Vintage Cryptokitties and the Quest for Authenticity
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The Magnificent Seven
The Magnificent Seven A closer look at functional attributes of blockchain platforms The Magnificent Seven1 Following a whitepaper published in late 2008, the Bitcoin system came into being in 2009, and the underlying technology became what we refer to as Blockchain today. 1 The top seven cryptocurrencies covered a good variety of attributes that are essential to gain a more thorough understanding of the potentials offered by this new technology. The Magnificent Seven 1 Since then, a variety of different cryptocurrency platforms have been created, and based on data from CoinMarketCap (https://coinmarketcap.com/), as of 27 March 2021, there were 8,964 crypto tokens in existence, with a total Market Cap of over USD$1.6 Trillion. The top seven cryptocurrencies made up around 80% of the global market capitalisation: Market Cap Token Symbol (billion USD) % Bitcoin BTC 1,026.8 59.23 Ethereum ETH 0,196.2 11.32 Cardano ADA 0,040.2 02.32 Binance Coin BNB 0,039.1 02.25 Tether USDT 0,038.5 02.22 Polkadot DOT 0,030.4 01.75 XRP XRP 0,025.8 01.49 80.58 Rest of 8,957 tokens 19.42 Bitcoin alone represents nearly 60% of the total cryptocurrency value, with Ethereum being the second highest by value. However, these cryptocurrencies are not in fact the same: value aside, they differ in some interesting ways, which in turn affect their “function” and value proposition. Asset Smart Token Year Type Minable Consensus2 Limit Backed Contract BTC 2009 Native Yes POW No 21m ETH 2012 ERC-20 Yes / No3 POW | POS No Y none ADA 2017 Native No POS No Y 45bn BNB 2017 ERC-20 No Tendermint No 100m Multiple Forms: USDT-Omni, USDT 2014 USDT-TRON, No NA USD none USDT-ERC20 and USDT-EOS DOT 2017 Native NPOS No Y none Ripple XRP 2012 Native No Transaction No 100bn Protocol Source: https://icorating.com/ and https://coincodex.com/ 2 In simple terms, consensus mechanism is a means of authenticating and validating transactions on a Blockchain (or distributed ledger) without having to trust or rely on a central authority. -
BLOCK by BLOCK a Comparative Analysis of the Leading Distributed Ledgers
BLOCK BY BLOCK A Comparative Analysis of the Leading Distributed Ledgers Table of Contents EXECUTIVE SUMMARY 3 PRELIMINARY MATTERS 4 A NOTE ON METHODOLOGY 4 THE EVOLUTION OF DISTRIBUTED LEDGERS 5 SEC. 1 : TECHNICAL STRUCTURE & FEATURE SET 7 PUBLIC OR PRIVATE? 7 PERMISSIONED OR PERMISSIONLESS? 8 CONSENSUS MECHANISM 9 LANGUAGES SUPPORTED 10 TRANSACTION RATES 11 SMART CONTRACTS 12 ADDITIONAL FEATURES 13 SEC. 2 : BUSINESS CONSIDERATIONS 14 PROJECT GOVERNANCE 14 LICENSING 16 THIRD PARTY SUPPORT 16 DEVELOPER SUPPORT 17 PUBLISHER SUPPORT 18 BLOCKCHAIN AS A SERVICE (BAAS) PROVIDERS 19 PARTNERSHIPS 21 ASSOCIATED COSTS 22 PRICING 22 COST PER TRANSACTION 23 ENERGY CONSUMPTION 24 SEC. 3 : HEALTH INDICATORS 25 DEVELOPMENT ACTIVITY 25 MINDSHARE 27 PROJECT SITE POPULARITY 28 SEARCH ENGINE QUERY VOLUME 29 FINANCIAL STRENGTH INDICATORS 30 MARKET CAP 30 24 HOUR TRADING VOLUME 31 VENTURE CAPITAL AND INVESTORS 32 NODES ONLINE 33 WEISS CRYPTOCURRENCY RANKINGS 34 SIGNIFICANT DEPLOYMENTS 35 CONCLUSIONS 36 PUBLIC LEDGERS 37 PRIVATE LEDGERS 37 PROJECTS TO WATCH 40 APPENDIX A. PROJECT LINKS 42 MERCY CORPS 2 EXECUTIVE SUMMARY Purpose This report compares nine distributed ledger platforms on nearly 30 metrics What’s Included related to the capabilities and the health of each project. The analysis looks at a broad range of indicators -- both direct and indirect -- with the goal of Bitcoin synthesizing trends and patterns that define the market leaders. Corda Ethereum Audience Hyperledger Fabric Multichain This paper is intended for readers already familiar with distributed ledger NEO technologies and will prove most useful to those that are currently evaluating NXT platforms in order to make a decision where to build or deploy applications. -
Blockchain and the Creative Industries: Provocation Paper © Ellie Rennie, Jason Potts and Ana Pochesneva, 2019
Provocation Paper Blockchain and the Creative Industries Ellie Rennie, Jason Potts, Ana Pochesneva RMIT Blockchain Innovation Hub November 2019 This provocation paper has been prepared at the request of the Australia Council for the Arts, Screen Australia and the Australian Film, Television and Radio School. Table of contents Executive Summary .................................................................................................................................3 Introduction .................................................................................................................................................4 1 The creative industries today ...........................................................................................................5 1.1 Policy responses to date ..................................................................................................................5 1.2 Challenges facing creative practitioners ................................................................................5 1.2.1 Time factors ......................................................................................................................................6 1.2.2 Business skills ...................................................................................................................................6 1.2.3 Disintermediation ...........................................................................................................................6 1.3 Environment .........................................................................................................................................7 -
Blockchain & Cryptocurrency Regulation
Blockchain & Cryptocurrency Regulation Third Edition Contributing Editor: Josias N. Dewey Global Legal Insights Blockchain & Cryptocurrency Regulation 2021, Third Edition Contributing Editor: Josias N. Dewey Published by Global Legal Group GLOBAL LEGAL INSIGHTS – BLOCKCHAIN & CRYPTOCURRENCY REGULATION 2021, THIRD EDITION Contributing Editor Josias N. Dewey, Holland & Knight LLP Head of Production Suzie Levy Senior Editor Sam Friend Sub Editor Megan Hylton Consulting Group Publisher Rory Smith Chief Media Officer Fraser Allan We are extremely grateful for all contributions to this edition. Special thanks are reserved for Josias N. Dewey of Holland & Knight LLP for all of his assistance. Published by Global Legal Group Ltd. 59 Tanner Street, London SE1 3PL, United Kingdom Tel: +44 207 367 0720 / URL: www.glgroup.co.uk Copyright © 2020 Global Legal Group Ltd. All rights reserved No photocopying ISBN 978-1-83918-077-4 ISSN 2631-2999 This publication is for general information purposes only. It does not purport to provide comprehensive full legal or other advice. Global Legal Group Ltd. and the contributors accept no responsibility for losses that may arise from reliance upon information contained in this publication. This publication is intended to give an indication of legal issues upon which you may need advice. Full legal advice should be taken from a qualified professional when dealing with specific situations. The information contained herein is accurate as of the date of publication. Printed and bound by TJ International, Trecerus Industrial Estate, Padstow, Cornwall, PL28 8RW October 2020 PREFACE nother year has passed and virtual currency and other blockchain-based digital assets continue to attract the attention of policymakers across the globe. -
NFT Industrial Development Report Q1 2021
NFTNFT INDUSTRIALINDUSTRIAL DEVELOPMENTDEVELOPMENT REPORTREPORT Q1Q1 20212021 Sponsored and Written By Co-sponsored and Written By I. NFT Market History II. NFT Market Ecosystem Overview ConTEnT III. Major NFT Use Cases and the Bottlenecks IV. More NFT Applications NFT Industrial Development Report Q1 2021 NFT An NFT, i.e., Non-Fungible Token, cannot be divided, interchanged, or standardized. By contrast, an FT, i.e., Fungible Token, is interchangeable with other FTs and can be split infinite times. NFT and FT are blockchain-based technical protocol stan- dards in asset digitalization. In a wider context, NFTs also refer to the type of asset products with above features or the market itself composed of such type of assets. The NFT ecosystem took shape in 2020 and waged its first round of upsurges taking advantage of the DeFi boom. Since 2021, the NFT standard has been integrating with the traditional art finance, enter- tainment media, and other markets. Diverse forms of assets and promising application scenarios enable the ecosystem to keep expanding, showing an apparent spillover. Most of the current NFT applications are developed on Ethereum, leaving few market shares to BSC and other public chains that support NFT asset issuance and circulation. Overly high gas fees and network congestion on Ethereum have hindered the NFT ecosystem from developing steadily. The NFT ecosystem, therefore, starts to seek Layer 2 or sidechain solutions. For example, Polygon and other projects develop Layer 2 solutions to off-chain computational work; the platform-natured NFT project Sky Mavis is gradually migrating Axie Infinity into its sidechain Ronin; and Dapper Labs's CryptoKittie will also be migrated to Flow. -
Makoto Yano Chris Dai Kenichi Masuda Yoshio Kishimoto Editors
Economics, Law, and Institutions in Asia Pacific Makoto Yano Chris Dai Kenichi Masuda Yoshio Kishimoto Editors Blockchain and Crypto Currency Building a High Quality Marketplace for Crypto Data Economics, Law, and Institutions in Asia Pacific Series Editor Makoto Yano, Research Institute of Economy, Trade and Industry (RIETI), Tokyo, Japan The Asia Pacific region is expected to steadily enhance its economic and political presence in the world during the twenty-first century. At the same time, many serious economic and political issues remain unresolved in the region. To further academic enquiry and enhance readers’ understanding about this vibrant region, the present series, Economics, Law, and Institutions in Asia Pacific, aims to present cutting-edge research on the Asia Pacific region and its relationship with the rest of the world. For countries in this region to achieve robust economic growth, it is of foremost importance that they improve the quality of their markets, as history shows that healthy economic growth cannot be achieved without high-quality markets. High-quality markets can be established and maintained only under a well-designed set of rules and laws, without which competition will not flourish. Based on these principles, this series places a special focus on economic, business, legal, and institutional issues geared towards the healthy development of Asia Pacific markets. The series considers book proposals for scientific research, either theoretical or empirical, that is related to the theme of improving market quality and has policy implications for the Asia Pacific region. The types of books that will be considered for publication include research monographs as well as relevant proceedings. -
A Conceptual Framework for Digital-Asset Securities: Tokens and Coins As Debt and Equity
Maryland Law Review Volume 80 Issue 1 Article 7 A Conceptual Framework for Digital-Asset Securities: Tokens and Coins as Debt and Equity Yuliya Guseva Follow this and additional works at: https://digitalcommons.law.umaryland.edu/mlr Part of the Securities Law Commons Recommended Citation Yuliya Guseva, A Conceptual Framework for Digital-Asset Securities: Tokens and Coins as Debt and Equity, 80 Md. L. Rev. 166 (2021) Available at: https://digitalcommons.law.umaryland.edu/mlr/vol80/iss1/7 This Article is brought to you for free and open access by the Academic Journals at DigitalCommons@UM Carey Law. It has been accepted for inclusion in Maryland Law Review by an authorized editor of DigitalCommons@UM Carey Law. For more information, please contact [email protected]. A CONCEPTUAL FRAMEWORK FOR DIGITAL-ASSET SECURITIES: TOKENS AND COINS AS DEBT AND EQUITY YULIYA GUSEVA* A. INTRODUCTION ......................................................................................167 B. AN OVERVIEW OF TOKENS ....................................................................175 1. Token Taxonomy .....................................................................175 1.1. Native and Non-native Tokens ....................................175 1.2. Functional and Regulatory ClassiFications ..................176 1.3. Fungible and Non-Fungible Tokens ............................177 2. The Two Stages oF Digital Asset Markets ...............................179 3. Howey and Bonds ....................................................................184 -
COTW: Punks & Dunks: NFT Volumes Soar
COTW: Punks & Dunks: NFT Volumes Soar After a frenzied but brief start to the year, NFTs have come roaring back in recent weeks, with record sales volumes, soaring corporate and venture investment, and a general re-entry into the cultural zeitgeist. We review NFT basics, analyze recent trends, and posit what the future may hold in this week’s Chart of the Week. ● NFT Overview: Fungibility is the characteristic of mutual interchangeability, where one is indifferent as to which exact unit one has, and examples include US dollars, gold, and airline points. Non-fungible items, by contrast, are those that are solely unique and therefore not freely interchangeable, such as an original painting, land, and baseball cards. Non-fungible tokens (NFTs) are unique digital assets that are stored on a blockchain (well, technically an ID number in a smart contract that points to the URL of a JSON metadata file is what is stored on the blockchain). As blockchain-based digital representations of ownership, NFTs bear typical cryptocurrency benefits, such as immutability, provable scarcity and provenance, standardization and interoperability, and programmability, and they make digital assets as real and as permanent as objects in the physical world. NFTs can represent ownership in unique items of value like digital art, domain names, intellectual property, and event tickets, can be employed in a variety of use cases like collectibles, gaming, media, music, and finance, and in the future will usher in new paradigms around content, ownership, value, and exchange. ● NFT History: Developers first began experimenting with NFTs through colored coins on the Bitcoin network in 2012, followed by Rare Pepe illustrations a few years later. -
The Blockchain: Industry Applications and Legal Perspectives
MUMBAI SILICON VALLEY BANGALOR E SINGAPORE MUMBAI BKC NEW DELHI MUNICH N E W Y ORK The Blockchain Industry Applications and Legal Perspectives November 2018 © Copyright 2018 Nishith Desai Associates www.nishithdesai.com The Blockchain Industry Applications and Legal Perspectives November 2018 [email protected] © Nishith Desai Associates 2018 The Blockchain Industry Applications and Legal Perspectives Contents 1. INTRODUCTION 01 2. HOW BLOCKCHAIN TECHNOLOGY WORKS 03 I. Technical Perspective 03 II. Public and Private Blockchains 05 III. Looking Past the Hype 06 3. STATE OF THE ART IN INDUSTRY 08 4. REGULATORY REACTION 20 5. FORECASTING LEGAL ISSUES 25 I. Pseudonymity and Legal Enforcement 25 II. Privacy and Cybersecurity 25 III. Complications Associated with Decentralized Autonomous Organizations (DAOs) 27 IV. Complications Due to Immutability and Irreversability 28 V. Jurisdictional Questions 29 VI. Contract Law Grey Areas 29 VII. Whether Blockchain Tokens are ‘Securities’ 31 VIII. Adaptations of Older Requirements 31 6. PRACTICAL CHALLENGES 33 I. Cybersecurity 33 II. Widespread Adoption 33 III. Necessity 33 IV. Teething Problems 34 V. Privacy 34 VI. Energy Consumption 34 7. CONCLUSION 35 © Nishith Desai Associates 2018 The Blockchain Industry Applications and Legal Perspectives 1. Introduction Most people have heard of Bitcoin, the their businesses, independently and through revolutionary decentralized, trustless payment consortiums such as the Enterprise Ethereum system. But Bitcoin is just one application of Alliance.2 Big name technology and consulting a broader concept known as blockchain firms heavily involved in blockchain projects technology, or simply, ‘the blockchain.’ include Deloitte, Google (DeepMind), IBM, Blockchain technology made Bitcoin achieve KPMG, and Microsoft. a goal that many virtual currencies before The Indian fintech space has seen considerable it could not. -
NFT Yearly Report 2020, Fresh from the Oven!
NON-FUNGIBLE TOKENS YEARLY REPORT 2020 FREE EDITION MARKET RESEARCH. TRENDS DECRYPTION. PROJECT REVIEW. EVERYTHING YOU NEED TO KNOW ABOUT THE NFT ECOSYSTEM FOREWORDS The NFT Yearly Report 2020, fresh from the oven! The purpose of this report is to provide an overarching and detailed view of the Non-Fungible Token ecosystem during 2020. The exponential growth within the sector has been particularly impressive, especially given that the Crypto bear market was in full force during most of the early stages of development. There is little doubt that the loyal and tight knit groups who initially evolved around various NFT blockchain projects have since seen the contents of their wallets dramatically increase in value as the ecosystem evolved and NFT projects began to attract more and more outside and mainstream interest. This report is not meant for Non-Fungible experts but to help everyone in or outside the Non- Fungible Tokens ecosystem to better understand what is going on. What is the potential? Why should you care about NFT? 2020 has been an unprecedented year for most of the world's population, with many challenges to face, from a global pandemic and lockdown to political upheavals, riots and not to mention catastrophic natural disasters… we’ve had it all! In stark contrast and perhaps partially due to such turbulent global events, interest and investment in virtual economies and digital assets has boomed, more than ever seen before. Within the Non-Fungible Token ecosystem individual sectors have seen success, Art, Gaming and Digital Assets have all gained remarkable traction during 2020 with this once niche and experimental industry maturing into a force to be reckoned with. -
Profiting from Kitties on Ethereum: Leveraging Blockchain RDF Data
Profiting from Kitties on Ethereum: Leveraging Blockchain RDF Data with SANSA Damien Graux1, Gezim Sejdiu2, Hajira Jabeen2, Jens Lehmann1;2, Danning Sui3, Dominik Muhs3 and Johannes Pfeffer3 1 Fraunhofer IAIS, Germany fdamien.graux,[email protected] 2 Smart Data Analytics, University of Bonn, Germany fsejdiu,jabeen,[email protected] 3 Alethio [email protected] fdanning.sui,[email protected] Abstract. In this poster, we will present attendees how the recent state- of-the-art Semantic Web tool SANSA could be used to tackle blockchain specific challenges. In particular, the poster will focus on the use case of CryptoKitties: a popular Ethereum-based online game where users are able to trade virtual kitty pets in a secure way. 1 Introduction During the recent years, the interest of the research community for blockchain technologies has raised up since the Bitcoin white paper published by Nakamoto [4]. Indeed, several applications either practical or theoretical have been made, for instance with crypto-currencies or with secured exchanges of data. More specifically, several blockchain systems have been designed, each one having their own set of properties, for example Ethereum [6] {further described in Section2{ which provides access to so-called smart-contracts. Recently, Mukhopadhyay et al. surveyed major crypto-currencies in [3]. In parallel to ongoing blockchain development, the research community has focused on the possibilities offered by the Semantic Web such as designing efficient data management systems, dealing with large and distributed knowledge RDF graphs. As a consequence, recently, some studies have started to connect the Semantic Web world with the blockchain one, see for example the study of English et al. -
The Anti-Money Laundering Act and Crypto Collide: Non-Fungible Tokens
MAY 18, 2021 The Anti-Money Laundering Act For more information, contact: and Crypto Collide: Non-Fungible Katherine Kirkpatrick Tokens +1 312 764 6918 [email protected] Matthew B. Hanson As NFTs gain popularity, buyers and sellers should +1 202 626 2904 [email protected] consider the potential issues related to federal anti- Daniel R. Kahan money laundering laws. +1 202 626 9280 [email protected] While non-fungible tokens (“NFTs”) have existed for several years, the Steven J. Rizzi market for NFTs grew considerably during 2020 and into 2021, as a number +1 212 556 2269 of high-profile NFT sales grabbed headlines and well-known brands and [email protected] organizations began exploring the use of NFTs. Amid this continued growth Luke Roniger in adoption, and the expanding range of use cases, industry participants +1 512 457 2044 should make sure they are aware of the legal implications for issuing, [email protected] purchasing, and trading these new assets. Read Mills For now, existing laws and regulations will likely be applied to promote +1 202 626 2921 transparency and to address several aspects of NFTs, including the [email protected] potential investment value, the risk of speculation and volatile pricing, and potentially anonymous market participants. This article, which is the first in a multi-part series highlighting the legal and regulatory implications King & Spalding surrounding NFTs, explores the current state of play, potential risks, and Chicago, IL likely regulatory developments relating to NFTs and federal anti-money 110 N Wacker Drive laundering laws. Suite 3800 Chicago, IL 60606 WHAT ARE NFTs? Washington, D.C.