Bitcoin and the Blockchain ndash Financial Quagmire or Evolutionary Stampede

Image Jon Smith- Flickr

Workshop Presenter

Kariappa BHEEMAIAH

Researcher - STYLE Project Grenoble Ecole de Management

Dept People Organizations and Societies

Media

Images are Hyperlinked

Workshop Presenter

Kariappa BHEEMAIAH

Researcher - STYLE Project Grenoble Ecole de Management

Dept People Organizations and Societies

Media

Images are Hyperlinked

Biased Opinions

Moneyechanics

Currencyrsquos availability

Price to acquire it

Scarcity of its supply

ldquohellipwhen they (banks) make loans hellipthey accept promissory notes inexchange for credits to the borrowers transaction accounts

Loans (assets) and deposits (liabilities) both risehelliprdquo

Page 7- Modern Money Mechanics Federal Reserve bank of Chicago

Deposit Factor = 10 TotalRequired

Reserves

Capital to

be loaned

Accumulation

of Loans

Deposits held

by bank

Reserves Provided 10000 1000 9000 - 10000

Expansion Stage 1 10000 1900 8100 9000 19000

Expansion Stage 2 10000 2710 7290 17100 27100

Expansion Stage 3 10000 3439 6561 24390 34390

Expansion Stage

20 10000 8906 1094 79058 89058

Final Stage 10000 10000 0 90000 100000

Source Modern Money Mechanics Federal Reserve bank of Chicago

Images httpswwwflickrcomphotosjtlsyy

Internetnside

Communication Protocols

TCPIPInternet

HTTP SMTP VOIP

Hyper Text Transfer Protocol Simple Mail Transfer Protocol Voice over IP

DecentralizedDistributedInnovative environment

Proof of WorkHashCashCAPTCHA

E-Commerce Transaction Fees (29) = $18 Billion

Retail Credit Card Transaction fees (25) = $260 Billion

Global Bank Transaction Fees = $524 Billion

Global Remittances --- 89 to 30 (Inter- Africa)$49 Billion of the $524 Billion in 2013

Global Transaction Fees Estimated to reach $681 billion in

2016

Source World Bank Milken Institute

Introduction to Bitcoin

WHAT THEhellip

Salient Components of Bitcoin

The Bitcoin Protocol (ldquoBrdquo) ndash The decentralized Peer-to-Peer Network

The bitcoin currency (ldquobrdquo) ndash A transaction token used as a form of payment which is lsquominedrsquo

The Blockchain ndash A publicly verifiable transaction ledger of all the transactions on the network

Transactions form the backbone of the Blockchain

It is the Blockchain technology that makes cryptocurrencies work

Image flickrcom-fernandocortes

A Protocol for Peer-to-Peer Transfer of Value

A Distributed Database of Transactions

Users contribute by Mining

Market Capitalisation of 5 to 10 Billion USD (depending on the price of Bitcoin)

A Protocol for Peer-to-Peer File Sharing

A Distributed Database of Files

Users contribute by Seeding

Accounts for over 40 of Internet Traffic

Reference Understanding Bitcoin Cryptography Engineering and Economics by Pedro Franco

Byzantine Generalrsquos Problem Copy-Paste

httpsblockchaininfo

Moneyechanics

Currencyrsquos availability

Price to acquire it

Scarcity of its supply

ldquohellipwhen they (banks) make loans hellipthey accept promissory notes inexchange for credits to the borrowers transaction accounts

Loans (assets) and deposits (liabilities) both risehelliprdquo

Page 7- Modern Money Mechanics Federal Reserve bank of Chicago

Deposit Factor = 10 TotalRequired

Reserves

Capital to

be loaned

Accumulation

of Loans

Deposits held

by bank

Reserves Provided 10000 1000 9000 - 10000

Expansion Stage 1 10000 1900 8100 9000 19000

Expansion Stage 2 10000 2710 7290 17100 27100

Expansion Stage 3 10000 3439 6561 24390 34390

Expansion Stage

20 10000 8906 1094 79058 89058

Final Stage 10000 10000 0 90000 100000

Source Modern Money Mechanics Federal Reserve bank of Chicago

Images httpswwwflickrcomphotosjtlsyy

Internetnside

Communication Protocols

TCPIPInternet

HTTP SMTP VOIP

Hyper Text Transfer Protocol Simple Mail Transfer Protocol Voice over IP

DecentralizedDistributedInnovative environment

Proof of WorkHashCashCAPTCHA

E-Commerce Transaction Fees (29) = $18 Billion

Retail Credit Card Transaction fees (25) = $260 Billion

Global Bank Transaction Fees = $524 Billion

Global Remittances --- 89 to 30 (Inter- Africa)$49 Billion of the $524 Billion in 2013

Global Transaction Fees Estimated to reach $681 billion in

2016

Source World Bank Milken Institute

Introduction to Bitcoin

WHAT THEhellip

Salient Components of Bitcoin

The Bitcoin Protocol (ldquoBrdquo) ndash The decentralized Peer-to-Peer Network

The bitcoin currency (ldquobrdquo) ndash A transaction token used as a form of payment which is lsquominedrsquo

The Blockchain ndash A publicly verifiable transaction ledger of all the transactions on the network

Transactions form the backbone of the Blockchain

It is the Blockchain technology that makes cryptocurrencies work

Image flickrcom-fernandocortes

A Protocol for Peer-to-Peer Transfer of Value

A Distributed Database of Transactions

Users contribute by Mining

Market Capitalisation of 5 to 10 Billion USD (depending on the price of Bitcoin)

A Protocol for Peer-to-Peer File Sharing

A Distributed Database of Files

Users contribute by Seeding

Accounts for over 40 of Internet Traffic

Reference Understanding Bitcoin Cryptography Engineering and Economics by Pedro Franco

Byzantine Generalrsquos Problem Copy-Paste

httpsblockchaininfo

Deposit Factor = 10 TotalRequired

Reserves

Capital to

be loaned

Accumulation

of Loans

Deposits held

by bank

Reserves Provided 10000 1000 9000 - 10000

Expansion Stage 1 10000 1900 8100 9000 19000

Expansion Stage 2 10000 2710 7290 17100 27100

Expansion Stage 3 10000 3439 6561 24390 34390

Expansion Stage

20 10000 8906 1094 79058 89058

Final Stage 10000 10000 0 90000 100000

Source Modern Money Mechanics Federal Reserve bank of Chicago

Images httpswwwflickrcomphotosjtlsyy

Internetnside

Communication Protocols

TCPIPInternet

HTTP SMTP VOIP

Hyper Text Transfer Protocol Simple Mail Transfer Protocol Voice over IP

DecentralizedDistributedInnovative environment

Proof of WorkHashCashCAPTCHA

E-Commerce Transaction Fees (29) = $18 Billion

Retail Credit Card Transaction fees (25) = $260 Billion

Global Bank Transaction Fees = $524 Billion

Global Remittances --- 89 to 30 (Inter- Africa)$49 Billion of the $524 Billion in 2013

Global Transaction Fees Estimated to reach $681 billion in

2016

Source World Bank Milken Institute

Introduction to Bitcoin

WHAT THEhellip

Salient Components of Bitcoin

The Bitcoin Protocol (ldquoBrdquo) ndash The decentralized Peer-to-Peer Network

The bitcoin currency (ldquobrdquo) ndash A transaction token used as a form of payment which is lsquominedrsquo

The Blockchain ndash A publicly verifiable transaction ledger of all the transactions on the network

Transactions form the backbone of the Blockchain

It is the Blockchain technology that makes cryptocurrencies work

Image flickrcom-fernandocortes

A Protocol for Peer-to-Peer Transfer of Value

A Distributed Database of Transactions

Users contribute by Mining

Market Capitalisation of 5 to 10 Billion USD (depending on the price of Bitcoin)

A Protocol for Peer-to-Peer File Sharing

A Distributed Database of Files

Users contribute by Seeding

Accounts for over 40 of Internet Traffic

Reference Understanding Bitcoin Cryptography Engineering and Economics by Pedro Franco

Byzantine Generalrsquos Problem Copy-Paste

httpsblockchaininfo

Internetnside

Communication Protocols

TCPIPInternet

HTTP SMTP VOIP

Hyper Text Transfer Protocol Simple Mail Transfer Protocol Voice over IP

DecentralizedDistributedInnovative environment

Proof of WorkHashCashCAPTCHA

E-Commerce Transaction Fees (29) = $18 Billion

Retail Credit Card Transaction fees (25) = $260 Billion

Global Bank Transaction Fees = $524 Billion

Global Remittances --- 89 to 30 (Inter- Africa)$49 Billion of the $524 Billion in 2013

Global Transaction Fees Estimated to reach $681 billion in

2016

Source World Bank Milken Institute

Introduction to Bitcoin

WHAT THEhellip

Salient Components of Bitcoin

The Bitcoin Protocol (ldquoBrdquo) ndash The decentralized Peer-to-Peer Network

The bitcoin currency (ldquobrdquo) ndash A transaction token used as a form of payment which is lsquominedrsquo

The Blockchain ndash A publicly verifiable transaction ledger of all the transactions on the network

Transactions form the backbone of the Blockchain

It is the Blockchain technology that makes cryptocurrencies work

Image flickrcom-fernandocortes

A Protocol for Peer-to-Peer Transfer of Value

A Distributed Database of Transactions

Users contribute by Mining

Market Capitalisation of 5 to 10 Billion USD (depending on the price of Bitcoin)

A Protocol for Peer-to-Peer File Sharing

A Distributed Database of Files

Users contribute by Seeding

Accounts for over 40 of Internet Traffic

Reference Understanding Bitcoin Cryptography Engineering and Economics by Pedro Franco

Byzantine Generalrsquos Problem Copy-Paste

httpsblockchaininfo

DecentralizedDistributedInnovative environment

Proof of WorkHashCashCAPTCHA

E-Commerce Transaction Fees (29) = $18 Billion

Retail Credit Card Transaction fees (25) = $260 Billion

Global Bank Transaction Fees = $524 Billion

Global Remittances --- 89 to 30 (Inter- Africa)$49 Billion of the $524 Billion in 2013

Global Transaction Fees Estimated to reach $681 billion in

2016

Source World Bank Milken Institute

Introduction to Bitcoin

WHAT THEhellip

Salient Components of Bitcoin

The Bitcoin Protocol (ldquoBrdquo) ndash The decentralized Peer-to-Peer Network

The bitcoin currency (ldquobrdquo) ndash A transaction token used as a form of payment which is lsquominedrsquo

The Blockchain ndash A publicly verifiable transaction ledger of all the transactions on the network

Transactions form the backbone of the Blockchain

It is the Blockchain technology that makes cryptocurrencies work

Image flickrcom-fernandocortes

A Protocol for Peer-to-Peer Transfer of Value

A Distributed Database of Transactions

Users contribute by Mining

Market Capitalisation of 5 to 10 Billion USD (depending on the price of Bitcoin)

A Protocol for Peer-to-Peer File Sharing

A Distributed Database of Files

Users contribute by Seeding

Accounts for over 40 of Internet Traffic

Reference Understanding Bitcoin Cryptography Engineering and Economics by Pedro Franco

Byzantine Generalrsquos Problem Copy-Paste

httpsblockchaininfo

E-Commerce Transaction Fees (29) = $18 Billion

Retail Credit Card Transaction fees (25) = $260 Billion

Global Bank Transaction Fees = $524 Billion

Global Remittances --- 89 to 30 (Inter- Africa)$49 Billion of the $524 Billion in 2013

Global Transaction Fees Estimated to reach $681 billion in

2016

Source World Bank Milken Institute

Introduction to Bitcoin

WHAT THEhellip

Salient Components of Bitcoin

The Bitcoin Protocol (ldquoBrdquo) ndash The decentralized Peer-to-Peer Network

The bitcoin currency (ldquobrdquo) ndash A transaction token used as a form of payment which is lsquominedrsquo

The Blockchain ndash A publicly verifiable transaction ledger of all the transactions on the network

Transactions form the backbone of the Blockchain

It is the Blockchain technology that makes cryptocurrencies work

Image flickrcom-fernandocortes

A Protocol for Peer-to-Peer Transfer of Value

A Distributed Database of Transactions

Users contribute by Mining

Market Capitalisation of 5 to 10 Billion USD (depending on the price of Bitcoin)

A Protocol for Peer-to-Peer File Sharing

A Distributed Database of Files

Users contribute by Seeding

Accounts for over 40 of Internet Traffic

Reference Understanding Bitcoin Cryptography Engineering and Economics by Pedro Franco

Byzantine Generalrsquos Problem Copy-Paste

httpsblockchaininfo

Introduction to Bitcoin

WHAT THEhellip

Salient Components of Bitcoin

The Bitcoin Protocol (ldquoBrdquo) ndash The decentralized Peer-to-Peer Network

The bitcoin currency (ldquobrdquo) ndash A transaction token used as a form of payment which is lsquominedrsquo

The Blockchain ndash A publicly verifiable transaction ledger of all the transactions on the network

Transactions form the backbone of the Blockchain

It is the Blockchain technology that makes cryptocurrencies work

Image flickrcom-fernandocortes

A Protocol for Peer-to-Peer Transfer of Value

A Distributed Database of Transactions

Users contribute by Mining

Market Capitalisation of 5 to 10 Billion USD (depending on the price of Bitcoin)

A Protocol for Peer-to-Peer File Sharing

A Distributed Database of Files

Users contribute by Seeding

Accounts for over 40 of Internet Traffic

Reference Understanding Bitcoin Cryptography Engineering and Economics by Pedro Franco

Byzantine Generalrsquos Problem Copy-Paste

httpsblockchaininfo

WHAT THEhellip

Salient Components of Bitcoin

The Bitcoin Protocol (ldquoBrdquo) ndash The decentralized Peer-to-Peer Network

The bitcoin currency (ldquobrdquo) ndash A transaction token used as a form of payment which is lsquominedrsquo

The Blockchain ndash A publicly verifiable transaction ledger of all the transactions on the network

Transactions form the backbone of the Blockchain

It is the Blockchain technology that makes cryptocurrencies work

Image flickrcom-fernandocortes

A Protocol for Peer-to-Peer Transfer of Value

A Distributed Database of Transactions

Users contribute by Mining

Market Capitalisation of 5 to 10 Billion USD (depending on the price of Bitcoin)

A Protocol for Peer-to-Peer File Sharing

A Distributed Database of Files

Users contribute by Seeding

Accounts for over 40 of Internet Traffic

Reference Understanding Bitcoin Cryptography Engineering and Economics by Pedro Franco

Byzantine Generalrsquos Problem Copy-Paste

httpsblockchaininfo

Salient Components of Bitcoin

The Bitcoin Protocol (ldquoBrdquo) ndash The decentralized Peer-to-Peer Network

The bitcoin currency (ldquobrdquo) ndash A transaction token used as a form of payment which is lsquominedrsquo

The Blockchain ndash A publicly verifiable transaction ledger of all the transactions on the network

Transactions form the backbone of the Blockchain

It is the Blockchain technology that makes cryptocurrencies work

Image flickrcom-fernandocortes

A Protocol for Peer-to-Peer Transfer of Value

A Distributed Database of Transactions

Users contribute by Mining

Market Capitalisation of 5 to 10 Billion USD (depending on the price of Bitcoin)

A Protocol for Peer-to-Peer File Sharing

A Distributed Database of Files

Users contribute by Seeding

Accounts for over 40 of Internet Traffic

Reference Understanding Bitcoin Cryptography Engineering and Economics by Pedro Franco

Byzantine Generalrsquos Problem Copy-Paste

httpsblockchaininfo

A Protocol for Peer-to-Peer Transfer of Value

A Distributed Database of Transactions

Users contribute by Mining

Market Capitalisation of 5 to 10 Billion USD (depending on the price of Bitcoin)

A Protocol for Peer-to-Peer File Sharing

A Distributed Database of Files

Users contribute by Seeding

Accounts for over 40 of Internet Traffic

Reference Understanding Bitcoin Cryptography Engineering and Economics by Pedro Franco

Byzantine Generalrsquos Problem Copy-Paste

httpsblockchaininfo

httpsblockchaininfo

19Gubir2n7e9JpW1Av7wrMd5M5AtTdzVwR

18E14A7B6A307F426A94F8114701E7C8E774E7F9A47E2C2035DB29A206321725

P1P2

P3

x

y

Hash Function SHA-256sup2

Mining

Transaction Fee(0005 BTC ~ euro1)

8 X 500 X

HASH OF PREVIOUS BLOCK HEADER

TIME-STAMP

DIFFICULTY

NONCE

MERKLE ROOT

THE TRANSACTIONS

Transaction Fees ~ $525 BillionRemittances ~ $ 50 Billion

$475 Billion

Global Retail Sales ~ $ 10 TrillionRetail Transaction Fees ~ $ 260 BillionBTC Transaction Fees (1) ~ $ 105 Billion

$ 150 Billion

lt $200

$001

340282366920938463463374607431768211456 hellipmore

Growth of the Number of Things Connected to the Internet CISC0 (2013)

$144 Trillion in Value at Stake

httpwwwciscocomwebaboutac79docsinnovIoE_Economypdf httpwwwaccenturecomMicrositesfsinsightscapital-markets-ukDocumentsAccenture-Global-Boom-in-Fintech-Investmentpdf

Investment in Fintech ventures = 3X Growth

from $930 million in 2008 to $297billion in 2013

Key Objectives Distributed Transaction Processing amp Applications without the need for

centralized control infrastructure Robust Security where no trusted third party is required to secure

transactionsSolutions

Peer-to-peer decentralized networks A value-exchange protocol like the Blockchain Autonomous Device Coordination

Empowered Law Bitratedcom CryptoCorpColored Coins Codius

Hash Function SHA-256sup2

Mining

Transaction Fee(0005 BTC ~ euro1)

8 X 500 X

HASH OF PREVIOUS BLOCK HEADER

TIME-STAMP

DIFFICULTY

NONCE

MERKLE ROOT

THE TRANSACTIONS

Transaction Fees ~ $525 BillionRemittances ~ $ 50 Billion

$475 Billion

Global Retail Sales ~ $ 10 TrillionRetail Transaction Fees ~ $ 260 BillionBTC Transaction Fees (1) ~ $ 105 Billion

$ 150 Billion

lt $200

$001

340282366920938463463374607431768211456 hellipmore

Growth of the Number of Things Connected to the Internet CISC0 (2013)

$144 Trillion in Value at Stake

httpwwwciscocomwebaboutac79docsinnovIoE_Economypdf httpwwwaccenturecomMicrositesfsinsightscapital-markets-ukDocumentsAccenture-Global-Boom-in-Fintech-Investmentpdf

Investment in Fintech ventures = 3X Growth

from $930 million in 2008 to $297billion in 2013

Key Objectives Distributed Transaction Processing amp Applications without the need for

centralized control infrastructure Robust Security where no trusted third party is required to secure

transactionsSolutions

Peer-to-peer decentralized networks A value-exchange protocol like the Blockchain Autonomous Device Coordination

Empowered Law Bitratedcom CryptoCorpColored Coins Codius

Transaction Fees ~ $525 BillionRemittances ~ $ 50 Billion

$475 Billion

Global Retail Sales ~ $ 10 TrillionRetail Transaction Fees ~ $ 260 BillionBTC Transaction Fees (1) ~ $ 105 Billion

$ 150 Billion

lt $200

$001

340282366920938463463374607431768211456 hellipmore

Growth of the Number of Things Connected to the Internet CISC0 (2013)

$144 Trillion in Value at Stake

httpwwwciscocomwebaboutac79docsinnovIoE_Economypdf httpwwwaccenturecomMicrositesfsinsightscapital-markets-ukDocumentsAccenture-Global-Boom-in-Fintech-Investmentpdf

Investment in Fintech ventures = 3X Growth

from $930 million in 2008 to $297billion in 2013

Key Objectives Distributed Transaction Processing amp Applications without the need for

centralized control infrastructure Robust Security where no trusted third party is required to secure

transactionsSolutions

Peer-to-peer decentralized networks A value-exchange protocol like the Blockchain Autonomous Device Coordination

Empowered Law Bitratedcom CryptoCorpColored Coins Codius

340282366920938463463374607431768211456 hellipmore

Growth of the Number of Things Connected to the Internet CISC0 (2013)

$144 Trillion in Value at Stake

httpwwwciscocomwebaboutac79docsinnovIoE_Economypdf httpwwwaccenturecomMicrositesfsinsightscapital-markets-ukDocumentsAccenture-Global-Boom-in-Fintech-Investmentpdf

Investment in Fintech ventures = 3X Growth

from $930 million in 2008 to $297billion in 2013

Key Objectives Distributed Transaction Processing amp Applications without the need for

centralized control infrastructure Robust Security where no trusted third party is required to secure

transactionsSolutions

Peer-to-peer decentralized networks A value-exchange protocol like the Blockchain Autonomous Device Coordination

Empowered Law Bitratedcom CryptoCorpColored Coins Codius

Key Objectives Distributed Transaction Processing amp Applications without the need for

centralized control infrastructure Robust Security where no trusted third party is required to secure

transactionsSolutions

Peer-to-peer decentralized networks A value-exchange protocol like the Blockchain Autonomous Device Coordination

Empowered Law Bitratedcom CryptoCorpColored Coins Codius

114 X (total amount of money in the global

economy )

Bitcoin technology network amp protocol

Non-Bitcoin Blockchain pegged to bitcoin currency

Bitcoin Blockchain non-bitcoin currency Non-bitcoin currency amp non-Bitcoin Blockchain

Own capital

Hire people

Issue shares

Produce profits

Pay Dividends

To shareholders who host DACs

New Ideas and Business Models

Crowdfunding

Mine with Proof of Stake

Use Revenues for Operations

Nodes autonomously supervise

Supply Chain

SKU CHAIN

Hashes instead of Barcodes

Protection against Counterfeit

Transportation

ZooZ Tokens- Proof of Movement

Data as money

Decentralized UBER

BLOCKCHAIN 20COMPONENTS OF APPLICATIONS

STORAGE COMPUTATION BANDWIDTH

DAPPS VENTURE FUND

Regulation (Seigniorage)

3rd Party Storage Security

Price Volatility

Scalability

Transaction Speeds

Bandwidth amp Storage

Volunteer Based Infrastructure

Mining Pools

Poor Mobile Platform Support

Over-enthusiastic VCrsquos

Education amp Mind-set

IT WILL BE MINEDhellipand time-stamped and put on the Blockchain

BOOKS The Anatomy of a Money-like Informational Commodity Tim

Swanson Mastering Bitcoin Unlocking Digital Cryptocurrencies

Andreas M Antonopoulos Bitcoin The Future of Money Dominic Frisby Understanding Bitcoin Cryptography Engineering and

Economics Pedro FrancoWHITEPAPERS

Bitcoin A Peer-to-Peer Electronic Cash System Satoshi Nakamoto

The General Theory of Decentralized Applications Dapps David Johnston

The Value of App Coins David Johnston Ethereum-A next generation smart contract amp decentralized

application platform Vitalik Buterin Enabling Blockchain Innovations with Pegged Sidechains The

Blockstream Team Smart Oracles A Simple Powerful Approach to Smart

Contracts CoduisRipple Labs IBM ADEPT Practictioner Perspective - Pre Publication Draft - 7

Jan 2015 The IBM ADEPT Team Business Processes Secured by Immutable Audit Trails on the

Blockchain Factom

BLOGs Cryptocoinsnews

Adam Back Sidechains can replace altcoins-bitcoin 2-0-platforms

Philippines-e-peso digital currency use bitcoin technology

Ecuadors centralized national digital currency Ericsson report reveals early warning signs dramatic

disruption financial services industry CoinDesk

Bitcoin core developers bitcoin side-chains Sidechains white paper ecosystem reboot New Blockchain startup-brings contracts digital age Bithalo smart contracts without block chain bloat Ripple labs unveils proposal new smart contract system Payments veterans seek unlock Blockchains power align

commerce Bitcoinmagazine

Side chains-challenges and potential Siliconangle

bitcoin-sidechains bitcoin pegged sidechains whitepaper reveals new

horizons for cryptocurrency Fastcolabs

App economysmart contracts could be cryptocurrencyrsquos killer app

Monetas- why central banks will race to adopt the Blockchain

PICTURES- All pictures used were registered under a Public Domain Creative Commons Licence

Slide 6 httpenwikipediaorgwikiVint_Cerf httpviwikipediaorgwikiBob_Kahn wwwflickrcomphotoscorpse_of_taloy httpwwwflaticoncomSlide 7 httpenwikipediaorgwikiFireworks httpsprezicomhaigbktvbgdbtim-berners-leeSlide 8 httpcarryonwikiacomwikiS_Melly httpswwwflickrcomphotoslawrence_chard6344527436

httpenwikipediaorgwikiSocial_network httpswwwflickrcomphotos4_shore4498197359Slide 10 httpxmenmovieswikiacomwikiFileThe-wolverine-2-

hugh-jackmanjpg httpenwikipediaorgwikiSamurai_Jack httppixsharkcomfemale-samurai-animehtm httpswwwflickrcomphotosfernando_cortes

SLIDE 1 httpswwwflickrcomphotosweiphotography998981452

3Slide 3 httpenwikiquoteorgwikiV_for_Vendetta httpswwwflickrcomphotoslendingmemo11431740684 httpwwwbabygorillacom httpswwwpinterestcomgarydavies924colossus httpimgurcomgalleryyamed httpenwikipediaorgwikiChessSlide 4 httptinyurlcomkfg2vr7 httptinyurlcommtfcqom httpenwikipediaorgwikiFileGold-crystalsjpg httptinyurlcomk33ujfsSlide 5 httpswwwflickrcomphotosjtlsyy6115074889 Open Education - httpwwwopednewscomarticles-Oops-

We-Meant-7-TRILLIO-by-Ellen-Brown-081130-741html

BLOCKCHAIN 20COMPONENTS OF APPLICATIONS

STORAGE COMPUTATION BANDWIDTH

DAPPS VENTURE FUND

Regulation (Seigniorage)

3rd Party Storage Security

Price Volatility

Scalability

Transaction Speeds

Bandwidth amp Storage

Volunteer Based Infrastructure

Mining Pools

Poor Mobile Platform Support

Over-enthusiastic VCrsquos

Education amp Mind-set

IT WILL BE MINEDhellipand time-stamped and put on the Blockchain

BOOKS The Anatomy of a Money-like Informational Commodity Tim

Swanson Mastering Bitcoin Unlocking Digital Cryptocurrencies

Andreas M Antonopoulos Bitcoin The Future of Money Dominic Frisby Understanding Bitcoin Cryptography Engineering and

Economics Pedro FrancoWHITEPAPERS

Bitcoin A Peer-to-Peer Electronic Cash System Satoshi Nakamoto

The General Theory of Decentralized Applications Dapps David Johnston

The Value of App Coins David Johnston Ethereum-A next generation smart contract amp decentralized

application platform Vitalik Buterin Enabling Blockchain Innovations with Pegged Sidechains The

Blockstream Team Smart Oracles A Simple Powerful Approach to Smart

Contracts CoduisRipple Labs IBM ADEPT Practictioner Perspective - Pre Publication Draft - 7

Jan 2015 The IBM ADEPT Team Business Processes Secured by Immutable Audit Trails on the

Blockchain Factom

BLOGs Cryptocoinsnews

Adam Back Sidechains can replace altcoins-bitcoin 2-0-platforms

Philippines-e-peso digital currency use bitcoin technology

Ecuadors centralized national digital currency Ericsson report reveals early warning signs dramatic

disruption financial services industry CoinDesk

Bitcoin core developers bitcoin side-chains Sidechains white paper ecosystem reboot New Blockchain startup-brings contracts digital age Bithalo smart contracts without block chain bloat Ripple labs unveils proposal new smart contract system Payments veterans seek unlock Blockchains power align

commerce Bitcoinmagazine

Side chains-challenges and potential Siliconangle

bitcoin-sidechains bitcoin pegged sidechains whitepaper reveals new

horizons for cryptocurrency Fastcolabs

App economysmart contracts could be cryptocurrencyrsquos killer app

Monetas- why central banks will race to adopt the Blockchain

PICTURES- All pictures used were registered under a Public Domain Creative Commons Licence

Slide 6 httpenwikipediaorgwikiVint_Cerf httpviwikipediaorgwikiBob_Kahn wwwflickrcomphotoscorpse_of_taloy httpwwwflaticoncomSlide 7 httpenwikipediaorgwikiFireworks httpsprezicomhaigbktvbgdbtim-berners-leeSlide 8 httpcarryonwikiacomwikiS_Melly httpswwwflickrcomphotoslawrence_chard6344527436

httpenwikipediaorgwikiSocial_network httpswwwflickrcomphotos4_shore4498197359Slide 10 httpxmenmovieswikiacomwikiFileThe-wolverine-2-

hugh-jackmanjpg httpenwikipediaorgwikiSamurai_Jack httppixsharkcomfemale-samurai-animehtm httpswwwflickrcomphotosfernando_cortes

SLIDE 1 httpswwwflickrcomphotosweiphotography998981452

3Slide 3 httpenwikiquoteorgwikiV_for_Vendetta httpswwwflickrcomphotoslendingmemo11431740684 httpwwwbabygorillacom httpswwwpinterestcomgarydavies924colossus httpimgurcomgalleryyamed httpenwikipediaorgwikiChessSlide 4 httptinyurlcomkfg2vr7 httptinyurlcommtfcqom httpenwikipediaorgwikiFileGold-crystalsjpg httptinyurlcomk33ujfsSlide 5 httpswwwflickrcomphotosjtlsyy6115074889 Open Education - httpwwwopednewscomarticles-Oops-

We-Meant-7-TRILLIO-by-Ellen-Brown-081130-741html

Regulation (Seigniorage)

3rd Party Storage Security

Price Volatility

Scalability

Transaction Speeds

Bandwidth amp Storage

Volunteer Based Infrastructure

Mining Pools

Poor Mobile Platform Support

Over-enthusiastic VCrsquos

Education amp Mind-set

IT WILL BE MINEDhellipand time-stamped and put on the Blockchain

BOOKS The Anatomy of a Money-like Informational Commodity Tim

Swanson Mastering Bitcoin Unlocking Digital Cryptocurrencies

Andreas M Antonopoulos Bitcoin The Future of Money Dominic Frisby Understanding Bitcoin Cryptography Engineering and

Economics Pedro FrancoWHITEPAPERS

Bitcoin A Peer-to-Peer Electronic Cash System Satoshi Nakamoto

The General Theory of Decentralized Applications Dapps David Johnston

The Value of App Coins David Johnston Ethereum-A next generation smart contract amp decentralized

application platform Vitalik Buterin Enabling Blockchain Innovations with Pegged Sidechains The

Blockstream Team Smart Oracles A Simple Powerful Approach to Smart

Contracts CoduisRipple Labs IBM ADEPT Practictioner Perspective - Pre Publication Draft - 7

Jan 2015 The IBM ADEPT Team Business Processes Secured by Immutable Audit Trails on the

Blockchain Factom

BLOGs Cryptocoinsnews

Adam Back Sidechains can replace altcoins-bitcoin 2-0-platforms

Philippines-e-peso digital currency use bitcoin technology

Ecuadors centralized national digital currency Ericsson report reveals early warning signs dramatic

disruption financial services industry CoinDesk

Bitcoin core developers bitcoin side-chains Sidechains white paper ecosystem reboot New Blockchain startup-brings contracts digital age Bithalo smart contracts without block chain bloat Ripple labs unveils proposal new smart contract system Payments veterans seek unlock Blockchains power align

commerce Bitcoinmagazine

Side chains-challenges and potential Siliconangle

bitcoin-sidechains bitcoin pegged sidechains whitepaper reveals new

horizons for cryptocurrency Fastcolabs

App economysmart contracts could be cryptocurrencyrsquos killer app

Monetas- why central banks will race to adopt the Blockchain

PICTURES- All pictures used were registered under a Public Domain Creative Commons Licence

Slide 6 httpenwikipediaorgwikiVint_Cerf httpviwikipediaorgwikiBob_Kahn wwwflickrcomphotoscorpse_of_taloy httpwwwflaticoncomSlide 7 httpenwikipediaorgwikiFireworks httpsprezicomhaigbktvbgdbtim-berners-leeSlide 8 httpcarryonwikiacomwikiS_Melly httpswwwflickrcomphotoslawrence_chard6344527436

httpenwikipediaorgwikiSocial_network httpswwwflickrcomphotos4_shore4498197359Slide 10 httpxmenmovieswikiacomwikiFileThe-wolverine-2-

hugh-jackmanjpg httpenwikipediaorgwikiSamurai_Jack httppixsharkcomfemale-samurai-animehtm httpswwwflickrcomphotosfernando_cortes

SLIDE 1 httpswwwflickrcomphotosweiphotography998981452

3Slide 3 httpenwikiquoteorgwikiV_for_Vendetta httpswwwflickrcomphotoslendingmemo11431740684 httpwwwbabygorillacom httpswwwpinterestcomgarydavies924colossus httpimgurcomgalleryyamed httpenwikipediaorgwikiChessSlide 4 httptinyurlcomkfg2vr7 httptinyurlcommtfcqom httpenwikipediaorgwikiFileGold-crystalsjpg httptinyurlcomk33ujfsSlide 5 httpswwwflickrcomphotosjtlsyy6115074889 Open Education - httpwwwopednewscomarticles-Oops-

We-Meant-7-TRILLIO-by-Ellen-Brown-081130-741html

IT WILL BE MINEDhellipand time-stamped and put on the Blockchain

BOOKS The Anatomy of a Money-like Informational Commodity Tim

Swanson Mastering Bitcoin Unlocking Digital Cryptocurrencies

Andreas M Antonopoulos Bitcoin The Future of Money Dominic Frisby Understanding Bitcoin Cryptography Engineering and

Economics Pedro FrancoWHITEPAPERS

Bitcoin A Peer-to-Peer Electronic Cash System Satoshi Nakamoto

The General Theory of Decentralized Applications Dapps David Johnston

The Value of App Coins David Johnston Ethereum-A next generation smart contract amp decentralized

application platform Vitalik Buterin Enabling Blockchain Innovations with Pegged Sidechains The

Blockstream Team Smart Oracles A Simple Powerful Approach to Smart

Contracts CoduisRipple Labs IBM ADEPT Practictioner Perspective - Pre Publication Draft - 7

Jan 2015 The IBM ADEPT Team Business Processes Secured by Immutable Audit Trails on the

Blockchain Factom

BLOGs Cryptocoinsnews

Adam Back Sidechains can replace altcoins-bitcoin 2-0-platforms

Philippines-e-peso digital currency use bitcoin technology

Ecuadors centralized national digital currency Ericsson report reveals early warning signs dramatic

disruption financial services industry CoinDesk

Bitcoin core developers bitcoin side-chains Sidechains white paper ecosystem reboot New Blockchain startup-brings contracts digital age Bithalo smart contracts without block chain bloat Ripple labs unveils proposal new smart contract system Payments veterans seek unlock Blockchains power align

commerce Bitcoinmagazine

Side chains-challenges and potential Siliconangle

bitcoin-sidechains bitcoin pegged sidechains whitepaper reveals new

horizons for cryptocurrency Fastcolabs

App economysmart contracts could be cryptocurrencyrsquos killer app

Monetas- why central banks will race to adopt the Blockchain

PICTURES- All pictures used were registered under a Public Domain Creative Commons Licence

Slide 6 httpenwikipediaorgwikiVint_Cerf httpviwikipediaorgwikiBob_Kahn wwwflickrcomphotoscorpse_of_taloy httpwwwflaticoncomSlide 7 httpenwikipediaorgwikiFireworks httpsprezicomhaigbktvbgdbtim-berners-leeSlide 8 httpcarryonwikiacomwikiS_Melly httpswwwflickrcomphotoslawrence_chard6344527436

httpenwikipediaorgwikiSocial_network httpswwwflickrcomphotos4_shore4498197359Slide 10 httpxmenmovieswikiacomwikiFileThe-wolverine-2-

hugh-jackmanjpg httpenwikipediaorgwikiSamurai_Jack httppixsharkcomfemale-samurai-animehtm httpswwwflickrcomphotosfernando_cortes

SLIDE 1 httpswwwflickrcomphotosweiphotography998981452

3Slide 3 httpenwikiquoteorgwikiV_for_Vendetta httpswwwflickrcomphotoslendingmemo11431740684 httpwwwbabygorillacom httpswwwpinterestcomgarydavies924colossus httpimgurcomgalleryyamed httpenwikipediaorgwikiChessSlide 4 httptinyurlcomkfg2vr7 httptinyurlcommtfcqom httpenwikipediaorgwikiFileGold-crystalsjpg httptinyurlcomk33ujfsSlide 5 httpswwwflickrcomphotosjtlsyy6115074889 Open Education - httpwwwopednewscomarticles-Oops-

We-Meant-7-TRILLIO-by-Ellen-Brown-081130-741html

BOOKS The Anatomy of a Money-like Informational Commodity Tim

Swanson Mastering Bitcoin Unlocking Digital Cryptocurrencies

Andreas M Antonopoulos Bitcoin The Future of Money Dominic Frisby Understanding Bitcoin Cryptography Engineering and

Economics Pedro FrancoWHITEPAPERS

Bitcoin A Peer-to-Peer Electronic Cash System Satoshi Nakamoto

The General Theory of Decentralized Applications Dapps David Johnston

The Value of App Coins David Johnston Ethereum-A next generation smart contract amp decentralized

application platform Vitalik Buterin Enabling Blockchain Innovations with Pegged Sidechains The

Blockstream Team Smart Oracles A Simple Powerful Approach to Smart

Contracts CoduisRipple Labs IBM ADEPT Practictioner Perspective - Pre Publication Draft - 7

Jan 2015 The IBM ADEPT Team Business Processes Secured by Immutable Audit Trails on the

Blockchain Factom

BLOGs Cryptocoinsnews

Adam Back Sidechains can replace altcoins-bitcoin 2-0-platforms

Philippines-e-peso digital currency use bitcoin technology

Ecuadors centralized national digital currency Ericsson report reveals early warning signs dramatic

disruption financial services industry CoinDesk

Bitcoin core developers bitcoin side-chains Sidechains white paper ecosystem reboot New Blockchain startup-brings contracts digital age Bithalo smart contracts without block chain bloat Ripple labs unveils proposal new smart contract system Payments veterans seek unlock Blockchains power align

commerce Bitcoinmagazine

Side chains-challenges and potential Siliconangle

bitcoin-sidechains bitcoin pegged sidechains whitepaper reveals new

horizons for cryptocurrency Fastcolabs

App economysmart contracts could be cryptocurrencyrsquos killer app

Monetas- why central banks will race to adopt the Blockchain

PICTURES- All pictures used were registered under a Public Domain Creative Commons Licence

Slide 6 httpenwikipediaorgwikiVint_Cerf httpviwikipediaorgwikiBob_Kahn wwwflickrcomphotoscorpse_of_taloy httpwwwflaticoncomSlide 7 httpenwikipediaorgwikiFireworks httpsprezicomhaigbktvbgdbtim-berners-leeSlide 8 httpcarryonwikiacomwikiS_Melly httpswwwflickrcomphotoslawrence_chard6344527436

httpenwikipediaorgwikiSocial_network httpswwwflickrcomphotos4_shore4498197359Slide 10 httpxmenmovieswikiacomwikiFileThe-wolverine-2-

hugh-jackmanjpg httpenwikipediaorgwikiSamurai_Jack httppixsharkcomfemale-samurai-animehtm httpswwwflickrcomphotosfernando_cortes

SLIDE 1 httpswwwflickrcomphotosweiphotography998981452

3Slide 3 httpenwikiquoteorgwikiV_for_Vendetta httpswwwflickrcomphotoslendingmemo11431740684 httpwwwbabygorillacom httpswwwpinterestcomgarydavies924colossus httpimgurcomgalleryyamed httpenwikipediaorgwikiChessSlide 4 httptinyurlcomkfg2vr7 httptinyurlcommtfcqom httpenwikipediaorgwikiFileGold-crystalsjpg httptinyurlcomk33ujfsSlide 5 httpswwwflickrcomphotosjtlsyy6115074889 Open Education - httpwwwopednewscomarticles-Oops-

We-Meant-7-TRILLIO-by-Ellen-Brown-081130-741html

PICTURES- All pictures used were registered under a Public Domain Creative Commons Licence

Slide 6 httpenwikipediaorgwikiVint_Cerf httpviwikipediaorgwikiBob_Kahn wwwflickrcomphotoscorpse_of_taloy httpwwwflaticoncomSlide 7 httpenwikipediaorgwikiFireworks httpsprezicomhaigbktvbgdbtim-berners-leeSlide 8 httpcarryonwikiacomwikiS_Melly httpswwwflickrcomphotoslawrence_chard6344527436

httpenwikipediaorgwikiSocial_network httpswwwflickrcomphotos4_shore4498197359Slide 10 httpxmenmovieswikiacomwikiFileThe-wolverine-2-

hugh-jackmanjpg httpenwikipediaorgwikiSamurai_Jack httppixsharkcomfemale-samurai-animehtm httpswwwflickrcomphotosfernando_cortes

SLIDE 1 httpswwwflickrcomphotosweiphotography998981452

3Slide 3 httpenwikiquoteorgwikiV_for_Vendetta httpswwwflickrcomphotoslendingmemo11431740684 httpwwwbabygorillacom httpswwwpinterestcomgarydavies924colossus httpimgurcomgalleryyamed httpenwikipediaorgwikiChessSlide 4 httptinyurlcomkfg2vr7 httptinyurlcommtfcqom httpenwikipediaorgwikiFileGold-crystalsjpg httptinyurlcomk33ujfsSlide 5 httpswwwflickrcomphotosjtlsyy6115074889 Open Education - httpwwwopednewscomarticles-Oops-

We-Meant-7-TRILLIO-by-Ellen-Brown-081130-741html

Slide 19 httpswwwflickrcomphotosafilliate-marketing httpwwwdreamstimecomstock-photo-businessman-

shake-hand-online-businessSlide 21 httpswwwpinterestcompin537335799260231741 httpsgithubcomBitSharesSlide 22httpsgithubcomlazoozSlide 23 httpswwwfacebookcomgtbitcoinposts5756959158964

35 httpenwikipediaorgwikiRipple_28payment_protocol

29 httpenwikipediaorgwikiMaidSafe httpstwittercomfactomproject httpstwittercomsearchq=ethereumampsrc=typdSlide 24 httpenwikipediaorgwikiHype_cycle httpssfodanwordpresscom20120714go-get-out-of-

here-go-get-some-fish-for-me-to-clean-mark-67-13E280A0

Slide 24httpmentioca20150220long-will-cash-lastSlide 27httpswwwflickrcomphotosfernando_cortes

Slide 13 httpswwwflickrcomphotos66151463N04604181411

5inphotostream httpsenbitcoinitwikiTransaction httpcommonswikimediaorgwikiFileArmory_Bitcoin_Cli

entpng httpenwikipediaorgwikiBitcoinSlide 14 wwwflickrcomphotosdripper2310164608 httpcommonswikimediaorgwikiCategoryKeys httpenwikibooksorgwikiCryptographyElliptic_curveSlide 15 httpswwwflickrcomphotos127069763N0716239360

227 httpsblockchaininfo httpwwwmycecomnewsqualcomm-claim-fingerprint-

sensor-breakthrough-75215 httpspp6globalsslfastlynetcomment20Slide 16 httpwwwciscocomwebaboutac79docsinnovIoT_IBS

G_0411FINALpdf httpwwwaccenturecomMicrositesfsinsightscapital-

markets-ukDocumentsAccenture-Global-Boom-in-Fintech-Investmentpdf

Slide 17 httpcommonswikimediaorgwikiFileContract_-_CC-BY-

SA_-_Gunnar_Wrobeljpg