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Cryptocurrencies, Blockchain & Smart Contracts: The New Wave of Decentralization

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"Exponential Talk" at Business Integration Partners
Milan, 18 November 2015
Discussion about Bitcoin, Blockchain, Cryptocurrencies, Smart Contracts and Financial Innovation

Published in: Economy & Finance
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Cryptocurrencies, Blockchain & Smart Contracts: The New Wave of Decentralization

  1. 1. Cryptocurrencies, Blockchain & Smart Contracts: The New Wave of Decentralization Raffaele Mauro Assob.it / Intesa Sanpaolo November 2015 Business Integration Partners Exponential Talks
  2. 2. 2 Technology Finance & Venture Capital Policy Innovation Cryptofinance, Smart Contracts & Bitcoin
  3. 3. 3
  4. 4. 4
  5. 5. 5
  6. 6. 6 Peer to peer lending Crowdfunding Disintermediation: from underground to mainstream
  7. 7. 7 Alt & Virtual Currencies
  8. 8. 8
  9. 9. 9
  10. 10. 10
  11. 11. 11
  12. 12. 12 2013 peak 2011 “bubble”
  13. 13. 13
  14. 14. 14 November 2015 Wallets 11 M 2x Since 2014 Transactions / Day 130,000 Transaction volume ($) $ 131,7 M Market capitalization $ 5,67 Bn Merchants 100,000 Microsoft, Expedia, PayPal Hashrate ≈450,000,000 4x Since 2014 VC Investments 2014 $ 335 + 342% Since 2013 VC Investments Jan-15 $ 112 M > than 2013 all-year VC Investments Nov-15 $ 462 M > than 2014 all-year N° of VC backed startups 120 Open source finance goes big
  15. 15. 2014 -> Price drops + institutional acceptance Mark Andreessen – Tim Draper – Fred Wilson: Bitcoin today is like the Internet in 1994 15
  16. 16. 16
  17. 17. Distributed public ledger Network of communicating nodes sharing a public transaction database 17
  18. 18. 18 Cryptography & transactions • Private key: – Digital signature – Allows spending • Public key: – Allows signature verification – Represents the wallet address • Transactions are published in the blockchain
  19. 19. 19 Blockchain • Aimed at proving transactions • Contains all transaction history • Blocks record recent transactions + connected linearly • Longest chain enables verification / trust • Generates the “arrow of time = Solves the synchronization problem in decentralized networks
  20. 20. Effects • Decentralized, peer to peer trustless system • Not dependent on central banks/governments/big corporations • Full transparency + pseudonomity • Cryptographically secure • Resilience to marketplace failures • Viral growth 20
  21. 21. Monetary supply 21
  22. 22. Mining • Bitcoin released algorithmically • Miners solve complex computational problems • Mining enables transaction validation + block generation • Fixed amount of Bitcoins every 10 mins 22
  23. 23. Limits • Rigid monetary supply => Volatility • 51% Attack vulnerability • Reliance on third parties • Block-Size / Fork problem • Path dependence • Inequality • Transaction speed • Non-neutrality / political implications • Other network vulnerabilities 23
  24. 24. 24 Gini coefficient > ~0.8
  25. 25. Remittances • Half of the world population is unbanked • Average remittance commission for African migrants > 12,5% 25
  26. 26. How to get bitcoins 26
  27. 27. How to easily trade €/$ with Bitcoins 27
  28. 28. 28 Community (Italy)
  29. 29. Ecosystem 29Source: CoinDesk
  30. 30. 30 Example: Coinbase Raised $106.7 Million in 4 Rounds Coinbase lets any consumer to create a Bitcoin wallet and start buying/selling Bitcoin instantly by connecting their bank account 2012 Seed Round $ 600 K 2013 Series A $ 6,1 M 2013 Series B $ 25 M 2014 Series C $ 75 M Investors include New York Stock Exchange, Andreessen Horowitz, Union Square Ventures, Draper Fisher Jurveston, Y Combinator
  31. 31. Accelerator & Investors Generalist Specialized Venture & Growth Early Stage 31
  32. 32. 32
  33. 33. 33 Tech giants
  34. 34. 34 2015: Regulatory Activism
  35. 35. Financial information 35
  36. 36. 36 Attracting brainpower - 1
  37. 37. 37 Attracting brainpower - 2
  38. 38. 38 Cryptocurrency Courses
  39. 39. The first dedicated academic journal 39
  40. 40. 40
  41. 41. 41
  42. 42. 21: The first Bitcoin computer 42
  43. 43. 43
  44. 44. 44
  45. 45. 45
  46. 46. 46
  47. 47. 47
  48. 48. 48
  49. 49. 49 The Blockchain / Bitcoin 2.0 wave
  50. 50. 50Source: Startup Management, William Mougayar
  51. 51. 51Source: Venture Radar
  52. 52. Use cases 52 • App Development: Proof of ownership of modules in app development • Digital Content: Proof of ownership for digital content storage and delivery • Ride-Sharing: Points-based value transfer for ride-sharing • Digital security trading: Ownership and transfer • Digitization of documents/contracts: Digitization of documents/contracts and proof of ownership for transfers • Decentralized storage: Decentralized storage using a network of computers on blockchain • Company incorporations: Digitizing company incorporations, transfer of equity/ownership and governance • Decentralized Internet and computing resources: Decentralized Internet and computing resources to cover every home and business • Home automation: Platform to link the home network and electrical devices to the cloud • Digital identity: Provides digital identity that protects consumer privacy • Escrow/custodian service: Escrow/custodian service for the gaming industry; loan servicing and e-commerce • IT portal: A smart contract IT portal executing order fulfillment in ecommerce/manufacturing • Patient records: Decentralized patient records management • Digitizing assets: Improves anti-counterfeit measures • Reputation management: Helps users engage, share reputation and collect feedback • Prediction platform: Decentralized prediction platform for the share markets, elections, etc. • Authenticity of a review: Enables authenticity of a review through trustworthy endorsements for employee peer reviews • Marketplace for sales and purchases of digital assets: Proof of ownership and a marketplace for sales and purchases of digital assets Source: Let’s Talk Payments
  53. 53. 53Source: Tim Swanson
  54. 54. On the top of the blockchain 54
  55. 55. Independent blockchains 55
  56. 56. 56Source: Richard Gendal Brown
  57. 57. 57 Smart contracts Decentralized Applications Decentralized Autonomous Organizations
  58. 58. 58 Government, Democracy, Law
  59. 59. 59 Decentralized “E-bay”
  60. 60. 60 Decentralized Financial Networks
  61. 61. 61 Decentralized Web Services
  62. 62. 62 Decentralized “DropBox”
  63. 63. 63 Decentralized Supercomputer
  64. 64. 64 Decentralized Messaging
  65. 65. 65 Decentralized Prediction Market
  66. 66. 66 Decentralized “Uber”
  67. 67. 67 Decentralized Collaboration
  68. 68. 68 Research & Open Applications
  69. 69. Platform for executing user-generated smart contracts and decentralized applications 69 Decentralized Programming Language and Universal Platform
  70. 70. 70 Scenarios for cryptofinance & decentralized technology Basic: - Cryptofinance as sub-industry of Fintech innovation Optimistic: - Blockchain as the new payment layer of the Internet, like SMTP for email - Internet of Things powered by blockchain technologies Pessimistic: - Bubble & crash in cryptoasset (second mega-bubble) - Bubble & crash in VC in vestments in Bitcoin startups Utopian / Dystopian: - Decentralized technology radically disrupts governments, organizations and financial institutions
  71. 71. Thank you ! rmauro@post.harvard.edu
  72. 72. Raffaele Mauro, Ph.D. Raffaele Mauro is a venture capital professional with a passion for disruptive technology, policy challenges and global finance. Now working as Innovation Manager at Intesa Sanpaolo, he is focused on high-tech companies and Bitcoin / blockchain technologies. Raffaele co-founded three startups, spent the last years at Harvard University and was Venture Strategy advisor at P101 Ventures. Previously he was Senior Associate at Annapurna Ventures, a venture capital firm focused on early stage investments in web services and mobile applications, and advised OltreVenture, the leading Italian impact investing fund. Raffaele earned an MPA at Harvard University, a Ph.D. at Bocconi and attended the Singularity University Graduate Studies Program at NASA Ames. In the past he also collaborated with Bocconi University, Collegio di Milano, Harvard Business Review-Italian Edition and various branches of Confindustria, developing projects related to innovation, entrepreneurship and finance. He writes for Aspenia, the policy review of the Aspen Institute - Italy, and LIMES, the major Italian journal of geopolitics. He is co-founder of the social think tank “Lo Spazio della Politica” and became part of the “Young European Leaders – 40 under 40” cohort of 2011. He is also advisor at the Harvard Innovation Lab, member of the scientific commettee at Blockchainlab.it, Junior Fellow at the Aspen Institute and member of the executive committee at the Global Shapers Hub - Milano, a World Economic Forum community.

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