Cryptocurrencies, blockchain & smart contracts: A general introduction
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Presentation at the ItaliaCamp " Advocacy e Nuova Finanza" Fintech Conference - Bitcoin panel - February 2015.
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Cryptocurrencies, blockchain & smart contracts: A general introduction
- 1. Cryptocurrencies, blockchain & smart contracts: A general introduction Raffaele Mauro Venture Capital & Cryptofinance Intesa Sanpaolo Febbraio 2015 Palazzo delle Stelline, Milano 1
- 2. 2 Technology Finance & Venture Capital Policy Innovation Cryptofinance, Smart Contracts & Bitcoin
- 3. 3
- 4. 4
- 6. 6
- 7. 2014 -> Price drops + institutional acceptance Mark Andreessen – Tim Draper – Fred Wilson: Bitcoin today is like the Internet in 1994
- 10. 10
- 11. 11 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
- 12. 12 Not only in the US
- 13. Effects • Decentralized, peer to peer trustless system • Not dependent central bank/government • Full transparency + pseudonomity • Cryptographically secure • Resilience to marketplace failures • Viral growth
- 14. Limits • Rigid monetary supply => Volatility • 51% Attack vulnerability • Reliance on third parties • Path dependence • Inequality • Transaction speed • Other network vulnerabilities
- 15. Monetary supply
- 16. 16 Gini coefficient > ~0.8
- 17. Remittances • Half of the world population is unbanked • Average remittance commission for African migrants > 12,5%
- 18. Ecosystem
- 23. 23 The Blockchain / Bitcoin 2.0 wave
- 25. On the top of the blockchain
- 27. 27
- 33. 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.