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Virtual Currencies: Obstacles and Applications Beyond Currency Sarah Meiklejohn (University College London) ECB categories of virtual currencies 3 ECB categories of virtual currencies closed 3 ECB categories of virtual currencies

  1. Virtual Currencies: Obstacles and Applications Beyond Currency Sarah Meiklejohn (University College London)

  2. ECB categories of virtual currencies 3

  3. ECB categories of virtual currencies “closed” 3

  4. ECB categories of virtual currencies “one direction” “closed” 3

  5. ECB categories of virtual currencies “one direction” “closed” “convertible” “convertible” 3

  6. ECB categories of virtual currencies “one direction” “closed” “convertible” “convertible” centralized 3

  7. ECB categories of virtual currencies “one direction” “closed” “convertible” “convertible” centralized decentralized 3

  8. ECB categories of virtual currencies “one direction” “closed” “convertible” “convertible” centralized decentralized 3

  9. decentralized consensus 4

  10. decentralized consensus 4

  11. decentralized consensus updatable 4

  12. decentralized consensus updatable globally visible 4

  13. decentralized consensus updatable globally visible immutable 4

  14. decentralized consensus “mining” updatable globally visible immutable 4

  15. decentralized consensus “mining” updatable globally visible immutable 4

  16. the hype cycle of cryptocurrencies 5

  17. the hype cycle of cryptocurrencies visibility time 5

  18. the hype cycle of cryptocurrencies visibility 1 “technology trigger” time 5

  19. Bitcoin paper 2009 2010 2011 2012 2013 2014 time 6

  20. Bitcoin paper 2009 2010 2011 2012 2013 2014 Bitcoin deployed time 6

  21. B ⃦ 1 = Bitcoin paper $0.0007 2009 2010 2011 2012 2013 2014 Bitcoin deployed time 6

  22. B ⃦ 1 = Bitcoin paper $0.0007 2009 2010 2011 2012 2013 2014 Bitcoin MtGox deployed opens time 6

  23. first mining pool block B ⃦ 1 = Bitcoin paper $0.0007 2009 2010 2011 2012 2013 2014 Bitcoin MtGox deployed opens time 6

  24. first mining pool block B ⃦ 1 = Bitcoin Silk Road paper opens $0.0007 2009 2010 2011 2012 2013 2014 Bitcoin MtGox deployed opens time 6

  25. first mining pool block B ⃦ 1 = Bitcoin Silk Road paper opens $0.0007 2009 2010 2011 2012 2013 2014 B ⃦ 1=$1 Bitcoin MtGox deployed opens time 6

  26. first mining pool block B ⃦ 1 = Bitcoin Silk Road paper opens $0.0007 2009 2010 2011 2012 2013 2014 B ⃦ 1=$1 Bitcoin MtGox B ⃦ 1=$32 deployed opens time 6

  27. “peak of inflated expectations” 2 visibility 1 time 7

  28. new businesses 8

  29. new businesses 8

  30. new cryptocurrencies (“altcoins”) B ⃦ 1 = Bitcoin Silk Road paper opens $0.0007 2009 2010 2011 2012 2013 2014 B ⃦ 1=$1 Bitcoin MtGox B ⃦ 1=$32 deployed opens time 9

  31. new cryptocurrencies (“altcoins”) Litecoin Mastercoin Feathercoin B ⃦ 1 = Bitcoin Silk Road Ripple Quark paper opens $0.0007 2009 2010 2011 2012 2013 2014 B ⃦ 1=$1 Nxt Bitcoin MtGox Dogecoin B ⃦ 1=$32 deployed opens Primecoin Namecoin Peercoin Darkcoin time 9

  32. 10

  33. 10

  34. soaring exchange rate 11

  35. soaring exchange rate $13 Jan 11

  36. soaring exchange rate $140 $13 Jan Apr 11

  37. soaring exchange rate $140 $125 $13 Jan Apr Oct 11

  38. soaring exchange rate $1000 $140 $125 $13 Jan Apr Oct Dec 2013 11

  39. regulatory interest 12

  40. news media 13

  41. 2 visibility 3 “trough of disillusionment” 1 time 14

  42. Bitcoin might not be as as we hoped. 15

  43. Bitcoin might not be as as we hoped. decentralized 15

  44. Bitcoin might not be as as we hoped. decentralized 15

  45. Bitcoin might not be as as we hoped. decentralized June 2014 15

  46. Bitcoin might not be as as we hoped. decentralized June 2014 today 15

  47. Bitcoin might not be as as we hoped. secure decentralized 16

  48. Bitcoin might not be as as we hoped. secure decentralized 16

  49. Bitcoin might not be as as we hoped. secure decentralized 16

  50. Bitcoin might not be as as we hoped. anonymous decentralized secure 17

  51. Bitcoin might not be as as we hoped. anonymous decentralized secure [RH,RS,A+, M +,M13,SMZ14] 17

  52. Bitcoin might not be as as we hoped. anonymous decentralized secure [RH,RS,A+, M +,M13,SMZ14] [A14, M O15] 17

  53. Bitcoin might not be as as we hoped. stable decentralized secure anonymous 18

  54. Bitcoin might not be as as we hoped. stable decentralized secure anonymous $1000 $881 $650 $640 $420 $320 $140 $125 $13 Jan Apr Oct Dec Jan Apr Jun Dec 18

  55. Bitcoin might not be as as we hoped. useful decentralized secure anonymous stable 19

  56. Bitcoin might not be as as we hoped. useful decentralized secure anonymous stable 19

  57. Bitcoin might not be as as we hoped. useful decentralized secure anonymous stable 19

  58. Bitcoin might not be as as we hoped. useful decentralized secure anonymous stable 20

  59. 2 “slope of enlightenment” 4 visibility 3 1 time 21

  60. how to timestamp 22

  61. how to timestamp 22

  62. how to timestamp H( ) addr 22

  63. how to timestamp H( ) btc addr addr 22

  64. how to timestamp H( ) btc addr addr 22

  65. how to timestamp H( ) btc addr addr “21/8/13 @ 11:08” 22

  66. how to timestamp H( ) btc addr addr “21/8/13 @ 11:08” 22

  67. H( ) btc addr addr “21/8/13 @ 11:08” 23

  68. H( ) btc addr addr “20/7/69 @ 20:18” 24

  69. H( ) btc addr addr “20/7/69 @ 20:18” 24

  70. H( ) btc addr addr “20/7/69 @ 20:18” updatable 24

  71. H( ) btc addr addr “20/7/69 @ 20:18” updatable globally visible 24

  72. H( ) btc addr addr “20/7/69 @ 20:18” updatable globally visible immutable 24

  73. notary publics 25

  74. how to claim ownership H( ) btc addr addr 26

  75. how to claim ownership H( ) btc eprint addr addr 26

  76. how to claim ownership H( ) +signature btc eprint addr addr 26

  77. how to claim ownership H( ) +signature eprint addr 26

  78. how to claim ownership H( ) +signature eprint addr H( ) 26

  79. how to claim ownership H( ) +signature eprint addr H( ) 26

  80. 27

  81. 27

  82. how to prove history H( ) +signature btc eprint addr addr 28

  83. how to prove history 28

  84. how to prove history Characterising 28

  85. how to prove history Characterising Characterising 28

  86. 29

  87. no blood diamonds! … belonged to a queen! 29

  88. county records office / land registry 30

  89. county records office / land registry 30

  90. county records office / land registry 30

  91. ethereum 31

  92. 32

  93. proof of existence 32

  94. proof of ownership proof of existence 32

  95. proof of history proof of ownership proof of existence 32

  96. updatable proof of history globally visible proof of ownership immutable proof of existence 32

  97. Bitcoin might not be as as we hoped. decentralized secure anonymous stable useful updatable proof of history globally visible proof of ownership immutable proof of existence 32

  98. Bitcoin might not be as as we hoped. decentralized secure [ [ anonymous stable useful updatable proof of history globally visible proof of ownership immutable proof of existence 32

  99. Bitcoin might not be as as we hoped. decentralized secure [ [ anonymous stable useful Less crucial in these contexts? updatable proof of history globally visible proof of ownership immutable proof of existence 32

  100. 2 “plateau of productivity” 5 4 visibility 3 1 time 33

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