Cryptocurrencies, Blockchain & Smart Contracts: A General Introduction
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Presentation at the Global Entrepreneurship Congress Milano, 2015
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Cryptocurrencies, Blockchain & Smart Contracts: A General Introduction
- 1. Cryptocurrencies, blockchain & smart contracts: A general introduction Raffaele Mauro Innovation Manager Intesa Sanpaolo March 2015 Milano 1
- 2. 2
- 3. 3 Technology Finance & Venture Capital Policy Innovation Cryptofinance, Smart Contracts & Bitcoin
- 4. 4
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- 6. 6 Peer to peer lending Crowdfunding Disintermediation: from underground to mainstream
- 7. 7 Alt & Virtual Currencies
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- 11. 2014 -> Price drops + institutional acceptance Mark Andreessen – Tim Draper – Fred Wilson: Bitcoin today is like the Internet in 1994 11
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- 17. 17 January 2015 Wallets 6-8 Million +300 % Since 2013 Transactions / Day 100,000 Transaction volume ($) 42,842,000 Merchants 100,000 Microsoft, Expedia, Paypal Hashrate 307,081,470 +8,216% Since 2013 VC Investments 2014 $ 335 + 342% Since 2014 VC Investments J-15 $ 112 M > than 2013 all-year Open source finance goes big
- 18. 18 Not only in the US
- 19. Distributed public ledger Network of communicating nodes sharing a public transaction database 19
- 20. 20 Cryptography & transactions • Private key: – Digital signature – Allows spending • Public key: – Allows signature verification – Represents the wallet address • Transactions are published in the blockchain
- 21. 21 Blockchain • Aimed at proving transactions • Contains all transaction history • Blocks record recent transactions + connected linearly • Longest chain enables verification / trust
- 22. Effects • Decentralized, peer to peer trustless system • Not dependent central bank/government • Full transparency + pseudonomity • Cryptographically secure • Resilience to marketplace failures • Viral growth 22
- 23. Limits • Rigid monetary supply => Volatility • 51% Attack vulnerability • Reliance on third parties • Path dependence • Inequality • Transaction speed • Other network vulnerabilities 23
- 25. Mining • Bitcoin released algorithmically • Miners solve complex computational problems • Mining enables transaction validation + block generation • Fixed amount of Bitcoins every 10 mins 25
- 26. 26 Gini coefficient > ~0.8
- 27. Remittances • Half of the world population is unbanked • Average remittance commission for African migrants > 12,5% 27
- 28. How to get bitcoins 28
- 29. How to easily trade €/$ with Bitcoins 29
- 33. Ecosystem 33
- 34. 34 Example: Coinbase Raised $106.7 Million in 4 Rounds Coinbase lets any consumer to create a Bitcoin wallet and start buying/selling Bitcoin instantly by connecting their bank account 2012 Seed Round $ 600 K 2013 Series A $ 6,1 M 2013 Series B $ 25 M 2014 Series C $ 75 M Investors include New York Stock Exchange, Andreessen Horowitz, Union Square Ventures, Draper Fisher Jurveston, Y Combinator
- 35. Accelerator & Investors Generalist Specialized Venture & Growth Early Stage 35
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- 43. 43 The Blockchain / Bitcoin 2.0 wave
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- 45. On the top of the blockchain 45
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- 54. • Platform for executing user generated smart contracts and decentralized applications + • Contract programming language • Pre-launch in 2014 54
- 55. 55 Scenarios for cryptofinance & decentralized technology Basic: - Cryptofinance as sub-industry of Fintech innovation Optimistic: - Blockchain as the new payment layer of the Internet, like SMTP for email - Internet of Things powered by blockchain technologies Pessimistic: - Bubble & crash in cryptoasset (second mega-bubble) - Bubble & crash in VC in vestments in Bitcoin startups Utopian / Dystopian: - Decentralized technology radically disrupts governments, organizations and financial institutions
- 57. Raffaele Mauro, Ph.D. Raffaele Mauro is a venture capital professional with a passion for technology, policy and global finance. Now working as Innovation Manager at Intesa - Corporate and Investment Banking division, he is focused on high-tech companies and investments. He is also Junior Fellow at the Aspen Institute, advisor at the Harvard Innovation Lab, board member at Plain Ink and member of the executive committee at the Global Shapers Hub - Milano, a World Economic Forum community. Raffaele spent the last years at Harvard University and was Venture Strategy advisor at P101 Ventures. Previously he was Senior Associate at Annapurna Ventures, a venture capital firm focused on early stage investments in web services and mobile applications, and advised OltreVenture, the leading Italian social venture capital fund. In the past he also collaborated with Bocconi University, Collegio di Milano, Harvard Business Review-Italian Edition and various branches of Confindustria, developing projects related to innovation, entrepreneurship and finance. Raffaele earned an MPA at Harvard University, a Ph.D. at Bocconi and attended the Singularity University Graduate Studies Program at NASA Ames. He writes for Aspenia, the policy review of the Aspen Institute - Italy, and LIMES, the major Italian journal of geopolitics. He is co-founder of the social think tank “Lo Spazio della Politica” and became part of the “Young European Leaders – 40 under 40” cohort of 2011.