ERC20 is a #software or #code. It is a standard protocol just like #HTTP. It regulates the tokenization and ensures that the technical specification of the tokens is meet. If a token doesn’t meet regularity, it won’t be called #ERC20token. If it does, it can be termed as “ERC20 token.” https://www.developcoins.com/what-is-ethereum-token
The fundamental security properties of blockchain originate from both bitcoin architecture and cryptography advances. the proficiency of the cryptographic chain of blocks was advanced giving birth to various inborn security qualities.
Bitcoin 101: The Currency, The Network, The CommunityEarthsite
Bitcoin and the underlying technology of cryptocurrency is poised to revolutionize the world of banking and financial equity. Can Bitcoin make it through the volatile startup years and be adopted as a global currency? With an estimated 50,000 businesses now accepting Bitcoin and more than $100 million in venture capital investments, 2014 could be the tipping point for this new form of value exchange.
In this introductory presentation, you'll learn what Bitcoin is, why the technology is revolutionary and how you can get involved in the community. Find out how businesses can save 2-3% on credit card fees and have instant access to a global market. Discover how digital currencies are supporting thriving local economies. Don't miss this opportunity to educate yourself on the fundamentals of Bitcoin and see how you and your business will benefit.
ERC20 is a #software or #code. It is a standard protocol just like #HTTP. It regulates the tokenization and ensures that the technical specification of the tokens is meet. If a token doesn’t meet regularity, it won’t be called #ERC20token. If it does, it can be termed as “ERC20 token.” https://www.developcoins.com/what-is-ethereum-token
The fundamental security properties of blockchain originate from both bitcoin architecture and cryptography advances. the proficiency of the cryptographic chain of blocks was advanced giving birth to various inborn security qualities.
Bitcoin 101: The Currency, The Network, The CommunityEarthsite
Bitcoin and the underlying technology of cryptocurrency is poised to revolutionize the world of banking and financial equity. Can Bitcoin make it through the volatile startup years and be adopted as a global currency? With an estimated 50,000 businesses now accepting Bitcoin and more than $100 million in venture capital investments, 2014 could be the tipping point for this new form of value exchange.
In this introductory presentation, you'll learn what Bitcoin is, why the technology is revolutionary and how you can get involved in the community. Find out how businesses can save 2-3% on credit card fees and have instant access to a global market. Discover how digital currencies are supporting thriving local economies. Don't miss this opportunity to educate yourself on the fundamentals of Bitcoin and see how you and your business will benefit.
Tokenomics: What Tokens, ICOs, Cryptography, and the Blockchain Mean for the ...Stephen Peters
How blockchain and associated technologies, not new but popularized through Bitcoin will shape business and society through powerful decentralization effects.
Presentation from Bosch Connected World, providing an overview of Blockchain, applications within the IoT, and how to get started evaluating the potential benefits
More info: https://blockchainhub.net/
Ethereum for Beginners: History of the Blockchain & Ethereum, Components, Outlook, Web 3.0, Serverless, Decetralized Universal World Computer
Animoca Brands corporate strategy update from May 2020 discussing how it is building the virtual asset class of the future with blockchain and games through true digital ownership
Blockchain 101 talks about blockchain from a very basic perspective (non-technical). This presentation gives you an idea of what blockchain really is beyond cryptocurrency, different types of the blockchain, components of a blockchain, essentials of the blockchain, and myths about blockchain. this presentation also throws light on major applications of the blockchain , its advantages and limitations, major consortiums and startups in this space and the timeline of development. we also tried to include how a use case for blockchain can be identified and how startups need to go about building a blockchain product or services
This presentation was developed by Jithin Babu and Sakshi Manthanwar. Both of them are blockchain researchers and consultants.
For more info regarding presentation kindly contact
jithinbabu555@yahoo.com
Ethereum Tutorial - Ethereum Explained | What is Ethereum? | Ethereum Explain...Simplilearn
This presentation on Ethereum will help you understand what is Ethereum, Ethereum features which includes cryptocurrency, smart contracts, Ethereum virtual machine, decentralized application, decentralized autonomous organization, applications of Ethereum and at the end you will see a demo on smart contract. Ethereum is a blockchain based distributed computing platform that enables developers to build and deploy their decentralized applications. Ether(ETH) is a cryptocurrency that runs on Ethereum network. It is used to pay for the computational resources and transaction fees on the Ethereum network. Ether can be utilized for building decentralized applications, smart contracts and making standard peer to peer payments. Now, lets deep dive into these slides and understand what is Ethereum and how does it work.
Below topics are explained in this Ethereum presentation:
1. What is Ethereum?
2. Ethereum features
- Cryptocurrency
- Smart contract
- Ethereum virtual machine
- Decentralized application
- Decentralized autonomous organization
3. Applications of Ethereum
4. Demo - Smart contract
Simplilearn’s Blockchain Certification Training has been designed for developers who want to decipher the global craze surrounding Blockchain, Bitcoin and cryptocurrencies. You’ll learn the core structure and technical mechanisms of Bitcoin, Ethereum, Hyperledger and Multichain Blockchain platforms, use the latest tools to build Blockchain applications, set up your own private Blockchain, deploy smart contracts on Ethereum and gain practical experience with real-world projects.
Why learn Blockchain?
Blockchain technology is the brainchild of Satoshi Nakamoto, which enables digital information to be distributed. A network of computing nodes makes up the Blockchain. Durability, robustness, success rate, transparency, incorruptibility are some of the enticing characteristics of Blockchain. By design, Blockchain is a decentralized technology which is used by a global network of the computer to manage Bitcoin transactions easily. Many new business applications will result in the usage of Blockchain such as Crowdfunding, smart contracts, supply chain auditing, Internet of Things(IoT), etc.
The Blockchain Certification Training Course is recommended for:
1. Developers
2. Technologists interested in learning Ethereum, Hyperledger and Blockchain
3. Technology architects wanting to expand their skills to Blockchain technology
4. Professionals curious to learn how Blockchain technology can change the way we do business
5. Entrepreneurs with technology background interested in realizing their business ideas on the Blockchain
Learn more at: https://www.simplilearn.com/
Tokenomics: What Tokens, ICOs, Cryptography, and the Blockchain Mean for the ...Stephen Peters
How blockchain and associated technologies, not new but popularized through Bitcoin will shape business and society through powerful decentralization effects.
Presentation from Bosch Connected World, providing an overview of Blockchain, applications within the IoT, and how to get started evaluating the potential benefits
More info: https://blockchainhub.net/
Ethereum for Beginners: History of the Blockchain & Ethereum, Components, Outlook, Web 3.0, Serverless, Decetralized Universal World Computer
Animoca Brands corporate strategy update from May 2020 discussing how it is building the virtual asset class of the future with blockchain and games through true digital ownership
Blockchain 101 talks about blockchain from a very basic perspective (non-technical). This presentation gives you an idea of what blockchain really is beyond cryptocurrency, different types of the blockchain, components of a blockchain, essentials of the blockchain, and myths about blockchain. this presentation also throws light on major applications of the blockchain , its advantages and limitations, major consortiums and startups in this space and the timeline of development. we also tried to include how a use case for blockchain can be identified and how startups need to go about building a blockchain product or services
This presentation was developed by Jithin Babu and Sakshi Manthanwar. Both of them are blockchain researchers and consultants.
For more info regarding presentation kindly contact
jithinbabu555@yahoo.com
Ethereum Tutorial - Ethereum Explained | What is Ethereum? | Ethereum Explain...Simplilearn
This presentation on Ethereum will help you understand what is Ethereum, Ethereum features which includes cryptocurrency, smart contracts, Ethereum virtual machine, decentralized application, decentralized autonomous organization, applications of Ethereum and at the end you will see a demo on smart contract. Ethereum is a blockchain based distributed computing platform that enables developers to build and deploy their decentralized applications. Ether(ETH) is a cryptocurrency that runs on Ethereum network. It is used to pay for the computational resources and transaction fees on the Ethereum network. Ether can be utilized for building decentralized applications, smart contracts and making standard peer to peer payments. Now, lets deep dive into these slides and understand what is Ethereum and how does it work.
Below topics are explained in this Ethereum presentation:
1. What is Ethereum?
2. Ethereum features
- Cryptocurrency
- Smart contract
- Ethereum virtual machine
- Decentralized application
- Decentralized autonomous organization
3. Applications of Ethereum
4. Demo - Smart contract
Simplilearn’s Blockchain Certification Training has been designed for developers who want to decipher the global craze surrounding Blockchain, Bitcoin and cryptocurrencies. You’ll learn the core structure and technical mechanisms of Bitcoin, Ethereum, Hyperledger and Multichain Blockchain platforms, use the latest tools to build Blockchain applications, set up your own private Blockchain, deploy smart contracts on Ethereum and gain practical experience with real-world projects.
Why learn Blockchain?
Blockchain technology is the brainchild of Satoshi Nakamoto, which enables digital information to be distributed. A network of computing nodes makes up the Blockchain. Durability, robustness, success rate, transparency, incorruptibility are some of the enticing characteristics of Blockchain. By design, Blockchain is a decentralized technology which is used by a global network of the computer to manage Bitcoin transactions easily. Many new business applications will result in the usage of Blockchain such as Crowdfunding, smart contracts, supply chain auditing, Internet of Things(IoT), etc.
The Blockchain Certification Training Course is recommended for:
1. Developers
2. Technologists interested in learning Ethereum, Hyperledger and Blockchain
3. Technology architects wanting to expand their skills to Blockchain technology
4. Professionals curious to learn how Blockchain technology can change the way we do business
5. Entrepreneurs with technology background interested in realizing their business ideas on the Blockchain
Learn more at: https://www.simplilearn.com/
Introduction into blockchains and cryptocurrenciesSergey Ivliev
Slides from my intro course:
- mapping the digital asset ecosystem (as of August 2019)
- how bitcoin works - step-by-step primer?
- hashrate, dollar value transferred, transaction rate and other metrics (as of August 2019)
- hard money, uncorrelated asset and other use cases
- proof-of-stake and proof-of-identity
- horizontal and vertical scaling
- how ethereum smart contracts work?
- ERC20 token standard
- boom and bust of the ICO market (as of August 2019)
- intro into #DeFI (as of August 2019)
- stablecoins
- MarkerDAO, Compound, Uniswap and other cool decentralized finance protocols
- Cryptokitties, Storj, Peepeth and examples of non-financial dapps
Blockchain & Cryptocurrencies Intro - July 2017🔗Audrey Chaing
An overview of blockchain, cryptocurrencies, Bitcoin, Ethereum, ICOs. Meant to be introductory level but provide a slightly higher level of detail. Includes some companies to watch in the blockchain space. Prepared before the August 1 fork, which did occur.
Sixth lesson for the Bitcoin and Blockchain Technology course of Milano Bicocca University (2017)
Video (in Italian) available at https://goo.gl/g65Nzp
A Crypto currency is a digital or virtual currency.
Many crypto currency are decentralized networks based on block chain technology – a distributed ledger enforced by a disparate network of computers.
SATOSHI NAKAMOTO
S.N is the name used by the person or persons who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin’s original reference implementation.
A block chain is a distributed database that is shared among the nodes of a computer network. As a database, a block chain stores information electronically in digital format. systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a block chain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.
as well as in a modern world the crypto currency is use full to make a transactions secretly. Now many governments can accept this currency. But this currency is an decentralized system.
All you want to know about #cryptocurrency and blockchain as well as hashing bitcoin.
- there are something is so difficult to understand in the power point but don't hesitate and write down your comment and surly i will make it easier for you.
Bitcoin price today BTC to USD market cap.pdfFranck La Rocca
As of 4:11 p.m., the price of Bitcoin is $16,171.30, changing -2.19% from the previous day. The market capitalization of the tokens was $310,785,787,847.95 after the recent fluctuations in the price of bitcoin. Bitcoin has had a shift of -65.00% so far this year. According to the CoinDesks Digital Asset Classification Standard, Bitcoin is categorized as a currency (DACS).
Bitcoin is a peer-to-peer electronic cash system and the first truly decentralized network for sending and receiving value over the Internet. This presentation gets into the details of the technology and answers common questions related to the bitcoin, how it works.
The blockchain ecosystem is evolving rapidly. Wing Venture Capital has put together a Blockchain 101 Presentation to serve as a primer for the emerging cryptoasset economy.
The blockchain ecosystem is evolving rapidly. Wing Venture Capital has put together a Blockchain 101 Presentation to serve as a primer for the emerging cryptoasset economy.
Similar to About Bitcoin, Blockchain, and the DLT Chimera (20)
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
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Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
1. About Bitcoin, Blockchain,
and the Distributed Ledger Technology Chimera
Ferdinando M. Ametrano
Politecnico di Milano, Milano Bicocca University
Consob, Rome, November 22, 2016
ferdinando@ametrano.net
@Ferdinando1970
http://www.slideshare.net/Ferdinando1970
https://it.linkedin.com/in/ferdinandoametrano
5. December 2013: China crackdown
• People’s Bank of China crackdown:
– prohibits financial institutions from trading, underwriting, or
offering insurance in bitcoins or any other digital currency
– Bitcoin is not to be considered a currency
– owning bitcoins is not outlawed or prohibited
• As of December 2013 BTC China was world's largest Bitcoin
exchange by volume
• Alibaba, China's top Internet retailer, stopped using bitcoins
as of January 19 2014
5/80
6. February 2014: Mt Gox bankruptcy
• As of January 2014 Mt Gox was world's largest Bitcoin
exchange by volume
• In February 2014 it filed for bankruptcy protection
from creditors
• It announced that around 850,000 bitcoins belonging
to customers and the company were missing and likely
stolen, an amount valued at more than $450 million at
the time
• Fraud or theft?
6/80
7. Silk Road
• Online market, operated as a Tor hidden service
• Online users were able to buy illicit goodies using bitcoins,
while browsing it anonymously and securely without
potential traffic monitoring
• Launched in February 2011, shut down in October 2013
• Ross William Ulbricht, alleged to be the owner of Silk Road,
arrested in San Francisco, sentenced to life in prison
• Other black markets have filled in as successors
7/80
8. Bitcoin resilience
• Is there anything else in financial world:
• Just 7 years old
• Without government or corporation backing
• That can lose its main (China) market
• With fraud/theft at its main reference exchange (Mt
Gox)
• With such a bad reputation (Silk Road)
• That could be still alive and kicking?
8/80
9. 1. About Bitcoin
2. Bitcoin as Digital Gold
3. Bitcoin in the History of Money
4. Blockchain Beyond Bitcoin
9/80
10. • Decentralized digital currency
• Not backed by any government or organization
• Instantaneous peer-to-peer transactions
• No need for trusted third party
• Cryptographic security
• Low-cost banking for everybody everywhere
https://bitcoin.org/en/faq
http://www.coindesk.com/information/
10/80
11. The bitcoin currency
• Not to be found anywhere, they only exist as public ledger documented
transactions
• A bitcoin wallet is a public address
• 1FEz167JCVgBvhJBahpzmrsTNewhiwgWVG
• the bitcoin public ledger (aka blockchain) certifies for everybody how
many bitcoins are associated to the wallet
http://blockexplorer.com/address/1FEz167JCVgBvhJBahpzmrsTNewhiwgWVG
It is mine; you are
REALLY
encouraged to tip
11/80
12. Bitcoins Are Scriptural Asset
• Bitcoins only exist as validated transactions
• Bitcoins are not liabilities
• Bearer instruments
12/80
13. Pseudonymity, Anonymity
• Bitcoin is really pseudonymous, not anonymous:
• The public key does not provide direct information about
the private key owner
• All transactions are transparent to everybody’s inspection.
• Perfect persistent public account history: the public ledger
is forever
https://blockchain.info/
http://blockexplorer.com/
13/80
14. Bitcoin’s public ledger: the block chain
• Transactions are bundled in blocks, sequentially
chained, about one block every 10 minutes
• The block chain is a history of transactions resilient to
network attackers
• The cryptographic link between blocks requires large
amount of computing power, so the block chain cannot
be altered without huge resources
• Computing power is measured in hash/s, hash being
the basic operation needed for validation
14/80
15. Network hash rate
Specialized non-generic hardware, with hashing capacity thousands times
that of the combined 500 largest supercomputers
15/80
16. Mining
• Miners are the nodes of the network providing the computing
power for:
– processing and validating transactions (avoiding double spending)
– securing the network
– synchronizing the nodes
• Miners compete to process a new block of transactions. The winner
provides a proof-of-work and is rewarded with the issue of new
bitcoins.
• Seigniorage revenues subsidize the network, making transaction
almost free
16/80
17. Bitcoin Monetary Rule
• 2009: 50BTC every 10 minutes
– halving every 4Y
• This is the only way new bitcoins are released
• It is called mining because of its similarity with
the progressive scarcity of gold extraction
digital cash supply free of discretionary intervention
17/80
19. 1. About Bitcoin
2. Bitcoin as Digital Gold
3. Bitcoin in the History of Money
4. Blockchain Beyond Bitcoin
19/80
20. “Blockchain –
not bitcoin –
will prove
revolutionary
in banking”
http://www.economist.com/news/leaders/21677198-technology-behind-bitcoin-could-transform-how-economy-works-trust-machine
20/80
21. Bitcoin in 2014 Is Like Internet in 1994: Weird and Scary
Marc Andreessen: American entrepreneur, investor, and software engineer.
Coauthor of Mosaic, cofounder of Netscape
https://twitter.com/pmarca/status/677658844504436737
3 4 521
21/80
22. The Walled Garden Model
• Controlled access to web content and services
• Offered in the late ‘90s and early ‘00s by
Compuserve, AOL (and to some extent MSN)
• Corporates wanted to go online, but not in the
wild unregulated internet, populated by
anonymous agents
• They eventually realized that perceived risks,
which are real, are outweighed by benefits
22/80
23. Understanding Lags Well Behind The Hype
Understanding of the technology however lags well
behind the hype, amongst practitioners, policy makers
and industry commentators alike. ‘Blockchain’
technology seems to promise major change for capital
markets and other financial services – some say it may
ultimately prove to be as important an innovation as
the internet itself – but few can say exactly how or why.
Michael Mainelli, Alistair Milne (2016)
The Impact and Potential of Blockchain on the Securities Transaction Lifecycle
http://ssrn.com/abstract=2777404
23/80
24. Why Bitcoin Is Hard To Understand
At the crossroads of:
1. Game theory
2. Cryptography
3. Computer networking and data transmission
4. Economic and monetary theory
Mainly not a technology,
a cultural paradigm shift instead
24/80
25. What is The Blockchain?
[A hash pointer linked list of blocks]
• An append-only sequential data structure
• New blocks can only be appended at the end of
the chain
• To change a block in the middle of the chain, all
subsequent blocks need to be changed
• Very inefficient compared to a relational database
25/80
26. Blockchain:
A Distributed Transaction Ledger
• Every block contains multiple transactions
• Massively duplicated across network nodes
• Shared with a P2P file transfer protocol
• Updated by peculiar nodes, known as miners,
appending new blocks of transactions
26/80
27. A Distributed Back-office
• All network nodes perform transaction validation and
clearing.
• Miners perform the additional work required for
settlement. How do they reach consensus on the
transaction history?
• Consensus in a distributed network with faulty (or
malicious) nodes is a very hard problem known as
Byzantine General Problem
27/80
28. Distributed Consensus
• Nakamoto reaches consensus using (game
theory) economic incentive for the mining
nodes to be honest
• Miners are compensated for their proof-of-
work using seigniorage revenues, i.e. with
issuance of new bitcoins
28/80
29. Blockchain Without Bitcoin
Does it make sense?
No bitcoin
No asset available to reward miners
Appointed validator officials required
Why should validators use a blockchain,
i.e. a subpar data structure, instead of a database?
29/80
30. What is Bitcoin?
bitcoin is the native digital asset,
tracked by the first (and most relevant so far)
blockchain
• It exists only as scriptural asset, i.e. validated
transaction recorded on the blockchain
• It is a bearer instrument: the (private key) holder
is the actual effective owner
30/80
31. What Makes Bitcoin Special?
• It is scarce in digital realm, as nothing else before
• It can be transferred but not duplicated
• (i.e. it can be spent, but not double-spent)
Bitcoin is digital gold: this is the brilliant
groundbreaking achievement by Satoshi Nakamoto
31/80
32. Bitcoin as (Digital) Gold
in the History of (Crypto)Money
gold
• Its adoption was not centrally
planned
• For centuries it has been the
most successful form of money
• It has bootstrapped all monetary
systems we know of
• It has been surpassed by other
kind of money without becoming
obsolete
bitcoin
• Its adoption has not been centrally
planned
• It is the most successful form of
cryptocurrency
• It will bootstrap new monetary
systems
• It might be surpassed by more
advanced type of cryptocurrencies
without becoming obsolete
32
33. 1. About Bitcoin
2. Bitcoin as Digital Gold
3. Bitcoin in the History of Money
4. Blockchain Beyond Bitcoin
33/80
34. Explain Money To An Alien
fiat money
• No intrinsic value (legal
tender, social contract)
• Currency based on
paper/ink security
• Discretionary governance
• Wicksellian interest-rate
approach
bitcoin
• No intrinsic value (digital
gold)
• Currency based on
math/cryptographic security
• Algorithmic governance
• Deterministic supply
34
35. Money As A Social Relation Instrument
1. Human beings are born into a gift economy
2. Enlarged relationship circle requires exchange
economy
3. Barter economy: coincidence of wants
4. Trade economy: money as medium of exchange
5. Global information economy: supranational
digital money
35/80
36. The Information Economy
• Data is transferred with zero marginal cost
• Why pay a fee to move bytes representing wealth?
• Why only 9-5, Monday-Friday?
• Who (and when) will gift humanity with a global
instantaneous free p2p payment network?
BANK
36/80
37. Bitcoin:
Money For The Information Economy
• Decentralized: no authority
• Permissionless: no regulator
• Censorship resistant: no frozen funds
• Open-access: no discrimination, no amount limits, 24/7, 365 days
• Free: negligible transaction costs
• Borderless: no geographic limits
• Transnational: no specific jurisdiction applies
• Secure: non falsifiable, non repudiable transactions
• Resilient: nothing has been able to stop it or break it
37/80
38. Trade Economy
From gold standard to fiat money
• Gold: the commodity money standard
– resistance to corrosion and oxidation
– high malleability
– relative easiness of purity assessment
– Pleasant color
• Gold purity certification
• Representative money
• Fractional receipt money
• Fiat money and legal tender
38/80
39. Friedrich August von Hayek -
Denationalisation of Money
• history of coinage is an almost uninterrupted story of debasements; history is
largely a history of inflation engineered by governments for their gain
• why government monopoly of the provision of money is regarded as
indispensable? It deprived public of the opportunity to discover and use a better
reliable money
Blessed will be the day when it will no longer be from the benevolence of the
government that we expect good money but from the regard of the banks for their
own interest
A Free-Market Monetary System, Gold and Monetary Conference, New Orleans, Nov. 1977, https://mises.org/daily/3204
Hayek, F. A., Denationalisation of Money, The Institute of Economic Affairs,http://www.mises.org/books/denationalisation.pdf
39/80
40. Permissionless Innovation
Fast and Effective
• No centralized security mechanism, no barrier to
enter, no editorial control
– Email has not been designed by a consortium of postal
agencies
– Internet has not been developed by a consortium of telcos
• Will a decentralized transactional economy be
shaped by a consortium of banks?
40/80
41. Statement of the bitcoin problem
• successful at getting
rid of a centralized
monetary authority, it
has given up the
flexibility of an elastic
supply of money
• no salaries, no
mortgages, no stable
purchasing power
41/80
42. Money Comparison
Medium of Exchange Store of Constant Value Unit of Account
Live cattle
Diamonds
Gold
Fiat coins and notes
Bitcoin
• swappable
• fungible
• portable
• divisible
• recognizable
• resistant to
counterfeiting
• reliably saved, stored,
and retrieved
• retain usefulness over
time
• Maintain its storage
properties
• non-perishable or
with low preservation
cost
• relative worth unit of
measure
• stable value for
stable price
comparison
• supply must be
controlled in some
way
42/80
43. Unit of Account: Money as numeraire
• Money is the unit of account against which the
value of every other good is measured
• The price system measures the value of goods
relative to the value of money
Good money should provide stable prices to best
perform its role as unit of account
43/80
44. The Holy Grail of Stable Prices
• Gold standard, bimetallism, symmetallism
• Fixed value of bullion (Aneurin Williams 1892)
• Compensated dollar (1911-20 Irving Fisher)
• Commodity Reserve Currency (1932 J. Goudriaan, 1937-44
B. Graham, 1942 F. Graham, 1951 M. Friedman)
• ANCAP basket (1982 Robert Hall)
• Futures contracts (1984 Miles, 1989-95 Sumner)
• Quasi-futures contract (1994 Kevin Dowd)
• Price index option (2000 Kevin Dowd)
44/80
45. Hayek Money
• The cryptocurrency monetary standard of
elastic non-discretionary supply
• Price stability paradigm with respect to a
reference basket
• Concurrent cryptocurrencies will compete in
monetary policy definition and reference
basket choices
45/80
46. Fixed USD Exchange Rate
• USD/BTC: 15-Apr-11 1.0, 29-Mar-14 500.0
• x500 increase for BTC demand relative to USD
• 29-March-14: 12.5M bitcoins in circulation
• Inflate their number 500 times to 6250M
• On 29-Mar-14 it would have been equivalent
– to own BTC1 worth $500
– or (rebased) RBTC500 each worth $1
46/80
51. Rebasing Bitcoin?
No, not really!
• Use bitcoin for the sake of discussion, basically
to leverage its historic price series
• Bitcoin is good as it is: more of a
cryptocommodity than a cryptocurrency,
bitcoin is digital cryptogold
51/80
52. Observation of Commodity Prices
Without A Central Authority
• Miners are the agents of the transaction history
consensus algorithm
• Miners can also be the agents of the reference
price consensus algorithm
• Shelling points: unbiased market prices are focal
prices for the average consensus process
• Miners as (black market) brokers
52/80
53. Commodity Price Index Maintenance
• Commodities’ importance changes, traded volume, relative
price stability and sensitivity, and competitive markets
might suggest Commodity Price Index alterations
• The Commodity Price Index is composed of technically
unconstrained numbers
• Nothing could stop the majority of miners from changing
the Commodity Price Index definition
• Proof-of-stake is crucial: the prerogative to change the Price
Index is not oligopolistic power abuse, but the proper right
of the majority to rule about its own money
53/80
54. Hayek Money
This First Simplistic Implementation
• Results:
– Price stability
– Salaries, mortgages, forward payments are now possible
• Problems:
– Number of coins in a wallet changes without direct in/out flows
– Purchasing power of a given wallet is not stable
– Miners are in charge of reference basket maintenance
– Coins still have speculative investment appeal and so enjoy
limited transaction usage
54/80
55. Hayek Money
Further Research
• Split transactional and speculative money demand
with two non-fungible assets: coins and shares
– see Sams (2014) A Note on Cryptocurrency
Stabilisation: Seigniorage Shares
https://github.com/rmsams/stablecoins/blob/master/paper.pdf
• Leverage bitcoin as reserve asset
– see Ametrano (2016) Price Stability Using Bitcoin as
Reserve Asset
http://ssrn.com/abstract=2508296
55/80
56. 1. About Bitcoin
2. Bitcoin as Digital Gold
3. Bitcoin in the History of Money
4. Blockchain Beyond Bitcoin
56/80
57. Blockchain Transactional Economy
• Bitcoin is the only blockchain asset
• Everything else tracked with blockchain technology is
somebody’s liability
A healthy digital transactional economy requires
a native digital asset
to be used for payment and collateral;
it makes no sense to only have liabilities!
the same is true for other native
digital assets (ethereum, litecoin,
etc.) of less secure blockchains
57/80
58. Blockchain Needs A Native Digital Asset
https://www.finextra.com/videoarticle/1241/blockchain-needs-a-native-digital-asset
Ferdinando Ametrano, Head of
Blockchain and Virtual
Currencies, Intesa Sanpaolo,
discusses the relationship
between bitcoin and
blockchain, and outlines how
banks can stay ahead of this
evolving landscape.
58
59. Blockchain Without Bitcoin: No
Blockchain Beyond Bitcoin: Yes
• 1992: email was the killer Internet app
• Impossible to imagine Google, Facebook, Amazon
• 2016: bitcoin is the killer Blockchain app
• More ambitious apps will be built on blockchain, but
they have not been really imagined yet, and they will
need a native digital asset
59/80
60. Time-stamping and Notarization
• A generic data file can be hashed to producing a short unique
identifier, equivalent to its digital fingerprint.
• Such a fingerprint can be associated to a bitcoin transaction
(irrelevant amount) and hence registered on the blockchain
• Blockchain immutability provides non-repudiable time-stamp,
proving the existence of the data file in that specific status at
that moment in time
• This generic process is even undergoing some standardization
to achieve third party auditable verification: broker-dealers
could use it to satisfy regulatory prescriptions
60/80
61. Anchoring: A New Security Paradigm
• Bitcoin blockchain network security is preserved
by a computation power unparalleled in human
history
• Other transactional networks can tap into this
security via anchoring (i.e. periodic time-
stamping of the network status)
• Bitcoin miners as global outsourced decentralized
security of the future
61/80
62. Other Blockchain Use Cases
OK: applications based on cryptographic proofs and digital IDs [not
really blockchain]
As for the rest, it is basically hype. Questions always to be answered:
• Can be achieved with a database?
• What consensus is required? (distributed, bilateral, centralized)
• What kind of security is required: preventive, detective, or
corrective? (ok / yes today, probably not in the future/ no)
• Blockchain is absolutely not suited for storing large amount of data
62/80
64. Insecure Snake-Oil Sold To Bank
Andreas Antonopoulos: technologist, serial entrepreneur, one of the most
well-known and well-respected figures in the bitcoin ecosystem
https://twitter.com/aantonop/status/702307516739428353
64/80
65. R3 Corda
http://r3cev.com/blog/2016/4/4/introducing-r3-corda-a-distributed-ledger-designed-for-financial-services
• R3 was originally touted as “a project intended to bring
blockchains to finance”
• Its Distributed Ledger Group is developing a
proprietary platform, named Corda: “Corda is a
distributed ledger platform […] we are not building a
blockchain”
• A revamped SWIFT secure messaging protocol on
cryptographic proof & bilateral ledger steroids?
• Goldman Sachs and Santander just left the consortium
65/80
66. Why is finance fascinated with blockchain?
Blockchain transactions are immediately validated
and cleared, then settled shortly thereafter,
automatically without a central authority
• In the financial world, cash transactions only are
cleared and settled automatically without a
central authority
66/80
67. Consensus by reconciliation
• Financial transactions that take milliseconds to
execute, clear and settle in days
• Not a technological problem
• Consensus by reconciliation of multiple
independent ledgers: a checks and balances
system that allows for prescriptions,
corrections, and restrictions
67/80
68. Instant Settlement
• Instant settlement would reduce liquidity
making leverage, short selling and netting
almost impossible
• Instant settlement (e.g. for payments) has
costs: who should pay for them?
• It costs: who should pay for it?
68/80
69. Cash On The Ledger
• Cash-on-the-ledger is imperative for Delivery
vs Payment
• absent from the agenda of prominent players
promising DLT solutions
69/80
70. Cash on the Ledger
• Central bank digital currency is problematic: [… it] is appealing
[…] it would mean people have direct access to the ultimate
risk-free asset [...] it could exacerbate liquidity risk by lowering
the frictions involved in running to central bank money [...] it
could fundamentally and perhaps abruptly re-shape banking.
Mark Carney, Governor of the Bank of England, June 2016
http://www.bankofengland.co.uk/publications/Documents/speeches/2016/speech914.pdf
• IMF sponsored blockchain tokens might replace Special
Drawing Rights: unrealistic as it would severely undermine US
dollar predominance
• A free instantaneous P2P payment network is a great
opportunity for retail banks (probably worth a consortium)
70/80
71. DLT for Derivatives Clearing
• collateral amount calculation is computationally
intensive: not clear which agent would perform it, its
economic incentive, which models it should use
• variation margin automated payments: programmatic
access to payment funds entails huge operational risks
• the default of counterparty would leave the other
party exposed to the market risks usually covered by
initial margin: i.e. initial margin are still required
71/80
72. Single Shared Data Set
• Single data source, avoiding reconciliation
• Without a central governing node how to manage
priorities between conflicting updates? Which
consensus model?
• Bilateral consensus? Really?!?!?
• Central governance: back to DB admin
• What if the single authoritative data source is
hacked? Which reference can be used to fix it?
72/80
73. Improved Automation: Smart Contracts
• The DAO (decentralized autonomous org): the main Ethereum
project, it raised >$160m as leaderless Venture Capital
• The terms of The DAO are set forth in the smart contract code
[…] Nothing […] may modify or add any additional obligations
or guarantees beyond those set forth in The DAO’s code
• Based on its self-executing nature an agent diverted about
$50m from The DAO to its own child-DAO start-up
• If code is law, then this is not a theft: it is a feature
• Beware of extreme automation
73/80
74. The Mirage of Low Operational Costs
• If one takes into account the seigniorage revenues invested,
each transaction on the bitcoin blockchain has a cost of about
5-10USD
• Cheaper forms of consensus have not been proven yet
• Even in the case of basic bilateral consensus through digital
signatures (something hardly innovative or disruptive...) the
integration cost in the existing infrastructure is not going to be
irrelevant
74/80
75. Time-stamping and Notarization
• A generic data file can be hashed to producing a short unique
identifier, equivalent to its digital fingerprint.
• Such a fingerprint can be associated to a bitcoin transaction
(irrelevant amount) and hence registered on the blockchain
• Blockchain immutability provides non-repudiable time-stamp,
proving the existence of the data file in that specific status at
that moment in time.
• This process is undergoing standardization: third party
auditability makes it suitable for regulatory prescriptions
75/80
76. Anchoring: A New Security Paradigm
• Bitcoin blockchain network security is preserved
by a computation power unparalleled in human
history
• Other transactional networks can tap into this
security via anchoring (i.e. periodic time-
stamping of the network status)
• Bitcoin miners as global outsourced decentralized
security of the future
76/80
77. Data Storage, Consensus, Security
Questions always to be answered:
• Can be achieved with a database?
• What consensus is required? (distributed, bilateral,
centralized)
• What kind of security is required:
– Preventive (ok)
– Detective (ok today, probably not in the future)
– Corrective? (no)
77/80
78. New Regulatory Framework?
• Public permissionless blockchains are not aiming for regulation
• Private permissioned DLTs are supposedly being built from the
ground up according to regulatory compliance guidelines
• Regulators should examine DLT under the light of the existing
regulatory framework
• To regulate in advance on the basis of vague ephemeral discussions
about DLT would be problematic and might stifle innovation.
• The necessity for ad-hoc regulation is not evident yet, and there has
not been a motivated explicit request for it.
78/80
79. About Bitcoin, Blockchain
and the DLT chimera
• The slides of my recent presentation to Bank of Italy
(Rome) and the European Banking Federation (Bruxelles):
https://speakerdeck.com/nando1970/about-bitcoin-and-blockchain-1
• Joint answer with Barucci, Marazzina, and Zanero to the
ESMA consultation on DLT for securities markets:
https://drive.google.com/drive/folders/0B8tGDTaBY4-Nb3ZuRmgzRXJXOUk
• My recent article for the Swift Institute newsletter
https://www.linkedin.com/pulse/bitcoin-blockchain-dlt-chimera-ferdinando-maria-ametrano
79/80
80. Conclusions
• Bitcoin is resilient
• Blockchain needs a native digital asset such as bitcoin;
• Bitcoin is digital gold and can be as relevant as physical gold for the history
of civilization, money, and finance
• Unrealistic expectations arise from distributed ledger hype: no reference
implementation has emerged yet
• Instant settlement, cash on the ledger, shared data set, and improved
automation are not easy to obtain
• Time-stamping and anchoring are promising applications
• Hardly disruptive, DLT might be evolutionary DB tech
80/80