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Crypto Currencies – a Case Study

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Crypto Currencies – a Case Study Crypto Currencies Crypto Currencies – A Case Study Julien Hawle Research Assignment University of Liechtenstein Graduate Studies Program: MSc Entrepreneurship Module: Research Assignment Date of submission: 31.07.2018 Crypto Currencies __________________________________________________________________________________ Abstract Crypto currencies and Bitcoin are just two of the buzzwords that are all over the news in recent times. The huge media attention crypto currencies have gotten in the recent times is just one reason why it has reached its current popularity. What are these crypto currencies and what exactly is Ethereum and Monero. With the current academic research falling short in answers in regard to crypto currencies this case study will, on the one hand, investigate crypto currencies and what they exactly are. For this, the three crypto currencies Bitcoin, Ether (the native crypto currency of Ethereum) and Monero will be investigated. The technical foundation, their individual blockchain protocols and the continuous growth in the adoption are presented and analyzed. Furthermore, the events that led to the current position of these three crypto currencies are shown in a chronological way in order to give the reader a clear under- standing of what crypto currencies are and for what use cases they are currently used. On the other hand, the economic impact of crypto currencies has not gained much attention from scholars and therefore this research paper will investigate the economic impact of the three selected crypto currencies. Moreover, the economic impact will be shown by analyzing the mining- and exchange industry, the use of crypto currencies for payments, ICO’s as well as crypto currency as a new asset class. Keywords: Crypto currencies, Bitcoin, Ethereum, Monero, Economic Impact, Blockchain, ICO, Min- ing, Exchanges, Asset Class, Blockchain Payments __________________________________________________________________________________ i Crypto Currencies Table of content 1 Introduction 2 2 Literature Review 3 2.1 Blockchain 3 2.2 Crypto Currencies 4 2.3 Bitcoin, Ethereum, Monero and their underlying Blockchain Technology 7 2.4 Bitcoin’s Blockchain 7 2.5 Ethereum’s Blockchain 8 2.6 Monero’s Blockchain 10 3 Methodology 12 4 Case Study Bitcoin 13 4.1 Bitcoin 2009 – 2013 13 4.2 Bitcoin 2014 – 2017 15 4.3 Bitcoin Use Cases 21 5 Case Study Ethereum 23 5.1 Ethereum 2015 – 2017 23 5.2 Ethereum Use Cases 26 6 Case Study Monero 29 6.1 Monero 2014 – 2017 29 6.2 Monero Use Cases 32 7 The Economic Impact of Bitcoin, Ethereum and Monero 35 8 Discussion and Conclusion 40 8.1 Discussion 40 8.2 Conclusion 41 8.3 Limitations 42 8.4 Recommendations for Further Research 42 9 References 44 Affidavit 54 1 Crypto Currencies 1 Introduction Crypto currencies and Bitcoin are just two of the buzzwords that are all over the news in recent times. The huge media attention crypto currencies have gotten in the recent time is just one reason why it has reached its current popularity. The crypto currency Bitcoin (Nakamoto, 2008) was created in 2009 but most people were not aware of its existence. Now that new exchanges are coming up that make the trade of Fiat money to crypto currencies relatively easy and the news has spread through social media it seems that everybody knows what crypto currencies are (Guzman, 2018, p. 2). It is widely unknown that there are more than 1.500 different crypto currencies that can be traded on different exchanges (Coinmarketcap, 2018e). The total market capitalization of all crypto currency has risen within one year from $83 billion in June 2017 to approximately $300 billion by June 2018 (Coinmarketcap, 2018g). This enormous increase in market capitalization was one of the main reasons why crypto currencies got a lot of media attention. The underlying technology of crypto currencies is the blockchain and they are only one field of application for this technology. With the adoption of blockchain technology, it is pos- sible to use the products build on top of the blockchain. These are namely crypto currencies and similar value-exchange mechanisms that have the potential to change the way we transact on a day to day basis (Guzman, 2018, p. 2). At the same time, such an increase in media attention and market capitalization has an effect on people and the real economy. This can be seen in companies that are publicly traded. Making a decision towards blockchain their share price increases. Longfin Corp. stock price rose over 2000% in one week after it announced that it had bought a company that empowers global micro-lending solution using the blockchain technology (Sen, 2017, p. 1). All this hype around crypto currencies has a reason. Using them as a mean of payment can result in advantages compared to Fiat money. When transferring, a for example, $1 million from New York to Zürich using a bank, the transaction costs would be high, and it would take long for the transfer to be completed. If doing the same transaction using crypto currencies the transaction costs would be a fraction of that of the banks and the transfer would be completed within one hour. These are just two examples of the advantages crypto currencies have compared to Fiat currencies (Claudiogib, 2018, pp. 1-2). With that kind of impact on the economy, it is time to take a closer look at the topic of crypto currencies and their economic impact as well as their impact on its users. The current research in this field is focused on a very technical perspective. Areas like the usability, privacy issue, and security concerns are the main focus of researchers (Yli-Huumo, Ko, Choi, Park, & Smolander, 2016, p. 10). The economic impact of crypto currency worldwide has not been given much attention and therefore this research paper has the aim to shed some light on the buzzword crypto currency and show on the one hand how they emerged and what use cases they have and on the other hand what impact such a fast increase in market capitalization and adoption has on the economy. In order to assess the economic impact, the crypto currencies Bitcoin, Ethereum, and Monero were chosen to be used in this research paper. 2 Crypto Currencies 2 Literature Review This section is used to show what existing literature is available today. Furthermore, this chapter will be used to explain the technology and show the aspects of the different blockchains. In the first part, the blockchain technology will be analyzed, followed by cryptocurrencies in general and their underlying technology. 2.1 Blockchain „A blockchain is a chain of blocks of information that registers transactions; of cause, there is a stringent set of rules that govern how to verify the validity of the blocks and make certain that the blocks will not be altered or disappear” (Zhao, Fan, & Yan, 2016, p. 1). Centralized financial institutions like banks are using a centralized transaction ledger (from now on referred to as ledger), where all transactions of a certain bank are recorded. Normally, each bank has its own ledger and when a transaction is made from one to another bank it has to be recorded in both ledgers. A blockchain is exactly the same with one major difference, it is stored decentralized. This means that many participants in a network, individuals or institutions are using the same ledger and every participant has the possibility to host the blockchain ledger. This results in hundreds of copies of the ledger stored all over the world. In order for all ledgers to have the latest and correct version, a blockchain ledger host (node) has to be connected to the Internet 24/7. When being connected the ledger will automatically update itself to the newest version that in- cludes all transactions that have ever occurred on the network. Because of this blockchain ledger, trusted third parties that process, validate, safeguard and preserve electronic transactions can be substituted through blockchain ledgers (Dinu, 2014, pp. 9-14). The next paragraph will briefly describe how a blockchain works technically. Blockchain uses a cryptographic proof mechanism for two parties that are willing to execute a transac- tion using the Internet. In order for the transaction being protected, digital signatures are deployed. These digital signatures include a public- and a private key. Each transaction is sent to the public key of the receiver and is signed by the sender with his private key. These two keys can be compared to a bank account. The public key would represent the bank accounts IBAN, the private key would be the pin code to access your bank account and use the funds. One problem is that all transactions using the blockchain do not come in order in which they were originally generated and therefore a system was developed that prevents double spending of funds. The blockchain bundles a number of transactions into one block. Each and every block is cryptographically and linearly linked to the previous block by including the hash of that block. Since there are hundreds of copies of the blockchain ledger and hundreds of transac- tions a minute the question occurs, what block should be the next one in the blockchain? The process will be explained by using the Bitcoin blockchain as an example. The Bitcoin blockchain solves this problem by including a mathematical puzzle. Only the block that can prove it includes the correct answer to this specific mathematical problem will be included as the next block in the blockchain. This process is known as the validation of all transactions included in this block. For Bitcoin, the consensus algorithm is called Proof-of-Work (PoW). Miners that want to generate a block need to prove that, while using computing resources they are able to solve the mathematical puzzle.
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