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金融革命？談區塊鏈上的去中心化金融應用
本文探討區塊鏈技術的原理及其在去中心化金融中的應用，涵蓋底層鏈開發、非對稱加密以及流動性挖礦等重要概念。此外，分析了公有鏈、聯盟鏈和私有鏈的特性與應用場景，並介紹了區塊鏈的監管與未來發展方向。
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金融革命？談區塊鏈上的去中心化金融應用
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- 2. 課程⼤綱 • 區塊鏈底層技術原理（60min） • 重塑⾦融世界的FinTech (60min) • 區塊鏈與⾦融的關係 • DeFi • 對未來⾦融的想像 (60min) • 區塊鏈 / DeFi v.s. 監管 180 minutes
- 3. 創辦⼈ & CEO 歐曜瑋 •重量科技創辦⼈ • CAMS 國際認證反洗錢師 • 偉康科技⾸席科學家 • ⼗年⼤型分散式系統開發經驗 • 台灣⼤學資訊⼯程研究所 碩⼠ 虛擬貨幣交易平台 COBINHOOD 亞太區塊鏈發展協會 APAC BDA 底層公有區塊鏈項⽬ DEXON 火星區塊鏈 Mars Blockchain 底層鏈研發公司 Cepave • 創辦⼈ • 台灣⾸家底層鏈研發公司 • 孵化兩個區塊鏈項⽬: Pallet 、 IDHub • 共同創辦⼈，參與初期設計研發 • 成功引入 IDG 投資 2000 萬美元 • 開發台灣⾸個每秒 100 萬筆 「超快速」 區塊鏈交易網絡底層鏈 • 總經理，曾為台灣最⼤的區塊鏈 公司與世界第⼀零⼿續費交易所 • 創下 ICO 台灣史上最⾼紀錄 48 ⼩時完成 86000 ETH 募資 • 成功推向世界第⼆安全交易所 • 現任亞太區塊鏈發展協監事 • 促進區塊鏈的研究與發展 • 致⼒於區塊鏈⽣態圈應⽤ • 會員有 Bit fi nex 等知名交易所 • 發⾏⾼效透明 1SG 穩定幣 • 區塊鏈科普資訊聚合平台 • 中⼼化託管錢包 關於我 — 區塊鏈產業經驗 監理科技 KryptoGO • 海內外知名加速器孵化： PlugAndPlay, Microsoft Accelerator, UC Berkeley Xcelerator, Pw C • 世界第⼀個 KYABC ⾦融監理 調查引擎
- 4. 創辦⼈ & CEO 歐曜瑋 •CAMS 國際認證反洗錢師 • 重量科技創辦⼈ • 偉康科技⾸席科學家 • ⼗年⼤型分散式系統開發經驗 • 台灣⼤學資訊⼯程研究所 碩⼠ 關於我 — 投入區塊鏈的這五年 交易調查分析 證券型代幣發⾏ 智能合約 底層鏈開發 KYC/AML 經濟激勵設計 分佈式帳本 / 區塊鏈 Wallet / Exchange Blockchain Protocol Stable Coin / STO / ICO DApps
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- 8. 穩定幣市值每天增長 1 億美⾦ ‘DeFiyields and interest rates are clearly a vacuum sucking in a lot of stablecoins,’ says Coin Metrics’ Nic Carter.
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- 13. ❏ 區塊鏈是⽤來保存交易記錄的⼀條長鏈。這 條長鏈上有⼀個⼜⼀個的區塊，每個區塊裡 都包含著成百上千筆交易紀錄，藉由密碼學 串接並保護內容的串連交易記錄。 ❏ 每⼀個區段包含了前⼀個區段的 Cryptographichash function 、相應時 間紀錄以及交易資料，這樣的設計使得區段 內容具有難以篡改的特性。⽤區塊鏈所串接 的分散式帳本能讓兩⽅有效紀錄交易，且可 永久查驗此交易。 何謂區塊鏈？
- 14. Block- 區塊（鎖著帳本的保險箱） = Hash值 = 交易紀錄（帳本） + Hash Function（密碼鎖） Chain- 鏈 「Chain」是指區塊之間彼此交疊扣住的區域，將每個區塊以這個⽅式串接 起來．因此除了第⼀塊創世塊外，每塊的「區塊頭」都會包含前⼀塊的 Hash 值，再加上本⾝新的交易資料與後續的加密步驟 。 何謂區塊鏈？
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- 16. Hash 雜湊演算法 ❏ 雜湊函數將任何長度的訊息輸入後加以濃縮，轉換⽽成為⼀個長度較短且固定的輸出，此輸出訊息 為雜湊值 (Hash Value)或訊息摘要 (Message Digest) ❏ 雜湊函數特性 ❏ 單向的映射函數 (One way transformation): 無法由輸出反推其原輸入值（不可反逆) ❏ 抗碰撞性 (collision resistance): 雜湊值需隨明⽂改變⽽變動 • 很難找出⼆個不同的⽂件具有相 同的雜湊值，常被稱為「數位指紋」(Digital Fingerprint) ❏ 擴張性 (Diffusion): 指明⽂中的任何⼀個⼩地⽅的變更都將會擴散影響到密⽂的各部份 ❏ 應⽤： ❏ 確保資料傳送的完整性 ❏ 數位簽署 ❏ 密碼儲存
- 17. 非對稱加密 ❏ 非對稱性密碼學 (AsymmetricEncryption；Public Key Encryption) – 每個使⽤者擁有⼀對 ⾦鑰 - 公開⾦鑰和私密⾦鑰(public key and a private key)，訊息由其中⼀把⾦鑰加密後，必需由另⼀ 把⾦鑰予以解密，公開⾦鑰可以被廣泛的發佈，⽽私密⾦鑰必需隱密的加以保存。 ❏ 優點： ❏ 公開鑰匙可以公開分送 ❏ 提供私密性、驗證與不可否認性等服務 • ❏ 缺點： – 效率較差
- 19. Hash 雜湊演算法在區塊鏈應⽤ ❏ 區塊鏈中使⽤的單向密碼機制：對⼀個交易區塊中的交易信息進⾏加密，並把信息壓縮成由⼀串數 字和字⺟組成的字串。我們能透過Hash值唯⼀且準確地標識⼀個區塊，區塊鏈中任意節點都可以驗 算出這個區塊的Hash值，計算出的Hash沒有變化也就意味著區塊中的信息沒有被篡改。 ❏ 非對稱式加密→公私鑰： 透過數學理論來確保⼈們沒辦法破解出私鑰的內容，以保證系統的安全 性，比特幣的系統所使⽤的公私鑰（非對稱式密碼學）演算法就是 ECDSA (橢圓曲線數字簽名算 法）。
- 20. 非對稱加密在區塊鏈應⽤ ❏ 私鑰 PrivateKey： 由特定數學函式⽣成的隨 機數，⽽這個隨機數的作⽤就相當於"密碼"的作 ⽤，能夠證明對該比特幣地址的所有資⾦具有的 所有權及控制權。在進⾏⽀付的時候，擁有者就 必須要使⽤私鑰為交易"簽名"，以證明⾃⼰是這 個比特幣地址的擁有者，⽽能夠動⽤這個比特幣 地址賬⼾內的比特幣，從⽽進⾏交易。 ❏ 公鑰 Public Key： 透過數學理論來確保⼈們沒 辦法破解出私鑰的內容，以保證系統的安全性， 比特幣的系統所使⽤的公私鑰演算法就是 ECDSA (橢圓曲線數字簽名算法）。 ❏ 。
- 21. 私鑰、公鑰、比特幣地址的關係 ❏ A要發起交易時，會拿出⾃⼰的私鑰，把這筆交 易內容加密，然後附上他的公鑰，再把交易廣播 出去讓⼤家知道。其他⼈此時會拿 A的公鑰把 這筆交易解密，如果解得開，那這筆交易就⼀定 是 A 發起的，因為只有他擁有私鑰。 ❏ 要是有⼈在中途把交易解密後竄改內容，因為這 個⼈沒有 A 的私鑰可以重新加密，所以他竄改 後的東⻄是無法通過公鑰驗證的。由此可⾒，公 私鑰系統的⾓⾊，就在於確保交易的真實性，防 ⽌有⼼⼈⼠在中間搗亂。 不可逆 可驗證
- 22. UTXO 帳本模型： 在比特幣的世界裡，並沒有⼀個紀錄所有帳⼾餘額的帳本 ❏ UTXO是指在這個系統中， 帳⼾是⽤來存取交易紀錄的， 餘額則是根據交易紀錄算出來的。 ❏Input & Output： 假設今天，Fred給了Alice 2個 BTC、Ted給了Alice 3 個BTC，我 們把這兩筆寄給Alice，總和為5的 BTC稱為Unspent Transaction Outputs →現在Alice擁有了兩筆Unspent Transcation Outputs，可以當作他 未來轉錢給別⼈的Input。 Ted➞Alice
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- 24. Transactions are groupedin blocks ❏ 新的交易無時無刻都在產⽣，⽽系統會指定某些⼈把這些交易紀錄打包成區塊，⽤區塊來盛裝這些交易 記錄。在比特幣的系統中，⼤約每⼗分鐘就會⽣成新的區塊。只要新區塊⼀被做出來，系統就會把它廣 播給所有其他帳⼾，讓所有⼈更新⾃⼰的區塊鏈。 ❏ 負責把新的交易記錄批量打包成區塊的⼈，被稱作「礦⼯」，他們有兩個主要任務。第⼀，使⽤每⼀筆 新的交易的 public key 驗證這些交易是否有效。第⼆，把這些交易打包在⼀起變成區塊，每個區塊都 會包含「區塊頭」和「⼀批交易紀錄」這兩個部分。→比特幣作為獎勵
- 25. Merkle Tree： 中本聰的「簡化⽀付驗證」（Simplified PaymentVerification）概念 Merkle Root 作⽤： ❏ 它可以保證這個區塊內的交易紀錄無法竄 改。假設有個⼈偷偷的把 L2 的內容改變 了，那麼hash(L2) 的值會有⼤幅改變。這 個改變會⼀路往上傳，讓 Merkle Root 的 值也產⽣⼤幅改變。 ❏ 如果要查詢 L1 的交易內容，他的查詢⽅式會 是：先找到 L1 的所在區塊，把這個區塊內的 所有交易內容抓出來，重新算⼀遍 Merkle Root，看看算出來的 Merkle Root 值跟區 塊頭上標⽰的 Merkle Root 值是不是相 同。如果相同，那麼 L1 的內容就是沒被竄改 過的。 Hash Function在這裡的第⼀個功⽤，是幫助準備打包成區塊的那 幾筆交易找出⼀個值，這個值被稱作是該區塊的 Merkle Root，是 區塊頭的⼀部分。
- 26. Simplified Bitcoin Blockchain ❏每⼀個區塊的區塊頭除了要標⽰該區塊的 Merkle Root 值以外，還需要標⽰前⼀個 區塊的 hash 值，這樣區塊之間才知道彼 此的順序。 ❏ 具體的區塊⽣成⽅式： 1. 驗證完當前區塊的所有交易有效性 2. 算出這些交易的 Merkle Root 值 3. 把這些交易紀錄封裝起來 4. 在區塊頭上附上幾個資訊：
- 27. Simplified Bitcoin Blockchain ❏區塊頭上附上的資訊： 1. 前⼀個區塊的 hash 值 2. 當前區塊的 Merkle Root 值 3. 當前區塊的版本號 version 4. 當前區塊的⽣成時間 time 5. 成為此區塊的礦⼯的難度 target_bit 6. 隨機數 nonce 等資訊 ❏ 讓後⼀個區塊包含前⼀個區塊的 hash 值有個好 處，就是⼀但有⼀個區塊的交易內容被竄改了，它 的 hash 值就會改變，⽽這個改變會⼀路傳遞到接 在它之後的所有區塊，於是⼤家便能很快地發現這 個區塊鏈被竄改過。
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- 30. 公有鏈、聯盟鏈、私有鏈的比較 公有鏈 聯盟鏈 私有鏈 參與⼈任何 聯盟成員 個體或公司內部 記帳⼈ 所有參與者 聯盟成員協商確定 ⾃定義 獎勵機制 需要 可選 不需要 中⼼化程度 去中⼼化 多中⼼化 （多）中⼼化 特點 信⽤建立 效率與成本優化 透明、可追朔 可⽤場景 虛擬貨幣 成員機構監管 企業或組織內部
- 31. 公有鏈 私有鏈 聯盟鏈 •公有鏈是對所有⼈公開，使⽤者不需 要註冊和授權就能夠匿名訪問網路和 區塊，任何⼈都可以⾃由加入和退出 網路，並參與記賬和交易。 • 公有鏈是真正意義上的去中⼼化區塊 鏈，它通過非對稱加密演算法保證了 交易的安全性和不可篡改性。 • ⽬前比特幣、以太坊、超級賬本以及 智慧合約都是建立在公有鏈上，其中 公有鏈的始祖是比特幣區塊鏈。 • 公有鏈適⽤於數字貨幣、電⼦商務、 網際網路⾦融、智慧財產權等應⽤場 景。 • 私有鏈僅在私有組織開放，比如公司 內部使⽤，私有鏈上的讀寫許可權， 參與記賬的許可權都由私有組織來制 定。比如企業內部的辦公審批、財務 審計；政府⾏業的預算和執⾏。私有 鏈的主要價值在於提供安全、可塑 源，不可篡改，⾃動執⾏，這是傳統 系統很難同時做到的。 • 因為私有鏈節點少，所以交易速度 快。⽽且因為就算少量的節點，也都 具有很⾼的信任度，所以並不需要每 個節點來驗證⼀個交易(無需挖礦)。 • 私有鏈適⽤於企業、組織內部。 • 聯盟鏈僅限於聯盟成員，只針對成員 開放全部或部分功能，所以聯盟鏈上 的讀寫許可權、以及記賬規則都按聯 盟規則來“私⼈定製”。他適⽤於機構 間的交易、結算、或清算等B2B場 景。聯盟鏈由參與成員機構共同維 護，並提供了對參與成員的管理、認 證、授權、監控、審計等全套安全管 理功能。 • 2015年成立的R3聯盟，就是銀⾏業 的⼀個聯盟鏈，⽬前已加入的成員多 達40多個，包括世界著名的銀⾏摩 根⼤通、匯豐、⾼盛等。 • 聯盟鏈適⽤於⾏業協會、⾼級別機構 組織、⼤型連鎖企業對下屬單位和分 管機構的交易和監管。
- 32. Proof of Work共識機制 --- 礦⼯解題⼤賽 ❏ 共識機制的思路是：系統會出⼀個難題給⼤家，誰最先解出這個難題，誰就能當負責打包下⼀個區塊的礦 ⼯。⽽這個解難題的過程，就叫做「挖礦」。 ❏ 在比特幣區塊鏈系統中，不斷有交易產⽣，⽽且每隔⼀個時段，系統就會將某個節點（伺服器）在這段時 間的交易記錄打包⽣成區塊，再追加到最長的區塊鏈中並給予該節點獎勵（比特幣）。但是，區塊鏈中有 這麼多⼈爭相挖礦以取得比特幣，那到底怎麼決定是以哪個節點為準呢?
- 33. Proof of Work共識機制 ❏ 規則是什麼？ 1. ⼀段時間內（10分鐘左右）只有⼀個節點可以記賬 成功 2. 通過⼯作量證明競爭獲得唯⼀記賬權 3. 其他節點複製記賬結果 在進⾏⼯作量證明之前，記賬節點會進⾏如下準備⼯作： 1. 收集廣播中還沒有被記錄賬本的原始交易信息 2. 檢查每個交易信息中付款地址有沒有⾜夠的餘額 3. 驗證交易是否有正確的簽名 4. 把驗證通過的交易信息進⾏打包記錄 5. 添加⼀個獎勵交易：給⾃⼰的地址增加 12.5 比特幣 6. 如果節點爭奪記賬權成功的話，就可以得到 12.5 比特 幣的獎勵
- 34. Proof of Work共識機制 --- 礦⼯獎勵
- 35. Proof of Work共識機制 --- 礦⼯解題⼤賽 ❏ 礦⼯們「挖礦」的這個動作，具體⾏動就是要找到⼀個 nonce 值，這個 nonce 值必須能讓這個區塊的 區塊頭在被 SHA256 函數連續 hash 兩次後，得到的 hash 值滿⾜下⾯這條不等式： SHA256(SHA256(version + prev_hash + merkle_root + time + target_bits + nonce)) < TARGE T ❏ 只要其中⼀條分⽀率先完成六個區塊，這條分⽀就會變成「主鏈」，⽽另⼀條分⽀裡頭的交易會被打 散，讓礦⼯們重新打包成新的區塊接在主鏈後⾯。礦⼯只有在打包主鏈的區塊時，才能獲得系統給予的 比特幣獎勵。
- 36. Bitcoin Double Spending雙花攻擊 1. Buyer 向 Ａ 開啟交易1 將⾃⼰的 10 BTC 輸入給 SellerＡ， 2. 另外同時開啟了交易2 把這 10 BTC 轉給 Seller B 。 → 這兩筆交易的輸入都來⾃這筆來源交易 10 BTC，同⼀筆錢被花費兩次了，這就叫「雙花」。 如果此時，Buyer 跑去當礦⼯，與另⼀礦⼯同時算出 nonce 值，那麼區塊鏈就會分叉。接著只要再接 再厲，想辦法率先讓⾃⼰的分⽀先打包出這些區塊，那麼他的分⽀就會變成主鏈，Buyer 想進⾏雙花攻 擊，然⽽去當礦⼯，等待 交易 B 確認了之後，再利⽤⾃⼰挖得更長的交易 A 鏈去覆蓋 B 鏈⽽達成雙花 攻擊。
- 37.
- 38. 51% Attack攻擊 假設全世界的礦⼯加起來每秒可以算100次SHA256，其中10次是壞礦⼯算出來的，那麼壞礦⼯就佔10% hash rate ❏壞礦⼯的運算⼒是10%，⽽ Seller 會等待2次confirmation才核准交易的話，壞礦⼯發動Double Spend attack的成功機會是5.6%。如果 Seller 會等待6次confirmation才核准交易的話，壞礦⼯發 動Double Spend attack的成功機會是0.05%。Confirm次數越⾼Seller就越安全，因為壞礦⼯的運 算能⼒始終不及正義礦⼯。暫時公認是6次confirmation 為最佳。 ❏ 但如果壞礦⼯的運算⼒提升⾄40%，⽽Seller仍然等待6次confirmation才送出咖啡的話，壞礦⼯發 動Double Spend attack的成功機會則提升⾄50%。
- 39. 51% Attack攻擊 →代價太⼤沒有⼈會是贏家 ❏以2018年來假設，壞礦⼯得⽤上AntMiner S5+，每⼀部價值2307美⾦， S5+的hash rate是7722GHash/s，3436W挖礦。光是買礦機就要花上 9,198,641,021美⾦，假設電費是每千瓦時0.05美⾦，每天電費已經要 16,440,327美⾦！ ❏ 最懷的情況是，所有⼈都知道51%攻擊發⽣了，然後世⼈對bitcoin的瞬間信 ⼼消失，若導致 bitcoin 價值歸0，這些耗損的成本全要⾃⾏吸收。
- 40. Class 5: Overview •The Internet and the Payment Riddle • Money • Satoshi Nakamoto’s Innovation • Crypto Markets • Blockchain Technology Use Cases • Challenges & Assessing Viability of Use Cases • Central Bank Digital Currencies • Ground Truths 2
- 41. Internet and thePayments Riddle • How to Move Value on the Internet • Securely • As a Packet of Data – Peer to Peer • Efficiently • While Prohibiting Double Spending 6
- 42. Early Cryptographic DigitalCurrencies … Failed Notable Efforts • DigiCash (1994), Mondex (1994), CyberCash (1994) • E-gold (1996), Hashcash (1997) • Bit Gold (1998), B-Money (1998), Lucre (1999) Hurdles • Merchant adoption • Centralization • Double Spending • Consensus 7
- 43. Early Digital &Mobile Payment Solutions SSL / TLS - 1996 Cryptographic Protocols for Secure Socket Layer Secure Network Communication Transport Layer Security 1998 2007 2003 1999 © Various sources. All rights reserved. This content is excluded from our Creative Commons license. For more information, see https://ocw.mit.edu/help/faq-fair-use/ 8
- 44. Money Plato: • Money isa ‘symbol’ devised for the purpose of exchanges • Opposed using gold or silver for money Aristotle: • Solves the ‘problem of commensurability’ • ‘Money is a guarantee that we may have what we want in the future. Though we need nothing at the moment it insures the possibility of satisfying a new desire when it arises.’ • Four absolutes to have ‘Universal Value’: • Durable, Portable, Divisible & Intrinsic Value Modern Characteristics: • Durable, Portable, Divisible, Uniform, Acceptable, & Stable Image is in the public domain. 9
- 45. What is theRole of Money? © Source Unknown. All rights reserved. This content is excluded from our Creative Commons license. For more mage o ongsa apan on flickr. CC . mage a alfaro on flickr. CC - C-SA information, see https://ocw.mit.edu/help/faq-fair-use/ Me Me Med d di i iu u um m m of of of E E Ex x xch ch cha a an n ng g ge e e Store of Value Unit of Account 10
- 46. Money Image by epSos.deon Wikimedia. CC BY Image is in e p b i domain. Image is in e p b i domain. Cowrie Shells Jiaozi Promissory Note Fiat Paper Money Nigeria Song Dynasty China Image by ade o on Wikimedia. i ense CC . Image is in e p b i domain. Image by ma k s on i k . CC BY Silver Dekadrachm Private Bank Notes Alipay Mobile Wallet Greece United States China 11
- 47. Fiat Currency • Representedby: • Central Bank Notes Image by epSos.de on Wikimedia. CC BY • Central Bank Reserves & • Commercial Bank Deposits • Relies upon System of Ledgers • Very Significant Network Effects: • Accepted for Taxes • Legal Tender for All Debts Public & Private • Accepted throughout Economy / Optimum Currency Area 12
- 48. Money’s Future? © asbro.All rights reserved. This content is excluded from our Creative Commons © DK. (Publishing) All rights reserved. This content is excluded from our Creative Commons license. For more information, see license. For more information, see https://ocw.mit.edu/help/faq-fair-use/ https://ocw.mit.edu/help/faq-fair-use/ Credit Chip Wupiupi Imperial Credit Coin Galactic Republic Hutts on Tatooine The Empire 13 Source: Wookieepedia, The Star Wars Wiki
- 49. Satoshi Nakamoto: BitcoinP2P e-cash paper October 31, 2008 “I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party.” 14
- 50. Blockchain Technology timestamped append-only ledger Securedvia cryptography • Hash functions for integrity • Digital signatures for consent multiple party decentralized consensus protocol auditable database Addresses ‘cost of trust’ (Byzantine Generals problem) May use Native Token as incentive • Permissioned • Permissionless Tamper resistant record of • Transfers of value • Running of computer code 15
- 51. Smart Contracts • “Aset of promises, • specified in digital form, • including protocols • within which the parties perform on these promises.” Nick Szabo, 1996 However …. • Smart Contracts may not be ‘Smart’ • Smart Contracts may not be ‘Contracts’ 16
- 52. Crypto Market -$199 Billion (4/12/20) 17 Courtesy of Coin Dance. Used with permission.
- 53. Crypto Token Sectors •Payment/ Store of Value Tokens $152B – 76% •Bitcoin ($128B), … •Platform Tokens $29B – 15% •Ethereum ($18B), … •DApp Tokens $10B – 5% •Binance Coin ($2.3B), … •Stable Value Tokens $8B – 4% •Tether ($6.4B), … •Tokenized Securities and Assets Source: Market Values from CoinMarketCap (4.12.20) 18
- 54. Blockchain Tech PotentialUses • Speculative Investing • Crowdfunding through Initial Coin Offerings • Tokens for Exchanges, Gaming, Gambling, DeFi & File Sharing • Tokenized Fiat (Stable Value Coins), Securities & Assets • Payment Systems • Trade Finance & Supply Chain Management • Clearing, Settlement & Processing • Central Bank Initiatives • Digital ID & MIT Diploma • Medical Records, Property Records, Internet of Things, Voting … 19
- 55. Blockchain Technology Challenges •Scalability, Performance & Efficiency • Privacy • Security • Interoperability • Governance • Public Policy Frameworks • Commercial Use Cases 20
- 56. Framework for ComparingCosts & Trade-offs (Coase) Decentralized Centralized Coordination, governance, security, scalability Capture, Rents, Single Point of Failure 21
- 57.
- 58. Assessing Use Cases– First Considerations Which side of a divide the project is on? Is the project one that services the new crypto asset class? Is the project one uses blockchain technology and cryptocurrencies? Projects servicing the cryptocurrency space: Custody solution – Coinbase, Fidelity Exchange operation – Binance, Coinbase Software provider – Blockstream Wallet provider – Circle Hardware company – BitMain Asset manager – Bitcoin Suisse, Galaxy Mining pool operator – BTC, F2Pool, Poolin News service – CoinDesk 23
- 59. Assessing Use Cases– Strategic Considerations • What value creation proposition is there? • Decentralized vs. Centralized Computing? • Native Token filling what Gaps in Fiat Currency system? • What are competitors (Traditional & Blockchain) doing? • Why use append only ledgers, multiple party consensus and native token? • What verification or networking costs can actually be reduced? 24
- 60. Assessing Use Cases– Tactical Considerations • Which data needs recording on append-only ledgers? • Which multiple stakeholders need ‘write’ access to the shared ledger? • What are the tradeoffs of performance, privacy, security, governance & regulation? • How can broad adoption and user interface be realized? • If permissionless, what are the token incentive systems? 25
- 61. Assessing Use Cases– Deeper dive • Why use multiple party shared ledger? • Why choose a distributed ledger solution over a centralized one? • Why not rely on a third-party authority or host? • Is the value proposition well distributed amongst all parties? • What is the adoption model? • What specific verification or networking costs can be reduced? • Authentication? Traceability? Trust? • Are the transaction processes & data standardized? • How much data needs to be stored? 26
- 62. Incumbents’ Choices ofDatabases Access Client Server Traditional Databases Trusted Party Hosts Data Trusted Party can Create, Read, Update, & Delete (CRUD) Client Server Architecture Permissioned Private Blockchain Known Participants Private Write Capability Append Only Timestamped Log Publicly Verifiable No Native Currency Needed Permissionless Public Blockchain Unknown Participants No Central Intermediaries Public Write Capability Peer to Peer Transactions Native Tokens & Incentives ? ? ? ? ? 27
- 63. Central Bank Initiatives RealTime Gross Settlement • Brazil, Canada (Project Jasper), Europe and Japan (Project Stella), Singapore (Project Ubin), South Africa (Project Khokha) Digital Currency • Central Bank Claim: Bahamas (Sand Dollar), Ecuador (Dinero Electrónico), Iran (Payman), Sweden (E-Krona) • Commercial Bank Claim: Philippines (ePiso), Senegal (eCFA), Tunisia (e-Dinar) • Possible Hybrid: China (Digital Currency Electronic Payment) • Commodity Backed: U.K. (Royal Mint Gold), Venezuela (Petro) • Other: Dubai – emCash, Saudi & UAE (cross-border pilot), Uruguay (Digital Peso) 28
- 64. CBDC Potential Architectures 29 ©Bank of International Settlements. All rights reserved. This content is excluded from our Creative Commons license. For more Source: 'The technology of retail central bank digital currency’, BIS (3/20) information, see https://ocw.mit.edu/help/faq-fair-use/
- 65. CBDC – Opportunities •Continue Government Provision of a Means of Payment • Promote Competition in Banking System • Promote Financial Inclusion & P2P Payments • Address Payment System ‘Pain Points’ • For Some Nations, Possibly Avert Sanctions 30
- 66. CBDC - Challenges& Uncertainties • Financial Stability and Potential to Increase Ease of Bank Runs • Changes to Commercial Banks’ Deposits and Funding Models • Effects on Credit Allocation and Economy • Monetary Policy Implementation & Transmission • Resilience of Open Payment Infrastructures 31
- 67. Ground Truths • Nakamotosolved the payments riddle - avoiding double spending • Money is but a social & economic construct • We already live in an age of digital money • Append-only logs & multiparty consensus provides a peer-2-peer alternative • Blockchain technology can address verification and networking costs • Adoption rests on addressing comparative viability & value proposition 32
- 68. Ground Truths • Cryptomarkets are rife with scams, fraud, hacks & manipulation • Cryptocurrencies have evolved into a speculative asset class • Crowdfunding built on smart contracts & ICOs raised nearly $30 billion • Lightly & non regulated markets provide retail investors direct way to trade • The potential, though, to be a catalyst for change is real 33
- 69.
- 70.
- 71. 區塊鏈 = 虛擬貨幣= 詐騙？
- 72.
- 75. H e ad e e
- 76. Defining Technologies ofthe Last Decade Social Mobile Cloud
- 77. But Only Obviousin Hindsight AWS = $17.5B in revenues (2017)
- 78. Defining Technologies ofthe Next Decade IoT (intelligent infrastructure, autonomous transportation, IIoT, robotics) Blockchain (decentralized infrastructure, apps, crypto tokens) AI (ML, data science, big data) AI Blockchain IoT
- 79. Class 9: Overview •Online Brokerage • Robinhood & Zero Commission Trading • Robo Advisors • Capital Markets FinTech Startups • Crypto Exchanges, Lending & Decentralized Finance 2
- 80. Online Brokerage CompanyLandscape • Retail Brokers: Charles Schwab / TD Ameritrade (1971) – 12M each, E*TRADE (1982) – 5.2M, Firstrade (1985), Interactive Brokers (1978) – 0.8M, LBMZ Zacks Trade (1978), Monex TradeStation (1999 / 1982) • Asset Managers: Fidelity (1946), Vanguard (1975) • Banks: JP Morgan You Invest (1871 / 2018), Merrill Edge (1914 / 2010), Ally Invest (1919 / 2016) 4M • FinTech Startups: Freetrade (2016), Public (2017), Robinhood (2013) - 10M, Stash (2015) – 3.5M, Tastyworks (2017), Upstox (2012), Webull (2017) 5
- 81. Mobile Trading –App Comparison © eink edia roup C. All rights reserved. This content is excluded from our Creative Commons license. For more information, see https://ocw.mit.edu/help/faq-fair-use/ Source: ‘Best Stock Trading Apps for 2020’, Brian Reinkensmeyer, StockBrokers. com (April 17, 2020) 6
- 82. Online Brokerage RecentDevelopments Commission Free Brokerage Rates – October 2019: • IBKR Lite, Charles Schwab, E*Trade, TD Ameritrade, Ally, Fidelity Incumbent 2019 / 2020 Megadeals: • Charles Schwab - TD Ameritrade: $26B • Morgan Stanley – E*Trade: $13B 7 Sources: Individual public announcements by Acquiring Companies
- 83. Commission Rates LongDecline Source: ‘Back In The Day, Brokers Got Away With Murder In Trading Commissions’, Rob Wile, Business Insider (March 31, 2014) © CFA Institute. All rights reserved. This content is excluded from our Creative Commons license. For more information, see https://ocw.mit.edu/help/faq-fair-use/ 8
- 84. Zero Commission RevenueModels 9 Courtesy of Altruist. Used with permission. Source: ‘The real story behind commission free trading’, Jason Wenk, Altruist (October 16, 2019)
- 85. Robo Advisors CompanyLandscape • Retail Brokers: Charles Schwab Intelligent Portfolios (1971), E*TRADE Adaptive Portfolio (1982), TD Ameritrade Essential Portfolios (1971) • Asset Managers: BlackRock FutureAdvisor (1988 / 2000), Fidelity Go (1946), Vanguard Digital Advisor (1975), Zacks Advantage (1978) • Banks: JP Morgan You Invest (1871 / 2018), Merrill Edge (1914 / 2010), Ally Invest (1919 / 2016) • Advisory Platforms: Acorns (2014), Betterment (2008), Blooom (2013), Ellevest (2014), Groww (2013), M1 Finance (2015), Motif (2012), Nutmeg (2012), Personal Capital (2009), SigFig (2006), SoFi (2011), Tastyworks, Wealthfront (2008), Wealthsimple (2014) 10
- 86. Source: ‘Robo-advisor Industryto hit $1.4trn This Year’ Jastra Ilic, LearnBonds (April 15, 2020) © LearnBonds. All rights reserved. This content is excluded from our Creative Commons license. For more information, see https://ocw.mit.edu/help/faq-fair-use/ 11
- 87. Source: ‘Robo-advisor Industryto hit $1.4trn This Year’ Jastra Ilic, LearnBonds (April 15, 2020) © LearnBonds. All rights reserved. This content is excluded from our Creative Commons license. For more information, see https://ocw.mit.edu/help/faq-fair-use/ 12
- 88. Robo Advisory PossibleEvolution Source: ‘Introduction to Robo Advisor’, Research Nester (December 30, 2019) ©Ta lor Francis. Allrightsreserved.ThiscontentisexcludedfromourCreativeCommonslicense.Formoreinformation,seehttps://ocw.mit.edu/help/faq-fair-use/ 13
- 89. Capital Markets Fintech ©McKinsey & Company. All rights reserved. This content is excluded from our Creative Commons license. For more information, see https://ocw.mit.edu/help/faq-fair-use/ 14
- 90. Capital Markets FinTechStartups • Addepar (2009) – Wealth Management Platform for Financial Advisors • Capitolis (2017) – Equities & FX Infrastructure • Carta (2012) – Ownership Management Platform • Cloud9 (2013) – Digitizing Voice Trading • CloudMargin (2014) – Collateral Management • Elefant (2018) – Digital Fixed Income Broker • iCapital Network (2013) – Alternative Investment Platoform for Financial Advisors 15
- 91. Capital Markets FinTechStartups • IEX (2012) – Stock Exchange • Kantox (2011) – Institutional FX Trading • Pitchbook (2007) – Private Capital Market Research • Q4 (2006) – Investment Research • Trumid (2014) – Bond Trading & Data Platform • TruValue Labs (2013) – Analytics on ESG Investing 16
- 92. Crypto Exchanges • Actas agents (matching buyers & sellers) -- Traditional exchanges do as well • Act as market makers (buying & selling from customers) -- Traditional exchanges don’t • Hold customer funds in Custody -- Traditional exchanges don’t • Public has direct access -- Traditional exchanges must go through a broker • Lend money to customers for margin trading -- Securities markets use brokers or banks • Crypto fees wide vs. Traditional markets • Crypto Market Largely traded on Crypto only platforms – lacking direct fiat capabilities • Not regulated for market integrity rules, rife with fake volumes and manipulation • List tokens for fees similar to equity markets but different than currency markets 17
- 93. Crypto Exchanges ‘Top Tier’Trading Volumes 18 Image by CryptoCompare. Used with permission . Source: ‘Exchange Review March 2020’, CryptoCompare (4/20)
- 94. Crypto Lending andBorrow • Lending Crypto or Fiat collateralized by Crypto •BlockFi, Celsius, CoinLoan, Crypto.com, ETHLend, Genesis Capital, Nexo, Salt 19
- 95. Traditional Finance vs.Decentralized Finance 20
- 96. Crypto ‘DeFi’ Platforms •Exchanges •Binance, IDEX, Uniswap •Crypto Lending & Borrow • Compound, Dharma, InstaDapp, Maker, Nuo, REX, Synthetix •Prediction Markets • Augur, Hedge Trade 21
- 97. MIT OpenCourseWare https://ocw.mit.edu/ 15.S08 FinTech:Shaping the Financial World Spring 2020 For information about citing these materials or our Terms of Use, visit: https://ocw.mit.edu/terms. 22
- 98. Class 11: Overview •Financial Sector Crises • 2008 Financial Crisis & Post Crisis Reform • Coronavirus Crisis Economic Forecasts • Financial Market Reactions • Risks & Scenarios • Economic Policy Responses • Coronavirus & FinTech 2
- 99. Financial Sector Crises •Latin American Debt Crisis – late 1970s • Continental Illinois - 1984 • Black Monday – 1987 • Savings & Loan Crisis – 1986 – 1995 • Asian & Russian Debt Crisis – 1997 – 1998 • Subprime Mortgage Crisis – 2008 • European Debt Crisis – 2009 – 2012 • Coronavirus Crisis – 2020 - ??? 5
- 100. 2008 Financial Crisis •Weak Underwriting & Predatory Lending => Subprime Mortgage Crisis & Housing Bubble • Easy Credit & Financial Derivatives => Increased Leverage & Interconnectedness • Poor Risk Management & Incentive Structures => Many Vulnerable Financial Institutions • Multiple Failures => Systemic Loss of Funding & Liquidity => Contagion & Near Collapse in Highly Interconnected System 6
- 101. Post Crisis Reform Im Imageisine blic omain. 7
- 102.
- 103.
- 104. FinTech - Finance’sFertile Ground Coronavirus Crisis • Digitalization of Money, Securities and Credit • Wide Public Acceptance of New Tech • Legacy Customer Interface and Processing Systems • Vast and Expanding Amounts of Customer Data • Rapid Expansion of Computational & Analytical Power • Reliance on Multiple Systems of Ledgers • Infrastructure Systems’ Costs and Counterparty Risks • Economic Rents and Centralized Concentrated Risks 10
- 105. Coronavirus: FinTech Incumbents& Tech • Big Finance • Volumes: Capital Markets, Government Debt • Stimulus Loan Programs • Allocations for Loan Loss Reserves • Reliance on Connectivity • Big Tech • Significant Online Growth • Possible Shifts in Views on Data Usage - Contact Tracing 11
- 106. Coronavirus: FinTech Startups •Runway: Burn Rates, Cash, Revenue Model & Adoption Rates • IPOs on Hold • VC Investment will Slow • Valuations Decline • Consolidation Increases • Sector Matters: • Transaction fees & Consumer Credit? • Retail, Travel, Events, Restaurants? • Mobile Trading, Remittances, Compliance 12
- 107. Coronavirus: FinTech • AdditionalOpportunities • Serving Those Tapping Fiscal Stimulus & Loan Programs • Consumer & SME Refinancing's & Consolidation Loans • New uses & sources of Alternative Data • Additional Challenges • Delinquencies & Defaults • Loan Servicing • Business Models relying on Float 13
- 108. Coronavirus: FinTech © BostonConsulting Group. All rights reserved. This content is excluded from our Creative Commons license. For more information, see https://ocw.mit.edu/help/faq-fair-use/ Source: ‘What the Covid-19 Crisis Means for FinTech’, Boston Consulting Group (May 2020) 14
- 109. MIT OpenCourseWare https://ocw.mit.edu/ 15.S08 FinTech:Shaping the Financial World Spring 2020 For information about citing these materials or our Terms of Use, visit: https://ocw.mit.edu/terms. 15
- 110. DeFi Building a BetterFinancial System
- 111.
- 112. What is DeFi? Ameme and a rallying cry A global mass movement An industry of builders A reaction to failures in traditional finance
- 113. Finance has noteven begun it’s equivalent to the printing press phase of the information revolution! — Joey Krug, CoFounder of Augur and Pantera
- 114. 1. Inaccessible Financial servicesare exclusionary based on arbitrary criteria like jurisdiction and investor accreditation 2. Inefficient Financial services are plagued by human intermediaries that are costly in terms of money and time Finance is overdue for a revolution Because despite all of its successes, finance remains: 3. Opaque Financial services are opaque, resulting in “surprise” over-leveraging or “too big to fail” systemic risks
- 115. 3. Transparent DeFi servicesare built on publicly auditable blockchains 2. Efficient DeFi services use code to eliminate intermediaries with rote responsibilities 1. Accessible DeFi services are globally accessible to anyone with an internet connection DeFi is an attempt to correct these failures. Flipping the script on traditional finance, DeFi services are:
- 116. DeFi will doto Finance what the Internet did to News Media
- 117. DeFi democratizes creation Blogsare permissionless news media. DeFi is permissionless finance. Insurance, Derivatives, Options Augur Baskets of Assets Set Lending Agreements Dharma Synthetic Financial Instruments UMA
- 118. DeFi democratizes access NYTimes.comprovides anyone with an internet connection** access to news. Dharma.io provides anyone with an internet connection access to dollar-denominated interest. **Excluding government regimes that censor news media. One attack vector for DeFi may be government regimes that censor finance. Hedging, Leverage, Shorting dYdX Exchange any value AirSwap, 0x, Uniswap, Kyber Compound your wealth Dharma Earn in the way you want Whisp
- 119. Smart contracts automatehuman processes that previously needed to be “trusted”: 1. Custodians 2. Escrow agents 3. Paying agents DeFi automates inefficient human processes Who needs newspaper deliveries when you have the internet? Who needs regulated custodians, escrow agents, or paying agents when you have smart contracts?
- 120. DeFi is systemicallytransparent In 2008, it was really hard to be Michael Burry. In 2019, all it takes to be in The Big Short is Etherscan.
- 121. DeFi is arevolution, creating the financial system that was always meant to be.
- 122. Ok we knowwhere we’re going, but where are we today?
- 123. DeFi growth willplay out in phases PHASE 1 PHASE 2 PHASE 3 Market Expansionary Subsume Legacy Blockchain Native Today we’re in Phase 1, but by 2020 we’ll be market expansionary.
- 124. Overcollateralized loans arethe "Hello World" of programmable money. —Julian Koh 1. Lending (30 Day Originations)1 a. Maker — 15.1m USD b. Dharma — 7.9m USD c. Compound — 3.4m USD 2. Exchange (30 Day Vol)2 a. Kyber — 18m USD b. 0x — 13.2m USD c. AirSwap — 5.7m USD d. Uniswap — DeFi Phase 1 — Blockchain Native https://mikemcdonald.github.io/eth-defi/ Sources: 1) loanscan.io; 2) Tracker.Kyber, 0xTracker, UniSwap,
- 125. Every disruptor startssmall DeFi Phase 1 — Blockchain Native Sources: loanscan.io, SEC Edgar
- 126. 1. Net-New Access ●Global dollar-denominated interest ● Global access to all equities ● Global information & betting markets Sophisticated financial services in every pocket. DeFi’s Market Expansionary phase will be defined by two broad movements: DeFi Phase 2 — Market Expansionary 2. Net-New Products ● Parametric insurance for #AllTheThings ● Invest in entertainers, athletes, & politicians ● REITs with Region/City/Street specific profile
- 127. Who reads aphysical newspaper anymore? DeFi Phase 3 — Subsume Legacy
- 128. Ok, but howare we going to get there?
- 129. Smart contract insurance Smartcontracts fail. We need insurance for this. Who’s cooking up a solution? DeFi’s missing building blocks What we need to go from here to there to everywhere Better Fiat Onramps Still takes far too long to move fiat to crypto. Where’s my Stripe solution for this? Better Oracles Getting off-chain information on-chain still a challenge. Who’s working on this? Better Private Key Management Hexadecimals, seed phrases, no recoverability. Let’s fix these things!
- 130. We know whatthe future can look like. It’s up to the builders here to make it a reality.
- 131.
- 132. H e ad e e
- 133. Defining Technologies ofthe Last Decade Social Mobile Cloud
- 134. But Only Obviousin Hindsight AWS = $17.5B in revenues (2017)
- 135. Defining Technologies ofthe Next Decade IoT (intelligent infrastructure, autonomous transportation, IIoT, robotics) Blockchain (decentralized infrastructure, apps, crypto tokens) AI (ML, data science, big data) AI Blockchain IoT
- 136.
- 137.
- 138.
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- 140. 1. 讓區塊鏈更有效率：挖礦需要⼤量的計算能⼒和資源。分散式賬本為了實現諸如不可 篡改性和防審查性犧牲了運⾏效率。⽽⼈⼯智慧可以非常有效地優化能耗，這對於改 善挖礦演算法非常有效。 減少⼯作量證明區塊鏈的消耗將使整個⾏業受益，並可能促 進區塊鏈的主流推廣。⼈⼯智慧還可以優化區塊鏈的存儲需求。由於交易歷史記錄被 存儲在所有節點中，因此分散式賬本的容量可以迅速增長起來。如果存儲要求很⾼， 則進入的⾨檻也會更⾼，這可能會降低網路的分布性。⼈⼯智慧可以引入新的資料庫 分片技術，從⽽使區塊鏈的尺⼨更⼩，並在其中更⾼效地存儲數據。 2. 資料經濟：資料是⼀種越來越有價值的資產，它不僅需要安全存儲，⽽且還需要交 換。有效的⼈⼯智慧系統強烈依賴資料，⽽區塊鏈正好可以⾼度可靠地存儲資料。 ⼈⼯智慧與區塊鏈的協同作⽤
- 141. 1. 訓練⼈⼯智慧不僅需要可以從中⾼質量資料中學習的演算法，還需要⼤量的計算資源。⼈ ⼯智慧演算法通常使⽤⼀種稱為⼈⼯神經網路（ANN）的計算系統。⼈⼯神經網路通過考 慮許多案例來學習執⾏任務。這些⼈⼯神經網路通常需要⼤量的計算能⼒才能處理數百萬 個參數並執⾏指定任務。 2. 如果可以在區塊鏈網路上共享資料，為什麼不能將計算能⼒進⾏共享呢？在某些區塊鏈應 ⽤中，⽤⼾可以在點對點（P2P）市場中有效地將電腦的計算能⼒租借給那些尋求執⾏複 雜計算的⽤⼾。激勵⽤⼾通過獲取代幣來提升計算能⼒。 3.隨著這些去中⼼化應⽤程序（DApps）的發展，⼤量提供計算資源的公司可能會形成競 爭。通過允許⽤⼾出租閑置的計算資源來賺取收入，可以更有效地利⽤⼤量算⼒。從理論 上講，不使⽤時，世界上每個CPU或GPU都可以作為去中⼼化超級電腦中的⼀個節點⼯ 作。 4. ⼈⼯智慧系統做出的決策可能使⼈類難以理解。這些演算法可以處理⼤量資料，因此幾乎 沒有⼈可以進⾏審計和複製其決策過程。如果基於每個資料點記錄進⾏決策，則將有清晰 的審計線索供⼈⼯進⾏核查，這可以增加對⼈⼯智慧演算法所做決策的信任度。 區塊鏈之於強⼈⼯智慧
- 142. Decentralized AI Marketplaces:The Concept What if… e e d d a a d b e c d de e da a c e e privately and securely in an open data exchange? AI de c d c e e eac e de e be e ? e e e c d be c e a ed a a c a e ab e? Wouldn’t we… e d MORE da a a c e a a ab e GAFA a d e centralized entities? a a e NEW a d BETTER da a? a d e e e be e de , a d be e AI? b a e a a e AI
- 143. Decentralizing the BuildingBlocks of AI (Lots of) Data Models Computing Power
- 146. • 全球第⼆⼤銀⾏ – 中國建設銀⾏將通過其⾺來⻄亞分⾏發⾏30 億美元區塊鏈數位債券。該債券將在⾺來⻄亞 離岸⾦融中⼼ – 納閩的持牌證券交易所進⾏交易 (Details) • PayPal 正式啟動了其購買，持有和交易虛擬貨幣的新服務。 從 2021年初開始，客⼾將能夠進⼀步使⽤其虛擬 貨幣向 PayPal 在全球的 2600 萬商⼾付款 (Details) • 區塊鏈市場公司 Texture Capital 獲得美國⾦融業監管局 （FINRA）核發的證券代幣交易牌照，並將進⼀步推出 ⾯向私⼈資本市場的數字證券交易中⼼ (Details) • 美國護照和簽證辦理公司 Peninsula Visa 將為客⼾推出使⽤比特幣⽀付特定護照費⽤的服務，此⽀付將透過加 密⽀付公司 Coinbase 進⾏ (Details) • 全球最⼤的信⽤卡公司銀聯宣布與韓國數位⽀付公司 Danal 合作⽀援虛擬貨幣⽀付，將提供可以⽤虛擬貨幣進 ⾏⽀付的預付式虛擬卡，可以適⽤於包括中國的 179 個國家、3 千萬個店家。 (Details) • 包括⻄班牙最⼤的銀⾏ Banco Santander 在內的⼀群⻄班牙銀⾏和能源公司組成了集團 Dalion 以開發⼀個基 於區塊鏈的數位⾝份認證系統，以提⾼⽤⼾註冊效率 (Details) • 香港政府正在修改法律以監管虛擬貨幣交易。香港證券及期貨事務監察委員會 (SFC) 宣稱將提出新的監管牌照 框架，以監管所有虛擬資產交易所 (Details) • 韓國⾦融服務委員會 (FSC) 正提議修法以對虛擬資產服務提供商（VASP）實施反洗錢措施。其法律修正案要求 VASP 披露其客⼾信息以打擊洗錢 (Details) 過去⼀個⽉的重⼤新聞（～2020/11/19）
- 147. • 由 SoFi 前⾼管兼創辦⼈創立的⾦融科技公司 Figure 正在申請美國國家銀⾏章程。繼其創始⼈的前東家SoFi 取 得銀⾏牌照後，Figure的⽬標是成為美國第⼆家⾦融科技數字銀⾏。(Details) • 新加坡銀⾏業巨頭星展銀⾏正在打造其虛擬貨幣交易平台 — DBS Digital Exchange。該服務將包括法幣到虛擬 貨幣交易、STO 和虛擬貨幣託管，使企業能夠以新的⽅式籌集資⾦. (Details) • 投資銀⾏巨頭摩根⼤通旗下的虛擬貨幣 JPM Coin 隨著即將開始的第⼀筆商業交易⽽啟動! 該投⾏還為區塊鏈和 虛擬貨幣項⽬成立新部⾨ Onyx (Details) • 台灣最⼤商品搜索引擎 BigGo 宣布與虛擬貨幣交易所 Binance 合作，提供無縫體驗之虛擬貨幣現⾦回饋服 務 (Details) • 數位⽀付巨頭 Paypal 與虛擬貨幣公司 Paxos 合作，推出虛擬貨幣交易的服務。該服務將從 Bitcoin、 Ethereum、Bitcoin cash 和 Litecoin 開始。 (Details) • 企業區塊鏈聯盟 R3，宣布即將將其企業區塊鏈平台 Corda 帶到其主要競爭對⼿ IBM 的服務器 LinuxOne 上運 ⾏。(Details) • ⽇本通訊軟體巨頭 LINE 集團正在推出⼀個區塊鏈平台，以提供央⾏開發定制化數字貨幣. (Details) • 維拉諾瓦⼤學將把私⼈Ethereum區塊鏈送上太空，以測試經由區塊鍊網絡之衛星間數據通信。 (Details) • 世界最⼤的衍⽣品交易所芝加哥商品交易所 (CME) 已經超過 Binance 和 BitMEX 成為世界第⼆⼤比特幣期貨平 台，顯⽰⾦融投資機構參與虛擬貨幣的趨勢. (Details) • 義⼤利銀⾏業協會宣布，約 100 家義⼤利銀⾏正式在義⼤利銀⾏業區塊鍊網路 Spunta (建立於 R3 的 Corda) 上運營，累積交易量以達 2 億 400 萬次。(Details) 過去⼀個⽉的重⼤新聞（～2020/11/19）
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- 149. 為什麼你應該關注區塊鏈？ 1.建立信任 2.減少摩擦 Buyer Apple Bank 付款 付款 寄送 Buyer Apple 付款 寄送 Internetof Value Internet of Information
- 150. Physical Data Link Network Transport Session Presentation Application Physical Data Link Layer2 Solutions Blockchain DNS Cross-Chain Protocols DApp Blockchain TCP/IP Web 2.0 Classical Internet Web 3.0 Value Interchain 1. Accessibility (Killer DApp) 2. Transparency (Regulation) 互鏈網：下⼀代的互聯網
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- 153. KryptoGO combines the realand virtual identities Bob 183hmJG
- 159. @t.me/dexon_foundation www.dexon.org 1991 Websites 2008 2018 DApps The DAppsEra is Coming Mobile Apps
- 160. 我對未來監管的看法 1. 監管科技主流化：未來加密貨幣的監管科技技術成分將會越來越⾼，⾦融機構與科技公司的邊界將會趨 於模糊，傳統銀⾏及⽀付公司的盡職調查模式將結合鏈上數據及鏈下實名，發展出虛實整合的特有 KYC 機制。 2.出入⾦入⼝多元化：⽬前加密貨幣與法幣的連結的主流還是 OTC 市場，但未來無論是 PayPal、 Visa、Facebook 或是銀⾏都將成為加密貨幣出入⾦的管道，能夠接觸的客⼾也越多。 3. 各國央⾏將會加快⾃⼰的加密貨幣推⾏，或完成法幣的加密化：憑藉著既有優勢和政府信譽的保證，可 以搶佔加密貨幣領域的制⾼點。各國央⾏還可以與私⼈加密貨幣商進⾏合作，以授權發⾏加密貨幣或頒 發⾦融牌照等⽅式，將加密貨幣運營商納入到⾦融監管體系中來。 4. 合規和不合規的加密貨幣⾦融服務商之間將不再有灰⾊地帶：⼀邊是透過合規的⼀站式銀⾏進⾏實名 制、透明化的進⾏加密貨幣⾦融服務，另⼀邊是注重隱私性、匿名性的地下加密貨幣⾦融服務，中間的 模糊空間將會越來越少，無論是交易所或託管服務商都將與監管亦步亦趨前⾏。 5. 加密託管保險制度將會興起：傳統託管⾏業會利⽤保險增加機構信⽤或分攤委託資產風險，託管機構的 資本和保險完善度代表其賠付能⼒。隨著未來加密託管需求成長，將會有越來越多傳統保險公司嘗試進 入加密托管保險領域，和銀⾏及加密⾦融服務商進⾏技術合作。未來當各國託管法規逐漸完善後，傳統 託管機構與⼤型基⾦也將逐步入場。
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- 162. 加密貨幣最美好的特性 • Peer-to-peer • Transparency •Highly secured • No in fl ation • Easier than opening a bank account • Faster than SWIFT • Decentralization • Anonymity
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- 165. 穩定幣的兌換難以追蹤 • 2020年上半年，DeFi佔所有盜竊和⿊客攻擊的45％ （5150萬美元，佔⿊客攻擊總量的40％）。 • 2020年下半年，DeFi佔所有盜竊和⿊客攻擊的50％ （4,770萬美元，佔⿊客攻擊總量的14％）。 •到⽬前為⽌，在2020年，DeFi駭客數量佔2020年駭 客和盜竊量的21％。 • 2020年最⼤的⿊客攻擊資⾦（KuCoin 2.81億美元） 通過DeFi進⾏了洗錢。 • 在2019年，DeFi駭客入侵量幾乎可以忽略不計。 • 盜竊案的上升可能歸因於最近的DeFi熱潮。
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- 168. KuCoin 的兩億美元駭客攻擊 • 使⽤了五個DEX（Uniswap，Kyber Network，DEX.AG，Tokenlon和 1inch.exchange），到⽬前為⽌已經售出 了超過 1700 萬美元的代幣 • 與 DeFi 智能合約（在區塊鏈之上運⾏並基 於 DeFi 的計算機程序）進⾏交互，可以為 ⿊客提供⼀層安全保障。 • 儘管基於以太坊的 DeFi 應⽤程序的汽油費 越來越⾼，但它仍然比使⽤ Mixer 便宜。
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- 176. 虛擬貨幣納入洗錢防制 FATF FinCEN Proposed January2019 1997 Passed June 2019 2013 Effectiveness June 2020 in 37 G20 countries Enforcing now Threshold 1,000 EUR 3,000 USD DEXs Not covered* Potential covered Private Coin and Mixers Must comply Must comply Applies to Financial Institutions YES YES * DEX is not covered by the FATF recommendation 16
- 177. FATF 於2019年6⽉提出 《以風險為基礎之虛擬資產與虛擬資產服務提供商洗錢防制指引》 VASP(虛擬資產服務提供商)之定義:依據指引第13⾴33項， 係指⾃然⼈或法⼈提供以下服務者 1) 進⾏虛擬資產與法定貨幣之間交換(法幣交易所) 2) 進⾏⼀種或多種虛擬資產間交換 (幣幣交易所) 3) 移轉虛擬貨幣資產 (虛擬貨幣⽀付業者) 4) 保管和/或管理虛擬資產或控制虛擬資產的⼯具 (冷、熱 錢包業者) 5) 參與或提供發⾏⼈發⾏或出售虛擬資產之相關⾦融服務 (ICO、STO交易所) 參考資料:VIRTUAL ASSETS AND VIRTUAL - ASSET SERVICE PROVIDERSGUIDANCE FOR A RISK-BASED APPROACH (2019/06)
- 178. Travel Rule (轉帳規則) 交易發起⽅的VASP （Originator） 必須在交易中 與受益的 VASP （Bene fi ciary） 共享以下資料： 1. 發起⼈與收款⼈的姓名 2. ⽤於處理交易的發起⼈與收款⼈帳號 3. 可識別⾝份的資訊，例如：居住地址，⾝份證號 碼或⽇期以及出⽣地 4. 與其他 VASP 和相關⽅共享任何⿊名單 參考資料:KryptoGo，如何監管虛擬貨幣？ — 關於 FATF 提出的 Travel Rule 建議
- 179. FATF 於2020年9⽉提出 《虛擬資產紅旗指標》 FATF 分就⼗⼀個⾯向發布虛擬資產之紅旗指標： 1.交易規模和頻率 2. 新⽤⼾交易 3. 所有⽤⼾有關的交易 4. 匿名有關的交易 5. 新建立帳⼾過程中所發現的違規⾏為 6. CDD 過程中發現不尋常的⾏為 7. 個⼈資料 8. 詐騙⾞⼿或受害者 9. 其他異常⾏為 10. 資⾦或財富來源 11. 地理風險
- 180. 為什麼要監管？ • 經濟/政治制裁：中美貿易戰 • 為防⽌⾦融系統中出現洗錢和資助恐怖活動，美國、聯合國和歐洲聯盟等管理機構可能會對其他國 家、機構或個⼈、恐怖分⼦及恐怖組織、毒販等有安全威脅個⼈或團體實施制裁。隸屬美國財政部 的海外資產控制辦公室 (OFAC) 管理並執⾏美國經濟和貿易制裁。國家可能會⾯臨全⾯或針對性制 裁。 • 避免洗錢和資助恐怖分⼦ • 洗錢是指對犯罪所得進⾏處理並掩飾其非法來源， 以期將犯罪所得⽤於合法或非法活動。 簡⽽⾔ 之，洗錢就是將非法所得洗⽩的過程。 • 因犯罪活動⽽獲得巨額利潤後，犯罪分⼦或集團必須設法使⽤這筆資⾦，但⼜不能引起外界對相 關 犯罪活動或犯罪⼈員的注意。 為達到這項⽬的， 犯罪分⼦便設法掩飾資⾦來源， 改變資⾦形 態， 或是將資⾦轉移⾄較不易引起外界注意的地點。導致洗錢⾏為的犯罪活動（即前置犯罪）包 括：非 法銷售武器、販賣毒品、走私違禁品及其他有組織犯罪、侵占、內線交易、⾏受賄和電腦 詐欺。
- 181. 洗錢的經濟和社會影響 • 有組織犯罪和貪污情況加劇 • 損害合法的私營機構 •削弱⾦融機構 • 對外資的抑制效應 • 喪失經濟決策控制、考量 • 執⾏錯誤的經濟決策 • 經濟扭曲和不穩定 • 稅收損失 • 私有化的風險 • 國家或地區的聲譽風險 • 國際制裁風險 • 政府開⽀與預算成本增加
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- 183. Forces on Crypto •FATF • AMLD 5 • World Bank • IMF • BIS • U.S. • SEC • CFTC • FinCEN • EU • ESMA • EBA
- 184. Virtual Asset ServiceProvider
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