Bitcoin 2.0 and smart contracts will create economic incentives that guide the economy towards more efficient methods of government and taxation, radically optimizing how the world does business and how society functions.
Kristof V. explained the basics of blockchain and smart contracts. Starting with the mechanics of bitcoin (introduced by the 2009 paper of Satoshi Nakamoto) he explains concepts of pseudonymisation, encryption, blockchain, mining, and distribution. After skimming high-level through some use cases he moves to "(smart) contracts", using the example of an auction.
Link to examples of "smart contracts": https://dapps.ethercasts.com
Link to the event follow-up page: https://www.meetup.com/Brussels-Legal-Hackers/messages/boards/thread/50920056
Legal hackers: https://www.meetup.com/Brussels-Legal-Hackers
Contracts Across Coins - Smart Contracts for Bitcoin, Ripple and the altcoinsRipple Labs
Held at Coin Congress in San Francisco on Thursday, July 24th, 2014.
Codius is a set of tools for building smart contracts that work with any blockchain and even work with any other service connected to the Internet.
https://www.meetup.com/bitcoin-barcelona/events/236961113/?eventId=236961113&chapter_analytics_code=UA-68616111-1
What is a "Smart Contract"?
What Smart Contracts are useful for?
How to improve business processes using Smart Contracts?
Blockchain workshop PwC March 2018. Explanation of bitcoin and blockchain, Historical analogies, pros and cons, examlples. (Slides don't tell the full story, it included hands on activtiies)
Blockchain: An Introduction, by Ruben Merre NGRAVERuben Merre
Blockchain - An Introduction is an extensive intro to blockchain technology and cryptocurrencies. Ruben Merre, CEO of blockchain hardware wallet tech company Ngrave, uses this slide deck for University lectures, introducing university level college students to the basics and the inner workings of blockchain technology.
Grokking TechTalk #17: Introduction to blockchainGrokking VN
Speaker: Do The Luan - CARDADO labo
Bio: I work currently for CARDADOlabo, a Japanese Fintech startup. I'm obsessed by Ethereum and I have had a strong passion of research. I hold B.S from University of Science of HCM city and a M.S of computer science from La Rochelle University. I was a lecturer for 3 years at the University of Information Technology.
Description:
In this talk, Luan will share with us a high-level technical introduction about Blockchain, Bitcoin and Eutherium.
- What is blockchain and how is it related to bitcoin?
- What is Ethereum, the second-generation of blockchain
By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the Blockchain technology.
Ethereum, 2nd generation blockchain technology, is an open source blockchain project that was built specifically to realize the coding of simple contracts on distributed ledgers. Still in its early stages, Ethereum has the potential to leverage the usefulness of blockchain on a truly worldchanging scale.
Kristof V. explained the basics of blockchain and smart contracts. Starting with the mechanics of bitcoin (introduced by the 2009 paper of Satoshi Nakamoto) he explains concepts of pseudonymisation, encryption, blockchain, mining, and distribution. After skimming high-level through some use cases he moves to "(smart) contracts", using the example of an auction.
Link to examples of "smart contracts": https://dapps.ethercasts.com
Link to the event follow-up page: https://www.meetup.com/Brussels-Legal-Hackers/messages/boards/thread/50920056
Legal hackers: https://www.meetup.com/Brussels-Legal-Hackers
Contracts Across Coins - Smart Contracts for Bitcoin, Ripple and the altcoinsRipple Labs
Held at Coin Congress in San Francisco on Thursday, July 24th, 2014.
Codius is a set of tools for building smart contracts that work with any blockchain and even work with any other service connected to the Internet.
https://www.meetup.com/bitcoin-barcelona/events/236961113/?eventId=236961113&chapter_analytics_code=UA-68616111-1
What is a "Smart Contract"?
What Smart Contracts are useful for?
How to improve business processes using Smart Contracts?
Blockchain workshop PwC March 2018. Explanation of bitcoin and blockchain, Historical analogies, pros and cons, examlples. (Slides don't tell the full story, it included hands on activtiies)
Blockchain: An Introduction, by Ruben Merre NGRAVERuben Merre
Blockchain - An Introduction is an extensive intro to blockchain technology and cryptocurrencies. Ruben Merre, CEO of blockchain hardware wallet tech company Ngrave, uses this slide deck for University lectures, introducing university level college students to the basics and the inner workings of blockchain technology.
Grokking TechTalk #17: Introduction to blockchainGrokking VN
Speaker: Do The Luan - CARDADO labo
Bio: I work currently for CARDADOlabo, a Japanese Fintech startup. I'm obsessed by Ethereum and I have had a strong passion of research. I hold B.S from University of Science of HCM city and a M.S of computer science from La Rochelle University. I was a lecturer for 3 years at the University of Information Technology.
Description:
In this talk, Luan will share with us a high-level technical introduction about Blockchain, Bitcoin and Eutherium.
- What is blockchain and how is it related to bitcoin?
- What is Ethereum, the second-generation of blockchain
By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the Blockchain technology.
Ethereum, 2nd generation blockchain technology, is an open source blockchain project that was built specifically to realize the coding of simple contracts on distributed ledgers. Still in its early stages, Ethereum has the potential to leverage the usefulness of blockchain on a truly worldchanging scale.
Ethereum is a decentralised blockchain-based cryptocurrency with its own native currency, Ether (ETH), as well as a unique programming language known as Solidity. Ethereum, which was created in 2015 by a small group of crypto pioneers, has risen to become the world's second most popular cryptocurrency, trailing only Bitcoin. Ethereum was created by a team that included Joe Lubin and Vitalik Buterin, who is currently the Ethereum CEO and the world's youngest crypto millionaire at the age of 27.
The best smart contract platforms in 2021OliviaJune1
The smart contract has become a game-changer in the industry. Contract delivery and payout have both changed dramatically as a result. Only Ethereum was once considered to be the only platform for creating smart contracts
Primer to smart contracts, smart property, trustless asset managementTim Swanson
Companion video at: http://youtu.be/VDRYZ122mXA
Tim Swanson discusses cryptocurrencies, cryptoledgers, smart contracts, smart property, decentralized autonomous organizations and cryptobarter. There are footnotes included as well. Filmed at Hacker Dojo on February 14, 2014 during Ethereum meetup. More info at: www.ofnumbers.com
Hands-on introduction to blockchain technologies.
First, basic concepts as peer-to-peer networks, mining and distributed consens are introduced basd on the Bitcoin protocol. Next smart contracts are discussed for the Ethereum protocol and demonstrated using a local/private blockchain.
The session concludes with a live demo of the interaction of a Java based classical business application with a smart contract running in the Ethereum network.
The goal of the session is to provide a meaningful background of blockchain technologies in genral and to enable developers to start exploring Ethereum and smart contracts within a few hours.
The proposed development setup is oriented towards Java developers and contains Docker images for the Geth and TestRPC Ethereum clients that can be run locally. To access Ethereum from Java the web3j Java library is used. The business application that integrates with the smart contracts is built with the Eclipse Scout framework.
Slides have been created by @ZimMatthias for the JUG Switzerland session on May 22, 2017 https://www.jug.ch/html/events/2017/blockchain_ethereum.html
Bitcoin and blockchain are not the same things, although they are related in that blockchain technology was first described and implemented in Bitcoin. Learn More about Blockchain:
Blockchain concept and technology. How this is becoming the next trend after the Bitcoin, expanding to a myriad of solutions. Smart contracts might be using a public distributed, and encrypted platform to support data persistence.
There are new and emerging opportunities for organisations in all sectors to create and deliver compelling services for their customers using the power of disruptive innovation. As organisations formulate their plans for the coming months, this paper aims to help business and public sector leaders understand the cultural and organisational challenges that are inevitably brought by the use of blockchain technologies, and provides them with the insights they need to overcome them.
There has been a lot of buzz around blockchain, and its most popular application Bitcoin. But what can organisations actually do with it, and what does it mean for you?
Find out more here about its potential, ecosystem, most popular start-ups and 15 promising cases in 5 different industries: Retail, Financial Services, Healthcare, Real Estate & Insurance.
Overview and clarification of blockchain on following respects: what blockchain is, when it appeared, how it works, who designed/develops it, what it can achieve?
Author : Dr Christian Cachin, IBM
Building the Bitcoin & Blockchain Ecosystem: A Closer Look at the work of Ind...WithTheBest
Learn how Coinsecure works to educate and enable individuals and businesses to leverage Bitcoin and Blockchain technology through the first and only INR based blockchain explorer, an open order book exchange with a rest API mock trading platform/testnet, paperwallet services, an online wallet service and various integrations. Explore an overview of Coinsecure and products for developers, the Coinsecure story and bitcoin adoption in India. Dive into Coinsecure’s new API and solutions to challenges it faces.
Mohit Kalra
Ethereum is a decentralised blockchain-based cryptocurrency with its own native currency, Ether (ETH), as well as a unique programming language known as Solidity. Ethereum, which was created in 2015 by a small group of crypto pioneers, has risen to become the world's second most popular cryptocurrency, trailing only Bitcoin. Ethereum was created by a team that included Joe Lubin and Vitalik Buterin, who is currently the Ethereum CEO and the world's youngest crypto millionaire at the age of 27.
The best smart contract platforms in 2021OliviaJune1
The smart contract has become a game-changer in the industry. Contract delivery and payout have both changed dramatically as a result. Only Ethereum was once considered to be the only platform for creating smart contracts
Primer to smart contracts, smart property, trustless asset managementTim Swanson
Companion video at: http://youtu.be/VDRYZ122mXA
Tim Swanson discusses cryptocurrencies, cryptoledgers, smart contracts, smart property, decentralized autonomous organizations and cryptobarter. There are footnotes included as well. Filmed at Hacker Dojo on February 14, 2014 during Ethereum meetup. More info at: www.ofnumbers.com
Hands-on introduction to blockchain technologies.
First, basic concepts as peer-to-peer networks, mining and distributed consens are introduced basd on the Bitcoin protocol. Next smart contracts are discussed for the Ethereum protocol and demonstrated using a local/private blockchain.
The session concludes with a live demo of the interaction of a Java based classical business application with a smart contract running in the Ethereum network.
The goal of the session is to provide a meaningful background of blockchain technologies in genral and to enable developers to start exploring Ethereum and smart contracts within a few hours.
The proposed development setup is oriented towards Java developers and contains Docker images for the Geth and TestRPC Ethereum clients that can be run locally. To access Ethereum from Java the web3j Java library is used. The business application that integrates with the smart contracts is built with the Eclipse Scout framework.
Slides have been created by @ZimMatthias for the JUG Switzerland session on May 22, 2017 https://www.jug.ch/html/events/2017/blockchain_ethereum.html
Bitcoin and blockchain are not the same things, although they are related in that blockchain technology was first described and implemented in Bitcoin. Learn More about Blockchain:
Blockchain concept and technology. How this is becoming the next trend after the Bitcoin, expanding to a myriad of solutions. Smart contracts might be using a public distributed, and encrypted platform to support data persistence.
There are new and emerging opportunities for organisations in all sectors to create and deliver compelling services for their customers using the power of disruptive innovation. As organisations formulate their plans for the coming months, this paper aims to help business and public sector leaders understand the cultural and organisational challenges that are inevitably brought by the use of blockchain technologies, and provides them with the insights they need to overcome them.
There has been a lot of buzz around blockchain, and its most popular application Bitcoin. But what can organisations actually do with it, and what does it mean for you?
Find out more here about its potential, ecosystem, most popular start-ups and 15 promising cases in 5 different industries: Retail, Financial Services, Healthcare, Real Estate & Insurance.
Overview and clarification of blockchain on following respects: what blockchain is, when it appeared, how it works, who designed/develops it, what it can achieve?
Author : Dr Christian Cachin, IBM
Building the Bitcoin & Blockchain Ecosystem: A Closer Look at the work of Ind...WithTheBest
Learn how Coinsecure works to educate and enable individuals and businesses to leverage Bitcoin and Blockchain technology through the first and only INR based blockchain explorer, an open order book exchange with a rest API mock trading platform/testnet, paperwallet services, an online wallet service and various integrations. Explore an overview of Coinsecure and products for developers, the Coinsecure story and bitcoin adoption in India. Dive into Coinsecure’s new API and solutions to challenges it faces.
Mohit Kalra
The Click Pay Business Plan was a part of entrepreneurship course study in MBA. My plan was selected as the best plan for the year and it was later submitted to SMEDA (Small and Medium Enterprise Development Authority) for further checking and viability study.
This business plan provides details about establishing a payment gateway company in Pakistan. It includes details of financial planning with 3 years projected financial statements.
MyBitSavings Business Plan - Earn BitcoinMike Janssens
MyBitSaving is a really well thought out MLM site. It allows access to all (because free registration ispossible).
You can upgrade your account for as little as 0.003BTC.
You can generate the income necessary to upgrade further through the built-in ePay faucet rotator.3x8
The 3x8 matrix system will make sure you are able to earn a good amount of BTC if you manage to refer enough members.
Go check out the site by creating your free account here: http://btc2c.com/mybitsavings
Columbia Law School - Decentralized Ledgers Presentation on 4/7/2014Ldger, Inc
Principals from Tillit explore the business and legal implications of advanced blockchain technologies, including smart contracts, digital stored value and the concepts of "code as law"
A Gentle introduction to Blockchain with EthereumJohann Romefort
This is my gentle intro to blockchain talk given at FC Bayern Hackdays - From the disruption of trust to how to deploy a HelloWorld SmartContract on a local instance of Ethereum using Truffle and Ganache.
More info: https://blockchainhub.net/
Blockchain for Beginners in a Nutshell: History of Blockchain, how it works, and future outlook #blockchain #ethereum #bitcoin #consensus
FinTech is just short for financial technology and it refers to the application of technology in the financial industry. On the other hand, blockchain refers to the distributed ledger technology behind cryptocurrencies; it allows digital information to be distributed and each piece of data can only have one owner.
Video: http://www.youtube.com/watch?v=19NOB35ZxfI
Introduction to Blockchain technology, applications for insurance and the regulatory environment in Canada
The Stellar Blockchain and The Story of the Federated Consensus — Blockchain ...Ory Band
We'll dive deeper into the Federated consensus networks, focusing on Stellar and Ripple,
and discuss how they differ from other popular decentralized consensus solutions such as Proof-of-Work and Proof-of-Stake.
We'll assess their pros and cons, and discuss the business requirements that drive companies to adopt these solutions over others.
Video of the presentation is available here: https://www.youtube.com/watch?v=QSpG6a9bmu0
Related blog post in Blockchain Academy TLV: https://medium.com/kinblog/the-stellar-blockchain-and-the-story-of-the-federated-consensus-blockchain-academy-f332eaadefc1
Blockchain: Breaking it down and putting it into actionshiftdsm
Have you been thinking about ways of getting your business ahead through technology? Blockchain might be your answer. In this presentation, you’ll learn about what blockchain is, how it can be used to streamline processes and what steps you need to take to start implementing it within your own business.
In the times to come, smart contracts are going to be popular, and there will be a need for smart contract experts. To become an expert in this field, you need to enroll for a smart contracts online course.
By the end of this e-book, you’ll certainly know more about cryptocurrency
than most people out there.For this first chapter, we will be covering 5 topics:
1. What Is Cryptocurrency?
2. How DoCryptocurrencies Work?
3. How Are The Cryptocurrencies Value Determined?
4. What Is Cryptocurrency Used For?
5. Why Cryptocurrency?
Similar to How Bitcoin 2.0 Will Shape the Future of Business (20)
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
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2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
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VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Implicitly or explicitly all competing businesses employ a strategy to select a mix
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Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
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Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
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Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
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How Bitcoin 2.0 Will Shape the Future of Business
1. How Bitcoin 2.0 Will Shape the
Future of Business
Chris Clark
2. Bitcoin 1.0 - electronic payments
● Is Bitcoin better than a credit card?
○ Takes 1 hour to confirm a payment (for now…)
○ You lose all your money if you lose your digital wallet
○ No built-in theft insurance
● The benefits may seem minor in comparison
○ Much lower transaction fees
○ Not inflationary
○ Better privacy (if you are careful)
○ You control how much gets sent to merchant
3. Why Bitcoin is such a big deal
1. Bitcoin is the first electronic method of
settling payments that doesn’t have a choke
point for regulation
2. Bitcoin is the first system that enables smart
contracts
4. It’s hard to regulate Bitcoin
● Regulate exchanges
○ No effect on transactions in the Bitcoin system
● Regulate miners
○ No effect unless all countries in the world shut them
down or internet censorship is used (like China’s
Great Firewall)
● Regulate businesses accepting Bitcoin
○ Gives unfair advantage to foreign businesses
○ Most feasible option, but still very difficult to enforce
6. Colored Coins
● An organization arbitrarily chooses some
bitcoins and declares that ownership of
those coins implies ownership of some real-
world asset (probaby coins they own)
○ Could represent stock in a company
○ Could represent land ownership or car ownership
● Ownership is tracked as they are transacted
○ Issuer makes special rules for mixed-color inputs
7. Secure Voting
● A colored coin owner can prove that they
own the colored coins by publishing their
public key and a message signed with that
public key
○ A hash of the public key is stored in the Bitcoin
blockchain as the address that owns the coin
● Secure voting
○ Sign a message that contains the vote to cast
8. Crypto-equity
● A company sells colored coins instead of
doing a traditional IPO
● The company promises to pay dividends in
Bitcoin to each address that owns its colored
coins
● Colored coin owners may also have votes
● Must trust the company to fulfill promises
○ Unless the company is a smart contract...
9. Smart Contracts
● Contracts that are enforced automatically
using algorithmic transactions (a program)
○ Eliminates counterparty risk and associated costs
● Vending machine is a simple example (Nick
Szabo)
● Bitcoin supports some types of smart
contracts natively with it’s built-in scripting
language
10. Multi-signature Transactions
● Payment is only made if 2 out of 3 (or m out
of n) people sign
○ Useful for escrow and dispute mediation
○ Don’t have to trust the mediator because they never
possess the money, it’s locked algorithmically
○ Just have to trust that the mediator won’t collude
with counterparty
● To reduce risk of collusion with counterparty,
use 15 mediators and require 8 signatures
11. Multi-signature Transaction Example
● Escrow for automobile purchase
○ The buyer creates public key K1 collects public keys
from seller and mediator, K2 and K3 respectively
○ The buyer locks funds with scriptPubKey:
■ 2 <K1> <K2> <K3> 3 CHECKMUTLISIGVERIFY
○ The buyer shows this transaction to the seller
○ The seller verifies that K3 belongs to mediator by
requesting that mediator sign a random nonce
○ The seller verifies that funds are locked in
blockchain and hands over the keys
12. Multi-Signature Transaction Example
● Automobile escrow resolution
○ If all goes well, the mediator does nothing, buyer and
seller both sign a transaction sending funds from
escrow to seller
○ If there is a dispute, mediator reviews documents
and DMV records, then creates and signs a
transaction that sends money to either the buyer or
seller, and whoever is receiving the money provides
the second signature
13. Oracles
● Third party in multi-signature transaction can
also be an oracle that automatically signs
the transaction contingent upon information
available on the internet
○ Can create financial derivatives by observing
exchange rates
○ Can be used for betting by observing the news
14. Smart Contract Architectures
● Ethereum
○ All code runs on every node in the network
○ Contracts have “gas” that pays for their execution
○ If the gas runs out, the contract is terminated
○ Contracts have memory and can send messages
like function calls
○ Contracts cannot reach out to the internet, but
computers on the internet can send messages into
the Ethereum network
15. Smart Contract Architectures (cont)
● Codius
○ Generic platform for deploying smart contracts
■ Like Amazon Web Services or OpenStack
○ Contract creator can choose how many hosts to use
■ Much more scalable than Ethereum
○ Minimize trust in hosts by using m of n consensus
○ Each Codius host can have its own billing policy
○ Contracts can be written in any language
○ Contracts can directly reach out to the internet
16. Decentralized Organizations
● A smart contract tied to a crypto-equity
(colored coin) containing corporate by-laws
and accounting logic, with real employees!
● All corporate revenues enter the smart
contract through bitcoin payments and get
disbursed according to budgeting rules and
dividend policy
○ No more counterparty risk in crypto-equities
17. Decentralized Organizations (cont)
● DO smart contract contains bitcoin
addresses and payment amounts for C-suite
salaries and departmental budgets
○ Crypto-equity owners can vote to change these
addresses, effectively firing the CEO or defunding a
department
● Owners may also vote to change the
dividend ratio
18. Decentralized Organization Example
● Online news site
○ All advertisers are asked to send payments to
addresses in a deterministic wallet that is controlled
by the smart contract (no human has access to it)
○ Smart contract sends a percentage of revenues to
owners as dividends (less game-able than profits)
○ Remainder of revenues gets added to a pool of
funds from which expenses are paid
■ Pool -> Managers -> Reporters & Designers etc.
21. Decentralized Organizations (cont)
● Why do people make corporations?
○ They allow a group of people to enter a business
together, ensuring that the intended ownership of the
business and dividend payments are enforced
○ They limit the liability of the owners
○ They allow ownership to be transferred at will or
after death of an owner
● All of this can be handled by smart contracts
○ Liability limitation through anonymity
22. Decentralized Organizations (cont)
● A decentralized organization lives in the
blockchain, distributed around the world
● Imagine such a company with employees in
dozens of countries, doing business
internationally through the internet…. which
country would try to claim it’s income taxes?
○ Ex: an online news site
○ Ex: a software development company
23. Income Taxes
● There is no feasible way to divide up
corporate income between countries
● DOs (like foreign employers) have no
incentive to withhold income taxes from their
employees
● Employees can easily hide their bitcoin
income (this is already happening)
24. Will companies transition to DOs?
● Most companies don’t want to change
unless they have to
● Employees will accept lower wages in bitcoin
if they know they can get away with tax
evasion
● Traditional corporations will have to compete
against DOs with 20-30% cheaper workforce
○ And they will eventually go out of business
25. Physical Presence
● Many companies require a physical
presence (such as hosting providers)
● This can be used as a point of taxation
● But tracking income is still infeasible
● Move to resource-based government funding
○ Property taxes
○ Power consumption fees
○ Pollution fines (gas taxes)
26. Other Government Funding Options
● Contract signing service
○ Submit your smart contracts to a government server
that charges a fee to digitally sign the contract
○ If the contract is signed, the government will help
you enforce it in the real world using the court
system and police, otherwise you have to pay for
private arbitration (idea from Ayn Rand)
○ Fee is based on a percentage of the value bound by
the contract
27. Definition of Tax
1. “a compulsory contribution to state revenue, levied by the government on
workers' income and business profits or added to the cost of some goods,
services, and transactions.” - Google
2. “A tax is a financial charge or other levy imposed upon a taxpayer (an
individual or legal entity) by a state or the functional equivalent of a state
such that failure to pay, or evasion of or resistance to collection, is
punishable by law.” - Wikipedia
● Contract enforcement fees are not taxes because the
government will never compel you to pay them; they are
completely voluntary
● Like postage fees, they are a payment for services
28. Property “Taxes”
● Technically speaking, nobody owns land in
the US because there is no allodial title
● Make a small change: you are not evicted
from your property for not paying property
taxes, you are evicted for trespassing after
you stop and someone else starts paying
● Now property “taxes” are no longer taxes
because they are voluntary
29. Is this what we want?
● Nobel prize winning economist Milton
Friedman said land value tax is the least bad
tax (most economically efficient)
● Ethically preferable to avoid violent
compulsion
● Still generates a massive amount of revenue
○ Don’t have to eliminate social safety nets
30. The Invisible Hand
It is economically possible to:
1. Eliminate ALL taxes
2. While still funding the government/military
3. And providing a basic income to all citizens,
making employment optional
a. Just in time to address technological unemployment
● Tech is guiding policy like an invisible hand,
just as capitalism guides economic activity
31. DAOs
● Decentralized Autonomous Organizations
○ A decentralized organization that runs itself
○ May hire programmers to improve its own code
● May be impossible to shut down
○ Each host has a different cryptographic key pair
■ Generated locally as part of deployment protocol
○ Decisions are made by consensus of 70/100 hosts
○ If you disable a host, it automatically buys another
32. Sidechains
● It’s possible that a better coin will be created
○ Faster settlement, more anonymous, less power
consumption from mining
● But it’s hard to beat the network effect
○ Ex: Craigslist is still most popular classifieds site
despite it’s primitive and inefficient user interface
● Sidechains create a two-way currency peg
○ Allow new currencies to be backed by bitcoins just
like how US dollars used to be backed by gold
33. Instant Payment Confirmation
● BIP 65 suggests a new script op-code:
OP_CHECKLOCKTIMEVERIFY
○ Compares parameter to lock time of the transaction
that is trying to spend the transaction the script is in
● Can lock funds so it requires 2 signatures
until some point in future, then only one
○ IF (<notary pubkey> CHECKSIG) {} // empty if block
ELSE {<expiry time> CHECKLOCKTIMEVERIFY DROP}
<user pubkey> CHECKSIGVERIFY
34. Instant Payment Confirmation (cont)
● Merchant sees that you can only spend with
cooperation of notary (at least today)
● Merchant trusts notary not to collude with
you to double-spend
● Merchant accepts a transaction signed by
you and the notary with zero confirmations
● If notary is malicious or shuts down, you still
get all your money back at expiration
35. Difficulty of Value Capture
● Usually monumental change provides
massive opportunities for profit
● Decentralization is so impactful precisely
because it eliminates the drain caused by
middlemen
● Blockstream (company driving sidechain
development) doesn’t seem to have a
business model