Understanding Cryptocurrencies: An Analysis of Bitcoin, Ethereum, IOTA and Other Digital Currencies

PSSD STUDIO
C R Y P T O C U R R E N C I E S
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A S S I G N M E N T 1
POLITECNICODIMILANO

INTRODUCTION p.5
Abstract p.6
Evolution of the currencies p.8
Complementary currencies to Cryptocurrencies p.11
What is cryptocurrency? p.12
Main definitions to understand Cryptocurrencies p.17
Cryptocurrencies “Advantages” p.24
Traditional central banks “Advantages p.24
How it works? p.26
Cryptocurrencies and financial services p.28
Why Cryptocurrencies is so popular? p.30
Cryptocurrency security and legal regulation p.30
Critisim p.32
BITCOIN p.35
A wider range of Cryptocurrencies p.36
Why are the financial trends so different? p.37
Bitcoin ledger - the blockchain p.41
Bitcoin transaction p.42
How does Bitcoin works? p.43
The Bitcoin transaction life cycle p.44
Potentialities p.46
Limits: security concern related to Bitcoin p.48
Case study 1 - Bitcoin p.50
Case study 2 - Bitcoin p.52
OTHER CRYPTOCURRENCIES p.55
Changing the future p.56
Ethereum p.56
IOTA p.58
Litecoin p.59
Solarcoin p.60
Ripple p.60
Stellar p.61
Hullcoin p.61
Case Study 3 - Ethereum p.62
Case Study 4 - Ethereum p.64
Case Study 5 - IOTA p.66
Case Study 6 - IOTA p.68
Case Study 7 - Litecoin p.70
Case Study 8 - Solarcoin p.72
Case Study 9 - Ripple p.74
Case Study 10 - Stellar p.76
Case Study 11 - Hullcoin p.78
INNOVATIVE WORLD p.81
The next reality p.82
Stepping on the Shoulders of Giants p.82
Future Giants on top of Bitcoin p.83
The future: four Cryptocurrency scenario p.84
Conclusion p.85
REFERENCES p.87
List of references p.88
PSSDSTUDIO I N D E X
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Index
CRYPTOCURRENCIES
I N D E X
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PSSDSTUDIO I N T R O D U C T I O N I N T R O D U C T I O N
I N T R O D U C T I O N
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In 2008, the world was introduced
to Bitcoin, the first cryptocurren-
cy, with a white paper published
under the name of Satoshi Naka-
moto. The creators’ original moti-
vation was to develop a cash-like
payment system that permitted
electronic transactions, but that
also included many of the advan-
tageous characteristics of physical
cash without the need for interme-
diaries like the banks, that is it is
fully decentralized. The functioning
of cryptocurrencies is complex and
closely related to computer scien-
ce but, with the research collected
in our booklet, we tried to under-
stand the main theories and notions
behind cryptocurrencies in general,
showing how they are influencing
the financial services compared to
the traditional banking system, the
regulations and the legal issues rela-
ted to cryptocurrencies. Moreover,
we also touched up on the most
relevant controversial topics and
criticism around this field. In order
to have a more detailed understan-
ding, we tried to analyse further on
the leading cryptocurrencies in the
world like the Bitcoin, Ethereum
and IOTA and real world applica-
tions and influences of these digital
currencies in various sectors, than-
ks to a collection of case studies. To
end up, we examined why crypto-
currencies are innovative and what
could be their future outlook.
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ABSTRACT

Currency represents wealth, a me-
ans to an end, and much more, has
undergone a long, storied evolution
that can be traced back to the ori-
gins of human civilisation itself.
The use of currency is intertwined
with the history of money, which
by its most common definition is
a means of exchanging goods and
services.
It is possible to resume the evolu-
tion of currencies with the h the
following phases:
BARTER
The earliest form of commerce and
trade was through barter, an activi-
ty of simply trading goods or ser-
vices directly, without any inter-
mediary “medium of exchange”. In
small villages or tribes, with limited
specialization of production and si-
milar needs and wants, this was an
acceptable approach.
PRIMITIVE MONEY
All money that is not coin or mo-
dern paper currency can be called
as primitive money.
These still remains in parallel use in
isolated economies, e.g. cigarettes
in prisons.
COINAGE
China created metal cowries (along
with spades, hoes and knifes) as
early as 1200 BCE, these metal
objects can be considered either in-
stitutionally standardized primitive
money or early modern coinage.
They eventually evolved into stan-
dardized circular coins around 200
BCE, though solely of base metals,
and, therefore, in very low denomi-
nations.
The first clearly modern coinage
was developed in Lydia, a Greek
kingdom (in modern-day Turkey)
in approximately the 7th century
BCE, in stamped coins of electrum
(a gold/silver mix). While ingots
previously existed in Cappadocia
and Crete, the Lydian coins are ge-
nerally accepted as the first modern
coinage in form and style and mar-
ked a big step forward in transpor-
tability, standardization and institu-
tionalization
PAPER CURRENCY
REDEEMABLE IN METAL
Slowly from receipts developed
the bank notes and these became
the legal tender in each country.
Toward the end of World War II, at
the Bretton Woods conference (July
1944), many major world econo-
mies attempted to regulate future
intra-country financial flows and
currency “competition” through
fixed exchange rates pegged to the
USD, itself pegged to gold.
FIAT MONEY- PAPER
CURRENCY NOT
REDEEMABLE IN METAL
Any legal currency defined as
money by government law or re-
gulation which is not backed by a
physical commodity. Fiat money
has been defined variously as “any
money declared by a government to
be legal tender”. State-issued money
which is neither convertible by law
to any other thing, nor fixed in va-
lue in terms of any objective stan-
dard represents fiat money.
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PSSDSTUDIO I N T R O D U C T I O N
Evolution of
the currencies

A complementary currency is a cur-
rency or medium of exchange which
is not a national currency, but whi-
ch is thought of as supplementing
or complementing national curren-
cies. Complementary currencies are
usually not legal tender and their
use is based on agreement between
the parties exchanging the curren-
cy. Complementary currencies are
often designed intentionally to ad-
dress specific issues, for example to
increase financial stability. They can
be useful for communities that do
not have access to financial capital,
and for adjusting people’s spending
behavior. Right now, Bitcoin is also
a complementary currency but also
a fully decentralized currency that
uses cryptography.
Hence, all cryptocurrencies are
complementary currencies but, on
the other hand, all complemen-
tary currencies do not need to be
cryptocurrencies. A large num-
ber of complementary currencies
has been created with specific uses
(in-game or community curren-
cies), by a number of communi-
ties or organizations which are not
cryptocurrencies. Examples: Bristol
pound, Twitch bits, Facebook Cre-
dits, Linden Dollars, Disney Coins.
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HISTORY
11th Century
The Chinese Song dinasty
was the first to issue paper
money. Conversion into
gold, silver or silk was not
allowed.
2009
Satoshi Nakamoto creates
Bitcoin, the first widely
accepted cryptocurrency.
1971
Fiat money as we know
it today, come into being
US President RIchard
Nixon removed the dollar
pegging system to gold.
2010
Other cryptocurrencies
were created.
12th Century
Tally Sticks were officially
employed as fiat money
around the year 1100
in England, due to gold
storages.
1998
Published a description of
an anonymous electronic
cash system. Following
that, Nick Szabo created
the first cryptocurrency,
Bitgold.
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Complementary currencies
to Cryptocurrencies

A cryptocurrency (or crypto cur-
rency) is a digital asset designed
to work as a medium of exchange
that uses cryptography to secure
its transactions, to control the cre-
ation of additional units, and to ve-
rify the transfer of assets.
Cryptocurrencies are a type of di-
gital currencies, alternative curren-
cies and virtual currencies. They
use decentralized control as oppo-
sed to centralized electronic mo-
ney and central banking systems.
The decentralized control of each
cryptocurrency works through a
blockchain, which is a public tran-
saction database, functioning as a
distributed ledger.
Bitcoin, created in 2009, was the
first decentralized cryptocurrency.
Since then, numerous other crypto-
currencies have been created. These
are frequently called altcoins, as a
blend of alternative coin. Most of
the cryptocurrencies are designed
to gradually introduce new units of
currency, placing a ceiling on the
amount of money that will be circu-
lating. This is done both to imitate
the scarcity (and value) of precious
metals and to avoid hyperinflation.
Compared to ordinary currencies
managed by financial institutions
or held as cash, cryptocurrencies
are less susceptible to confiscation
by law enforcement agencies.
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What is
Cryptocurrency?
Cryptocurrency is a digital money, created from code.
Free of all governmental oversight, the cryptocurrency
economy is monitored by peer-to-peer internet
protocol.
Cryptocurrency is an encrypted string of data or a hash,
encoded to significant unit of currency.
CRYPTOCURRENCIES
REVOLUTIONARY
POSSIBILITIES
Irreversible
After a confirmation a transaction can’t be reversed.
Pseudonymous
Neither transactions or accounts are connected to real world
identities.
Fast and global
Transaction are propagated nearly instantly in the network and
are confirmed in a couple of minutes. There are no differences if
I send Cryptocurrencies to my neighbour or to someone on the
other side of the world.
Secure
Cryptocurrency funds are locked in a public key cryptography
system. Only the owner of the private key is able to send
cryptocurrency.
Permissionless
You don’t have to ask anybody to use cryptocurrency. It’s just a
software that everybody can download for free.

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WHERE DOES IT COME FROM?
WHERE CAN IT BE USED?
FIAT MONEY CRYPTOCURRENCY
Digital medium exchange
Private and public pieces of code
Limited supply
Produced by computers
Decentralized
Value determined by supply
and demand
Physical medium exchange
Bill and coins
Unlimited supply
Issued by a government
Centralized
Value determined by market
and regulation
Each country has its own mint,
controlled by
governmental oversight
Mainly within the sovereign
territory of the issuing country
International contracts to be
exchanged for local currencies
in other countries.
Computer solve complex
mathematical problems and are
rewarded for their solution with
coins.
Mainly online, to buy products
and services to a lesser extent
Some brick and mortar
businesses accept it as
payment mainly for services.
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CRYPTOGRAPHY
Cryptography is associated with
the process of converting ordinary
plain text into unintelligible text
and vice-versa. It is a method of
storing and transmitting data in a
particular form so that only those
for whom it is intended can read
and process it. Earlier cryptography
was effectively synonymous with
encryption, but nowadays crypto-
graphy is mainly based on mathe-
matical theory and computer scien-
ce practice. Is is based on different
characteristics: Confidentiality –
information cannot be understood
by anyone. Integrity – information
cannot be altered. Non-repudia-
tion – sender cannot deny his/her
intentions in the transmission of
the information at a later stage. Au-
thentication – Sender and receiver
can confirm each. Cryptography is
used in many applications like ban-
king transactions cards, computer
passwords, and e- commerce tran-
sactions.
BLOCKCHAIN
Blockchain is a tamper-proof (can-
not be changed or interfered),
shared digital ledger that records
transactions in a decentralized pe-
er-to-peer network. The perma-
nent recording of transactions in
the blockchain stores permanently
the history of asset exchanges that
take place between the peers (parti-
cipants) in the network. Blockchain
is a decentralized data structure
that allows untrusted participants
to transact directly with each other
and stores the history and state of
these transactions. It is an owner-
ship database that needs no central
issuer, controller, verification or
storage.
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CRYPTOGRAPHY
BLOCKCHAIN
PUBLIC KEY
CRYPTOGRAPHY
DATABASE
WALLET
MINING
PEER TO PEER
PROOF OF STAKE
PROOF OF WORK
HASH
DIGITAL
SIGNATURE
TRANSACTION
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Main definitions to
understand Cryptocurrencies

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CENTRALIZED
DATABASE
This is a type of database that is lo-
cated, maintained, and stored in
one single location. In order to ac-
cess data on this type of a database,
users have to connect to a server,
which is the main computer of this
database. Data are usually proces-
sed by the main computer.
DECENTRALIZED
DATABASE
This type of database is a bit more
complex than the previous one.
A decentralized database doesn’t
have a single location, and inste-
ad, pieces of information are stored
in different locations which are all
connected to each other. Processing
of the data in this type of database
is distributed between different no-
des.
DISTRIBUTED
DATABASE
In this type of a database, the sto-
rage devices which contain data are
not connected to a single proces-
sing unit, and instead, this data may
be located on different devices in
the same location or spread across
networks of interconnected com-
puters. Each node that contains
information has its own set of data
and equal rights.
PEER TO PEER
Two types of Bitcoin exchanges are
in use: peer-to-peer and regular.
A peer-to-peer transaction means
that you have data related to the
person or entity you’re interacting
with at all times, rather than inte-
racting with several different peers,
as in the case of torrents. The in-
formation you have on that person
can range from a bitcoin wallet
address, to their forum username,
location, IP address, or can even
involve a face-to-face meeting.
Rather than using an order book to
match up buy and sell orders, and
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thus controlling all the funds being
used on the exchange platform it-
self, peer-to-peer exchanges match
buyers and sellers without holding
any funds during the trade.
An important feature of crypto-
currency is that it is trustless. The
encryption, code and blockchain
come together to allow for a tru-
stless peer-to-peer distributed and
decentralized system. Depending
on what kind of trading experience
is preferred, peer-to-peer trading
may be more suitable for people’s
needs than the regular exchange.
One of the most interesting aspects
about peer-to-peer bitcoin exchan-
ges is their built-in reputation sy-
stem. Dealing with other traders di-
rectly, whose funds are not overseen
by the platform owners themselves,
the trust element is more important
than ever before.
MINERS AND MINING
Mining is a decentralized and a
distributed process. Anyone with
some hardware computing power
to contribute can download the
public Blockchain and become
a miner. This openness ensures
transparency, and security of the
blockchain. Nobody owns the Bi-
tcoin or the Blockchain technolo-
gy or its network. It is completely a
democratic process. Miners com-
pete for solving a cryptographic
problem that requires specialized
hardware with computing power.
Whoever solves the problem first
gets an opportunity to add the
block of transaction in question to
the Blockchain, and then send out
a broadcast to the entire network to
update their copy of the Blockchain.
These miners act as the record ke-
epers of the blockchain and con-
stantly monitor to ensure there are
no discrepancies happening in the
blockchain, thereby making sure bi-
tcoin is safe. For the effort they do,
they get bitcoins for each problem
they solve.
TRANSACTION
A transfer of funds between two di-
gital wallets is called a transaction.
That transaction gets submitted to
a public ledger and awaits confir-
mation. Wallets use an encrypted
electronic signature when a tran-
saction is made. The signature is
an encrypted piece of data called a
cryptographic signature and it pro-
vides a mathematical proof that the
transaction came from the owner of
the wallet. The confirmation pro-
cess takes a bit of time (ten minutes

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for bitcoin), while “miners” mine.
Mining confirms the transactions
and adds them to the public ledger.
Transaction fees for cryptocurren-
cy depend mainly on the supply of
network capacity at the time, ver-
sus the demand from the currency
holder for a faster transaction. The
currency holder can choose a spe-
cific transaction fee, while network
entities process transactions in or-
der of highest offered fee to lowest.
Cryptocurrency exchanges can
simplify the process for currency
holders by offering priority alterna-
tives and thereby determine which
fee will likely cause the transaction
to be processed in the requested
time.
CRYPTOGRAPHIC HASH
FUNCTION
A cryptographic hash function is a
mathematical function commonly
used to verify the integrity of data,
by transforming identical data to a
unique, representative, fixed-size
code. A simple example could be
adding 1, 2, 3 and 4 gives you 10,
but just from the answer 10, it is dif-
ficult to find the initial inputs where
1, 2, 3 and 4 unless you try all the
possible inputs. Bitcoin uses a hash
function called SHA256 which ne-
eds highly energy intensive special
computers and software to solve
the problem and it takes around 10
minutes to get the answer for each
problem. There is an asymmetric
mathematical relationship between
the public and private keys:
The public key can be easily deri-
ved from the private key
The private key is nearly impossi-
ble (or computationally infeasible)
to derive from the public key.
DIGITAL SIGNATURE
Each transaction associates an
amount of bitcoins with a bitcoin
address, which is usually produ-
ced from a hash of the owner’s
public key. When bitcoins are sent
to someone, the transaction records
the transfer of bitcoins from the
current owner’s Bitcoin address to
the new owner’s Bitcoin address,
and includes a valid transaction si-
gnature. When this transaction is
broadcast to the Bitcoin network,
every peer knows that the new ow-
ner of these bitcoins is the owner of
the receiving Bitcoin address. The
current owner’s signature verifies
for everyone that the transaction
is authentic. The complete history
of transactions is kept by every peer
in the Bitcoin network, so anyone
can verify who is the current owner
of any particular amount of bitcoins

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TIMESTAMPING
The process of securely keeping
track of the creation and modifi-
cation time of a document, is an
indispensable tool in the business
world. It allows interested parties to
know, without a doubt, that a docu-
ment in question existed at a parti-
cular date and time.
PROOF OF WORK
A proof of work is a piece of data
which is difficult (costly, time-con-
suming) to produce, but easy for
others to verify and which satisfies
certain requirements. Producing
a proof of work can be a random
process with low probability, so that
a lot of trial and error is required
on average before a valid proof of
work is generated. Bitcoin uses the
Hashcash proof of work system.
Hashcash proofs of work are used
in Bitcoin for block generation. In
order for a block to be accepted by
network participants, miners must
complete a proof of work which
covers all of the data in the block.
The difficulty of this work is adju-
sted so as to limit the rate at which
new blocks can be generated by the
network to one every 10 minutes.
Due to the very low probability of
successful generation, this makes it
unpredictable which worker com-
puter in the network will be able to
generate the next block.
PROOF OF STAKE
Proof of stake (PoS) is a type of al-
gorithm by which a cryptocurrency
blockchain network aims to achieve
distributed consensus. In PoS-ba-
sed cryptocurrencies, the creator of
the next block is chosen via various
combinations of random selection
and wealth or age (i.e., the stake). In
contrast, the algorithm of proof-of-
work-based cryptocurrencies such
as bitcoin uses mining; that is, the
solvingofcomputationallyintensive
puzzles to validate transactions and
create new blocks. Proof-of-stake
currencies can be more energy effi-
cient than currencies based on pro-
of-of-work algorithms. Under pro-
of of work, miners may potentially
own none of the currency they are
mining and thus seek only to maxi-
mize their own profits. Under proof
of stake, however, those “guarding”
the coins always own the coins.
WALLET
A wallet is a place where securely
store the Blockchain. A Bitcoin
wallet, similarly to a credit card,
does not contain any bitcoins, but
only the Private-Public key-pairs as
mechanisms that allow you to ac-
cess your funds.
PUBLIC KEY
CRYPTOGRAPHY
Public key cryptography is any
cryptographic system that uses
pairs of keys: public keys which
may be disseminated widely, and
private keys which are known only
to the owner. This accomplishes two
functions: authentication, where
the public key verifies that a holder
of the paired private key sent the
message, and encryption, where
only the paired private key holder
can decrypt the message encrypted
with the public key. Digital keys are
created and stored offline and con-
sist of a mathematically related Pri-
vate Public key pair, created using
the Elliptic Curve Digital Signature
Algorithm (ECDSA). The Private
Key (Privkey) is initially generated
at random, and is kept secret at all
times. It is used by the current ow-
ner of bitcoins to digitally sign a bi-
tcoin transaction, when he authori-
zes the transfer to the new owner. A
transaction’s digital signature con-
firms ownership, and can be used
to verify that the transaction is au-
thentic. The Public Key is genera-
ted from the private key using a one
way cryptographic hash function. It
is used by the new owner to validate
a transaction’s digital signature.

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Cryptocurrency“Advantages”
Traditional central bank
“Advantages”
Money supply is immune to political interference, it is not owned and
decided by the government or there is no need of middlemen like the
banks;

Anybody can participate, cannot deny access to individual partici-
pants (non-permissioned blockchains);

Seigniorage (the benefits of the issuance of new units) accrues to mi-
ners as opposed to political entities in exchange for the costs they in-
cur in providing transaction security;
To the degree that any particular money supply algorithm is desirable
or not-desirable, open market competition between private curren-
cies will come to the most efficient outcome.
Supply-side tools / intervention tools to manage price of the currency
relative to other currencies;
Ability to manage money supply to balance inflation/deflation with
unemployment/economic growth;
Ability to be a lender of last resort.
They are too small at this time to have a systemic impact on the overall
economy or banking system. Any further initiatives and regulations
imposed should be as less risky as possible in facilitating illicit acti-
vities;
They may offer transaction, efficiency and financial inclusion benefits;
As they become larger, more regulation and monitoring will be re-
quired;
Several Central Banks are looking into blockchain technology to cre-
ate similar experiments.
Able to allow for lower transaction fees;
Could expand cheap international remittances to developing world
and “unbanked”;
If adoption increases and reputational effects subside, banks will likely
start offering more crypto-based services;
Bitcoin/Cryptocurrencies could be a “boon” to economic activity.
The Federal Reserve and the ECB are both monitoring the development of
cryptocurrencies. Currently conclusions are:
Also banks realise that Bitcoin/Cryptocurrencies could have a lon-
ger-term positive impact on payment processors:
Central Banks play a wide variety of roles in a modern economy, inclu-
ding monetary stability, financial stability / regulatory, policy operations,
and financial infrastructure and provisioning. Most cryptocurrencies co-
ver some of the monetary policy and financial infrastructure functions
of a modern Central Bank but are, overall, much lighter and more lais-
sez-faire models.

CRYPTOCURRENCIES
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How it works?
Someone requests a
transaction
The requested
transaction is
broadcast to P2P network
consisting of computers,
known as nodes
The transaction is
complete
VALIDATION
The network nodes
validates the transaction
and the user’s status
using know algorithms
A verified transaction can
involve cryptocurrency,
contracts, records, or other
information
Once verified, the
transaction is combined
with other transactions to
create a new block of data
for the ledger
The new block is then
added to the existing
blockchain, in a way
that is permanent and
unalterable.

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Cryptocurrencies and
financial services
Financial services are an extremely
complex, extremely large and ex-
tremely profitable industry, pro-
tected by significant barriers to en-
try. It serves the needs of developed
world consumers reasonably well,
but leaves a large percentage of the
population unbanked and imposes
significant mutualized losses on cu-
stomers and taxpayers.
Early investment to date in crypto-
currency-based financial services
has focused on “building block”
technologies like exchanges, wallets
and merchant processors. This is a
logical starting point as this infra-
structure is needed for higher-order
financial services to emerge. Asset
management (aka Bitcoin funds)
are also underdevelopment, but
they fit in more comfortably into
the existing financial system.
CRYPTOCURRENCIES
UNDERSTANDING THE
PEOPLE
The perception of society
is divided, some seek
security and privacy,
others the anominate
but they do not like to
be monitored...
what will the future be?

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Why is cryptocurrency so
popular?
Cryptocurrency security
and legal regulation
Millennials appreciate cryptocur-
rencies for a couple of reasons. One
of them is the technology behind
them that promises to modernize
capitalism, and free it from the ti-
ght control of big governments and
big banks. The other reason is the
potential cryptocurrencies have to
make investors rich quickly, provi-
ded that they continue to rise at an
astronomical pace. Also the idea of
using a currency with anonymity
represents an interesting concept.
Anti-counterfeiting is conducted
through cryptography. Crypto-
graphy is associated with the pro-
cess of converting ordinary plain
text into unintelligible text and vi-
ce-versa. It is a method of storing
and transmitting data in a parti-
cular form, so that only those for
whom it is intended can read and
process it. Cryptography not only
protects data from theft or altera-
tion, but can also be used for user
authentication. In this way, there
are no fake coins.
The system does not require a central authority, distributed achieve
consensus on its state.
The system keeps an overview of cryptocurrency units and their ow-
nership.
The system defines whether new cryptocurrency units can be cre-
ated. If new cryptocurrency units can be created, the system defines
the circumstances of their origin and how to determine the ownership
of these new units.
Ownership of cryptocurrency units can be proved exclusively cryp-
tographically.
A transaction statement can only be issued by an entity proving the
current ownership of these units.
If two different instructions for changing the ownership of the same
cryptographic units are simultaneously entered, the system performs
at most one of them.
According to Jan Lansky, a cryptocurrency is a system that meets six con-
ditions:
Decentralized digital currencies
share characteristics of currency,
property, commodities and money
transmission networks. The regula-
tory environment is still uncertain
on a global basis as many countries
have not yet given detailed guidan-
ce across the board about how cryp-
tocurrencies, ICOs and blockchain
startups should be treated.
Cryptocurrency is not a legal tender
in many countries and only a few
accept them as legal tender. No glo-
bal regulator exists at the moment
in the policy of exchanges. The
greatest variety of approaches has
been seen in taxation approaches,
ranging from standard “property”
treatment to no taxation at all.

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CRITICISM
While Bitcoin has established an
economy in which it’s impossible
to forge transactions, it provides
no defense against replication of
the idea itself. No one can copy an
individual bitcoin, but anyone can
copy the idea of Bitcoin. Bitcoin
could be destroyed or made irrele-
vant by any of the three scenarios
as proposed by an article published
by MIT. It could be the government
making their own cryptocurrency
or making more cryptocurrencies
for every single monetary tran-
saction one makes.
Cryptocurrency can be lost and
then it’s gone forever. Malware or
data loss can cause the loss of the
cryptocurrency. Once you lose a
wallet, that currency is gone fo-
rever with no way to get it back. If
someone else were to find it, they
won’t be able to use it either.
Some people have called crypto-
currencies pyramid schemes. One
of the big criticisms is that cryp-
tocurrencies like Bitcoin is like a
pyramid scheme or a bubble. This
is based on the fact that this type
of currency is invisible and actually
has no value. The only value it has
is that which a person is willing to
give it.
Not accepted as a mainstream cur-
rency. More and more businesses
are accepting Bitcoin as a payment
method, but it is a far way from
being mainstream. There are seve-
ral criteria that it must meet before
it can become mainstream. With
the limit of 21 million Bitcoins, it
may not even be worth the effort.
Cryptocurrencies can be used in
darknet markets. The Silk Road,
an online anonymous marketpla-
ce, was one example of such black
markets. The Silk Road used Bitcoin
as its main exchange currency. The
marketplace was used to sell gover-
nmentally controlled substances
and illegal narcotics, where tran-
sactions were hidden behind the
anonymity of Bitcoin and shipped
anywhere in the world. The appeal
and demand for cryptocurrency co-
mes from its anonymity and use in
illegal transactions.
CRYPTOCURRENCIES

B I T C O I N
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PSSDSTUDIO B I T C O I N B I T C O I N

Nowaday the best 10 cryptocurrencies in the world are changing their
purchasing power day by day. Bitcoin always remains the best solution,
but there are a lot of new cryptocurrencies that want to have their space in
the market thanks to new applications and advantages.
The financial field is often perceived
as to be complicated and many de-
tails and information can be under-
stood only by experts. But nowa-
days, a wide number of common
people buys cryptocurrencies with
the scope of reserving value for the
future as an investment. Why are
there many risks for people who
want to buy this type of values? The
level of purchasing power depends
on the supply and demand of the
buyer or seller. This new technology
fits in a very specific and new field,
where a lot of unclear aspects about
different features are still present. In
addition, people need something to
believe in this kind of system. For
example, if Amazon started a new
project based on Bitcoin, the idea
of people would be that Bitcoin will
represent a challenge for the future
and they would buy cryptocurren-
cies, contributing to an increase
of their price. The way of acting of
big companies such as Amazon on
cryptocurrencies will certainly be
reflected on people’s behaviors.
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B I T C O I N
A wider range of
Cryptocurrencies
Bitcoin
Ethereum
Ripple
Bitcoin Cash
EOS
Litecoin
Cardano
Stellar
IOTA
NEO
BTC
ETH
XRP
BCH
EOS
LTC
ADA
XLM
MIOTA
NEO
LOGO NAME SYMBOL
CRYPTOCURRENCIES
B I T C O I N
WHY ARE THE FINANCIAL
TRENDS SO DIFFERENT?

Innovations in money have made it
possible to make transactions using
private digital currency without any
interference from any organizations
such as a bank. These digital cur-
rencies use peer-to-peer networks
and software with freely available
source code to redistribute and mo-
dify the currency as users see fit. As
already mentioned, a peer-to-peer
network is a connection between
two personal computers that can
interact or transact with each other
without connecting to a separate
server computer.
“Bitcoin and similar digital curren-
cies are called crypto-currencies by
some because the underlying algo-
rithms and security are intimately
related to digital cryptographic al-
gorithms.” (Dwyer, 2014)
Digital money is similar to the
electronic storage of our regular de-
bit card accounts. However, the real
difference lies in how the curren-
cy can be transferred without any
possibility of interference by ban-
ks or other intermediaries. Bitcoin
is the first cryptocurrency created
and was done by a developer, or a
team of developers, under the name
of “Satoshi Nakamoto”.
The network of Bitcoin has the same features from a monetary
perspective.
Fixed supply: the money supply is regulated from the protocol itself
and only 21,000,000 bitcoins will ever exist.
Transparent monetary policy, you can examine and verify this poli-
cy everytime, like an open source code.
Driven by consensus: Each user chooses to agree on the proposed
set of rules, propose their own, or recreate the whole network with
their own set, but independently from the original (as the changes
would not be compatible). Key characteristics (like money supply)
can’t change unless a majority of participants in key parts of the sy-
stem vote to change them.
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PSSDSTUDIO B I T C O I N
BITCOIN TIMELINE
2009
The first bitcoin transaction is
performed from Satoshi to Hal
Finney
2011
Bitcoin reaches parity with
the us dollar for the first
time
2016
OpenBazaar is released in
april as the first decentralized
marketplace accepting bitcoin
as a payment method
2008
Satoshi Nakamoto’s
original bitcoin paper is
published
2010
The first bitcoin Currency
exchange site is established
2013
The total bitcoin market
capitalization exceeds us 1
billion dollar
2017
Japan categorized bitcoin
as legal tender
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B I T C O I N

Very interesting potential as a digital medium of exchange:
Highly durable: no way for it to degrade/break and the blockchain is
backed up on thousands of computer globally
Highly portable: no intermediaries, initial confirmation in about 10
minutes and near irreversibility in an hour
Highly fungible: all bitcoins have the same value, regardless of who
owns them or what their history is, can be exchanged from products
and services
Highly divisible: each bitcoin can be divided into 100 million units
Highly resistant to counterfeiting: bitcoin funds are assigned to a
specific address. Cannot be duplicated.
Bitcoin is a collection of concepts and technologies that form the basis of
a digital money ecosystem, including:
A decentralized peer-to-peer network (enabled by the Bitcoin pro-
tocol)
A public transaction ledger (the blockchain)
A decentralized mathematical and deterministic currency issuance
mechanism (distributed mining and the “Proof-of-Work” concept)
A decentralized transaction verification system (transaction script)
The possibility to decentralize ledger allows:
Invulnerable to censorship and exclusion
Invulnerable to malfeasance by record-keepers
Invulnerable to loss of records
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PSSDSTUDIO B I T C O I N B I T C O I N
A ledger is a complete record for
a business’s economic activities,
usually used to keep track of tran-
sfer of money and transfer of asset
ownership. They are used to record
economic activities and prove the
ownership and the transfer of the
value of assets among various sta-
keholders such as consumers, sup-
pliers, producers and market ma-
kers. Some example of traditional
business ledgers are accounting led-
gers, bank accounts, land registries,
securities records, medical records,
hotel reservations, citizenship re-
cords, academic certificates.
Bitcoin ledger,
the blockchain
WHAT IS BITCOIN MINING?
+
Confirms transactions in
a trustful manner when
enogh computational
power (effort) is devoted
to a block
Creates (issues) new
bitcoins in each block

The Bitcoin system is based on decentralized trust, thus it heavily relies on
cryptographic technologies, such as:
Public Key Cryptography
Cryptographic hash functions
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PSSDSTUDIO
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B I T C O I N
In Bitcoin, a transaction is a record
informing the network of a tran-
sfer of bitcoins from one owner to
another owner. Ownership of bi-
tcoins is established through digital
keys, Bitcoin addresses, and digital
signatures. The transaction doe-
sn’t involve any Bank or 3rd party
financial institution. It involves a
virtual seal of approval from several
competing miners.
Bitcoin
transaction
B I T C O I N
How does Bitcoin work?
Each transaction associates an amount of
bitcoins with a bitcoin address, which is
usually produced from a hash of the owner's
public key.
When bitcoins are sent to someone, the
transaction records the transfer of bitcoins
from the current owner’s Bitcoin address
to the new owner's Bitcoin address, and
includes a valid transaction signature.
When this transaction is broadcast to the
Bitcoin network, every peer knows that the
new owner of these bitcoins is the owner of
the receiving Bitcoin address.
The current owner’s signature verifies for
everyone that the transaction is authentic.
The complete history of transactions is kept
by every peer in the Bitcoin network, so
anyone can verify who is the current owner
of any particular amount of bitcoins.
1
2
3
4
5
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THE BITCOIN TRANSACTION
LIFE CYCLE
BEGIN
Hongtao Opens his
bitcoin wallet
Scans/copy
Buse’s address
Miners include the
transaction in the next
block to be mined
The miner who solves
the Proof of Work
propagates the new
block to the network
The nodes
verify the
result and
propagate the
block
Mining time!
+ + +
+
+ +
+
B I T C O I N
Hongtao’s quest to send 0.3 BTC
to his friend Buse
USER
MACHINE
Fills the amount
and the fee
Sends!
Signs the transaction using
Hongtao private key
In 10 minutes the
transaction is validated
by the network
Buse sees the first
confirmation
New
confirmations
appear with each
new block that is
created
THE END!
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B I T C O I N
Potentialities
USE OF ADVANCED
TECHNOLOGY
Using this open-source method and
peer-to-peer networks, Bitcoin has
been able to use authentication me-
asures to solve the reproduction
problem. One reason for using di-
gital currency is how low the cost of
money transfer is. Another reason
for the demand of digital currency
is anonymity.
CRYPTOCURRENCIES
AND ANTI FRAGILITY
Anti-Fragile systems are not only
resilient to external attacks, but
adapt beyond them to prepare for
the next interventions. Bitcoin has
displayed Anti-Fragility through
software bugs, hard forks, regula-
tory pressures (China and various
smaller states), and support for
other decentralized applications. It
is not unlikely that it will remain
flexible, but there is the risk of the
protocol itself that is rigid and be-
coming harder to adapt.
As we discussed before about the
51% control of the hashing power,
miners or pools did not perform
attempts to double spend or fork
the network yet. Such an act would
seriously undermine the network’s
value, the exchange rate of bitcoins
mined, and therefore their invest-
ment in mining equipment. So
maybe the limitation of cryptocur-
rencies being taken over by mining
pools will not be happening even in
the future.
CRYPTOCURRENCIES
B I T C O I N

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Limits: Security concerns
related to Bitcoin
VULNERABLE WALLETS
There is a real vulnerability of Bi-
tcoin wallets when it comes to
hacking attacks and theft. A re-
port by a team of researchers from
Edinburgh University said they
found weak spots in hardware wal-
lets that can be exploited. Accor-
ding to the same research, even the
heavily encrypted hardware wallets
were still vulnerable due to that lo-
ophole.
SELFISH MINING
Bitcoin’s continued use of proof-
of-work consensus mechanism has
another underlying threat. With
some mining pools becoming
powerful enough to command si-
gnificant mining ratios, they may
engage in selfish mining. Also cal-
led block withholding, a pool may
use their computational power to
mine a block and then hide it from
honest miners instead of broadca-
sting the new block to the network.
The selfish pool then attempts to
find the second block while the rest
grope in the dark. If the greedy mi-
ners manage to find a new block
before the other miners, then bro-
adcasting the two blocks makes the
forked chain the longest. The selfish
miners will be ahead of the other
miners, getting all the rewards.
EXCESSIVE ENERGY
USE
One of the biggest issues related
to Bitcoin is that it requires a huge
consumer of electricity and thus
a major source of climate altering
CO2 emissions. In fact, Bitcoin mi-
ning is estimated to continuously
use the hundreds of megawatts of
electricity, enough to power hun-
dreds of thousands of households.
Burning huge amounts of electrici-
ty isn’t incidental to bitcoin: instead,
it’s embedded into the innermost
core of the currency, that is due to
mining. In simplified terms, we can
say that bitcoin mining is a compe-
tition to waste the most electricity
possible by doing pointless arith-
metic quintillions of times a second
to create new bitcoins.
And by design, Bitcoin will require
more and more computations (and
electricity) to generate 1 BTC as
B I T C O I N
time goes on.
MINING POOLS
COLLABORATION
Mining pools collect all of the ha-
shing from miners and basically
run them off of one account. When
a block is found, the mining pool's
wallet is the one that gets the pay-
ment, and then the payments are
split and distributed into each mi-
ner's site account based on their
personal contribution towards fin-
ding the block. For the system this
aspect can be a problem because
in case of some miner want to get
together and they have 51% of the
power on the market, in this case
it loses the decentralization of the
system, and they can influence the
rest 49%, creating a new centralized
system. This is a very far problem
because the number of miners is
so huge, but it represents a limit for
this system.

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PSSDSTUDIO
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B I T C O I N
CASE STUDY 1 - Bitcoin
DUCATUS CAFÉ — THE CASHLESS CAFE
Silicon Valley established itself as a destination for startups and innovative
project by offering access to top tech talent, financial support, expert gui-
dance and supporting infrastructure. And at least one Asian nation was
watching and now stands to follow suit: Singapore might just be the next
global technology hub capital. Just a street away from Singapore’s central
bank (the Monetary Authority of Singapore), a cryptocurrency firm has
set up what it claims is the first cafe in the city-state to be owned and ope-
rated by a business promoting its own digital coin. The downtown pitstop
sells “hand brew” coffee, sandwiches and eco-friendly beauty products. It
works only with those clients who pay either with credit or debit cards,
Bitcoins and its own virtual currency called Ducatus. To ease the pay-
ments for new clients, they even installed a Bitcoin ATM within the coffee
shop. Bitcoins can be purchased and then used to buy drinks and food
using customers’ cell phones as wallets. The prices of the articles are listed
in the local currency menu and in cryptocurrencies. The booming global
interest in cryptocurrencies means Singapore, which has positioned itself
as a hub for financial technology in Asia, has to walk a fine line between
encouraging technological innovation and reducing financial system risk
within its borders. The CEO of Ducatus tells this is only the first stage and
promises to open more cafes like this one, and even expand outside the
borders of Singapore, while also establishing partnership with hotels. He
wants to let people know cryptocurrency is here to stay, International In-
vestment tells. Ducatus has leveraged industry leading security standards
to provide a new digital currency focused on usability and embedded in a
system designed to demonstrate and promote its use in all sectors and all
markets around the world.
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PSSDSTUDIO
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B I T C O I N
CASE STUDY 2 - Bitcoin
ROVERETO — THE BITCOIN VALLEY
The use of Bitcoin is not so far from you as you might think. An example is
a small town in Italy. Rovereto, a little city near Trento, is the new Bitcoin
valley, where you can buy everything and you can receive your money
at work through cryptocurrencies. In this small city, there are 34 places
where you can buy with Bitcoin and change cryptocurrencies, almost like
the same number of Rome and Milan (35 places for each).
There, there are a lot of cafes, pubs, gas stations, driving schools, beauti-
cians, tobacconists and video games where it’s possible to use Bitcoin. At
the “Manialcielo wine bar” there are even employees who have decided to
receive part of their salary in Bitcoins.
In Trentino, being so at the forefront the idea is to make our province
more and more a perfect Bitcoin Valley.
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PSSDSTUDIO O T H E R C R Y P T O C U R R E N C I E S O T H E R C R Y P T O C U R R E N C I E S
O T H E R C R Y P T O C U R R E N C I E S
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PSSDSTUDIO O T H E R C R Y P T O C U R R E N C I E S
Changing
the future
The number of cryptocurrencies
available over the Internet on 10
April 2018 is over 1565 and is still
growing. A new cryptocurrency can
be created at any time. By market
capitalization, Bitcoin is currently
the largest blockchain network, fol-
lowed by Ethereum, Ripple, Bitcoin
Cash, Litecoin, and EOS.
While the term “cryptocurrency”
conveys attributes that define some
coins, like a means of storing value
and exchanging wealth, it fails to
capture the nuances and capabilities
of other coins. In reality, there are
a few different “types” of cryptocur-
rencies.
The first is the common currency
cryptocurrency, which represents
the most familiar one and refers to
a cryptocurrency, like Bitcoin, that
primarily serves the purposes of
being a store of value, a means of
exchange, and a unit of account.
In addition, there is the utility
cryptocurrency, which repre-
sent something new. This class of
cryptocurrency creates an infra-
structure that can be leveraged to
build on top of the current crypto-
currencies. Ethereum, for example,
allows developers to create smart
contracts. Now let’s get familiar
with some other cryptocurrencies
in the market other than Bitcoin.
ETHEREUM
Ethereum is a decentralized
open-source platform developed
to host smart contracts. Ethereum
blockchain is able to run the pro-
gramming code of any decentrali-
zed application.
Developers can build thousands of
different applications (different to
anything we have seen before), be-
cause of the Ethereum’s real inno-
vation, the Ethereum Virtual Ma-
chine (EVM).
EVM enables users to run any pro-
gram, no matter what the program-
ming language is, given there is
enough time and memory available.
In simple words, EVM is able to
perform any calculation that any
other programmable computer is
capable of, therefore capable of de-
signing any type of smart contract.
Instead of having to build a new
blockchain for each new applica-
tion, Ethereum enables the deve-
lopment of many applications all on
one platform.
BENEFITS
Security: Being decentralized and
using advanced cryptography, apps
are protected against hackers.
Immutability: A third party cannot
make any changes to data. Because
of the consensus mechanism, cor-
ruption and attempts to change the
state of the apps is impossible.
Longevity, Zero downtime: An
app never goes down even if some-
one loses interest in maintaining it.
Several novel approaches are im-
plemented in Ethereum, including
reducing the block time.
Ethereum switch from Proof of
work which is very electricity in-
tensive to proof of stake, which asks
the miner to stake some of his Ethe-
reum to do the mining operation.
WHAT ARE SMART
CONTRACTS?
Smart contracts help exchan-
ge money, property, shares, or
anything of value in a transpa-
rent, conflict-free way while
avoiding the services of a midd-
leman.
The best way to describe smart
contracts is to compare the te-
chnology to a vending machi-
ne. Ordinarily, you would go to
a lawyer or a notary, pay them,
and wait while you get the docu-
ment. With smart contracts, you
simply drop a bitcoin into the
vending machine (i.e. ledger)
and your escrow, driver’s license,
or whatever drops into your ac-
count. More so, smart contracts
not only define the rules and pe-
nalties around an agreement in
the same way that a traditional
contract does, but also automa-
tically enforce those obligations.

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IOTA
IOTA is a cryptocurrency desi-
gned for the Internet of Things.
But before getting into why the In-
ternet of Things needs IOTA, let’s
look at what IOTA can offer to
the existing cryptocurrency scene.
Iota is a brand new and novel mi-
cro-transaction cryptotoken opti-
mized for the Internet-of-Things
(IoT). Unlike the complex and he-
avy blockchains of Bitcoin, which
was designed with other uses in
mind, Iota is created to be as li-
ghtweight as possible, hence the
name “Iota” with emphasis on the
‘IoT’ part.
The process of mining is power
intensive, which may be argued
is with a disproportionate benefit
towards the network, unless this
is mutualized to many more tran-
sactions. 4 advantages:
Scalable
Decentralized
Modular
Fee Less
The technological breakthrough
that makes this possible is The Tan-
gle. Unlike Bitcoin, which uses a
blockchain architecture for main-
taining it’s ledger, IOTA uses the
‘Tangle’ which is a Directed Acyclic
Graph, known as a DAG. In sum-
mary the Tangle solves both the
scalability and transaction fee is-
sues faced by Bitcoin (And most
cryptocurrencies) by requiring the
Sender in a transaction to perform
a kind of proof of work which ap-
proves two transactions. Thus, the
act of making a transaction and va-
lidating transactions are coupled.
This removes dedicated miners
and makes the system fully decen-
tralised, those making transactions
(the systems ‘users’) are the only ac-
tors who can affect the system.
The most important advantage is
that in this way, we don’t need a lot
of energy to mine the bitcoin for
each transition.
The remarkable result is that in
IOTA, the network transaction spe-
ed increases the number of users
increases (as opposed to blockchain
cryptocurrencies which get slower
with increased numbers of users).
It also eliminates the need for users
to pay ‘miners’ for doing the proof
of work (because they do it them-
selves).
IOTA has been under development
since 2015 (Announcement Thre-
ad) and in that time industrial par-
tnerships have been forged which
will ensure that IOTA has practical,
real world use.
LITECOIN
Litecoin is a peer-to-peer Internet
currency that enables instant, ne-
ar-zero cost payments to anyone in
the world.
Litecoin features faster transaction
confirmation times and improved
storage efficiency than the leading
math-based currency.
With substantial industry support,
trade volume and liquidity, Litecoin
is a proven medium of commerce
complementary to Bitcoin.
The Litecoin blockchain is capable
of handling higher transaction vo-
lume than its counterpart - Bitcoin.
Due to more frequent block gene-
ration, the network supports more
transactions without a need to mo-
dify the software in the future. As a
result, merchants get faster confir-
mation times, while still having abi-
lity to wait for more confirmations
when selling bigger ticket items.
Wallet encryption allows users to
secure their wallet, so that they can
view transactions and their account
balance, but are required to enter
the password before spending Li-
tecoins. This provides protection
from wallet-stealing viruses and
trojans as well as a sanity check be-
fore sending payments.
Litecoin’s open source software
project is released in a transparent
process that allows for independent
verification of binaries and their
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SOLARCOIN
SolarCoin (SLR) is a cryptocurren-
cy designed to incentivize decen-
tralized solar power generation by
rewarding solar electricity genera-
tors per megawatt hour. Launched
in early 2014, SolarCoin has simi-
lar code to Bitcoin, but implements
two ways of minting SolarCoin and
distributing it within its ecosystem.
The first is the Proof-of-Staking
consensus algorithm that has be-
come increasingly popular among
energy-conscious communities.
It was originally a Proof-of-Work
model, but since the entire project
is centered around energy efficien-
cy, the choice to switch over to a
less resource-intensive consensus
mechanism was obvious. SLR ow-
ners stake their SLR to secure the
network and are rewarded with a
certain percentage of newly minted
coins for their staking efforts.
The more interesting consensus
algo is something called “Pro-
of-of-Generation.”
Proof-of-Generation requires that
community members register their
solar power systems with the So-
larCoin Foundation by supplying
the foundation with the relevant
documents to prove activity and
ownership of a given solar power
system. Every six months, the So-
larCoin Foundation pays out regi-
stered network participants directly
to their SolarCoin wallets.
RIPPLE
RIPPLE (XRP), where the XRP
is the cryptocurrency created as
an anti-spam token on the Ripple
network, is the company that owns
all the distribution nodes. The di-
gital currency, XRP, acts as a brid-
ge currency to other currencies. It
does not discriminate between one
fiat/cryptocurrency and another,
and thus, makes it easy for any cur-
rency to be exchanged for another.
The network is a competitor of the
SWIFT protocol, and the ultima-
te goal is to act on bank monetary
exchanges. It guarantees a high spe-
ed on transactions (1500/s, to 06
October 2017). Ripple operates on
an open source and peer-to-peer
decentralized platform that allows
for a seamless transfer of money in
any form, whether USD, Yen, lite-
coin, or bitcoin.
STELLAR
The Stellar network is a distribu-
ted blockchain based ledger and
database that facilitates cross-asset
transfers of value, including pay-
ments. The native digital asset of
Stellar is called Lumens (XLM). In
other words, Stellar is the payment
network and Lumens (XLM) is the
cryptocurrency. The Stellar network
is an open source, distributed, and
community owned network used
to facilitate cross-asset transfers of
value. Like Ripple, it can handle
exchanges between fiat-based cur-
rencies and between cryptocurren-
cies. Stellar lets anyone send, recei-
ve or trade any kind of currency,
whether fiat or crypto, with anyone
else in the world almost immedia-
tely and at practically no cost, ma-
king it an innovative cryptocurren-
cy.
HULLCOIN
Hullcoin is a cryptocurrency de-
veloped by the city of Hull in UK.
It uses the same technologies used
in Bitcoin cryptocurrency but this
version aim at rewarding volunte-
ers, not miners or currency specu-
lators. There had been many cities
who made their own currencies for
financial growth and supporting
the local people through increasing
their spending power. Also there
have been many initiatives to credit
consumers or locals through point
system. Hullcoin is an attempt at
combining these two well establi-
shed concepts of value generation
mechanism of mutual credit with
the local spending power of com-
munity currencies by developing
city’s own digital currency.

Title
Subtitle
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CASE STUDY 3 - Ethereum
HEALTHUREUM — REVOLUTION IN HEALTHCARE
Healthcare is one of the most essential human necessities, its relevance is
obviously invaluable to the general public. That’s probably why the heal-
thcare industry is one of the largest and most complex sectors in the wor-
ld’s economy. According to the Deloitte’s Global Outlook for 2017, health
care spending increases shall range between 2.4% and 7.5% between 2015
to 2020. This is mainly due to ‘infrastructure issues, making it increasingly
difficult for public health care systems to sustain current levels of service
and affordability’. Some of the major problems affecting the healthcare
sector include lack of resources, low accessibility, high costs, and pri-
vacy and security issues.
The discrepancy of quality of care, availability of infrastructure and exper-
tise between the private and public healthcare is also worth mentioning as
one of the most alarming topics related to the industry. Cryptocurrencies
may be the answer to these concerns and may be the most efficient means
of bridging the gap between the private and public health care.
In this scenario, Healthureum, founded in 2016, represents a new revela-
tion in the crypto sphere that combines blockchain and healthcare to bring
the best of both under one roof. The Healthureum platform is designed on
the Ethereum based blockchain using smart contract technology to signi-
ficantly improve efficiency and interoperability of healthcare services.
What first began in 2016, as an initiative to bring widespread transparen-
cy and efficiency, has evolved into a full-scale ecosystem to revolutionize
the healthcare services sector. The service guarantees their users a secure
and transparent method of procuring and paying for medical servi-
ces globally. They have the possibility to own their data, having instant
+
CRYPTOCURRENCIES
access to real time and historical medical data which can be shared by
them with their doctor or physician, through a decentralized platform.
Through standardization, collaboration and a decentralized ecosystem
cryptocurrencies can facilitate a more robust care system with competent
caregivers delivering safe, responsive and efficient care.
By exploring the key issues from the angle of each party involved, He-
althureum’s innovative approach and available services can bring wide-
spread efficiency and transparency across 5 core fields of healthcare: Data
systemization, Doctor Consults & Referrals, Medical Infrastructure, Rese-
arch Programs and Philanthropic activities.
The peer to peer tokenisation model adds another layer of innovation, to
bring the solutions to a global audience and facilitate secure and speedy
payments between stakeholders. This ensures the users have access to the
best expertise without needing to travel or suffer international fees.

CASE STUDY 4 - Ethereum
ACTIVE CITIZENS — A NEW WAY OF VOTING
In December, Moscow’s authorities announced a pilot project in order to
implement a Ethereum blockchain-based voting system for the Active
Citizen platform. This platform allows citizens to be part of the decisions
of the city. With this Ethereum voting system, the Moscow City will be
the first one in the world that will implement blockchain technology in
e-voting in such a large scale.
This new voting system based in blockchain will allow citizens to become
a node of a peer-to-peer network and will be able to record and store the
database of votes. Votes will become a smart contract that is publicly avai-
lable and transparent. This is an important step towards a more democra-
tic, fair and less corrupt voting system.
“We are excited to improve the credibility and transparency of e-voting
system in Moscow by introducing blockchain. We believe that cryptocur-
rencies will increase trust between the citizens and the government. We
aim to hit 2 million users in the near future who are ready to influence
the city life,” commented on the matter Artem Ermolaev, CIO of Moscow.
“User’s personal data and his unique ID (which does not contain any per-
sonal data) are matched on a secure server, located in closed network seg-
ment. This concept guarantees to protect the personal data of each voter”.
Active Citizen, launched in 2014 and used to influence the urban desi-
gn, public transportation routes, has gathered more than 1.9 million users
and the intention is to test failure reliability, resilience to updates, speed,
data processing and correct synchronization of nodes.
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CASE STUDY 5 - IOTA
MIOTA TRANSFORMING CITIES: TAIWAN CAPITAL TO
BECOME A SMART CITY
The Asian city is ranked the 40th most populous urban region in the wor-
ld. Taipei City and the Greater Taipei region (Keelung and New Taipei)
combined have an estimated population of over 7.4 million. We are living
in the age of the Internet of Things (IoT) where resources, data, and ser-
vices are increasingly being traded between machines. As connected de-
vices continue to proliferate, the interoperability and sharing of resources,
everything from information, storage to electricity and sensor data, are a
vital part of the machine-to-machine economy.
The digital identification system is vital for the city. It is going to revolutio-
nise the identification system in the city by using IOTA’s TangleID techno-
logy. The project will be developed into a Digital Citizen Card that will
be designed with the best security features to keep identities safe from
thieves and prevent them from falling into the wrong hands. The project,
after completion, is expected to be launched in other service industries
in the city, for example, the medical data history. In addition to that, the
Digital Citizen Card will allow the citizens to connect other digital assets
to the card. Some of the assets to be registered include household records,
medical records as well as professional background. The TangleID system
solves a common conundrum relating to digital identification—linking
digital identity with the non-digital identity of a real person.
IOTA works particularly well in payments and storing information and
there are already a number of known applications including micro-pay-
ments, voting, as well as information and data transfer. IOTA is already
+
being tested on industries including automobile, manufacturing, and he-
althcare. In Taipei the company is already working on a side project for
the city to create a palm-sized card with sensors that would detect light,
temperature, humidity and pollution. The design is intended to give the
citizens of Taipei up-to-date information about pollution levels in real
time. In a joint effort to better control air quality, Asus, Academia Sinica,
Edimax, Realtek, LASS (Location Aware Sensing System), and the Taipei
City government are using Airbox‘s palm-sized air sensors that collect air
quality and pollution data. They will be installed in schools and homes to
enable real-time air pollution monitoring. In collaboration with Biilabs,
Airbox will integrate incentivized payment in IOTA and the data will be
stored in the Tangle.
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CASE STUDY 6 - IOTA
Haarlem (city of Netherland) municipality develops IOTA (MIOTA) ba-
sed “Tangle” solution for administering legal documents. Commissio-
ned by the municipality of Haarlem, ICTU and Xurux developed a Proof
of Concept to verify legal documents within public registers via the open
source ‘IOTA’.
The Xurux and ICTU developed software guarantees the authenticity of
legal documents through the open source IOTA (MIOTA). In the speci-
fic case, a citizen can demonstrate to the housing corporation that he or
she is an inhabitant of the city of Haarlem by means of Blockchain. The
Citizen no longer needs to visit the town hall to receive an official extract.
Choosing IOTA means that some drawbacks of the Bitcoin blockchain are
resolved, such as high energy consumption, transaction costs, and relati-
vely slow transaction speed.
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CASE STUDY 7 - Litecoin
LiteCoin is the second most valued digital currency on the market, only
being bested by Bitcoin. However, Litecoin is not just a knock-off to the
world’s first digital coin: by its developers, it was intended to improve on
the structure set forth by bitcoin. As more retailers start accepting this
cryptocurrency, the Litecoin value is bound to increase. In the automobile
sector, a Tesla Model P85 was sold out at Benz and Beamer auto dealer-
ship, which was bought completely in Litecoins.
A customer used 5,447 Litecoins to complete the transaction for the lu-
xury car, worth around $90,000 during the time of the purchase. The tran-
saction went through with payment processor GoCoin.
As the car dealer Naresh Shah explained, GoCoin makes it extremely easy
to accommodate new customers looking to pay with cryptocurrencies.
The purchase is by far the largest amount of litecoins used in a single pur-
chase recorded. As litecoins continue to grow in popularity, more busi-
nesses will start to implement them more into their own structures. There
may very well be more purchases that use LiteCoins the same way as they
were at Benz and Beamer.
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CASE STUDY 8 - Solarcoin
As of January of 2017, more than 34 million SolarCoins have been put
into circulation, with that figure growing by about 5,000 per week, and
some 240,000 SolarCoins have gone to solar producers in 23 countries. In
addition, two solar-focused crowdfunding platforms, Lumoand and The-
SunExchange, are now incorporating SolarCoin. The Belgian energy mo-
nitor company Smappee includes SolarCoin in its features and, in March
2017, the French collaborative energy supplier ekWateur became the first
energy company to accept SolarCoin as a means of payment.
SolarChange, the SolarCoin Foundation platform that integrates the
SolarCoin Blockchain and incorporates a host of other monitoring
and energy management features, was recently chosen to participate in
the four month MassChallenge Israel accelerator program, which could
help ramp up the solar currency’s adoption.
The goal for SolarChange in the MassChallenge program is to dramati-
cally scale its AI-Blockchain interface solutions and Prosumer incentive
capabilities from a Startup company to SME and expose its technology to
utilities and the solar industry
Aside from getting a lot more solar generators onboard, there are also
issues with scaling up its adoption as an alternative currency for both
buyers and sellers of goods. In contrast to most other cryptocurrencies,
it’s not just the financial value of the SolarCoin currency that’s at the core
of its strength. Sure, SolarCoin could be a legitimate investment option for
those looking for a future return, but far more value may come from its
incentivizing of solar energy production.
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CASE STUDY 9 - Ripple
SBI Remit teams up with Ripple to power instant remittances between
Japan and Thailand. In collaboration with Siam Commercial Bank (SCB),
they use Ripple’s blockchain enterprise solution, xCurrent, to power re-
al-time remittance payments in the two countries.
This makes it possible for 47,000 Thai nationals living in Japan to send
money home faster. SBI Remit’s customers can use ATMs to instantly send
money in JPY to a recipient’s SCB savings account in Thailand and receive
funds in THB within seconds. Before offering this service, recipients were
required to retrieve cash through an agent.
The aim of the representative director Nobuo Ando, their aim is to con-
tinuously search for superior technological solutions to deliver ever im-
proved remittance services for their customers. With the steady rise of
remittance flows, they see Ripple helping open up new revenue potential
for their business and a better overall experience for the customers.
+
TO SEND MONEY HOME INSTANTLY

CASE STUDY 10 - Stellar
POSEIDON FOR THE CARBON REVOLUTION
The landmark Paris Agreement confirmed that a global market for car-
bon credits is inevitable with a growing demand for emissions reductions
and a need for complete transparency and trust in carbon accounting. Yet,
even if every country satisfied their Paris commitments to reduce carbon
emission, this would still not be sufficient to create a safe climate. Indivi-
duals and businesses will need to do more to plug this gap. The complex
hierarchy of checks, accreditations, and verifications needed to develop
and trade in carbon credits currently presents an unappetising prospect
for potential market participants.
Laszlo Giricz, founded the venture Poseidon to create a carbon currency
that will revolutionise the way we value nature, using blockchain te-
chnology to access the carbon market. This initiative aims to give both
consumers and corporates an economically viable, incorruptible, and
transparent way of making sustainable transactions and lowering their
carbon footprint in real terms.
Using the latest technology, Poseidon’s initiative will consolidate the mar-
ket for carbon by offering a means by which it can be easily regulated,
tracked, and monitored to reach its necessary size and scope. Every fi-
nancial transaction is made has a climate consequence, positive or nega-
tive, but at present this impact is hidden and the costs masked. As well as
supporting companies in their efforts to reduce their carbon emissions,
this technology will enable consumers to participate through small every-
day micro-transactions.
Together with its strategic partners, Poseidon will simplify the carbon
+
credit market with the creation of an ecosystem built on Stellar.org’s
blockchain technology. This technology will prevent double counting of
carbon and will be consistent across jurisdictions, making it easier for
companies to deliver and measure progress towards their climate targets
or other goals such as deforestation-free commitments.
Crucially, using proprietary smart contracts and a custom token on the
Stellar blockchain, Poseidon and its partners will also make it possible
for consumers to purchase “climate-positive” products on a day-to-day
basis, enabling them to see the exact tangible difference they are making
on the ground, together with an app that will be created in a later phase.
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CASE STUDY 11 - Hullcoin
HULLCOIN FOR THE COMMUNITY
Hull is a city in the UK. The rapid rise of free and open technologies has
the potential to make society fairer. This year, Hull is the UK City of Cul-
ture but it still has some major needs: a 2015 survey by the City Council
found that over half the population lived in the most deprived areas of
the country.
“Most deprived areas” don’t normally spawn innovation and the City
Council’s main solution was to throw £100 million of its capital reserves
into civic improvements to overhaul Hull’s image, and to ensure more
secure jobs. Meanwhile, while other people were focused on #CityofCul-
ture2017, a small group of truly community minded “activists” have set to
work at the real cutting edge of social development to “unlock the hidden
value in Hull’s economy”.
They wanted to explore how the disruptive technology underpinning Bi-
tcoin could facilitate a local currency to support communities in Hull
affected by poverty. After a few years of development and community ou-
treach they launched HullCoin.
HullCoin is an initiative that aims to use Blockchain technology to en-
courage a more cohesive community in the city of Hull. Described as “the
world’s first Community Loyalty Point,” HullCoin enables people who en-
gage with charities and community groups across the city of Hull to earn
digital coins by volunteering for community initiatives and undertaking
activities that benefit themselves.
It’s all about making a positive contribution to society.
+
Local currencies are nothing new. They were used during the 19th and
20th century to fill the void when national currencies or welfare systems
failed. Recent initiatives such as the Brixton and Bristol Pound have suc-
ceeded in linking greater circulation of a community’s wealth with envi-
ronmental goals. At the same time, a global mutual credit movement of
Local Exchange Trading Systems (LETS) and Time Banks is generating
value from community resources other than cash. Members exchange
their skills for time instead of money, receiving credits for each hour
they give and “spending” them on services offered by another member.
HullCoin’s innovation has been to digitise these two well-established con-
cepts, combining the value generation mechanism of mutual credit with
the local spending power of community currencies. What really sets Hul-
lCoin apart from other community currencies is the creation of spending
power from “good deeds”. The Bristol and Brixton Pounds, for example,
ultimately have to be paid for in sterling – even if those pounds stick
around in the local economy for longer. There are no such limits with
HullCoin. You don’t need money to earn tokens. And by putting issuing
power in the hands of community organisations, the project is still in its
trial stage but has a good chance of reaching the people who really need it.
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PSSDSTUDIO I N N O V AT I V E W O R L D I N N O V AT I V E W O R L D
I N N O V A T I V E W O R L D
+

Cryptocurrencies and blockchain
technology are gaining momentum
in multiple marketplaces, bringing
in benefits for both companies
(lower transaction fees, instant
transactions, no chargebacks, sim-
plified payment processes) and
consumers (lower or no fees to
transfer value / send funds globally,
pseudonymous transactions, no in-
termediary i.e. financial institution,
controlling currency).
Enabling companies to skip the
“middle man” of centralized par-
ties and fees imposed is one big
innovation in this aspect. Thus,
Bitcoin’s value proposition brings
banks, governments, payment pro-
cessors and payment gateways in
front of interesting challenges.
Bitcoin as an innovation is based on a number of technological achieve-
ments of the last decades, successfully combining and taking them a step
forward:
The open network of the Internet.
Open source development, enabling transparency and open innova-
tion; in the same framework as the Linux operating system.
Asymmetric Cryptography, used to generate private/public key pairs.
The Hash Function, as a process to “translate” inputs, independently
of their size, to outputs of specific size, named “hashes.”
Beyond the blueprint and the first applications of an innovation, almost
always, new innovations strive to improve, replace and complement it.
Especially when the source code of such an innovation is freely available
to all, this is an invitation for further development and experimentation.
The concept has already been used in efforts to decentralize the internet,
smart contracts, distributed ownership and much more is sure to come.
The blockchain for distributed consensus towards decentralizing the
internet.
A large number of alternative approaches that can exist in parallel wi-
thout being directly competitive in the short term.
An unlimited amount of sandbox/test bed currencies that can be is-
sued by anyone, without permission, to test other approaches.
Sidechains could eventually allow for highly varied alternative
blockchains that are intrinsically connected with Bitcoin as a funding
mechanism and provide an avenue of ingress/egress of value in them.
The power of the network used for smart contracts, digital ownership
ledgers, and decentralized trading thereof.
The Proof of Work concept, i.e the provable expenditure of computa-
tional resources towards a commonly agreed-upon goal.
The use of Peer to Peer networks, on which innovations like Bit Tor-
rent are based, especially combined with the requirement of consen-
sus of the majority of the network for a transaction to be verified or a
change or improvement to be implemented.
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The next
reality
Stepping on the
Shoulders of Giants
I N N O V AT I V E W O R L D
Future giants on top
of Bitcoin

There are many future scenarios proposed by various analysts on the for-
tune of cryptocurrencies. A few are listed below.
Money is one of the most valuable and sought after commodities in the
world, affecting people in almost every facet of their life. One of the most
controversial new innovations in this field are cryptocurrencies. Crypto-
currencies are not protected by governmental regulations or law, making
it impervious to government interference. The currency is fully decentra-
lized, and unlike fiat money the government cannot affect its value.
The demand for cryptocurrencies arise from its anonymity, low tran-
saction costs, being a decentralized currency without the need of interme-
diaries like banks and so on as a currency. But there are a lot of disadvan-
tages and shortcomings for these currencies, like by being decentralized
there is the absence of consumers’ protection, the fact that stolen coins are
lost forever, volatility and uncertain future as an official currency with the
concern of an excessive energy consumption.
From the first cryptocurrency bitcoin, we have witnessed the emergence
of many other cryptocurrencies and some of them try to overcome the
shortcomings of bitcoin in certain areas, like less energy consumption in
case of IOTA. Though these cryptocurrencies are not the ultimate perfect
solutions, there are a lot of interesting possibilities from the technologies
used.
Even if the future of cryptocurrencies is still uncertain, it is very much
sure that the technologies used behind cryptocurrencies are highly rele-
vant and with immense potentials. It is very possible that some kind of
implementation of cryptocurrencies’ technology and mobile-based pay-
ment system with cryptocurrency integration could be the future of main-
stream payment systems as one of the examples. It will be very exciting to
discover the future technological innovations in currency and payment
systems and, although most of the currently established cryptocurrencies
will not be the largely popular established currency in the future, their
technology will surely have widespread future implications.
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The future: Four
Cryptocurrency scenario
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+
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The Federal Reserve could issue its own digital currency, as some global
central banks are exploring.
Large companies such as Amazon, Walmart and Starbucks might issue
digital coins that inspire trust and gain wide acceptance.
Retail giants, by accepting payments in the currency, could elevate
Bitcoin, Ethereum or another cryptocurrency above the others vying to
offer safety, soundness and utility.
Finally, if trust is lost in government-backed, or fiat, currencies, a future
cryptocurrency could come about by default. That may be a risk not
only in places like Venezuela, but in the U.S., where federal deficits are
spiraling.
CONCLUSION
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PSSDSTUDIO R E F E R E N C E S R E F E R E N C E S
R E F E R E N C E S
+

University of Nicosia, MSc in Digital Currency, Andreas Antonopoulos,
2018
https://themerkle.com/what-is-bitcoin-fungibility/
https://coinjournal.net/path-towards-better-privacy-bitcoin-beco-
mes-clearer-will-still-take-time/
https://www.kaspersky.com/blog/bitcoin-blockchain-issues/18019/
https://bitcointalk.org/index.php?topic=770.msg9074#msg9074
https://getmonero.org/
Interview: Dott. Francesco Insabato, Economics and Business Admini-
stration, MSc in Finance and International Markets.
https://getmonero.org/resources/moneropedia/ringsignatures.html
https://books.google.it/books?hl=it&lr=&id=LchFDAAAQBAJ&oi=fn-
d&pg=PP1&dq=cryptocurrency&ots=ArmIc13LiK&sig=fxkjm9idZt-
15mlPapXvlDXJOCm8#v=onepage&q=cryptocurrency&f=false
http://www.dummies.com/personal-finance/what-is-cryptocurrency/
https://blockgeeks.com/guides/what-is-cryptocurrency/
https://medium.com/@sanjeetsahay/this-is-how-i-explained-bitcoins-to-
a-7-year-old-kid-part-2-499694f4f8cd
https://www.coindesk.com/bitcoin-explained-five-year-old/
https://www.youtube.com/watch?v=s4g1XFU8Gto
https://vimeo.com/237385304
https://ukcryptocurrency.com/iota/introduction-what-is-iota/
https://bitcointalk.org/index.php?topic=1216479.0
https://technode.com/2018/03/14/taipei-iota/
https://medium.com/adventures-in-volunteer-computing/cryptocurren-
cies-that-benefit-scientific-research-and-the-environment-f18a840336fb
https://oracletimes.com/netherlands-to-start-implementing-iota-mio-
ta-for-administrating-legal-documents/
www.bitcoinchaser.com
https://poseidon.eco/carbon.html
https://www.ecosphere.plus/wp-content/uploads/2017/09/200917-posei-
don-brings-value-to-nature-through-carbon-blockchain.pdf
https://www.enterprisetimes.co.uk/2018/04/13/poseidon-with-stel-
lar-blockchain-to-reduce-carbon-footprint/
https://www.investors.com/news/economy/cryptocurrency-future-b
tcoin-blockchain/
https://www.theguardian.com/cities/2016/apr/22/hullcoin-bitcoin-vo-
lunteers-new-way-pay
https://www.coindesk.com/hullcoin-worlds-first-local-govern-
ment-cryptocurrency/
http://www.hull-coin.org/
https://technorthhq.com/ecosystem/hullcoin/
http://www.healthureum.io/ https://www.cryptocompare.com/coins/gui-
des/healthureum-your-data-your-doctor-your-way
https://www.coinwire.com/ethereum-voting-system-launches-in-mo-
scow
https://www.ethnews.com/moscows-ethereum-voting-system-launches
https://usethebitcoin.com/moscow-launches-ethereum-voting-system/
https://cryptocurrencyfacts.com/what-is-stellar/
https://www.independent.co.uk/news/business/analysis-and-features/
singapore-cryptocurrency-cafe-first-open-ducatus-cashless-paymen-
ts-regulators-a8124691.html
http://test.ducatuscafe.starfi.sh/about/#ducatus
https://sethlui.com/ducatus-cafe-singapore-pay-using-cryptocurrency/
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http://www.agcnews.eu/bitcoin-a-singapore-ci-si-compra-un-cappucci-
no/
https://qz.com/921336/singapore-may-be-small-but-it-is-quickly-beco-
ming-a-massive-global-tech-hub/
https://poseidon.eco/carbon.html
https://www.ecosphere.plus/wp-content/uploads/2017/09/200917-posei-
don-brings-value-to-nature-through-carbon-blockchain.pdf
https://www.enterprisetimes.co.uk/2018/04/13/poseidon-with-stel-
lar-blockchain-to-reduce-carbon-footprint/
https://www.theguardian.com/cities/2016/apr/22/hullcoin-bitcoin-vo-
lunteers-new-way-pay
https://www.coindesk.com/hullcoin-worlds-first-local-govern-
ment-cryptocurrency/
http://www.hull-coin.org/
https://technorthhq.com/ecosystem/hullcoin/
https://www.opendemocracy.net/neweconomics/hullcoin-can-
blockchain-unlock-hidden-value-hulls-economy/
https://www.youtube.com/watch?v=HbHUYbkFkZE
https://ripple.com/customer-case-study/sbi-remit/
https://cleantechnica.com/2017/06/29/solarcoin-cryptocurrency-ear-
ned-generating-solar-electricity
https://holytransaction.com/blog/2014/05/top-5-businesses-that-ac-
cept-litecoin.html
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HONGTAO CHEN
MARIA COLAFIGLIO
FRANCESCA DE BERARDINIS
SRUTHY PADANNAPPURATH
SIMONE PIURI
BUSE RODOPLU
HE WANG
G R O U P
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2 0 1 7/ 2 0 1 8
# P S S D 1 8

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Understanding Cryptocurrencies: An Analysis of Bitcoin, Ethereum, IOTA and Other Digital Currencies