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Cryptocurrencies, Blockchain & Smart Contracts:
The New Wave of Decentralization
1
Raffaele Mauro
Managing Director
Endeav...
2
3
Technology
Finance &
Venture Capital
Policy
Innovation
Cryptofinance,
Smart Contracts &
Bitcoin
4
5
Digitalization
Decentralization
Smart
Disintermediation
The 3 Ds
6
I - Digital Content
III – Financial &
Political Institutions
II - Physical Goods
The 3 Waves
7
The First Wave: Digital Content
Publishing Music
8
Disrupting Business Models
9Source: Internet Trends – Mary Meeker
The Second Wave: Physical Goods
Transportation Housing
10
The Third Wave: Financial Institutions
11
12
13
14
Peer to peer lending Crowdfunding
Disintermediation:
from underground to mainstream
15
Alt & Virtual Currencies
16
17
18
19
20
2013 peak
2011 “bubble”
21
22
October 2016
Wallets 13+ M 3x Since 2014
Transactions / Day 197,000
Transaction volume ($) $ 116,1 M
Market capitalizat...
2014 -> Price drops + institutional
acceptance
Mark Andreessen – Tim Draper – Fred Wilson:
Bitcoin today is like the Inter...
24
Distributed public ledger
Network of communicating nodes sharing a public transaction database
25
26
Cryptography & transactions
• Private key:
– Digital signature
– Allows spending
• Public key:
– Allows signature
verif...
27
Blockchain
• Aimed at proving
transactions
• Contains all
transaction history
• Blocks record
recent
transactions +
con...
Mining
• Miners solve
complex
computational
problems
• Mining enables
transaction
validation +
block generation
• Bitcoins...
Monetary supply
29
Effects
• Decentralized, peer to peer trustless system
• Not dependent on central banks/governments/big
corporations
• Ful...
Limits
• Rigid monetary supply => Volatility
• 51% Attack vulnerability
• Reliance on third parties
• Block-Size / Fork pr...
32
Gini coefficient > ~0.8
Remittances
• Half of the world population is unbanked
• Average remittance commission for African migrants > 12,5%
33
How to get bitcoins
34
How to easily trade €/$ with Bitcoins
35
36
Community (Italy)
Ecosystem
37
38
Example: Coinbase
Raised $106.7 Million in 4 Rounds
Coinbase lets any consumer to create a Bitcoin wallet and start
buy...
Accelerator & Investors
Generalist Specialized
Venture & Growth
Early Stage 39
40
41
Tech giants
42
2015: Regulatory Activism
Financial information
43
44
Attracting brainpower - 1
45
Attracting brainpower - 2
46
Cryptocurrency Courses
The first dedicated academic journal
47
48
49
21: The first Bitcoin computer
50
51
52
53
54
55
The Blockchain / Bitcoin 2.0 wave
56Source: Startup Management, William Mougayar
57Source: Venture Radar
Use cases
58
• App Development: Proof of ownership of modules in app development
• Digital Content: Proof of ownership for...
59Source: Tim Swanson
On the top of the blockchain
60
Independent blockchains
61
62
63
64
65
Hyperledger
66
67
R3
68Source: Richard Gendal Brown
69
Smart contracts
Decentralized
Applications
Decentralized
Autonomous
Organizations
70
Government, Democracy, Law
71
Decentralized “E-bay”
72
Decentralized Financial Networks
73
Decentralized Web Services
74
Decentralized “DropBox”
75
Decentralized Messaging
76
Decentralized Supercomputer
77
Decentralized Prediction Market
78
Decentralized “Uber”
79
Decentralized Collaboration
80
Research & Open Applications
81
Blockchain Emergency ID
Platform for executing user-generated smart contracts
and decentralized applications
82
Decentralized Programming Language...
83
Scenarios for cryptofinance &
decentralized technology
Basic:
- Cryptofinance as sub-industry of Fintech innovation
Opt...
Thank you !
rmauro@post.harvard.edu
raffaele.mauro@endeavor.org
Profile
Raffaele Mauro, Ph.D.
Raffaele Mauro is passionate about technology, policy and global finance.
Now Managing Direc...
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Cryptocurrencies, Blockchain & Smart Contracts: The New Wave of Decentralization

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Presentation held at the UAE University
November 2016

Publié dans : Économie & finance

Cryptocurrencies, Blockchain & Smart Contracts: The New Wave of Decentralization

  1. 1. Cryptocurrencies, Blockchain & Smart Contracts: The New Wave of Decentralization 1 Raffaele Mauro Managing Director Endeavor Italy UAEU November 2016
  2. 2. 2
  3. 3. 3 Technology Finance & Venture Capital Policy Innovation Cryptofinance, Smart Contracts & Bitcoin
  4. 4. 4
  5. 5. 5
  6. 6. Digitalization Decentralization Smart Disintermediation The 3 Ds 6
  7. 7. I - Digital Content III – Financial & Political Institutions II - Physical Goods The 3 Waves 7
  8. 8. The First Wave: Digital Content Publishing Music 8
  9. 9. Disrupting Business Models 9Source: Internet Trends – Mary Meeker
  10. 10. The Second Wave: Physical Goods Transportation Housing 10
  11. 11. The Third Wave: Financial Institutions 11
  12. 12. 12
  13. 13. 13
  14. 14. 14 Peer to peer lending Crowdfunding Disintermediation: from underground to mainstream
  15. 15. 15 Alt & Virtual Currencies
  16. 16. 16
  17. 17. 17
  18. 18. 18
  19. 19. 19
  20. 20. 20 2013 peak 2011 “bubble”
  21. 21. 21
  22. 22. 22 October 2016 Wallets 13+ M 3x Since 2014 Transactions / Day 197,000 Transaction volume ($) $ 116,1 M Market capitalization $ 11,8 Bn Merchants 100,000 Microsoft, Expedia, PayPal Hashrate ≈2,107,000,000 Gh/s -13x Since 2014 VC Investments all time $ 1,3+ Bn N° of VC backed startups 148 Open source finance goes big
  23. 23. 2014 -> Price drops + institutional acceptance Mark Andreessen – Tim Draper – Fred Wilson: Bitcoin today is like the Internet in 1994 23
  24. 24. 24
  25. 25. Distributed public ledger Network of communicating nodes sharing a public transaction database 25
  26. 26. 26 Cryptography & transactions • Private key: – Digital signature – Allows spending • Public key: – Allows signature verification – Represents the wallet address • Transactions are published in the blockchain
  27. 27. 27 Blockchain • Aimed at proving transactions • Contains all transaction history • Blocks record recent transactions + connected linearly • Longest chain enables verification / trust • Generates the “arrow of time = Solves the synchronization problem in decentralized networks
  28. 28. Mining • Miners solve complex computational problems • Mining enables transaction validation + block generation • Bitcoins released algorithmically • Fixed amount of Bitcoins every 10 mins 28
  29. 29. Monetary supply 29
  30. 30. Effects • Decentralized, peer to peer trustless system • Not dependent on central banks/governments/big corporations • Full transparency + pseudonomity • Cryptographically secure • Resilience to marketplace failures • Viral growth 30
  31. 31. Limits • Rigid monetary supply => Volatility • 51% Attack vulnerability • Reliance on third parties • Block-Size / Fork problem • Path dependence • Inequality • Transaction speed • Non-neutrality / political implications • Other network vulnerabilities 31
  32. 32. 32 Gini coefficient > ~0.8
  33. 33. Remittances • Half of the world population is unbanked • Average remittance commission for African migrants > 12,5% 33
  34. 34. How to get bitcoins 34
  35. 35. How to easily trade €/$ with Bitcoins 35
  36. 36. 36 Community (Italy)
  37. 37. Ecosystem 37
  38. 38. 38 Example: Coinbase Raised $106.7 Million in 4 Rounds Coinbase lets any consumer to create a Bitcoin wallet and start buying/selling Bitcoin instantly by connecting their bank account 2012 Seed Round $ 600 K 2013 Series A $ 6,1 M 2013 Series B $ 25 M 2014 Series C $ 75 M Investors include New York Stock Exchange, Andreessen Horowitz, Union Square Ventures, Draper Fisher Jurveston, Y Combinator
  39. 39. Accelerator & Investors Generalist Specialized Venture & Growth Early Stage 39
  40. 40. 40
  41. 41. 41 Tech giants
  42. 42. 42 2015: Regulatory Activism
  43. 43. Financial information 43
  44. 44. 44 Attracting brainpower - 1
  45. 45. 45 Attracting brainpower - 2
  46. 46. 46 Cryptocurrency Courses
  47. 47. The first dedicated academic journal 47
  48. 48. 48
  49. 49. 49
  50. 50. 21: The first Bitcoin computer 50
  51. 51. 51
  52. 52. 52
  53. 53. 53
  54. 54. 54
  55. 55. 55 The Blockchain / Bitcoin 2.0 wave
  56. 56. 56Source: Startup Management, William Mougayar
  57. 57. 57Source: Venture Radar
  58. 58. Use cases 58 • App Development: Proof of ownership of modules in app development • Digital Content: Proof of ownership for digital content storage and delivery • Ride-Sharing: Points-based value transfer for ride-sharing • Digital security trading: Ownership and transfer • Digitization of documents/contracts: Digitization of documents/contracts and proof of ownership for transfers • Decentralized storage: Decentralized storage using a network of computers on blockchain • Company incorporations: Digitizing company incorporations, transfer of equity/ownership and governance • Decentralized Internet and computing resources: Decentralized Internet and computing resources to cover every home and business • Home automation: Platform to link the home network and electrical devices to the cloud • Digital identity: Provides digital identity that protects consumer privacy • Escrow/custodian service: Escrow/custodian service for the gaming industry; loan servicing and e-commerce • IT portal: A smart contract IT portal executing order fulfillment in ecommerce/manufacturing • Patient records: Decentralized patient records management • Digitizing assets: Improves anti-counterfeit measures • Reputation management: Helps users engage, share reputation and collect feedback • Prediction platform: Decentralized prediction platform for the share markets, elections, etc. • Authenticity of a review: Enables authenticity of a review through trustworthy endorsements for employee peer reviews • Marketplace for sales and purchases of digital assets: Proof of ownership and a marketplace for sales and purchases of digital assets Source: Let’s Talk Payments
  59. 59. 59Source: Tim Swanson
  60. 60. On the top of the blockchain 60
  61. 61. Independent blockchains 61
  62. 62. 62
  63. 63. 63
  64. 64. 64
  65. 65. 65 Hyperledger
  66. 66. 66
  67. 67. 67 R3
  68. 68. 68Source: Richard Gendal Brown
  69. 69. 69 Smart contracts Decentralized Applications Decentralized Autonomous Organizations
  70. 70. 70 Government, Democracy, Law
  71. 71. 71 Decentralized “E-bay”
  72. 72. 72 Decentralized Financial Networks
  73. 73. 73 Decentralized Web Services
  74. 74. 74 Decentralized “DropBox”
  75. 75. 75 Decentralized Messaging
  76. 76. 76 Decentralized Supercomputer
  77. 77. 77 Decentralized Prediction Market
  78. 78. 78 Decentralized “Uber”
  79. 79. 79 Decentralized Collaboration
  80. 80. 80 Research & Open Applications
  81. 81. 81 Blockchain Emergency ID
  82. 82. Platform for executing user-generated smart contracts and decentralized applications 82 Decentralized Programming Language and Universal Platform
  83. 83. 83 Scenarios for cryptofinance & decentralized technology Basic: - Cryptofinance as sub-industry of Fintech innovation Optimistic: - Blockchain as the new payment layer of the Internet, like SMTP for email - Internet of Things powered by blockchain technologies Pessimistic: - Bubble & crash in cryptoasset (second mega-bubble) - Bubble & crash in VC in vestments in Bitcoin startups Utopian / Dystopian: - Decentralized technology radically disrupts governments, organizations and financial institutions
  84. 84. Thank you ! rmauro@post.harvard.edu raffaele.mauro@endeavor.org
  85. 85. Profile Raffaele Mauro, Ph.D. Raffaele Mauro is passionate about technology, policy and global finance. Now Managing Director at Endeavor Italy, he is focused on high-impact entrepreneurship and venture capital, providing companies access to smart capital, talent and markets. Previously he was Head of Finance for Innovation & Entrepreneurship at Intesa Sanpaolo and worked at venture capital funds such as P101 Ventures, Annapurna Ventures and OltreVenture. Raffaele holds an MPA from Harvard University, a Ph.D. from Bocconi and is alumnus of the Singularity University Graduate Studies Program at NASA Ames. He is also Junior Fellow at the Aspen Institute, member of the “Young European Leaders – 40 under 40” cohort of 2011, member of the scientific committee at Blockchainlab.it and member of the executive committee at the Global Shapers Hub - Milano, a World Economic Forum community. Twitter: @rafr 85

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