Virtual Currencies: Obstacles and Applications Beyond Currency - - PowerPoint PPT Presentation

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Virtual Currencies: Obstacles and Applications Beyond Currency - - PowerPoint PPT Presentation

Jun 29, 2023 30 likes •1.11k views

Virtual Currencies: Obstacles and Applications Beyond Currency Sarah Meiklejohn (University College London) ECB categories of virtual currencies 3 ECB categories of virtual currencies closed 3 ECB categories of virtual currencies

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Virtual Currencies: Obstacles and Applications Beyond Currency

Sarah Meiklejohn (University College London)

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ECB categories of virtual currencies

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“closed” ECB categories of virtual currencies

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“one direction”

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“closed” ECB categories of virtual currencies

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“one direction”

3

“closed” “convertible” “convertible” ECB categories of virtual currencies

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“one direction”

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“closed” “convertible” “convertible” centralized ECB categories of virtual currencies

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“one direction”

3

“closed” “convertible” “convertible” centralized decentralized ECB categories of virtual currencies

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“one direction”

3

“closed” “convertible” “convertible” centralized decentralized ECB categories of virtual currencies

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decentralized consensus

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decentralized consensus

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decentralized consensus

updatable

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decentralized consensus

globally visible updatable

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decentralized consensus

globally visible immutable updatable

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decentralized consensus “mining”

globally visible immutable updatable

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decentralized consensus “mining”

globally visible immutable updatable

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the hype cycle of cryptocurrencies

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time visibility the hype cycle of cryptocurrencies

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1 “technology trigger”

time visibility the hype cycle of cryptocurrencies

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2014 2013 2012 2011 2010 2009

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time

Bitcoin paper

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2014 2013 2012 2011 2010 2009

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time

Bitcoin paper Bitcoin deployed

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2014 2013 2012 2011 2010 2009

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time

Bitcoin paper Bitcoin deployed B⃦1 = $0.0007

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2014 2013 2012 2011 2010 2009

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time

Bitcoin paper Bitcoin deployed B⃦1 = $0.0007 MtGox

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2014 2013 2012 2011 2010 2009

6

time

Bitcoin paper Bitcoin deployed B⃦1 = $0.0007 MtGox

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first mining pool block

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2014 2013 2012 2011 2010 2009

6

time

Bitcoin paper Bitcoin deployed B⃦1 = $0.0007 MtGox

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Silk Road

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first mining pool block

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2014 2013 2012 2011 2010 2009

6

time

Bitcoin paper Bitcoin deployed B⃦1 = $0.0007 MtGox

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Silk Road

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B⃦1=$1 first mining pool block

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2014 2013 2012 2011 2010 2009

6

time

Bitcoin paper Bitcoin deployed B⃦1 = $0.0007 MtGox

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Silk Road

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B⃦1=$1 B⃦1=$32 first mining pool block

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1 2

“peak of inflated expectations” time visibility

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new businesses

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new businesses

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2014 2013 2012 2011 2010 2009

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time

Bitcoin paper Bitcoin deployed B⃦1 = $0.0007 MtGox

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Silk Road

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B⃦1=$1 B⃦1=$32

new cryptocurrencies (“altcoins”)

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2014 2013 2012 2011 2010 2009

9

time

Bitcoin paper Bitcoin deployed B⃦1 = $0.0007 MtGox

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Silk Road

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B⃦1=$1 B⃦1=$32 Litecoin Namecoin Peercoin Ripple Feathercoin Dogecoin Primecoin Quark Darkcoin Mastercoin

new cryptocurrencies (“altcoins”)

Nxt

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10

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soaring exchange rate

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Jan $13

soaring exchange rate

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$140 Apr Jan $13

soaring exchange rate

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$140 Apr $125 Oct Jan $13

soaring exchange rate

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$140 $1000 Apr $125 Dec 2013 Oct Jan $13

soaring exchange rate

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regulatory interest

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news media

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14

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“trough of disillusionment” time visibility

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Bitcoin might not be as as we hoped.

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Bitcoin might not be as as we hoped. decentralized

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Bitcoin might not be as as we hoped. decentralized

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Bitcoin might not be as as we hoped. decentralized June 2014

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Bitcoin might not be as as we hoped. decentralized June 2014 today

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Bitcoin might not be as as we hoped. decentralized secure

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Bitcoin might not be as as we hoped. decentralized secure

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Bitcoin might not be as as we hoped. decentralized secure

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Bitcoin might not be as as we hoped. anonymous decentralized secure

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Bitcoin might not be as as we hoped. anonymous decentralized secure [RH,RS,A+,M+,M13,SMZ14]

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Bitcoin might not be as as we hoped. anonymous decentralized secure [A14,MO15] [RH,RS,A+,M+,M13,SMZ14]

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Bitcoin might not be as as we hoped. decentralized anonymous secure stable

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Bitcoin might not be as as we hoped. decentralized anonymous secure stable

$140 $1000 $640 $420 $650 Apr Apr $320 $125 $881 Dec Oct Jan Jun Dec Jan $13

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Bitcoin might not be as as we hoped. stable decentralized anonymous secure useful

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Bitcoin might not be as as we hoped. stable decentralized anonymous secure useful

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Bitcoin might not be as as we hoped. stable decentralized anonymous secure useful

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Bitcoin might not be as as we hoped. stable decentralized anonymous secure useful

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“slope of enlightenment” time visibility

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how to timestamp

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how to timestamp

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how to timestamp

H( )

addr

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how to timestamp

H( )

addr addr

btc

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how to timestamp

H( )

addr addr

btc

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how to timestamp

H( )

addr addr

btc “21/8/13 @ 11:08”

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how to timestamp

H( )

addr addr

btc “21/8/13 @ 11:08”

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H( )

addr addr

btc “21/8/13 @ 11:08”

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H( )

addr addr

btc “20/7/69 @ 20:18”

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H( )

addr addr

btc “20/7/69 @ 20:18”

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H( )

addr addr

btc “20/7/69 @ 20:18” updatable

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H( )

addr addr

btc “20/7/69 @ 20:18” globally visible updatable

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H( )

addr addr

btc “20/7/69 @ 20:18” globally visible immutable updatable

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notary publics

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how to claim ownership

H( )

addr addr

btc

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how to claim ownership

H( )

addr addr

btc

eprint

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how to claim ownership

H( )

addr addr

btc

eprint

+signature

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how to claim ownership

H( )

addr eprint

+signature

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how to claim ownership

H( )

addr eprint

+signature

H( )

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how to claim ownership

H( )

addr eprint

+signature

H( )

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how to prove history

H( )

addr addr

btc

eprint

+signature

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how to prove history

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how to prove history

Characterising

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how to prove history

Characterising Characterising

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… no blood diamonds! belonged to a queen!

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county records office / land registry

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county records office / land registry

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county records office / land registry

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ethereum

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proof of existence

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proof of ownership proof of existence

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proof of ownership proof of history proof of existence

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proof of ownership proof of history

globally visible immutable updatable

proof of existence

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Bitcoin might not be as as we hoped. stable decentralized anonymous secure useful proof of ownership proof of history

globally visible immutable updatable

proof of existence

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Bitcoin might not be as as we hoped. stable decentralized anonymous secure useful proof of ownership proof of history

globally visible immutable updatable

proof of existence

[ [

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Bitcoin might not be as as we hoped. stable decentralized anonymous secure useful proof of ownership proof of history

globally visible immutable updatable

Less crucial in these contexts? proof of existence

[ [

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1 2

“plateau of productivity” time visibility

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what can real world cryptographers do?

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what can real world cryptographers do?

increase usability to improve security

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what can real world cryptographers do?

increase usability to improve security enforce decentralization

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what can real world cryptographers do?

increase usability to improve security enforce decentralization solutions for burn transactions solutions for bloat problem

( )

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what can real world cryptographers do?

increase usability to improve security enforce decentralization solutions for burn transactions solutions for bloat problem audit software

( )

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what can real world cryptographers do?

increase usability to improve security enforce decentralization solutions for burn transactions solutions for bloat problem audit software apply proofs of history/ownership to crypto

( )

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time visibility

Thanks! Any questions?