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The Defiant YouTube's Robin Schmidt created a DeFi 101 presentation explaining what this new blockchain-based financial freedom is all about. You'll get the definitions you need to talk the talk, the protocols to get you started and the data sources to not get rekt.
How to raise $100M for your healthcare startup via ICO: Breaking the myths of...VSee
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More info at: vsee.com/conference
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The webinar delves into the differences between centralized and decentralized exchanges. Centralized exchanges hold custody of digital assets, while decentralized exchanges enable peer-to-peer trading without intermediaries.
Instructor: Roger Royse, Founder of Royse Law Firm
Course Title: The Business Basics of Blockchain, Cryptocurrencies, and Tokens
Location: Stanford Continuing Studies
Week: 4 (of 7)
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The Defiant YouTube's Robin Schmidt created a DeFi 101 presentation explaining what this new blockchain-based financial freedom is all about. You'll get the definitions you need to talk the talk, the protocols to get you started and the data sources to not get rekt.
How to raise $100M for your healthcare startup via ICO: Breaking the myths of...VSee
Telehealth Failures & Secrets to Success Conference 2017 by VSee
Speaker: Danny Yang & Tim Swanson
CEO of BlockSeer & Director of Post Oak Labs
More info at: vsee.com/conference
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Dr. Ravi Chamria, CEO and Co-Founder of Zeeve, starts the webinar by briefly introducing Zeeve and its role in the blockchain technology space. He then dives into the major topics of the webinar, which cover two use cases in decentralized finance (DeFi) – decentralized exchanges and lending protocols. He also discusses the benefits and challenges of lending protocols in the DeFi space.
The webinar delves into the differences between centralized and decentralized exchanges. Centralized exchanges hold custody of digital assets, while decentralized exchanges enable peer-to-peer trading without intermediaries.
Instructor: Roger Royse, Founder of Royse Law Firm
Course Title: The Business Basics of Blockchain, Cryptocurrencies, and Tokens
Location: Stanford Continuing Studies
Week: 4 (of 7)
This class will shift will focus on the promise of smart contracts to provide cheap verification, reduce costs and automate many routine transactions. We will explain what a smart contract is (and what it is not), how it works and discuss where it can be implemented to the current economy. We will discuss the use of distributed applications built on the block chain and examine how Ethereum allows dApps to run. We will also look in depth at several dApps including Cryptokitties, Augur and Local Ethereum.
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The goal of this Essay is to explain the architectural structure of decentralized exchanges, and the performance and security tradeoffs associated with various architectural choices.
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Cryptocurrency tokens and coins are two different forms of digital assets, both having distinct characteristics with varied associated usages. Both are valuable tools in the increasingly popular cryptocurrency industry but serve very different purposes.
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Cryptocurrency tokens and coins are two different forms of digital assets, both having distinct characteristics with varied associated usages. Both are valuable tools in the increasingly popular cryptocurrency industry but serve very different purposes.
What is a crypto token?
A token is a digital representation of value, be it an asset or utility. Although many tokens are based on the Ethereum blockchain, they may also reside on other platforms. They can represent anything from raw materials to currencies to loyalty points and more.
Tokens are used for a variety of purposes such as access control, rewards, or voting in a decentralized system. Tokens are generally created by projects that wish to raise money through token sales, or Initial Coin Offerings (ICOs).
Here Blockchain and CryptoAsset (K) Ltd. give a view of how cryptocurrency or cryptoassets fit into the wider technological space involving blockchain and related technologies and the investment opportunities made available.
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This presentation shows the evolution of blockchain implementations from simple financial transactions to complex computer programs (i.e. Smart Contracts)
Ethereum at its simplest, is an open software platform based on blockchain technology
Ethereum allows developers to build and deploy decentralized applications.
Difference between centralized and decentralized crypto exchangeHarshit Verma
A Crypto Exchange is a platform where investors can trade, buy or sell cryptocurrency. A crypto exchange serves many purposes- investors can trade one cryptocurrency for another, for example converting Bitcoin to Ethereum, buying cryptocurrency using fiat currency, and even converting your cryptocurrency back to fiat currency. In simpler terms, a cryptocurrency exchange acts as an intermediary between a crypto buyer and seller.
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Crypto tokens are digital assets created on an established blockchain network. Crypto tokens, unlike traditional currencies, are decentralized, which means they are not controlled by any central authority or government and may be exchanged globally without the use of middlemen. The underlying technology for most crypto tokens is blockchain, which is a distributed ledger technology that records all network transactions.
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Similar to DeFi Series – Webinar 2- DeFi Primitives
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How is a Crypto Token different from Crypto Coin.pdfTusharVerma933268
Cryptocurrency tokens and coins are two different forms of digital assets, both having distinct characteristics with varied associated usages. Both are valuable tools in the increasingly popular cryptocurrency industry but serve very different purposes.
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What is a crypto token?
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https://alandix.com/academic/papers/synergy2024-epistemic/
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Cheryl Hung, ochery.com
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2. Quick Recap of DeFi Infrastructure
Blockchain: Blockchain is a decentralized ledger that encrypts
data ‘chained’ to one another while ensuring immutability
through hashing algorithms.
Smart Contracts: It allows the user to encode rules for any type
of transaction trustlessly. Executes contracts based on the
predetermined condition given in the blockchain.
Oracles: Connects smart contracts to real-world databases for
importing crucial data from the outside world.
Comparison between centralized and decentralized Systems:
In the former, decision-making and control reside on one central
authority, while in the latter, this power is distributed among a
group of individuals.
Decentralized applications: dApps are similar to traditional
software applications, except they live on a decentralized smart
contract platform.
1
2
3
4
5
1
2
4
5
3
3. What Will This Webinar Tell Us?
Equity, Utility, and
Governance Tokens
Transactions
NFTs and It's token
Standards
Custody & Escrow
Services
Burning, Minting, and
the Bonding Curve
Asset swapping
Staking Reward &
Staking Penalties
Collateralized and
uncollateralized loans
Now that we have covered the basics of DeFi infrastructure, in this webinar, we will discuss the primitive financial actions
that developers can use. A developer can combine these actions to create complex dApps.
4. Transactions
● A transaction is a message signed by an account owner that is added to a block and recorded in the blockchain.
● It can be originated only by an externally owned account (owned by a human), not by a contract account, and then transmitted to the
Ethereum network.
● The transaction can be any action, such as transferring ether or calling functions of a smart contract. Consequently, the state of the
Ethereum virtual machine (EVM) is changed.
● Any account or node has the right to initiate a transaction. But it must be verified through mining.
● Every transaction has a gas limit and a gas fee. This fee is given to miners as a reward for verifying (or mining) that transaction.
Externally
owned account
Transaction
Externally
owned account
Contract
Account
Internal
Transaction
Externally
owned account
Transaction
Externally
owned account
Transactions set in motion by
an externally owned account
Fired in response to the
transaction set in motion by
an externally owned account
5. Fungible Tokens
Divisible to a certain decimal granularity and with units that are all identical and interchangeable. Like:
$100 USD Bill.
The Ethereum blockchain fungible token standard is ERC-20- A standard interface for fungible
(interchangeable) tokens, like voting tokens, staking tokens, or virtual currencies.
There are three MAIN types of ERC-20 tokens: Equity Tokens, Utility Tokens, Governance Tokens.
Convergence between multiple categories is possible.
Example functionalities ERC-20 provides:
• Transfer tokens from one account to another
• Get the current token balance of an account
• Get the total supply of the token available on the network
• approve whether an amount of token from an account can be spent by a third-party account
6. Equity and
Security Tokens
• Represents ownership/ equity of an underlying
asset/ pool of assets.
• Equity tokens are actually more of a subgroup
of the security token. Security and equity
tokens are tokens that represent a tradable
security on a blockchain.
• Example: Depositing 1 ETH and getting back 100
'XYZ'' tokens on Aave or Compound.
• The exchange rate is variable & depends on
supply and demand.
• The Smart contract ensures it returns a Pro-
rata amount of ETH for every 'XYZ' it receives.
• Examples:
– Polymath Network is a platform for the
creation of tokenized securities
on Ethereum.
– Templum provides a regulated,
end-to-end solution for raising capital and
secondary trading in the private market.
7. • Developed for use inside a specific
blockchain ecosystem. They are meant to
be used to use the network.
• Do not exist to create value independently.
• Depends on a smart contract system or
dApp to fulfill their use case.
• Examples:
– $DAI, $LINK, $MATIC: Used to pay
application specific fees
– Synthetix (SNX): Used as a collateral
– ETH in the Ethereum Network for Fee
Utility
Tokens
8. • Governance tokens are also a kind of Equity
tokens. But not for assets.
• They represent VOTING RIGHTS for a DeFi
protocol or DAOs.
• From implementing Smart contract upgrades
to governance proposals- everything is done
through token holders' votes.
• Eliminates admin-controlled functionalities &
creates true DeFi.
• The governance token's supply can be:
– Static: (MKR token for Maker DAO)
– Inflationary: (COMP token for Compound)
– Deflationary: (MKR token, fees are burned)
Governance
Tokens
9. Non-Fungible and Semi-Fungible Tokens
• Each unit is unique. Divisible (fractional NFTs) but not interchangeable.
• Hence, it can be used as Deeds or proof of unique ownership of unitary assets.
• Example: A p2p loan with its own terms & interest rates can be represented as NFTs.
• Technically, NFTs follow ERC-721 & ERC-1155 standards & NOT ERC-20
• ERC-1155 represents both fungible + non-fungible ones.
• ERC-1155 also offers batch transfer (saves Gas) & semi-fungibility.
Vouchers
Vouchers resemble semi-fungible
tokens since you can interchange
them with the same voucher with
the same expiration date. Once
redeemed, SFTs lose their value
and become non-fungible tokens.
Event Tickets
Creating event tickets in the form of
crypto tokens is a widely popular
use of SFTs. The ticket will act like a
fungible token before the event and
will turn into a non-fungible token
after the event.
Gaming Assets
Games include both fungible tokens
(game dollars and gold bars) and
non-fungible tokens (in-game
assets). Games supporting SFTs
let players interchange their FTs
with NFTs or vice versa.
Semi-Fungible Tokens Uses:
10. Custody
• A critical DeFi primitive is the ability to escrow or custody funds
directly in a smart contract. This is distinct from the situation in ERC-20
when operators are approved to transfer a user’s balance.
• The user retains custody of his funds and could transfer the balance at
any time or revoke the contract's approval.
• When a smart contract has full custody over funds, new capabilities
(and additional primitives) are possible:
– Retaining fees and disbursing incentives
– Facilitation of token swaps
– Market making of a bonding curve
– Collateralized Loans
– Auctions
– Insurance funds
• The Smart Contract must be programmed to handle unique token
types – ERC20 or ERC 721
– Risk of permanent custody if no mechanism for releasing funds
– Safety checks in token transfer
11. • Token supplies can be adjusted using MINTING & BURNING
mechanisms.
• Minting -> Mint new tokens using the mechanics encoded into
Smart contracts. Inflationary, LP Tokens, Rewards
– Example: Entering a pool and acquiring ownership using
cTokens in Compound.
• Burning -> Send tokens to an unowned address or add feature
burning functions to smart contracts to make tokens unusable.
Deflationary and Redemption
– Example: Burning of AAVE tokens for driving scarcity.
• Bonding curves -> A dynamic approach to calculate the token
value, taking supply into consideration. Work independently from
Crypto exchanges.
– It sells tokens by calculating token prices in Ether and issuing
them after payment. Also, buy them and pay with Ether.
– The growth rate for the bonding curve determines users'
performances.
Supply
Adjustments
12. Swapping
Swapping is simply
exchanging one type
of token with another.
It’s Non-custodial and
done using a DEX.
There are two
approaches to which
a DEX gets liquidity.
• Order Book
Matching
• Automated
Market Makers
For a successful
order-book match, all
parties must agree on
the swap exchange
rate. Kuber Network
has a fully automated
order books.
The order-matching
approach is expensive
and inefficient
because each update
requires an on-chain
transaction.
13. • Collateralized loans are backed by an
equivalent or excess amount of collateral.
• Collateral can become less valuable than
the debt. due to price volatility, leading to
unfortunate liquidation.
• To mitigate risk, a larger collateralization
ratio is required to avoid margin calls.
• For Maker DAO, borrowers must keep 150%
collateral on loan value. Any drop in ETH
value below that will come at a 13% penalty.
• If the private key is lost or the contract gets
hacked, borrowers or lenders will lose their
assets.
• Decentralized Insurance protocols
(like Nexus Mutual or CDx) can help in
such cases.
Collateralized Loan
14. Flash | Uncollateralized Loan
• DeFi uses a multi-layered architecture.
• Every layer has a distinct purpose.
• The layers build on each other and create an open and highly composable infrastructure
that allows everyone to build on, rehash, or use other parts of the stack.
• If, for example, the blockchain in the settlement layer is compromised, all subsequent layers
would not be secure.
• Similarly, if we used a permissioned ledger as the foundation, any decentralization efforts on
subsequent layers would be ineffective.