LVL.UP KL: Disrupting Money - The Evolution of Cryptocurrencies

LVL.UP KL: Disrupting Money (formerly Webcamp KL) https://www.facebook.com/events/994987267180818/

This presentation goes through a quick timeline on the ideas around decentralization throught the cryptocurrency ecosystem from the inception of Bitcoin in 2009, the proliferation of Altcoins (reasons for their existence), Blockchain 2.0 type coins, and Sidechains.

I run a cryptocurrency ranking and data platform at https://www.coingecko.com/

Transcript

1. The Evolution of Cryptocurrencies 2009 to today in 18 minutes @tmlee
2. Evaluate the potential of cryptocurrencies based on public data
3. Disclosure No investment advice Consult financial advisor
5. Decentralized Digital Currency Transfers over the Internet Directly Person-to-Person Distributed Public Ledger Blockchain
6. What’s the Big Deal? Bitcoin is “Digital Gold” Decentralized Digital Scarcity with the Blockchain Programmable Money Market Capitalization ~ 3.5 billion USD Network Hashrate 391 Petahashes/second (1015 )
7. Bitcoin is great, but others may not think so... • Bitcoin is deflationary. Nobody is going to spend their coins! (Only 21 million Bitcoin will ever be circulated) • Bitcoin Mining is becoming centralized. • Bitcoin can’t scale! • “I can do a better job!” • and so on...
8. Bitcoin code is Open Source, publicly accessible, and you can fork it.
9. Altcoin {Wave} Alternative Cryptocurrencies
10. MapOfCoins (http://mapofcoins.com/) Explore the visualized historical forks of cryptocurrencies from their whitepapers up to the present day
12. Bitcoin Total Supply 21 million coins Block Time 10 minutes Hash Algorithm SHA-256 Litecoin Total Supply 84 million coins Block Time 2.5 minutes Hash Algorithm Scrypt Duplicate Features “Silver” to Bitcoin’s “Gold” 2011
13. Litecoin Total Supply 84 million coins Block Time 2.5 minutes Hash Algorithm Scrypt Dogecoin Total Supply 100 billion coins + Inflationary Block Time 1 minute Hash Algorithm Scrypt Much Fun Currency No Monetary Policy Planning 2013
14. “Anonymous Transactions” Dash (formerly Darkcoin) “Issue your own currency” Counterparty 2014
15. Blockchain 2.0 Bitcoin 2.0 Crypto 2.0 When Bitcoin is not even at Version 1 Rethinking the application of Blockchain beyond Bitcoin
16. Ethereum (http://ethereum.org) Factom (http://factom.org) “You can program yourself to become a bank by writing a smart contract to hold deposits” “Put documents into the blockchain” “Decentralized Application Development Platform” “Proof of Existence, Proof of Audit” Storj (http://storj.io/) “Decentralized DropBox” “Rent your Disk Space”
17. As of now, Bitcoin is the cryptocurrency leader in terms of adoption, market capitalization, development effort and network security. I wished we can have the best of Bitcoin and the best of Altcoin/Blockchain 2.0….
18. Sidechains to the rescue... 2015
19. Distinct Blockchains that run parallel to the main Bitcoin Blockchain. Expand Bitcoin’s Capability without changing Bitcoin code.
20. Now Blockchains do not talk to each other Sidechain Bitcoin blockchain pegs against a Sidechain More info: https://www.blockstream.com/developers/
21. The Age of Decentralization Begins….
22. Given that… Tread lightly. Not sure if decentralization is solving a known problem. Mainstream market more accustomed to centralization. Maybe it is just too early to say...
23. Thank you for your time :) TM Lee, @tmlee