet Provider A Custodial Wallet Provider B Payment Channel Minimal amount of blockchain transactions Instant Payments Minimal transaction costs Limited tracability
  40. 40. • Blockchains have scalability problems; payment channels are a possible solution • Changing role • Without payment channels: blockchain = transaction ledger (dt. Kontobuch) • With payment channels: blockchain = court record (dt. Gerichtsbuch) • Most likely not an end-user technology à business case for intermediaries • Still in infancy, many unknowns (requires further research) PAYMENT CHANNELS | TAKE AWAYS 42
  41. 41. CORPORATE CURRENCIES
  42. 42. CRYPTO VS. CORPORATE CURRENCIES Financial Transaction Infrastructure Money issuance and control Value Governance Permission-less Blockchain Open P2P Network (High degree of distribution) Distributed Database w. blockchain- inspired features (Low degree of distribution) Defined rules BTC: 21M ETH: no hard cap Unlimited (market-driven) Controlled by Libra Association ”Market”-driven (hopes, believes, expectations, and speculation) Tied to basket of national currencies and bonds Relatively open (core devs, miners, intermediaries) Libra Association (payment providers, tech companies, venture capital)
  43. 43. Libra Transaction = State change in a distributed database Libra Blockchain = Versioned database LIBRA PROTOCOL | KEY CONCEPTS 45 time 𝑠$%& 𝑠$ 𝑇$ A = 10 B = 10 A = 8 B = 12
  44. 44. The Libra protocol uses an account-based data model (c.f., Ethereum) LIBRA PROTOCOL | KEY CONCEPTS 46 Account Address Account Values 0x12…. 0x34…. Module (stores program code) Resource (stores data values) Addresses are hashes over public keys Program code (smart contracts) is written in a language called “Move"
  45. 45. LIBRA PROTOCOL | DEMO 47
  46. 46. • Corporate currencies = digital currencies and financial transaction infrastructures controlled by corporations • Libra “blockchain” = a centrally controlled distributed database ≠ distributed ledger technology used in cryptocurrencies or token systems • Libra technology is still early stage; the future is unclear CORPORATE CURRENCIES | TAKE AWAYS 48
  47. 47. All papers are openly available via arxiv.org or ssrn.com • Fröwis and Böhme (2017): “In Code We Trust? Measuring the Control Flow Immutability of All Smart Contracts Deployed on Ethereum” • Torres and Steichen (2019): “The Art of Scam: Demystifying Honeypots in Ethereum Smart Contracts • Daian et al., (2019): ”Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges” • Han et al., (2019): “On the optionality and fairness of Atomic Swaps” • Gudgeon et al. (2019): “SoK: Off The Chain Transactions” • Schuster (2019): “Cloud Crypto Land” REFERENCES 49
  48. 48. bernhard.haslhofer@ait.ac.at https://graphsense.info virtcrime-project.infotitanium-project.info

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