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Prism: Scaling Bitcoin by 10000
Prism: Scaling Bitcoin by 10,000× Lei Yang∗ Vivek Bagaria† Gerui Wang‡ Mohammad Alizadeh∗ David Tse† Giulia Fanti§ Pramod Viswanath‡ ABSTRACT and throughput in the blockchain (§4). A recent theoretical paper Bitcoin is the first fully-decentralized permissionless blockchain described the core protocol and analyzed its security properties [6]. protocol to achieve a high level of security: the ledger it maintains While these theoretical results are promising, it is not clear has guaranteed liveness and consistency properties as long as the ad- how well they can translate into real-world performance. First, the versary has less compute power than the honest nodes. However, its Prism consensus protocol is much more complex than the longest throughput is only 7 transactions per second and the confirmation chain protocol: clients must maintain over 1000 distinct blockchains, latency can be up to hours. Prism is a new blockchain protocol that is which refer to each other to create an intricate directed acyclic graph designed to achieve a natural scaling of Bitcoin’s performance while (DAG) structure, and they must process blocks at very high rates maintaining its full security guarantees. We present an implementa- (e.g., 100-1000s of blocks per second at 100s of Mbps) to update these tion of Prism that achieves a throughput of over 70;000 transactions blockchains and confirm transactions. Second, Prism’s theoretical per second and confirmation latency of tens of seconds on networks analysis relies on several simplifying assumptions (e.g., round-based of up to 1000 EC2 Virtual Machines. The code can be found at [5]. -
Banking on Bitcoin: BTC As Collateral
Banking on Bitcoin: BTC as Collateral Arcane Research Bitstamp Arcane Research is a part of Arcane Crypto, Bitstamp is the world’s longest-running bringing data-driven analysis and research cryptocurrency exchange, supporting to the cryptocurrency space. After launch in investors, traders and leading financial August 2019, Arcane Research has become institutions since 2011. With a proven track a trusted brand, helping clients strengthen record, cutting-edge market infrastructure their credibility and visibility through and dedication to personal service with a research reports and analysis. In addition, human touch, Bitstamp’s secure and reliable we regularly publish reports, weekly market trading venue is trusted by over four million updates and articles to educate and share customers worldwide. Whether it’s through insights. their intuitive web platform and mobile app or industry-leading APIs, Bitstamp is where crypto enters the world of finance. For more information, visit www.bitstamp.net 2 Banking on Bitcoin: BTC as Collateral Banking on bitcoin The case for bitcoin as collateral The value of the global market for collateral is estimated to be close to $20 trillion in assets. Government bonds and cash-based securities alike are currently the most important parts of a well- functioning collateral market. However, in that, there is a growing weakness as rehypothecation creates a systemic risk in the financial system as a whole. The increasing reuse of collateral makes these assets far from risk-free and shows the potential instability of the financial markets and that it is more fragile than many would like to admit. Bitcoin could become an important part of the solution and challenge the dominating collateral assets in the future. -
The Basics of Cryptocurrency February 2021
The Basics of Cryptocurrency February 2021 © 2021 What Is Cryptocurrency? The Basics of Cryptocurrency Key Players www.onepagethinking.net Overview Fiat Currency Cryptocurrency Uses of Crypto Blockchain Digital Wallet Cryptocurrency Network Investors Cryptocurrency (crypto) is a digital currency A way to understand cryptocurrency and its Crypto uses encryption technology to quickly Two common transactions Each crypto transaction is communicated to all participating peer-to-peer (P2P) computers Crypto is stored in that can be used to buy goods and services. It vocabulary is to compare it to the U.S. dollar. process, secure, and verify transactions. involve crypto: (1) the use of (nodes) in the crypto network. Each P2P node verifies the transaction according to network a digital wallet, Computer Network Storage Role: Safekeeping of Market Operators Influencers and Investors uses an online ledger and encryption to U.S currency is issued by the Federal Reserve Each transaction conducted in crypto is crypto to buy and sell goods and rules. A group of verified transactions form a block (like a link in a chain) which is added to secured by a 24- of Miners Role: Facilitate Efficient Role: Promote Investment Role: Mine and Validate Blocks, Add Digital Wallet and Private Key secure transactions. Bitcoin was released in System (a central bank), and as such is called published in a ledger (the “blockchain”) that is services, and (2) the acquisition the blockchain by the miner who wins a “guessing game” built into the system. Miners are word private key. Exchange of Cryptocurrency In, and Adoption of, Cryptocurrency (i.e., Owner’s Password) 2009 as open-source software, developed by “fiat” currency. -
Crypto Garage Developed and Executed the Contract of a P2P
April 19, 2019 Crypto Garage, Inc. NEWS RELEASE Crypto Garage Developed and Executed the Contract of a P2P Protocol Based Crypto Asset Derivative Settled in Bitcoin 〜Executed First Derivative Contract with Blockstream〜 Crypto Garage, Inc. (HQ: Tokyo; Representative Director: Masahito Okuma; Crypto Garage), a Fintech company developing blockchain financial services and also a subsidiary of Digital Garage, Inc. (TSE first section: 4819; HQ: Tokyo; Representative Director, President Executive Officer and Group CEO: Kaoru Hayashi; DG) developed a peer-to- peer crypto asset derivative contract protocol and executed a contract based on this protocol on the Bitcoin Blockchain. Blockstream Corporation (HQ: Victoria Canada; CEO: Adam Back; Blockstream), the global leader in blockchain technology and financial cryptography, and Crypto Garage entered into a derivative contract that locks the future Bitcoin price [on a collared basis] in order to hedge the Bitcoin price fluctuation risk against the US dollar. Crypto Garage developed a P2P derivative technology based on the Discreet Log Contracts (https://dci.mit.edu/smart-contracts) that Thaddeus Dryja from MIT Digital Currency Initiatives proposed. This contract is a smart contract applied on the Bitcoin Blockchain and requires the agreement and posting of collateral by both parties. The agreed terms and collateral are defined on the Bitcoin Blockchain. Since settlement is cryptographically secured, this contract minimizes counterparty risk, such as breach of contract and other contract termination events. Contact: Hiroshi Ikemoto, Leo Shiraishi, Corporate Communication Dept., Digital Garage, Inc. Email: [email protected], TEL: +81-3-6367-1101 April 19, 2019 Crypto Garage, Inc. NEWS RELEASE The bitcoin price for the maturity date is determined by the ICE Cryptocurrency Data Feed, as agreed upon by both parties in advance. -
The Bitcoin Trading Ecosystem
ArcaneReport(PrintReady).qxp 21/07/2021 14:43 Page 1 THE INSTITUTIONAL CRYPTO CURRENCY EXCHANGE INSIDE FRONT COVER: BLANK ArcaneReport(PrintReady).qxp 21/07/2021 14:43 Page 3 The Bitcoin Trading Ecosystem Arcane Research LMAX Digital Arcane Research is a part of Arcane Crypto, bringing LMAX Digital is the leading institutional spot data-driven analysis and research to the cryptocurrency exchange, run by the LMAX Group, cryptocurrency space. After launch in August 2019, which also operates several leading FCA regulated Arcane Research has become a trusted brand, trading venues for FX, metals and indices. Based on helping clients strengthen their credibility and proven, proprietary technology from LMAX Group, visibility through research reports and analysis. In LMAX Digital allows global institutions to acquire, addition, we regularly publish reports, weekly market trade and hold the most liquid digital assets, Bitcoin, updates and articles to educate and share insights. Ethereum, Litecoin, Bitcoin Cash and XRP, safely and securely. Arcane Crypto develops and invests in projects, focusing on bitcoin and digital assets. Arcane Trading with all the largest institutions globally, operates a portfolio of businesses, spanning the LMAX Digital is a primary price discovery venue, value chain for digital nance. As a group, Arcane streaming real-time market data to the industry’s deliver services targeting payments, investment, and leading indices and analytics platforms, enhancing trading, in addition to a media and research leg. the quality of market information available to investors and enabling a credible overview of the Arcane has the ambition to become a leading player spot crypto currency market. in the digital assets space by growing the existing businesses, invest in cutting edge projects, and LMAX Digital is regulated by the Gibraltar Financial through acquisitions and consolidation. -
Bitcoin Scaling Solutions and Their Downsides by Simona Mola and Zhong Zhang (March 6, 2019, 12:35 PM EST)
Portfolio Media. Inc. | 111 West 19th Street, 5th Floor | New York, NY 10011 | www.law360.com Phone: +1 646 783 7100 | Fax: +1 646 783 7161 | [email protected] Bitcoin Scaling Solutions And Their Downsides By Simona Mola and Zhong Zhang (March 6, 2019, 12:35 PM EST) Bitcoin was designed as a decentralized monetary system and an alternative to central banking. Decentralization implies that no one can unilaterally change the way bitcoin works or its transaction history. Since Satoshi Nakamoto released the original bitcoin whitepaper in 2010,[1] reaching and maintaining decentralization has been the priority of all technological developments. To this end, bitcoin relies on its technological design: open source software, public-key cryptography, blockchain data structure, proof-of- work mining and distributed full nodes. Simona Mola However, it is well known that bitcoin has a scalability problem.[2] We have all heard at least once the comparison between bitcoin and Visa in terms of transaction capacity. That is, while Visa handles an average of 150 million transactions per day as of the end of 2018,[3] bitcoin network processes about 280,000 transactions per day.[4] This capacity is not enough to serve as a global digital medium of exchange. Bitcoin Average Transaction Fee in USD Zhong Zhang Besides the comparison with Visa, which may not be quite parallel, bitcoin’s scaling problem is reflected in its average transaction fees. In the situation of greater market demand for bitcoin transactions, the restriction of the block size to 1 MB leads to a higher average wait time before confirmation and thus greater transaction fees. -
Cinnober Bitgo PR FINAL
Press Release 11 July 2018 Cinnober and BitGo cooperate on cryptocurrency exchange offering Cinnober, a global independent provider of exchange technology, and BitGo, the market leader in institutional-grade cryptocurrency security, announced today a collaboration to provide solutions to cryptocurrency exchanges. BitGo’s wallet solution will expand Cinnober’s trading and post-trade platform to provide an end-to-end secure, institutional-grade digital asset exchange solution. Cinnober serves leading financial marketplaces globally with robust, multi-asset trading and clearing solutions. Through Irisium, Cinnober also provides a market surveillance platform to help safeguard market integrity. Through the collaboration with BitGo, Cinnober is consolidating its offering to cryptocurrency exchanges in need of a reliable and proven, high-performance trading solution to handle increasing market volumes, expectations from institutional investors and requirements from regulators. BitGo’s wallets and custodial services allow clients to store and transfer digital assets using industry standards for security and financial privacy. The solutions include security key management, multi-signature setups, setting of procedures and client-driven policies to ensure assets are held in a highly secure environment. “This cooperation strengthens our offering to cryptocurrency exchanges,” says Veronica Augustsson, CEO of Cinnober. “The cryptocurrency market has grown significantly in the past few years, and we’ve seen exchanges in this segment struggle with capacity, scalability challenges and repeated outages. There is an opportunity for Cinnober to support this market with proven trading and surveillance solutions used by established financial markets, and, with BitGo’s secure and reliable wallet and custody services, we can offer a competitive solution with short time-to-market.” “BitGo has a long history of successfully serving cryptocurrency exchanges, and we’re pleased to partner with Cinnober,” says Mike Belshe, CEO of BitGo. -
Blockchain Task Force
Blockchain Task Force September 24-25, 2018 FOIA Confidential Treatment Requested Shahla Ali serves as CLO/CCO at BitGo, heading up the legal team and ensuring compliance with laws and regulatory requirements. She brings more than 17 years of experience to the company having held senior legal and compliance roles at Carlson Capital, L.P. and Millennium Management, LLC. As Global CCO of Carlson, Shahla managed a team charged with implementing global compliance policies and procedures and was the global AML Officer/MLRO responsible for firm-wide global AML compliance, and other domestic and international KYC/AML/CIP requirements. At Millenium, Shahla led efforts to enforce compliance policies and procedures to meet SEC, CFTC, FINRA, NFA, Shahla F. Ali UK FSA, MAS, and Japan FSA requirements. Chief Legal & Compliance Officer Shahla served as Assistant Attorney General under Attorneys General Eliot Spitzer and Andrew M. Cuomo in the Office of the BitGo, Inc. New York State Attorney General (NYAG). Shahla earned her undergraduate degree from Boston University and a Juris Doctorate from Boston University School of Law. 2 FOIA Confidential Treatment Requested Isaac Eleftheriadis serves as the Senior Technical Product Manager responsible for BitGo’s core blockchain platform services, which are the foundation for all BitGo service offerings. Isaac and his team are responsible for infrastructure development, monitoring protocol development of new and existing coins, and expanding BitGo’s support of coins and tokens. Isaac’s primary focus is ensuring customer funds remain secure and accessible at all times. Isaac has 11 years of experience building products that engage and delight users across mobile, desktop, and web platforms. -
Blockchain, a Catalyst for New Approaches in Insurance
Blockchain, a catalyst for new approaches in insurance Thought up as the underlying architecture for the Bitcoin cryptocurrency in 2008, blockchain technology is currently a hot topic and the subject of numerous studies in sectors outside the payments industry to which it has often been confined in the past. Blockchain is considered by some to represent the next technological revolution after the Internet. In fact, the idea of a decentralised, secure and transparent ledger distributed among users can be relevant to many different fields. The insurance industry, with its highly complex processes, could be a major beneficiary of the technology. By removing intermediaries in a new type of arrangement, blockchain technology could completely upend the insurance value chain: - Development/acceleration of new products/markets for which business models were difficult to define until now. - New approaches to underwriting, contracts and claims management, particularly through a combination of smart contracts and the Internet of Things (IoT). - Overhaul of the modus operandi of insurance agreements. - New reinsurance approaches, particularly internal reinsurance via smart contracts. - Transformation of asset management with automated settlement and delivery of intangibles. Use of blockchain should help to cut acquisition, management, documentation and compliance costs. It should help new players enter the market and new markets to emerge, particularly in developing countries. By simplifying use and increasing transparency, it will also help to improve customer satisfaction. Although the upside is significant, several risks should also be anticipated. These include competition with InsurTechs, a legal framework that will need to evolve, and the challenges of rolling out the technology on a large scale. -
Victory Hashdex Nasdaq Crypto Index Fund Broad-Based Digital Asset Exposure for the New Age of Investing
Victory Hashdex Nasdaq Crypto Index Fund Broad-based digital asset exposure for the new age of investing Opportunities in Crypto Assets Crypto assets offer a unique opportunity for sophisticated investors looking Victory Capital’s forward- for growth, diversification, potential stores of value and possible hedges thinking crypto asset against inflation. With more than 10,000 crypto assets in existence today1 approach embraces the and with the potential to power decentralized transactions using blockchain technologies, crypto assets present a new and evolving approach to captur- power of diversification. ing these highly sought-after benefits. By offering exposure to an The evolution of the asset class is not yet complete; however, given its investible basket of coins increasing liquidity and expectations of clearer regulatory frame-works and in a dynamic, adaptable growth, crypto assets warrant investment consideration. Notably, crypto way, investors can gain assets have historically experienced exponential growth with the top three currencies accounting for over $1 trillion worth of assets today.1 broad-based access to the digital asset class A Definitive Benchmark for Crypto Assets across a core set of ex- Together with renowned index provider Nasdaq, Inc. and crypto-focused as- changes and custodians. set manager Hashdex Asset Management Ltd., Victory Capital has created a way for investors to gain broad-based market exposure to an emerging asset class for a relatively low cost and without lockups. INDEX CONSTITUENTS As of 06/01/21 -
FT PARTNERS RESEARCH 2 Fintech Meets Alternative Investments
FT PARTNERS FINTECH INDUSTRY RESEARCH Alternative Investments FinTech Meets Alternative Investments Innovation in a Burgeoning Asset Class March 2020 DRAFT ©2020 FinTech Meets Alternative Investments Alternative Investments FT Partners | Focused Exclusively on FinTech FT Partners’ Advisory Capabilities FT Partners’ FinTech Industry Research Private Capital Debt & Raising Equity Sell-Side / In-Depth Industry Capital Buy-Side Markets M&A Research Reports Advisory Capital Strategic Structuring / Consortium Efficiency Proprietary FinTech Building Advisory FT Services FINTECH Infographics Partners RESEARCH & Board of INSIGHTS Anti-Raid Advisory Directors / Advisory / Monthly FinTech Special Shareholder Committee Rights Plans Market Analysis Advisory Sell-Side Valuations / LBO Fairness FinTech M&A / Financing Advisory Opinion for M&A Restructuring Transaction Profiles and Divestitures Named Silicon Valley’s #1 FinTech Banker Ranked #1 Most Influential Person in all of Numerous Awards for Transaction (2016) and ranked #2 Overall by The FinTech in Institutional Investors “FinTech Excellence including Information Finance 40” “Deal of the Decade” • Financial Technology Partners ("FT Partners") was founded in 2001 and is the only investment banking firm focused exclusively on FinTech • FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with over 18 years of exclusive focus on Financial Technology FT PARTNERS RESEARCH 2 FinTech Meets Alternative Investments I. Executive Summary 5 II. Industry Overview and The Rise of Alternative Investments 8 i. An Introduction to Alternative Investments 9 ii. Trends Within the Alternative Investment Industry 23 III. Executive Interviews 53 IV. -
Facilitating Cross-Chain Cryptocurrency Exchanges: an Inquiry Into Blockchain Technology and Interoperability with an Emphasis on Cryptocurrency Arbitrage
Eastern Michigan University DigitalCommons@EMU Senior Honors Theses & Projects Honors College 2020 Facilitating cross-chain cryptocurrency exchanges: An inquiry into blockchain technology and interoperability with an emphasis on cryptocurrency arbitrage Samuel Grone Follow this and additional works at: https://commons.emich.edu/honors Part of the Computer Sciences Commons Facilitating cross-chain cryptocurrency exchanges: An inquiry into blockchain technology and interoperability with an emphasis on cryptocurrency arbitrage Abstract Since the introduction and proliferation of the blockchain-based cryptocurrency Bitcoin, alternative cryptocurrencies also based on blockchain technology have exploded in number. It was once believed that one, or very few, cryptocurrencies would eventually dominate the market and drive out competitors. This assumption, however, was incorrect. Thousands of cryptocurrencies exist concurrently. The vast number of cryptocurrencies leads to a problem—what if the cryptocurrency that an individual possesses does not meet their current needs as well as another cryptocurrency might? The attempt to solve this problem has led to the rise of many cryptocurrency exchanges and exchange schemes. In this paper, we will discuss the motivations for an individual to be interested in exchanging two or more cryptocurrencies by describing and comparing various popular cryptocurrencies with different desirable attributes. While we will discuss these attributes, this paper will give special focus to arbitrage in particular. In addition, we will describe various cryptocurrency exchange schemes and their advantages and disadvantages. Finally, we contribute to the understanding of cryptocurrency exchangeability and interoperability by comparing the historical price data of several cryptocurrencies to determine how often arbitrage has been possible in the past. Degree Type Open Access Senior Honors Thesis Department Computer Science First Advisor Weitian Tong Second Advisor S.