A Bitcoin Governance Network: the Multi-Stakeholder Solution to the Challenges of Cryptocurrency
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BLOCKCHAIN REVOLUTION: Surviving and Thriving in the 2Nd Era of the Internet
BLOCKCHAIN REVOLUTION: Surviving and Thriving in the 2nd Era of the Internet Alex Tapscott TWITTER: @alextapscott Swiss Re January 23rd, 2017 © 2016 Don Tapscott and Alex Tapscott. All Rights Reserved. The Technological Revolution mobility social big web data internet machine of things learning the cloud drones & robotics 2 | © 2016 The Tapscott Group. All Rights Reserved. The Technological Revolution mobility social big web data internet BLOCKCHAIN machine of things learning the cloud drones & robotics 3 | © 2016 The Tapscott Group. All Rights Reserved. The Internet of Information Web Photos Sites Word INFORMATION PDFs Docs PPT Voice Slides 4 | © 2016 The Tapscott Group. All Rights Reserved. The Internet of Information ▶ The Internet of Value Social Reputation Capital Intellectual Money property Loyalty Attestations Identity points ASSETS Contracts Deeds Carbon credits Energy ASSETS Coupons Other Financial Assets Bonds Premiums Music Art Votes Stocks Other Futures Receivables Swaps IOUs Visual Art Film 5 | © 2016 The Tapscott Group. All Rights Reserved. The Middleman 6 | © 2016 The Tapscott Group. All Rights Reserved. BLOCKCHAIN: The Second Era of the Internet 7 | © 2016 The Tapscott Group. All Rights Reserved. Just Another Block in the Chain 1 2 3 4 5 Block 53 Block50.dat Block51.dat Previous Block52.dat block: 00000zzxvzx5 Timestamp Proof of work: 00000090b41b 04.19.2016.09.14.5 x 3 Block53.dat Transaction: 94lxcv14 Community Reference to Distributed ledger New blocks added Permanent validation previous blocks time-stamp 8 | © 2016 The Tapscott Group. All Rights Reserved. 9 | © 2016 The Tapscott Group. All Rights Reserved. 10 | © 2016 The Tapscott Group. All Rights Reserved. Seven Transformations for a Prosperous World 1. -
A Solution Towards Eliminating Transaction Malleability in Bitcoin
J Inf Process Syst, Vol.14, No.4, pp.837~850, August 2018 ISSN 1976-913X (Print) https://doi.org/10.3745/JIPS.03.0101 ISSN 2092-805X (Electronic) A Solution towards Eliminating Transaction Malleability in Bitcoin Ubaidullah Rajput*, Fizza Abbas*, and Heekuck Oh** Abstract Bitcoin is a decentralized crypto-currency, which is based on the peer-to-peer network, and was introduced by Satoshi Nakamoto in 2008. Bitcoin transactions are written by using a scripting language. The hash value of a transaction’s script is used to identify the transaction over the network. In February 2014, a Bitcoin exchange company, Mt. Gox, claimed that they had lost hundreds of millions US dollars worth of Bitcoins in an attack known as transaction malleability. Although known about since 2011, this was the first known attack that resulted in a company loosing multi-millions of US dollars in Bitcoins. Our reason for writing this paper is to understand Bitcoin transaction malleability and to propose an efficient solution. Our solution is a softfork (i.e., it can be gradually implemented). Towards the end of the paper we present a detailed analysis of our scheme with respect to various transaction malleability-based attack scenarios to show that our simple solution can prevent future incidents involving transaction malleability from occurring. We compare our scheme with existing approaches and present an analysis regarding the computational cost and storage requirements of our proposed solution, which shows the feasibility of our proposed scheme. Keywords Crypto-currency, Bitcoin, Transaction Malleability 1. Introduction After its introduction in 2008 by Satoshi Nakamoto, the Bitcoin crypto-currency has gained significant popularity amongst other various crypto-currencies. -
Geraszimov-Doktrína – Egy Másik Megvilágításban
KATONAI NEMZETBIZTONSÁGI SZOLGÁLAT XVI. évfolyam 3–4. szám FELDERÍTŐ SZEMLE ALAPÍTVA: 2002 BUDAPEST 2017 A Katonai Nemzetbiztonsági Szolgálat tudományos-szakmai folyóirata Felelős kiadó Kovács József altábornagy, főigazgató Szerkesztőbizottság Elnök: Dr. Béres János vezérőrnagy Tagok: Dezső Sándor vezérőrnagy Dr. Magyar István ny. dandártábornok Dr. Tömösváry Zsigmond ny. dandártábornok Deák Anita alezredes Dr. Fürjes János alezredes Háry Szabolcs ezredes Dr. Magyar Sándor ezredes Dr. Tóth Sándor alezredes Dr. Vida Csaba alezredes Felelős szerkesztő: Deák Anita alezredes Olvasószerkesztő: Gál Csaba ny. ezredes Tördelőszerkesztő: Tóth Krisztina tzls. HU ISSN 1588-242X TARTALOM BIZTONSÁGPOLITIKA HOLECZ JÓZSEF ALEZREDES A GERASZIMOV-DOKTRÍNA – EGY MÁSIK MEGVILÁGÍTÁSBAN ...................................................... 5 BERTALAN DÁVID OGY. ALEZREDES A BIZTONSÁGI SZEKTOR SPECIÁLIS VONÁSAI .......................... 28 MEZŐ ANDRÁS ALEZREDES A DOKTRÍNAFEJLESZTÉS NEMZETKÖZI TAPASZTALATAI ... 45 HEGYI ÁGNES SZÁZADOS TERRORIZMUS A SZÁHEL-ÖVEZETBEN ....................................... 74 DR. GERENCSÉR ÁRPÁD KÖZÉP-ÁZSIAI SZÉLSŐSÉGES MOZGALMAK MEGJELENÉSI FORMÁI ÉS JELENTŐSÉGE .................................. 87 HÍRSZERZÉS – FELDERÍTÉS KOÓS GÁBOR NY. ALEZREDES – PROF. DR. SZTERNÁK GYÖRGY NY. EZREDES A FEGYVERES KÜZDELEM JELLEMZŐI KUTATÁSÁNAK FONTOSSÁGA, A HÍRSZERZÉS ÉS A FELDERÍTÉS JELENTŐSÉGE ..................... 97 DR. VIDA CSABA ALEZREDES AZ ELEMZŐ-ÉRTÉKELŐ MUNKA TERMÉKEI – NEMZETBIZTONSÁGI TÁJÉKOZTATÓK KÉSZÍTÉSE .............. 112 -
Bitcoin and Money Laundering: Mining for an Effective Solution
Indiana Law Journal Volume 89 Issue 1 Article 13 Winter 2014 Bitcoin and Money Laundering: Mining for an Effective Solution Danton Bryans Indiana University Maurer School of Law, [email protected] Follow this and additional works at: https://www.repository.law.indiana.edu/ilj Part of the Internet Law Commons, and the Law and Economics Commons Recommended Citation Bryans, Danton (2014) "Bitcoin and Money Laundering: Mining for an Effective Solution," Indiana Law Journal: Vol. 89 : Iss. 1 , Article 13. Available at: https://www.repository.law.indiana.edu/ilj/vol89/iss1/13 This Note is brought to you for free and open access by the Law School Journals at Digital Repository @ Maurer Law. It has been accepted for inclusion in Indiana Law Journal by an authorized editor of Digital Repository @ Maurer Law. For more information, please contact [email protected]. Bitcoin and Money Laundering: Mining for an Effective Solution * DANTON BRYANS INTRODUCTION Technology forges ahead at a rapid pace, whether we like it or not. Criminals recognize this inevitability and use technological improvements to advance their craft,1 committing crimes from half a world away in real time. Meticulous criminals also use technological advancements to distance themselves from their illegal activities and profits through use of virtual banking and electronic money transfer systems, which allow criminals to buy, sell, and exchange goods without any physical interaction. Though such services use digital logs that serve to identify a sender and a receiver’s digital identities, criminals possess the means to obfuscate their digital identity by simply spoofing their Internet Protocol address or by using another individual’s account, essentially making their activities untraceable. -
Blockchain in Japan
Blockchain in Japan " 1" Blockchain in Japan " "The impact of Blockchain is huge. Its importance is similar to the emergence of Internet” Ministry of Economy, Trade and Industry of Japan1 1 Japanese Trade Ministry Exploring Blockchain Tech in Study Group, Coindesk 2" Blockchain in Japan " About this report This report has been made by Marta González for the EU-Japan Centre for Industrial Cooperation, a joint venture between the European Commission and the Japanese Ministry of Economy, Trade and Industry (METI). The Centre aims to promote all forms of industrial, trade and investment cooperation between Europe and Japan. For that purpose, it publishes a series of thematic reports designed to support research and policy analysis of EU-Japan economic and industrial issues. To elaborate this report, the author has relied on a wide variety of sources. She reviewed the existing literature, including research papers and press articles, and interviewed a number of Blockchain thought leaders and practitioners to get their views. She also relied on the many insights from the Japanese Blockchain community, including startups, corporation, regulators, associations and developers. Additionally, she accepted an invitation to give a talk1 about the state of Blockchain in Europe, where she also received input and interest from Japanese companies to learn from and cooperate with the EU. She has also received numerous manifestations of interest during the research and writing of the report, from businesses to regulatory bodies, revealing a strong potential for cooperation between Europe and Japan in Blockchain-related matters. THE AUTHOR Marta González is an Economist and Software Developer specialized in FinTech and Blockchain technology. -
Tokenize the Musician
Tokenize the Musician Stanley Sater* I. INTRODUCTION ................................................................................. 107 II. THE MUSIC INDUSTRY ...................................................................... 110 A. Control Concentrated Among the Few ............................. 110 B. A Record Label’s Deal ..................................................... 110 III. FINANCIAL INSTRUMENTS AND ECONOMICS ................................... 113 A. The Music Industry’s First Asset-Backed Security ........... 113 B. Blockchain Tokens: A New Financial Instrument ............ 114 1. The Economics of Blockchain Tokens ........................... 118 2. Initial Coin Offerings ...................................................... 119 IV. TOKENIZING THE MUSICIAN ............................................................. 120 A. Gramatik: The Tokenized Musician ................................. 122 B. Regulating ICOs ............................................................... 123 V. CONCLUSION .................................................................................... 128 I. INTRODUCTION The centralization of the music industry has led to an imbalance of power and misaligned incentives for those involved.1 With technological advancements, the cost of both creating and distributing music is negligible compared to prior decades.2 Musicians can connect directly to fans, yet major record labels retain their domineering status as middlemen, extracting exorbitant fees from this content exchange.3 As record sales -
Cryptocurrency and the Blockchain: Technical Overview and Potential Impact on Commercial Child Sexual Exploitation
Cryptocurrency and the BlockChain: Technical Overview and Potential Impact on Commercial Child Sexual Exploitation Prepared for the Financial Coalition Against Child Pornography (FCACP) and the International Centre for Missing & Exploited Children (ICMEC) by Eric Olson and Jonathan Tomek, May 2017 Foreword The International Centre for Missing & Exploited Children (ICMEC) advocates, trains and collaborates to eradicate child abduction, sexual abuse and exploitation around the globe. Collaboration – one of the pillars of our work – is uniquely demonstrated by the Financial Coalition Against Child Pornography (FCACP), which was launched in 2006 by ICMEC and the National Center for Missing & Exploited Children. The FCACP was created when it became evident that people were using their credit cards to buy images of children being sexually abused online. Working alongside law enforcement, the FCACP followed the money to disrupt the economics of the child pornography business, resulting in the virtual elimination of the use of credit cards in the United States for the purchase of child sexual abuse content online. And while that is a stunning accomplishment, ICMEC and the FCACP are mindful of the need to stay vigilant and continue to fight those who seek to profit from the sexual exploitation of children. It is with this in mind that we sought to research cryptocurrencies and the role they play in commercial sexual exploitation of children. This paper examines several cryptocurrencies, including Bitcoin, and the Blockchain architecture that supports them. It provides a summary of the underground and illicit uses of the currencies, as well as the ramifications for law enforcement and industry. ICMEC is extremely grateful to the authors of this paper – Eric Olson and Jonathan Tomek of LookingGlass Cyber Solutions. -
Alex Tapscott on the Impact of Paypal Accepting Payment Through Bitcoin and Cryptocurrencies
Is it time to invest in Gold, or maybe just in Gold Miners? It seems like nowadays when we start a conversation about investing in gold one has to also include commentary on Bitcoin. There’s no doubt some investment funds that traditionally found safe haven in gold have drifted over to the much more volatile domain of cryptocurrencies. That’s just part of the evolution of the market and, as an investor, one has to adapt. Nevertheless, I will argue that whatever the reason you have for putting a portion of your portfolio into gold or cryptocurrency, you definitely need to have a strong stomach to manage the day-to-day gyrations in Bitcoin, Ethereum, for example, and the like. Not that gold doesn’t have its moments, like the weekend of August th6 when it essentially plummeted 7% over the weekend, but that was relatively short lived. Arguably gold has traded in a range from $1,700 to $1,950 for the last year. Bitcoin on the other hand has a one year range of roughly $10,000 to $63,000. I dare say a bit of a difference. Now before you start complaining and telling me to go get my walker, because I’m a dinosaur and haven’t kept up with the times, I need to point out that this isn’t an article about the merits of gold versus crypto. This is solely an article about exploring the potential of investing in gold currently and that’s it. The commentary on crypto is simply to highlight that gold may not be the “go-to” alternative investment it once was. -
Bitcoin and Block Chain Currency
Bitcoin Currency & Blockchain Technology April 27, 2018 Stephen Burns, CFA Vice President, Portfolio Manager Endowment and Foundation Investments Glenmede 215-419-6958 [email protected] “How seriously should we take this [Blockchain]? I would take it as seriously as we should have taken the concept of the Internet in the 1990s.” — Blythe Masters, DAH http://bit.ly/1JENgb4 2 HISTORY OF BITCOIN & BLOCKCHAIN Satoshi Nakamoto (whoever he or she is) made a significant contribution to the field of computer science by introducing the Bitcoin concept in 2007 August 18, 2008 October 31, February 2010 2007 Concept Bitcoin.org January 3, 2009 2008 First of Bitcoin registered Genesis Block “Nakamoto” cryptocurrency “Satoshi through the first block is publishes White exchange was Nakamoto” anonymous mined Paper created speech.com 3 WHAT IS BITCOIN? Bitcoin: a form of digital currency created and held electronically produced (“mined”) by people, and businesses, running computers all around the world, using software that solves mathematical algorithms first example of a growing category of money known as cryptocurrency Bitcoin Mining Rig 4 BITCOIN: DEFINING CHARACTERISTICS Decentralized Fast & Easy • One central authority cannot manipulate • A bitcoin address can be set up in monetary policy. seconds, no questions asked, and with no • Machine mine bitcoin and process fees payable. transactions, making a network • Payments are processed in real time Anonymous Transparent • Users can hold multiple bitcoin addresses, • Bitcoin stores details of every transaction and there is no link to names, addresses, or that ever happened in the network in the other personally identifying information. blockchain. Non-Repudiable Low Fees • After sending your bitcoins, there’s no • No transaction fees getting them back, unless the recipient • Minimal conversion fees returns them to you. -
Blockchain Technology: an Interconnected Legal Framework for an Interconnected System
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Case Western Reserve University School of Law _______________________________________________________________ Journal of Law, Technology & the Internet • Vol. 9 • 2018 _______________________________________________________________ BLOCKCHAIN TECHNOLOGY: AN INTERCONNECTED LEGAL FRAMEWORK FOR AN INTERCONNECTED SYSTEM By Marina Fyrigou-Koulouri* ABSTRACT In 2018, someone hiding behind the pseudonym Satoshi Nakamoto created Bitcoin, the first decentralized cryptocurrency operating without a central bank or authority. However, the true revolution seems to be its underlying technology; blockchain. Today, a lot of discussion is taking place around the legal issues of this nascent technology. This paper focuses on blockchain and the law. After exploring blockchain’s basic features, it will propose an international regulatory framework suitable for this technology’s characteristics and its borderless nature. * Marina Fyrigou-Koulouri is a lawyer holding a Dual Master’s Degree in International Finance and Law - LLM (University of Pennsylvania) and Master in Economics and Business (Sciences Po) - as well as a Wharton Business and Law Certificate from Wharton School. She obtained her Law Degree from Democritus University of Thrace, Greece. Journal of Law, Technology & the Internet • Vol. 9 • 2018 Blockchain Technology: An Interconnected Legal Framework for an Interconnected System _______________________________________________________________ INTRODUCTION On October 31, 2008, Satoshi Nakamoto, following his vision to create a purely peer-to-peer version of electronic cash, published a paper1 developing a protocol for digital cash that used Bitcoin. Bitcoin is a digital cryptocurrency; however, the underlying technology Bitcoin uses is the Blockchain.2 Now, Blockchain is considered the technology most likely to have the greatest impact on the world in the next decades. -
SEC Cryptocurrency Enforcement: Q3 2013–Q4 2020
Economic and Financial Consulting and Expert Testimony SEC Cryptocurrency Enforcement Q3 2013–Q4 2020 Table of Contents Executive Summary 1 Number of Enforcement Actions 2 Allegations in Enforcement Actions 3 Allegations in Litigations vs. Administrative Proceedings 4 ICOs as Unregistered Securities Offering Allegations 6 Defendants in Litigations vs. Administrative Proceedings 7 Litigation Duration 9 Litigation Venue 10 Litigation Allegations by Venue 11 Appendices 12 Methodology 22 Endnotes 23 About the Author 26 i Cornerstone Research | SEC Cryptocurrency Enforcement: Q3 2013–Q4 2020 Table of Figures Figure 1: Number of SEC Cryptocurrency Enforcement Actions and Trading Suspensions 2 Figure 2: Allegations in SEC Cryptocurrency Enforcement Actions 3 Figure 3a: Allegations of Fraud in the Offer or Sale of Securities in SEC Cryptocurrency Enforcement Actions 4 Figure 3b: Allegations in SEC Cryptocurrency Litigations 5 Figure 3c: Allegations in SEC Cryptocurrency Administrative Proceedings 5 Figure 4: ICOs as Unregistered Securities Offering Allegations in SEC Cryptocurrency Enforcement Actions 6 Figure 5a: Defendants in SEC Cryptocurrency Litigations 7 Figure 5b: Respondents in SEC Cryptocurrency Administrative Proceedings 8 Figure 6: Time from Complaint to Resolution in SEC Cryptocurrency Litigations 9 Figure 7: Courts and Presiding Judges in SEC Cryptocurrency Litigations 10 Figure 8: Types of Allegations in SEC Cryptocurrency Litigations by Court Venue 11 Appendix 1: SEC Cryptocurrency Enforcement Actions 12 Appendix 2: SEC Cryptocurrency Trading Suspension Orders 19 Appendix 3: SEC Cryptocurrency Press Releases, Public Statements and Speeches, and Investor Alerts 20 ii Cornerstone Research | SEC Cryptocurrency Enforcement: Q3 2013–Q4 2020 Executive Summary The U.S. Securities and Exchange Commission (SEC) brought its first cryptocurrency-related enforcement action in July 2013. -
Bitcoin Dealers Charged in US with Money Laundering (Update) 27 January 2014, by Rob Lever
Bitcoin dealers charged in US with money laundering (Update) 27 January 2014, by Rob Lever John F. Kennedy International Airport in New York, officials said. Authorities did not name the company involved in the scheme, but Shrem is chief executive of BitInstant and is a self-described "Bitcoin evangelist" whose venture is backed by Tyler and Cameron Winklevoss, known for a legal spat over the founding of Facebook. Shrem is also vice chair of the Bitcoin Foundation, a group aimed at promoting use of the crypto- currency. The Winklevoss brothers said in a statement Monday they were "passive" investors in BitInstant A pile of Bitcoin slugs sit in a box on April 26, 2013 in and believed it complied with all laws. Sandy, Utah "When we invested in BitInstant in the fall of 2012, US authorities Monday filed criminal charges its management made a commitment to us that against two operators of a Bitcoin exchange, they would abide by all applicable laws—including including the head of a company with high-profile money laundering laws—and we expected nothing investment backers. less," said the statement. A criminal complaint unsealed by officials said the "Although BitInstant is not named in today's Bitcoin exchange violated money laundering laws indictment of Charlie Shrem, we are obviously by allowing its users to buy drugs and other illicit deeply concerned about his arrest...and will do goods on the Silk Road underground website. everything we can to help law enforcement officials. We fully support any and all governmental efforts to Federal prosecutors said they charged Robert ensure that money laundering requirements are Faiella and Charlie Shrem, who ran a company enforced." allowing people to use cash to buy Bitcoins, a virtual currency based on a mysterious computer Faiella, 52, was arrested at his home Monday in algorithm.