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Introduction to Digital Assets

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Introduction to Digital Assets About Banxa 1 OUR VISION To make digital assets available to everyone, by bringing digital currencies and payments to every corner of the globe. CORPORATE PROFILE CORPORATE BANXA 2 OUR MISSION Creating access to digital assets by building a fully compliant payment infrastructure. CORPORATE PROFILE CORPORATE BANXA 3 OUR DELIVERY Building a regulated, internationally compliant fiat-to-crypto payment infrastructure for exchanges, wallets and other businesses. CORPORATE PROFILE CORPORATE BANXA 4 BANXA HOLDINGS INC Introduction to Blockchain & Cryptocurrency 5 What Is a Blockchain & What is a “Digital Asset”? 1. A blockchain is a 1. It acts as a “medium decentralised ledger. of exchange” on a 2. A blockchain can blockchain network. either be public or 2. A digital asset is private. another name for 3. A public blockchain cryptocurrencies - anyone can verify a since some regulators transaction while a ruled that tokens are private blockchain only commodities - like nominated entities can artworks. participate and control 3. A cryptocurrency the network. usually grants either CORPORATE PROFILE CORPORATE controlling rights (Proof of Stake) or BANXA rewards effort (Proof of Work) 6 A Brief History of Blockchain (& bitcoin) 7 Why do we need banks or governments in the middle of every transaction between people? 8 Bitcoin was created (the genesis block) on 09/01/2009 (9th January). The whitepaper launched a few months prior to that. It is worth noting what was happening in the world around that time, with many countries affected by the Global Financial Crisis “GFC”. Many of the “OG” bitcoin supporters were developers and coders, and thought that the world of banking (fractional reserves, quantitative easing etc.) was a scam. That anti-establishment concept is still prevalent in bitcoin/blockchain today. The concept behind bitcoin was simple. CORPORATE PROFILE CORPORATE Why do we need banks or governments in the middle of every transaction between BANXA people? 9 From there, the bitcoin community grew slowly and steadily among three types of people - Technologists - Developers - Cypherpunks Broadly, it's worth noting that up until now (11/2020) bitcoin roughly grows in 3 year cycles - 1 year boom, 2 year’s bust. 2010, 2013/4, 2017, 2020. Things to remember; - Satoshi Nakamoto - Decentralisation - Anti-authoritarian tendencies CORPORATE PROFILE CORPORATE BANXA 10 In April 2016, a new development took place in blockchain. The DAO launched (Ethereum). The DAO came up with 2 key new ideas on bitcoin’s blockchain. 1. The distribution of tokens through a sale of other mechanism to a community, making them “token holders” 2. Token holders gaining some form of rights (voting, control etc.) as a reward for holding those tokens. 3. Smart Contracts - A machine owned process that simply executes a statement of “if/when” is achieved. For Example: If there are 500 ETH in my wallet at xxx date, distribute them to these CORPORATE PROFILE CORPORATE addresses. BANXA 11 2017 saw the greatest growth in cryptocurrencies as startups flocked to raise funds based on the “token distribution model”. Prior to this, if you had a start-up company, the only way to raise funds were through “friends and family” or Venture Capital or Private Equity. All of these routes essentially trade equity in the company for cash. However, the token distribution model allowed you to “sell” future access or services in advance (think Kickstarter or GoFundMe but for digital services) by selling tokens to your project. This created a huge influx of “easy money” for startups to capitalise on. The ICO was born. 12 Some of the Biggest ICO’s 1 2 3 EOS Telegram Dragon $4.1 Billion $1.7 Billion $320 Million Smart Contracts Encrypted Messaging Decentralised Currency for Casinos 4 5 6 Huobi Hdac Tezos $300 Million $258 Million $232 Million CORPORATE PROFILE CORPORATE Exchange Token IoT Platform See Wired “Inside the World’s BANXA Biggest Cryptocurrency Scandal” 13 Some of the Biggest Cryptocurrency Exchanges 1 2 3 Binance Huobi Okex $5.6 Bn $2.2 Bn $1.8 Bn Regulatory Arbitrage Centralised Chinese firm Unrolling Futures contracts - CCP problems 4 5 6 Coinbase Pro Kraken Bitfinex $966 Mn $473 Mn $343 Mn CORPORATE PROFILE CORPORATE US Firm targeting US market Strong Security, slightly more Owns Tether BANXA conservative approach to products 14 What Does “Decentralised Mean”? 15 Decentralisation is the core part of the “blockchain ethos” even though a number of companies (EOS, Hashgraph) cheat be having a “semi-centralised” model of control for the network. Essentially, it goes back to the earlier statement. Why do we need banks/governments in the middle of every transaction between people? Why are banks in the middle? CORPORATE PROFILE CORPORATE For market control. BANXA 16 So, why do banks have control? Or governments? Because money is something that traditionally requires control. Too much inflation? Restrict currency or drive economic growth. Too little money, print more! In essence, governments and banks (or central banks) print and control the circulation of money. Bitcoin is different. Creation of bitcoin is controlled by code. The distribution of bitcoin is controlled by mining power. The sale of bitcoin is done either P2P or via exchanges. CORPORATE PROFILE CORPORATE There’s a problem with this, from some government’s point of view. Who controls BANXA it? Who profits from it? 17 The Good and Bad Points of Cryptocurrencies Good Bad 1. Bitcoin is not controlled by any 1. The vast majority of bitcoin is held by government or bank. exchanges/miners, allowing them to 2. It allows instantaneous transfer of manipulate the price (Tether). funds from one side of the world to 2. Because there’s no way to reverse the other, fast than banks have transfers, Hodlers have to be been able to execute. security conscious. CORPORATE PROFILE CORPORATE 3. There is a finite amount. 3. Because it is anonymous, it attracts criminal elements/scammers. BANXA 18 So, Where Does Banxa Fit in The Crypto Space? Banxa is not a cryptocurrency company in It is sometimes challenging as along with a a pure form. Instead, we facilitate people to few other firms, we are at the forefront of move from fiat currency (money) into digital regulation in the space. While some firms in assets. If this was a gold rush, we are the the marketplace have poor Treasury general store - selling the picks and Management or bad reputations, we are shovels. focused on our Compliance and KYC and CORPORATE PROFILE CORPORATE have very strong identification systems in place. BANXA 19 Final Thoughts The Test! In your own words, Compare and Who is Satoshi please describe what contrast Nakamoto? a cryptocurrency is. decentralisation vs. centralisation This is a bit of a trick question…. CORPORATE PROFILE CORPORATE BANXA 20 THANK YOU ANY QUESTIONS? [email protected] banxa.com 21.
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