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Beyond Bitcoin

Beyond Bitcoin

Seventh lesson for the Bitcoin and Blockchain Technology course of Milano-Bicocca and Politecnico di Milano

www.ametrano.net/bbt/

2017 Video (in Italian) available at https://www.youtube.com/watch?v=ByzoYHx7eTc&list=PLrVvuryXHYTdzvtpzrj4wvYEhCwF6G82b&index=3

Ferdinando M. Ametrano

March 29, 2019
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  1. Bitcoin and
    Blockchain Technology
    Beyond Bitcoin: Timestamping and DLT
    v2019.04.03
    Comments, corrections, and questions: https://drive.google.com/open?id=12jGsSBY5sMwgRQwvjwlnG6J9xOxi0P0Z
    © 2019 Digital Gold Institute

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  2. Understanding Lags Well Behind The Hype
    Understanding of the technology however lags well behind the
    hype, amongst practitioners, policy makers and industry
    commentators alike. ‘Blockchain’ technology seems to promise
    major change for capital markets and other financial services –
    some say it may ultimately prove to be as important an innovation
    as the internet itself – but few can say exactly how or why.
    Michael Mainelli, Alistair Milne (2016)
    The Impact and Potential of Blockchain on the Securities
    Transaction Lifecycle
    http://ssrn.com/abstract=2777404
    © 2019 Digital Gold Institute 2/122

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  3. Bitcoin Is Hard to Understand
    At the crossroads of:
    1. Cryptography
    2. Computer networking and distributed systems
    3. Game theory
    4. Monetary theory
    Mainly not a technology,
    a cultural paradigm shift instead
    © 2019 Digital Gold Institute 3/122

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  4. ▪ Digital and scriptural: it only exists as validated transaction
    ▪ Asset, not liability
    ▪ Bearer instrument
    ▪ It can be transferred but not duplicated
    (i.e. it can be spent, but not double-spent)
    ▪ Scarce in digital realm, as nothing else before
    ▪ Mimicking gold monetary policy
    Bitcoin is digital gold
    this is the groundbreaking achievement by Satoshi Nakamoto
    ▪ More a crypto-commodity then a crypto-currency
    © 2019 Digital Gold Institute
    What Makes Bitcoin Special?
    4/122

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  5. Blockchain: A Distributed Transaction Ledger
    ▪ Every block contains multiple transactions
    ▪ Massively duplicated across network nodes
    ▪ Shared with a P2P file transfer protocol
    ▪ Updated by peculiar nodes, known as miners, appending new
    blocks of transactions
    © 2019 Digital Gold Institute 5/122

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  6. A Distributed Back-office
    ▪ All network nodes validate and clear all transactions
    ▪ Mining nodes provides also the additional computational power
    required for settlement
    ▪ Without a central trusted party, how do they reach consensus
    on the transaction history?
    ▪ Consensus in a distributed network with faulty (or malicious)
    nodes is a very hard problem
    © 2019 Digital Gold Institute 6/122

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  7. Mining
    ▪ Miners compete to validate a new block of transactions
    ▪ The winner providing proof-of-work for the finalization of a new
    block is rewarded with the issuance of new bitcoins in a special
    coinbase transaction included in that same block
    ▪ Miners solve the double spending problem:
    − transactions spending the same coins would invalidate the
    block
    − an invalid block would be rejected from the network
    − the bitcoin reward would be removed from transaction history
    − The winning miner would have wasted his work
    © 2019 Digital Gold Institute 7/122

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  8. Nakamoto Distributed Consensus
    ▪ Practical Byzantine Fault Tolerant (PBFT) distributed consensus
    is achieved using (game theory) economic incentive for the
    mining nodes to be honest
    ▪ Double spending is solved without a central trusted party
    ▪ Bitcoin can resist attacks of malicious agents, as long as they do
    not control network majority
    ▪ Miners are compensated for their proof-of-work using
    seigniorage revenues, i.e. with issuance of new bitcoins
    ▪ Seigniorage revenues subsidize the network
    © 2019 Digital Gold Institute 8/122

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  9. Table of Contents
    1. Smart Contracts
    2. Other Cryptocurrencies
    3. Ethereum
    4. Initial Coin Offering
    5. Tokenization
    6. Blockchain Without Bitcoin
    7. Distributed Ledger Technology
    8. Timestamping and Anchoring
    © 2019 Digital Gold Institute 9/122

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  10. Smart Contract: Nick Szabo 1994
    A smart contract is a computerized transaction protocol that
    executes the terms of a contract.
    ▪ The general objectives are to:
    ▪ satisfy common contractual conditions (such as payment terms,
    liens, confidentiality, and even enforcement),
    ▪ minimize exceptions both malicious and accidental, and
    ▪ minimize the need for trusted intermediaries.
    Related economic goals include lowering fraud loss, arbitrations
    and enforcement costs, and other transaction costs
    © 2019 Digital Gold Institute 10/122

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  11. Smart Contract: Nick Szabo 1997
    ▪ Smart contracts combine protocols with user interfaces to
    formalize and secure relationships over computer networks.
    ▪ Objectives and principles for the design of these systems are
    derived from legal principles, economic theory, and theories of
    reliable and secure protocols.
    ▪ By using cryptographic and other security mechanisms, they
    can secure many algorithmically specifiable relationships from
    breach by principals, and from eavesdropping or malicious
    interference by third parties
    http://firstmonday.org/ojs/index.php/fm/article/view/548/469
    © 2019 Digital Gold Institute 11/122

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  12. Smart Contract: The Basic Idea
    ▪ Math-based contracts with automated software settlement: no
    legal systems or human actions required
    ▪ Embed contractual clauses in hardware and software to make
    the contract robust against naive vandalism and sophisticated,
    incentive compatible (rational) breach
    ▪ The breach of the contract must be
    − economically disadvantageous (prohibitively expensive)
    − technically hard
    © 2019 Digital Gold Institute 12/122

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  13. Smart Properties
    Digital token programmatically exchanged using smart contracts:
    “the program runs this code and at some point it automatically
    validates a condition and it automatically determines whether the
    asset should go to one person or back to the other person, or
    whether it should be immediately refunded to the person who sent
    it or some combination thereof”
    Vitalik Buterin
    © 2019 Digital Gold Institute 13/122

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  14. Oracles
    © 2019 Digital Gold Institute 14/122

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  15. Autonomous Agents
    ▪ Autonomous agents: software programs created for specific
    tasks, able to make and receive payments using
    cryptocurrencies
    ▪ Decentralized Autonomous Organization (DAO)
    © 2019 Digital Gold Institute 15/122

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  16. The DAO
    ▪ The DAO: the main Ethereum project, it raised about $160m as
    leaderless Venture Capital
    ▪ The terms of The DAO are set forth in the smart contract code
    […] Nothing […] may modify or add any additional obligations or
    guarantees beyond those set forth in The DAO’s code
    ▪ Based on its self-executing nature an agent diverted about
    $50m from The DAO to its own child-DAO start-up
    ▪ Ethereum code base was changed to invalidate this single
    transaction
    © 2019 Digital Gold Institute 16/122

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  17. Improved Automation: Smart Contracts
    ▪ If code is law, the DAO incident was not theft: it was just a
    contractual feature being applied
    ▪ Improved automation is OK
    ▪ Beware of extreme automation!
    © 2019 Digital Gold Institute 17/122

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  18. Table of Contents
    1. Smart Contracts
    2. Other Cryptocurrencies
    3. Ethereum
    4. Initial Coin Offering
    5. Tokenization
    6. Blockchain Without Bitcoin
    7. Finance and Blockchain
    8. Distributed Ledger Technology
    9. Timestamping and Anchoring
    © 2019 Digital Gold Institute 18/122

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  19. Bitcoin 2.0 ?
    ▪ If the first attempt at digital gold will rust, no solid guarantees
    could be provided for a second attempt
    ▪ The sustainability of the digital scarcity paradigm rejects
    solution of continuity, must favor evolutionary paths
    © 2019 Digital Gold Institute 19/122

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  20. Missed Boats, Pump & Dump
    ▪ With bitcoin, if it is digital gold, nobody has missed the boat yet
    ▪ There is no reason to invest on alternative penny stock coins
    ▪ Markets are heavily manipulated, with fraudsters pumping coin
    prices just to dump them later to latecomers
    © 2019 Digital Gold Institute 20/122

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  21. The Insignificance of Coin Market Cap
    ▪ 1 billion ScroogeCoins are created
    ▪ Scrooge sells 1 coin to Goofy for 10USD
    ▪ ScroogeCoin capitalization is now USD10b
    ▪ Is ScroogeCoin really worth USD10b?
    Traded volume (on reputable exchanges)
    is a much more relevant metric
    © 2019 Digital Gold Institute 21/122

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  22. Alt(ernative) Coins
    https://coinmarketcap.com/
    © 2019 Digital Gold Institute 22/113

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  23. Tether (USDT)
    ▪ Slow fiat currency wire transfer is the main obstacle for price
    arbitrages across different exchange
    ▪ Tether anchors/tethers the value of the coin to 1USD
    ▪ Tether is the most widely integrated digital-to-fiat currency
    ▪ Likely, it has been used to manipulate prices of other coins
    ▪ Launched by Bitfinex, it is supposedly 100% backed 1-to-1 by
    traditional currency held in reserves
    ▪ Many are skeptical about this unproved claim: professional
    auditors have refused to certify reserve holding
    ▪ Considering the fate of Liberty Dollar and eGold, Tether
    sustainability might be hard
    © 2019 Digital Gold Institute 23/122

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  24. Other Stable Coins
    ▪ Failed: BitShares, NuBits
    ▪ Just launched: Basecoin, GeminiUSD, Coinbase/Circle stable coin, etc.
    ▪ USD pegging is not really “stability”: USD has lost 98% of its
    purchasing power since 1913
    ▪ Basecoin
    − SEC filing shows it has raised $125 million by way of a Simple
    Agreement from 225 investors between March 22 and April 3
    − Basecoin token aims to avoid price volatility by pegging its value to
    a group of other digital assets
    − Oracles would monitor the prices of these assets
    − The network's protocol would add or remove tokens to ensure that
    basecoin's price remains stable
    − It is also developing "base bonds" and "base shares," or
    cryptocurrencies that will serve to underpin basecoin
    © 2019 Digital Gold Institute 24/122

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  25. Hayek Money – Dual Asser Ledger
    ▪ No proper implementation yet
    ▪ It is about entrepreneurial monetary engineering: investors
    must risk their capital and will gain if the coin is useful and
    successful
    ▪ Based on crypto reserves
    ▪ Fiduciary implementation are possible, DAO is probably not
    really feasible yet
    © 2019 Digital Gold Institute 25/122

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  26. Alt(ernative) Coins
    Mostly frauds and pump&dump
    ▪ Ripple: the financial institution friendly cryptocurrency
    ▪ Litecoin: basically a “bitcoin testnet”
    ▪ Monero, Zcash: more privacy than bitcoin
    ▪ Bitcoin Cash: bitcoin knock-off, trying to have more on-chain
    transactions
    © 2019 Digital Gold Institute 26/122

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  27. Table of Contents
    1. Smart Contracts
    2. Other Cryptocurrencies
    3. Ethereum
    4. Initial Coin Offering
    5. Tokenization
    6. Blockchain Without Bitcoin
    7. Distributed Ledger Technology
    8. Timestamping and Anchoring
    © 2019 Digital Gold Institute 27/122

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  28. Ethereum
    ▪ A global computer with rich statefulness and global persistent
    memory
    ▪ Provides uncensorable computation: the Ether (ETH) coin is
    used as fuel for the computations
    ▪ Has a rich programming language to express smart contracts
    and create smart assets
    ▪ ETH can be cash-on-the-ledger for smart asset delivery-vs-
    payment
    © 2019 Digital Gold Institute 28/122

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  29. Use case: Crypto Kitties
    © 2019 Digital Gold Institute
    https://www.cryptokitties.co/
    29/122

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  30. © 2019 Digital Gold Institute 30/122

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  31. Locked Up Funds? Parity Wallet!
    ▪ A vulnerability found within the popular wallet has frozen
    513,774.16 ETH (about $169m)
    ▪ A user going by the handle of devopps199 accidentally created a
    corrupted wallet, which then had a cascading effect across
    Parity's user base, locking people out of recently created multi-
    signature collections
    © 2019 Digital Gold Institute 31/122

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  32. Vlad Zamfir, consensus algorithm researcher
    with the Ethereum Foundation
    © 2019 Digital Gold Institute 32/122

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  33. Ethereum
    present
    ▪ Blockchain > 1TB
    ▪ Uncertain Monetary Policy
    ▪ Unreliable and
    unsustainable virtual
    machine
    ▪ Playground for script kiddies
    future
    ▪ Sharding
    ▪ Proof-of-Stake
    ▪ New virtual machine
    ▪ ?
    © 2019 Digital Gold Institute 33/113

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  34. Table of Contents
    1. Smart Contracts
    2. Other Cryptocurrencies
    3. Ethereum
    4. Initial Coin Offering
    5. Tokenization
    6. Blockchain Without Bitcoin
    7. Distributed Ledger Technology
    8. Timestamping and Anchoring
    © 2019 Digital Gold Institute 34/122

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  35. Ethereum Request for Comment n. 20
    ▪ ERC20 is the technical standard used for smart contracts on the
    Ethereum blockchain for implementing tokens
    ▪ ERC20 defines a common list of rules that an Ethereum token
    has to implement, giving developers the ability to program how
    new tokens will function within the Ethereum ecosystem.
    ▪ These rules include how the tokens are transferred between
    addresses and how data within each token is accessed
    ▪ This token protocol became popular with crowdfunding
    companies working on initial coin offering
    © 2019 Digital Gold Institute 35/122

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  36. ERC20 Token
    Functions:
    ▪ totalSupply()
    ▪ balanceOf(address _owner)
    ▪ transfer(address _to, amount)
    ▪ transferFrom(address _from, address _to, amount)
    ▪ approve(address _spender, amount)
    [Allow _spender to withdraw from your account up to the _value
    amount.]
    ▪ allowance(address *_owner*, address *_spender*)
    [Returns the amount which _spender is still allowed to withdraw
    from_owner]
    Events:
    ▪ Transfer(address indexed _from, address indexed _to, amount)
    ▪ Approval(address indexed _owner, address indexed _spender,
    amount)
    © 2019 Digital Gold Institute 36/122

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  37. ERC223
    ▪ Backward compatible with ERC20, it improves on it
    ▪ With ERC20, if someone send his/her token into a contract that
    has not allowed anyone to use it, the token will simply be locked
    and can never leave that contract. Because of this, hundreds of
    thousands of dollars’ worth of ERC20 token has been locked up
    ▪ ERC223 does not allow tokens to be transferred to a contract
    that does not allow tokens to be withdrawn
    © 2019 Digital Gold Institute 37/122

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  38. Initial Coin Offering
    ▪ Crowdfunding using cryptocurrencies: new crowdfunded
    cryptocurrency is sold to investors in the form of "tokens", in
    exchange for legal tender or other cryptocurrencies such as
    bitcoin or ether
    ▪ Tokens are promoted as future functional units of currency if or
    when the ICO's funding goal is met and the project launches
    ▪ Alternative investment approach, disintermediating Venture
    Capital
    ▪ Easy and liquid secondary market for the investment
    © 2019 Digital Gold Institute 38/122

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  39. Initial Coin Offering
    ▪ ICOs provide a means by which startups avoid costs of
    regulatory compliance and intermediaries, such as venture
    capitalists, bank and stock exchanges
    ▪ ICOs may fall outside existing regulations or are banned
    altogether in some jurisdictions (e.g. China, South Korea)
    ▪ Increased investors’ risk: scams and securities law violations;
    almost half of ICOs sold in 2017 failed by February 2018
    ▪ Facebook, Twitter, Google, and MailChimp have banned
    advertisements for ICOs (as well as for cryptocurrencies)
    © 2019 Digital Gold Institute 39/122

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  40. The Main ICO Platform: Ethereum
    ▪ Ethereum itself was an ICO: collected bitcoin (BTC), issued
    ether (ETH)
    ▪ ETH is the cash-on-the-ledger of the Ethereum platform
    ▪ Initial coin offering: collect ETH, issue coins
    © 2019 Digital Gold Institute 40/122

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  41. Tezos
    ▪ 2017: $232 million
    ▪ Funds frozen by the ICO special purpose vehicle
    ▪ Allegations of fraud, three class actions
    © 2019 Digital Gold Institute 41/122

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  42. Locked-up ICO Funds
    ▪ Unable to move funds to the banking system
    ▪ Funds unavailable, as having been collected by the ICO special
    purpose vehicle
    ▪ Merge the main company into the ICO one?
    © 2019 Digital Gold Institute 42/122

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  43. App Coin
    ▪ Does the app-coin (token):
    − Have intrinsic scarcity?
    − Have any utility in the app?
    − Have any peculiarity making bitcoin or ether unfit for the
    task?
    © 2019 Digital Gold Institute 43/122

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  44. Caveat Emptor
    ▪ If the company fails and the coin value goes to zero, does the
    entrepreneur suffer the same consequences?
    ▪ Extremely promising and powerful, it has been so far mostly
    used for frauds
    © 2019 Digital Gold Institute 44/122

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  45. SEC
    ▪ ICOs can be securities offerings: in this case they fall under the SEC’s
    jurisdiction of enforcing federal securities laws.
    ▪ ICOs that are securities most likely need to be registered with the SEC or fall
    under an exemption to registration.
    ▪ ICOs can be called a variety of names, but merely calling a token a “utility”
    token or structuring it to provide some utility does not prevent it from being
    a security.
    ▪ ICOs may pose substantial risks. While some ICOs may be attempts at
    honest investment opportunities, many may be frauds, separating you from
    your hard-earned money with promises of guaranteed returns and future
    fortunes. They may also present substantial risks for loss or manipulation,
    including through hacking, with little recourse for victims after-the-fact.
    ▪ If you invest in these products, please ask questions and demand clear
    answers.
    © 2019 Digital Gold Institute 45/122
    https://www.sec.gov/ICO

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  46. HoweyCoin (1/2)
    © 2019 Digital Gold Institute
    http://www.howeycoins.com/index.html
    46/122

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  47. HoweyCoin (2/2)
    © 2019 Digital Gold Institute
    http://www.howeycoins.com/index.html
    47/122

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  48. TL;DR
    © 2019 Digital Gold Institute 48/122

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  49. Table of Contents
    1. Smart Contracts
    2. Other Cryptocurrencies
    3. Ethereum
    4. Initial Coin Offering
    5. Tokenization
    6. Blockchain Without Bitcoin
    7. Finance and Blockchain
    8. Distributed Ledger Technology
    9. Timestamping and Anchoring
    © 2019 Digital Gold Institute 49/122

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  50. Cash On The Ledger:
    Imperative for Delivery vs Payment
    ▪ Hardly provided by Central Banks
    ▪ IMF sponsored blockchain tokens might replace Special Drawing
    Rights: unrealistic as it would severely undermine US dollar
    predominance
    ▪ absent from the agenda of prominent players promising DLT
    solutions
    ▪ A free instantaneous P2P payment network is a great opportunity
    for retail banks (probably worth a consortium)
    © 2019 Digital Gold Institute 50/122

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  51. (Land, Car) Registry Titles
    ▪ Use blockchain transparency and immutability to improve
    registry titles (and fight corruption)
    ▪ What does happen if/when the possession token (i.e. the private
    key) is lost?
    © 2019 Digital Gold Institute 51/122

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  52. Blockchain Exchange
    ▪ Bearer securities without KYC?
    ▪ If KYC is introduced, what would be the recourse system?
    ▪ What does happen if/when the possession token (i.e. the private
    key) is lost?
    © 2019 Digital Gold Institute 52/122

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  53. Digital ID
    ▪ Multiple electronic digital ID are possible: a private key is a
    digital ID!
    ▪ If the ID has attached rights (e.g. voting, welfare) these
    originates from a central governance entitled in ID management
    ▪ What does happen if/when the ID token (i.e. the private key) is
    lost?
    © 2019 Digital Gold Institute 53/122

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  54. Token and Securities
    Is a blockchain token a security? Howey test!
    A transaction is an investment contract if:
    ▪ It is an investment of money
    ▪ There is an expectation of profits from the investment
    ▪ The investment of money is in a common enterprise
    ▪ Any profit comes from the efforts of a promoter or third party
    Does the token represent rights (or even obligations)?
    Alternatively, is a blockchain token a utility token?
    © 2019 Digital Gold Institute 54/122

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  55. Table of Contents
    1. Smart Contracts
    2. Other Cryptocurrencies
    3. Ethereum
    4. Initial Coin Offering
    5. Tokenization
    6. Blockchain Without Bitcoin
    7. Distributed Ledger Technology
    8. Timestamping and Anchoring
    © 2019 Digital Gold Institute 55/122

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  56. “Blockchain – not bitcoin – will prove
    revolutionary in banking”
    “When a wise man points at the moon
    the fool examines the finger.”
    (Confucius)
    “When a wise man points at the bitcoin
    the fool examines the blockchain.”
    (Ametrano)
    http://www.economist.com/news/leaders/21677198-technology-behind-bitcoin-could-transform-how-economy-
    works-trust-machine
    © 2019 Digital Gold Institute 56/113

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  57. “Bitcoin in 2014 Is Like Internet in 1994:
    Weird and Scary” (Marc Andreessen)
    American entrepreneur, investor, and software engineer; coauthor
    of Mosaic, cofounder of Netscape
    https://twitter.com/pmarca/status/67765884450
    4436737
    © 2019 Digital Gold Institute 57/113

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  58. The Walled Garden Model
    ▪ Controlled access to web contents and services
    ▪ Offered in the late ‘90s and early ‘00s by Compuserve, AOL (and
    to some extent MSN)
    ▪ Corporates wanted to go online, but not in the wild unregulated
    internet, populated by anonymous agents
    ▪ They eventually realized that perceived risks, which are real, are
    outweighed by benefits
    © 2019 Digital Gold Institute 58/113

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  59. What is The Blockchain?
    [A hash pointer linked list of blocks]
    ▪ An append-only sequential data structure
    ▪ New blocks can only be appended at the end of the chain
    ▪ To change a block in the middle of the chain, all subsequent
    blocks need to be changed
    ▪ Very inefficient compared to a relational database
    © 2019 Digital Gold Institute 59/122

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  60. Blockchain Without Bitcoin
    Blockchain without an intrinsic native digital asset
    Does it make sense?
    ▪ No bitcoin
    ▪ No asset available to reward miners
    ▪ Appointed validator officials required
    Central governance is required!
    Why should validators use a blockchain,
    i.e. a subpar data structure, instead of a database?
    © 2019 Digital Gold Institute 60/113

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  61. Blockchain Needs A Native Digital Asset
    https://www.finextra.com/videoarticle/1241/blockchain-needs-a-native-digital-asset
    © 2019 Digital Gold Institute 61/113

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  62. Why is finance fascinated with blockchain?
    Blockchain transactions are immediately validated and cleared,
    then settled shortly thereafter,
    automatically without a central authority
    ▪ In the financial world, cash transactions only are cleared and
    settled automatically without a central authority
    © 2019 Digital Gold Institute 62/122

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  63. Consensus by reconciliation
    ▪ Financial transactions that take nanoseconds to execute, clear
    and settle in days
    ▪ Not a technological problem
    ▪ Consensus by reconciliation of multiple independent ledgers: a
    checks and balances system that allows for prescriptions,
    corrections, and restrictions
    © 2019 Digital Gold Institute 63/122

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  64. Instant Settlement
    ▪ If it is really instant and final, what about the mandatory
    recourse mechanism and rules?
    ▪ It would reduce liquidity making leverage, short selling and
    netting almost impossible
    © 2019 Digital Gold Institute 64/122

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  65. Central Bank Digital Currency
    “[… it] is appealing […] it would mean people have direct access to
    the ultimate risk-free asset [...] it could exacerbate liquidity risk by
    lowering the frictions involved in running to central bank money
    [...] it could fundamentally and perhaps abruptly re-shape
    banking”
    Mark Carney, Governor of the Bank of England, June 2016
    http://www.bankofengland.co.uk/publications/Documents/speeches/2016/speech914.pdf
    © 2019 Digital Gold Institute 65/122

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  66. Central Bank Digital Currency
    “Allowing the public to hold claims on the central bank might make
    their liquid assets safer, because a central bank cannot become
    insolvent. This is an feature which will become relevant especially
    in times of crisis – when there will be a strong incentive for money
    holders to switch bank deposits into the official digital currency
    simply at the push of a button. But what might be a boon for
    savers in search of safety might be a bane for banks, as this makes
    a bank run potentially even easier.”
    Jens Weidmann, President of Bundesbank, June 2017
    https://www.ft.com/content/414072b7-0de5-3864-9493-14438eab30ae
    © 2019 Digital Gold Institute 66/122

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  67. Cash On The Ledger:
    Imperative for Delivery vs Payment
    ▪ Hardly provided by Central Banks
    ▪ IMF sponsored blockchain tokens might replace Special Drawing
    Rights: unrealistic as it would severely undermine US dollar
    predominance
    ▪ absent from the agenda of prominent players promising DLT
    solutions
    ▪ A free instantaneous P2P payment network is a great
    opportunity for retail banks (probably worth a consortium)
    © 2019 Digital Gold Institute 67/122

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  68. DLT for Derivatives Clearing
    ▪ collateral amount calculation is computationally intensive: not
    clear which agent would perform it, its economic incentive,
    which models it should use
    ▪ variation margin automated payments: programmatic access to
    payment funds entails huge operational risks
    ▪ the default of counterparty would leave the other party exposed
    to the market risks usually covered by initial margin: i.e. initial
    margin are still required
    © 2019 Digital Gold Institute 68/122

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  69. The Mirage of Low Operational Costs
    ▪ If one takes into account the seigniorage revenues invested,
    each transaction on the bitcoin blockchain has a cost of about
    10USD
    ▪ Cheaper forms of consensus have not been proven yet
    ▪ Even in the case of basic bilateral consensus through digital
    signatures (something hardly innovative or disruptive...) the
    integration cost in the existing infrastructure is not going to be
    irrelevant
    © 2019 Digital Gold Institute 69/122

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  70. Shared Ledger, Single Data Set
    ▪ Single data source, avoiding reconciliation
    ▪ Without a central governing node how to manage priorities
    between conflicting updates? Which consensus model?
    ▪ Bilateral consensus? Really?!?!?
    ▪ Central governance: back to DB admin
    ▪ What if the single authoritative data source is hacked? Which
    reference can be used to fix it?
    © 2019 Digital Gold Institute 70/127

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  71. New Regulatory Framework?
    ▪ Public permissionless blockchains are not aiming for regulation
    ▪ Private permissioned DLTs are supposedly being built from the
    ground up according to regulatory compliance guidelines
    ▪ Regulators should examine DLT under the light of the existing
    regulatory framework
    ▪ To regulate in advance on the basis of vague ephemeral
    discussions about DLT would be problematic and might stifle
    innovation.
    ▪ The necessity for ad-hoc regulation is not evident yet, and there
    has not been a motivated explicit request for it.
    © 2019 Digital Gold Institute 71/122

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  72. Cryptography, Not Blockchain
    ▪ In the nuclear explosion of bitcoin, applied cryptography is the
    radioactive fallout
    ▪ It can be used to harden existing business processes
    Databases on cryptographic steroids
    Evolutionary, non-disruptive, technology
    © 2019 Digital Gold Institute 72/127

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  73. Disruptive Innovation
    ▪ Did not understand it:
    ▪ Have used it to build new business:
    ▪ The entertainment industry has wasted its resources fighting
    MP3 and illegal p2p sharing
    ▪ We now buy music and movies from iTunes, Google Play, and
    Amazon… NOT from Sony Universal
    © 2019 Digital Gold Institute 73/113

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  74. Table of Contents
    1. Smart Contracts
    2. Other Cryptocurrencies
    3. Ethereum
    4. Initial Coin Offering
    5. Tokenization
    6. Blockchain Without Bitcoin
    7. Distributed Ledger Technology
    8. Timestamping and Anchoring
    © 2019 Digital Gold Institute 74/122

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  75. DLT or Blockchain
    ▪ R3 has distanced itself from blockchain moving firmly in the DLT
    camp (posts from its CEO and Head of Research; removing
    blockchain reference from its Twitter account)
    ▪ Vitalik Buterin, the creator of Ethereum:
    − “pretty sure that ‘blockchain’ and ‘DLT’, as used in real life in
    the ‘permissioned’ space, are basically synonyms.”
    − “it's not about some silly ‘sequential data structure’ (as if
    future versions of blockchain tech will even look like that). It's
    about stateful decentralized applications [...] giving [...]
    networks global persistent memory.”
    https://www.reddit.com/r/ethereum/comments/5lzzfu/2017_will_prove_blockchain_was_a_bad_idea/
    © 2019 Digital Gold Institute 75/122

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  76. Distributed Ledger Technology
    ▪ private permissioned shared ledger
    ▪ permissioned access reserved only to vetted nodes
    ▪ observed by multiple parties
    ▪ without native digital asset or cryptocurrencies
    ▪ privacy-preserving (transactions should be transparent only to
    relevant parties and auditors)
    ▪ using cryptographic means to verify that an implicit database
    has reached the consensus status agreed between the parties
    © 2019 Digital Gold Institute 76/122

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  77. Distributed Ledger Technology:
    The Potential
    ▪ Save billions of costs in the financial markets
    ▪ Enable innovation in supply chain
    ▪ Improve power grid management
    ▪ Secure nuclear weapons
    ▪ Preserve ownership title registry
    ▪ Empower digital ID
    Blockchain is Coming and It Could Save Lives, Davos
    2017 World Economic Forum
    https://www.youtube.com/watch?v=AyOotqcEwSA
    © 2019 Digital Gold Institute 77/122

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  78. Real Use Cases Are Still Missing
    Questions to be answered:
    ▪ Can be achieved with a database?
    ▪ What consensus is required? (distributed, bilateral, centralized)
    ▪ What kind of security is required: preventive, detective, or
    corrective? (ok / yes today, probably not in the future/ no)
    © 2019 Digital Gold Institute 78/122

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  79. Blockchain and Database
    ▪ Blockchain can be seen as the log of sequential updates that
    have been applied to an originally empty database
    ▪ This ordered sequence of updates can be independently
    performed by anyone, achieving a database status that is
    considered the current shared consensus between network
    nodes
    ▪ In the bitcoin case, we are referring to the UTXO (Unspent
    Transaction Output) database, technically implemented using a
    LevelDB database
    © 2019 Digital Gold Institute 79/122

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  80. DLT Initiatives
    ▪ R3
    ▪ Digital Asset Holding
    ▪ Hyperledger
    ▪ Ethereum Enterprise Alliance
    ▪ Tapscott’s Research Initiative
    ▪ Blockchain Insurance Industry Initiative
    © 2019 Digital Gold Institute 80/122

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  81. R3 Corda (1/3)
    ▪ Originally touted as “a project intended to bring blockchains to
    finance”, R3 proprietary platform is named Corda: “a distributed
    ledger platform […] not […] a blockchain”
    ▪ according to the R3 CTO, Gendal Brown, Corda is “heavily
    inspired by and captures the benefits of blockchain systems,
    without the design choices that make blockchains inappropriate
    for many banking scenarios”
    ▪ “our starting point is individual agreements between firms […]
    legal prose is considered from the start […] there will always be
    disputes and we specify how they will be resolved […] we need
    more than just a consensus system. We need to make it easy to
    write business logic and integrate with existing code; we need
    to focus on interoperability”
    © 2019 Digital Gold Institute
    http://r3cev.com/blog/2016/4/4/introducing-r3-corda-a-distributed-ledger-designed-for-financial-services
    81/122

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  82. R3 Corda (2/3)
    ▪ ”Corda has a really innovative design here, allowing multiple
    Consensus Services on the same network, including consensus
    service clusters running different consensus algorithms.”
    ▪ “[consensus is reached] using pluggable notaries. A single
    Corda network may contain multiple notaries that provide their
    guarantees using a variety of different algorithms. Thus Corda is
    not tied to any particular consensus algorithm.”
    Consensus algorithm is missing!!
    ▪ “In theory at least, Corda can happily use Bitcoin to do its
    coordination, if you write the appropriate notary interface.”
    Ian Grigg
    http://financialcryptography.com/mt/archives/001606.html
    © 2019 Digital Gold Institute 82/122

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  83. R3 Corda (3/3)
    ▪ According to Mike Hearn, R3 Lead Platform Engineer: “Corda
    differs from other platforms in numerous ways, but one of the
    most visible is our usage of relational database technology […]
    Corda nodes are backed by a relational database”
    https://www.corda.net/2017/06/corda-sql-nosql/
    ▪ Corda looks like the SWIFT protocol on cryptographic proof
    steroids
    ▪ Goldman Sachs, Santander, Morgan Stanley, JP Morgan,
    Unicredit, et al. have left R3
    © 2019 Digital Gold Institute 83/122

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  84. Ethereum Enterprise Alliance
    Ethereum technology is “viewed as being harder to corrupt or hack
    because of its reliance on many people rather than a single
    authority.”
    ▪ Major failure of the DAO hack
    ▪ Benevolent dictatorship of Vitalik Buterin
    ▪ Multiple voluntary and accidental hard forks
    ▪ Persistent Distributed Denial of Service attacks
    © 2019 Digital Gold Institute 84/122

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  85. Digital Asset Holding
    Blythe Masters, CEO of Digital Asset Holding:
    ▪ distributed consensus is not needed when working with a
    central counterparty (only legitimate consensus authority
    allowed to provide cryptographic evidence of transactions and
    events)
    ▪ for the DAH business the main Nakamoto’s contribution is just
    making evident how useful a shared ledger can be
    © 2019 Digital Gold Institute 85/122

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  86. Digital Asset Holding
    ▪ Distributed databases with data replication protocols might be a
    better solution, but without detailed case-by-case analysis the
    verdict is still out
    ▪ After successful proof-of-concept for financial repurchase
    agreement transactions using DLT, DAH and the Depository
    Trust & Clearing Corporation (DTCC) are progressing with
    leading market participants to a second phase. This is expected
    to be completed by June 2017 at which time DTCC will
    determine whether to move ahead with the actual development
    phase
    ▪ Similarly, DAH has committed to deliver a post-trade solution to
    the Australian Stock Exchange (ASX) by the end of this year
    © 2019 Digital Gold Institute 86/122

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  87. Digital Asset Holding
    A lesson for the DLT space from DAH:
    ▪ abandon deceptive blockchain marketing
    ▪ assemble a solid tech team through acquisitions
    ▪ rely on centralized consensus
    ▪ focus on well defined use cases
    ▪ work primarily for your own investors (both DTCC and ASX
    invested in DAH)
    ▪ commit to measurable deliveries with near deadlines
    ▪ deliver effective databases on crypto-steroids
    © 2019 Digital Gold Institute 87/122

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  88. Permissioned Distributed Ledgers
    ▪ Incremental evolution, not disruptive innovation
    ▪ Small impact, if any: in the disruptive bitcoin nuclear explosion,
    applied cryptography is the radioactive fallout driving
    evolutionary database technology
    “A private blockchain is an intranet, and a public blockchain is the
    internet. The world was changed by the internet, not a bunch of
    intranets. Where companies will be disrupted the most is not by
    private blockchains, but public ones”
    Brian Forde, MIT, former senior adviser for mobile and data
    innovation at the White House
    https://bitcoinmagazine.com/articles/mit-s-brian-forde-companies-will-be-disrupted-the-most-by-public-blockchains-1466028606
    © 2019 Digital Gold Institute 88/122

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  89. Insecure Snake-Oil Sold To Bank
    © 2019 Digital Gold Institute
    https://twitter.com/aantonop/status/702307516739428353
    89/122

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  90. The Shifting Narrative
    ▪ 2014 bitcoin
    ▪ 2015 blockchain technology
    ▪ 2016 distributed ledger chimera
    ▪ 2017 ICO and smart contracts
    ▪ 2018 ICO and stable coins
    ▪ ….
    ▪ 2019 bitcoin, again!
    © 2019 Digital Gold Institute 90/122

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  91. Table of Contents
    1. Smart Contracts
    2. Other Cryptocurrencies
    3. Ethereum
    4. Initial Coin Offering
    5. Tokenization
    6. Blockchain Without Bitcoin
    7. Distributed Ledger Technology
    8. Timestamping and Anchoring
    © 2019 Digital Gold Institute 91/122

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  92. Blockchain Beyond Bitcoin
    There is no blockchain without bitcoin
    There is blockchain beyond bitcoin
    Andreas Antonopoulos
    © 2019 Digital Gold Institute 92/127

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  93. Blockchain Graffiti
    © 2019 Digital Gold Institute
    Bitcoin Script operator OP_RETURN can be used to write 80 bytes
    of arbitrary data in the blockchain using a bitcoin transaction
    93/122

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  94. ▪ A timestamp proves that some data existed prior to some point
    in time, providing a relevant document with a certain sure date,
    e.g. postmark
    ▪ Law requires dates to be certified by public officials and notary
    services
    ▪ For digital documents, timestamping is based on digital
    signature by certification authority
    Timestamp
    © 2019 Digital Gold Institute 94/122

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  95. Hash Function
    ▪ A function that maps input data of arbitrary length to a hash
    value, i.e. an output data of a fixed length
    − Non-invertible (one-way: input data can not be regenerated
    from the output hash value)
    − Collision-resistant: computationally unfeasible to find 2 inputs
    that produce the same output
    ▪ The resulting hash value is a reliably unique identifier for
    any input data: it can be considered its unique digital fingerprint
    ▪ The hash value does not reveal the input data
    ▪ Bitcoin uses the (Secure Hash Algorithm) SHA256 that
    generates a fixed size 256-bit (32-byte) output
    © 2019 Digital Gold Institute 95/122

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  96. Blockchain as
    Timestamping Certification Authority
    ▪ A generic data file can be hashed to produce a short unique identifier,
    equivalent to its digital fingerprint
    ▪ Such a fingerprint can be associated to a bitcoin transaction (irrelevant
    amount) and hence attested on the blockchain
    ▪ Blockchain immutability provides time-stamping, proving the data file
    existence at that moment in time in that specific status
    BTC Transaction
    t3 t4
    Genesis
    block
    t0 t1 t2
    Hash function
    Hash value
    610b0a4b2769898674a2624e9330fbd60bbee200db2b57514be4
    9d9a8b63dc25
    Timestamped at t2
    © 2019 Digital Gold Institute
    data file
    96/122

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  97. Blockchain Timestamping
    Pros:
    ▪ Digital public proof, easily auditable by everyone
    ▪ The proof cannot be faked, manipulated, or removed
    ▪ Certification authority cannot be bribed
    ▪ Can be used along with regulatory timestamping prescription
    Cons:
    ▪ Not efficient (one transaction per document)
    ▪ Lack of standardization
    © 2019 Digital Gold Institute 97/122

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  98. Open standard
    consisting in a set of operations
    for creating provable blockchain timestamps
    that can be independently audited and verified
    The OpenTimestamps Standard
    © 2019 Digital Gold Institute 98/122

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  99. OpenTimestamps: Distributed, Trust-
    minimizing, Scalable, Convenient
    ▪ Trust Minimizing: OpenTimestamps uses decentralized, publicly
    auditable, blockchains, removing the need for trusted authorities;
    OpenTimestamps’s architecture is designed to support multiple,
    cross-checked, notarization methods
    ▪ Scalability: OpenTimestamps scales indefinitely, allowing
    timestamps to be created for free by combining an unlimited
    number of timestamps into one blockchain transaction by
    leveraging Merkle-tree
    ▪ Convenience: OpenTimestamps can create a third-party-
    verifiable timestamp in about a second; you don’t need to wait
    for a blockchain confirmation
    https://petertodd.org/2016/opentimestamps-announcement
    © 2019 Digital Gold Institute 99/122

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  100. OpenTimestamps: Trust Minimizing
    ▪ Decentralized, independent, uncensorable, cross-jurisdictional
    ▪ Third party auditable (suitable for regulatory prescriptions)
    ▪ Blockchain agnostic
    Please note that a timestamp is as reliable as the used blockchain:
    ▪ very reliable when using Bitcoin because that blockchain is
    secured by huge computational power (proof-of-work)
    ▪ much less reliable with other public permissionless blockchain
    ▪ when used with private permissioned blockchain its reliability
    depends on the reliability of the chain governance: in that case
    traditional certification authorities are probably better
    © 2019 Digital Gold Institute 100/122

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  101. OpenTimestamps: Scalability
    A single blockchain transaction timestamps an unlimited number of
    documents
    An OpenTimestamps calendar server provides “aggregation before
    attestation”:
    1. aggregation of multiple documents in a Merkle tree data
    structure
    2. attestation of the Merkle tree root in a single blockchain
    transaction, achieving implicit attestation of all documents
    included in the tree
    © 2019 Digital Gold Institute 101/122

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  102. Merkle Tree: Hash Pointer Binary Tree
    ▪ Merkle tree can efficiently summarize
    large sets of data into one single hash
    1. Hash all documents
    2. Calculate the hash of the HA
    ||HB
    concatenation to obtain HAB
    , the
    next level of the tree
    3. Iterate the process
    ▪ The membership proof is O(log N): to
    prove that DOCB
    is in the tree only 2
    data are needed: HA
    and HCD
    ▪ Timestamp the tree root only
    © 2019 Digital Gold Institute
    Root H =
    hash(HAB
    ||HCD
    )
    Merkle root
    DOC A DOC B DOC C DOC D
    HA
    =
    hash(A)
    HB
    =
    hash(B)
    HC
    =
    hash(C)
    HD
    =
    hash(D)
    HAB
    =
    hash(HA
    ||HB
    )
    HCD
    =
    hash(HC
    ||HD
    )
    HA
    =
    hash(A)
    HCD
    =
    hash(HC
    ||HD
    )
    102/122

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  103. OpenTimestamps: Convenience
    ▪ OpenTimestamps is a public format: no vendor lock-in
    ▪ An OpenTimestamps calendar server can offer its services to
    multiple remote OpenTimestamps clients
    ▪ While anyone can timestamp with permissionless blockchain(s)
    by paying the transaction fees, OpenTimestamps provides free
    to use public servers without any registration or API key
    ▪ Verifiable timestamp are created in about a second
    ▪ Independently verifiable: no need for calendar server after
    timestamping
    © 2019 Digital Gold Institute 103/122

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  104. © 2019 Digital Gold Institute https://www.dgi.io/ots/ 104/122

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  105. © 2019 Digital Gold Institute https://www.dgi.io/ots/ 105/122

    View full-size slide

  106. © 2019 Digital Gold Institute https://www.dgi.io/ots/ 106/122

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  107. © 2019 Digital Gold Institute https://www.dgi.io/ots/ 107/122

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  108. What Timestamping is Not Good For
    It should be obvious, but it is worth mentioning that timestamping:
    ▪ can be selectively revealed to show convenient evidence and
    hiding inconvenient evidence (e.g. timestamping a bet on a
    given outcome and its opposite, later revealing only the realized
    one)
    ▪ does not prove authorship (that should be proved with a digital
    signature)
    ▪ can be repudiated (“it was not me…”) if not digitally signed
    ▪ does not ensure veracity, validity, correctness, or accuracy of
    the timestamped document
    © 2019 Digital Gold Institute 108/122

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  109. The Foolish Blockchain Certification
    ▪ IBM Food Trust
    ▪ EY Wine Blockchain
    ▪ Carrefour chicken
    ▪ etc.
    just dishonest marketing gimmick,
    i.e. misleading advertising.
    © 2019 Digital Gold Institute https://www.ametrano.net/2018/10/11/Not-a-blockchain/ 109/122

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  110. Use Case 1: Digital Signature
    without Timestamping
    ▪ What if a signing private key
    is stolen?
    ▪ The key revocation certificate
    is issued to signal that
    signatures after the theft
    should be considered invalid
    WRONG!!
    ▪ Every signature performed
    with that key should be
    considered invalid because
    the thief can backdate
    documents
    © 2019 Digital Gold Institute


    Time
    X

    T0 T1

    X
    110/122

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  111. Use Case 1: Digital Signature
    with Timestamping
    ▪ Traditional timestamping
    relies on a third-party central
    authority signing with its
    private key
    ▪ What if the timestamper’s
    private key is stolen?
    ▪ Every timestamp created by
    that key must be considered
    invalid because the thief can
    backdate timestamps
    © 2019 Digital Gold Institute


    X



    Time
    X
    T0 T1
    111/122

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  112. Use Case 1: Digital Signature
    with Blockchain Timestamping
    ▪ Blockchain notarization is an
    effective hardening approach
    ▪ What if the traditional
    timestamper’s private key is
    stolen?
    Blockchain timestamps
    cannot be backdated!
    © 2019 Digital Gold Institute






    Time
    X
    T0 T1
    112/122

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  113. Use Case 1: Digital Signature Hardening
    Hardened digital
    signature

    Timestamping
    that cannot be
    backdated
    © 2019 Digital Gold Institute
    https://gist.github.com/RCasatta/6824c80e3de137f0d8d230f622e4bbaa
    113/122

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  114. Use Case 2: Timestamp Internet
    ▪ OpenTimestamps is used to timestamp the whole Internet
    Archive https://archive.org/
    ▪ This has been possible thanks to the high scalability of the
    OpenTimestamps protocol
    ▪ For the first time historical archived data cannot be altered
    without being noticed
    http://nova.ilsole24ore.com/progetti/la-blockchain-da-il-tempo-al-web/
    © 2019 Digital Gold Institute 114/122

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  115. Use Case 3: Regulatory Compliance
    ▪ Broker-dealers have started using notarization to satisfy the
    regulatory prescriptions for storing required records exclusively
    in non-rewriteable and non-erasable electronic storage media.
    ▪ WORM (write once read many) optical media has been used so
    far, but it is quite impractical, especially for large data set
    ▪ Compliance can be achieved anchoring rewritable data sources to
    the blockchain, providing accurate and secure time-stamping
    resilient to manipulation
    http://www.coindesk.com/intesa-sanpaolo-trade-data-bitcoin-blockchain/
    https://www2.deloitte.com/it/it/pages/financial-services/articles/l_integrita-dei-dati-di-trading---deloitte-italy---financial-ser.html
    https://drive.google.com/drive/folders/0B8tGDTaBY4-Nb3ZuRmgzRXJXOUk
    © 2019 Digital Gold Institute 115/122

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  116. Use Case 4: Publicly Verifiable Certificates
    It is easy to verify documents:
    ▪ signed by the issuer
    ▪ timestamped on blockchain
    It would be easy to provide public web-portals for drag-and-drop
    verification
    © 2019 Digital Gold Institute 116/122

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  117. Blockchain Certification: the Italian Law
    ▪ AGID will have to provide technical specification
    ▪ Let’s hope for the best…
    https://www.agendadigitale.eu/documenti/al-via-la-blockchain-revolution-ecco-tutte-le-novita-e-cosa-si-potra-fare/
    © 2019 Digital Gold Institute 117/122

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  118. Anchoring: A New Security Paradigm
    ▪ Bitcoin blockchain network security is preserved by a
    computation power unparalleled in human history
    ▪ Other networks can tap into this security via anchoring (i.e.
    periodic time-stamping of their network status)
    ▪ Any “stateful system with global memory” can outsource its
    security to the bitcoin network, piggybacking its resilience
    ▪ Bitcoin seigniorage revenues might provide security for all
    transactional networks
    ▪ Bitcoin mining as global outsourced decentralized security
    © 2019 Digital Gold Institute 118/122

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  119. Digital Gold Jewelry
    What jewelry is for gold,
    notarization could be for bitcoin:
    not essential
    but effective at leveraging its beauty
    © 2019 Digital Gold Institute 119/122

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  120. Bibliography
    ▪ A. Narayanan, et al., “Bitcoin and Cryptocurrency Technologies”
    http://bitcoinbook.cs.princeton.edu/
    − Chapter 9 «Bitcoin as a Platform»
    − Chapter 10 «Altcoins and the Cryptocurrency Ecosystem»
    − Chapter 11 «Decentralized Institutions: The Future of
    Bitcoin?»
    ▪ Pedro Franco, “Understanding Bitcoin”, Wiley
    − chapter 4 «Business applications»
    − chapter 11 «Alt(ernative) Coins»
    − chapter 12 «Contracts»
    © 2019 Digital Gold Institute 120/122

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  121. Bibliography
    ▪ F. Ametrano, E. Barucci, D. Marazzina, S. Zanero
    Answer to ESMA call for opinion on DLT for Securities Markets
    (2016)
    https://drive.google.com/drive/folders/0B8tGDTaBY4-
    Nb3ZuRmgzRXJXOUk
    ▪ F. Ametrano, Bitcoin, Blockchain and the DLT Chimera (2016)
    https://www.swiftinstitute.org/newsletters/guest-article-bitcoin-
    blockchain-and-the-dlt-chimera/
    ▪ F. Ametrano, Missing the Point About Bitcoin (2017)
    http://www.coindesk.com/2017-will-prove-blockchain-bad-idea/
    ▪ F. Ametrano, Bitcoin, Blockchain and Distributed Ledger
    Technology: Hype or Reality? (2017)
    https://goo.gl/Z9OeHt
    © 2019 Digital Gold Institute 121/122

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  122. Takeaways
    ▪ Timestamping and anchoring are promising applications
    ▪ For the time being, better if smart contracts are not too smart
    ▪ Alt-coins and tokens are hardly relevant, Ethereum is mostly a
    geek playground, ICOs so far have been frauds
    ▪ Blockchain needs a native digital asset such as bitcoin
    ▪ Unrealistic expectations arise from distributed ledger hype
    ▪ Instant settlement, cash on the ledger, shared data set, and
    extreme automation are not easy to obtain
    ▪ Hardly disruptive, DLT might be evolutionary DB tech
    © 2019 Digital Gold Institute 122/122

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  123. Ferdinando M. Ametrano
    Executive Director
    [email protected]
    Paolo Mazzocchi
    Chief Operating Officer
    [email protected]
    www.github.com/dginst
    www.facebook.com/DigitalGoldInstitute
    www.twitter.com/DigitalGoldInst
    www.dgi.org/feed.xml
    [email protected]
    www.dgi.io
    www.linkedin.com/company/digital-gold-institute
    "Scarcity in the Digital Realm"

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