1. IR KRIPTOVALIUTŲ ANATOMIJA: MADA AR ĮRANKIS VERSLUI?
VYTAUTAS KAŠĖTA
Kriptoekonomikos analitikas
BLOCKCHAIN
IR KRIPTOVALIUTŲ ANATOMIJA:
MADA AR ĮRANKIS VERSLUI?
Kripto ekonomika yra draugiška ir keičia mūsų ateitį dabar
Vytautas Kašėta – physicist, crypto analyst, blockchain generalist.
I’m not a financial adviser nor economist, I’m not giving any investment advice or promote any project.
I’m talking about blockchain technologies, I’m consulting startups, analyzing systems, platforms and use cases.
I have some cryptography, IT and security background and some derivatives trading experience.
Now value invest in game changing startups. Education, non-commercial and community projects.

2. Kripto valiuta
A crypto currency is a digital asset (subset of digital alternative currencies) designed to work as a medium of exchange using cryptography:
to secure the transactions,
to control the creation of additional units, and
to verify the transfer of assets
Kripto valiuta tai skaitmeninio turto vienetai, veikiantys kaip terpė skirta vertės apsikeitimui. Kriptografinių algoritmų pagalba apsaugomos skaitmeninio turto vienetų perdavimo transakcijos, vienetų sukūrimas.
Kripto valiutos klasifikuojamos kaip dalis skaitmeninių valiutų arba virtualiųjų valiutų.
Cryptonite – Coindash ir kiti.

3. Pinigai
Fiat money ("let it be done") - currency without intrinsic value established as money by government regulation. Has an assigned value only because the government uses its power to enforce the value of a fiat currency.
Commodity money is created from a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange (such a good is called a commodity).

4. Aukso standartas ir Bitcoin
According to research produced by the Bank of Canada, Bitcoin economy has many similarities with the economy based on gold standard:
Limited and predictable supply of the anchor of the monetary system
No central bank or monetary authority controls the supply
Low or non-existent inflation
Virtually no arbitrage costs for international transactions
Governments have less control over their domestic economies and lose seigniorage revenues that they obtain from the ability to almost costlessly create money
Monetary systems based on Bitcoin and gold have some similar disadvantages:
Independence from government
Price declines and less spending during crisis times
Now we are in the Digital Age and look how the Internet defines our lives today,
where we are connected to parts of the world previously unknown, where we are well beyond websites,
where we socialize, do shopping, where we work and live in the Internet

5. Kripto turtas
Crypto assets, like gold, like real estate, like any tokenized asset
What is real value and price?
Gold is finite resource on the Earth.
Crypto is finite resource, limited by mathematical code.
Gold like Bitcoin
Nobody pays for a coffee with Gold bullion, but Gold is recognized as asset. It’s good for value storage.
When you try to understand crypto-asset comparing it to gold, it makes more sense to understand the “miners”.
Auksas yra fiziškai baigtinis resursas – jo yra tiek, kiek galima rasti.
Kripto yra matematiškai baigtinis resursas: jo yra tiek, kiek gali būti sukurta pagal numatytą kodą.
Auksas – kaip BTC, mažai kas ateina apsipirkti į parduotuvę nešinas gabalu aukso, tačiau jis yra visuotinai pripažįstamas turtu.

6. Kasimas Distributed consensus Proof of Work Proof of Stake
Proof of Importance
Proof of Storage
Proof of Whatever
Trusted consensus
Verification

7. Kasimo įranga

8. Kriptografija iki 1976
Cryptography (kryptós, "hidden, secret"; and graphein, "to write") is the practice and study of techniques for secure communication:
information security, data confidentiality,
data integrity, authentication and
non-repudiation
Earliest known use of cryptography is
some carved ciphertext on stone in
Egypt (1900 BC)
Symmetric key cryptography

9. Modernioji kriptografija
In a groundbreaking 1976 paper,
Whitfield Diffie and Martin Hellman
proposed the notion of public-key
cryptography in which two different
but mathematically related keys are
used — a public key and a private key.
1976
Asymmetric key cryptography
Secure Hash Algorithm
Cryptosystems

10. Informacijos internetas
Interconnected mainframe computers
1991 first writings to timestamp using cryptography
1994 Start of internet technologies mainstream adoption
2000 dot.com
2004 digital age
Double spending problem
Imagine it's 1994, Internet was borne. It is referred to as an "information superhighway".
Now we are in the Digital Age and look how the Internet defines our lives today,
where we are connected to parts of the world previously unknown, where we are well beyond websites,
where we socialize, do shopping, where we work and live in the Internet.

11. The next big thing

12. Technologinis proveržis
Block contains:
Transactions, smart-contracts, etc.
Previous block hash
Block hash
Chain consists:
Proof of work
Rewards to miners
Difficulty (10 min., 2 min, etc)
Game theory is ‘the study of mathematical models of conflict and cooperation between intelligent rational decision-makers.”
Blockchain – is a distributed database that maintains a continuously growing list of ordered records called blocks.
Each block contains a timestamp and a link to a previous block. By design, blockchains are inherently resistant to modification of the data — once recorded, the data in a block cannot be altered retroactively. Through the use of a peer-to-peer network and a distributed timestamping server, a blockchain database is managed autonomously. Blockchains are "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.

13. Bitcoin vs Blockchain
Cryptographically secured open public distributed ledger
2008 – 2017 The blockchain is far more important than Bitcoin.
After all, a blockchain is essentially an incorruptible ledger of blocks of data, and that data can be records of just about anything.
Blockchains are a distributed database of records and peer-to-peer network that stores a registry of transactions.
"Blockchain is what the Internet should have been." - Jeff Wilcke, a co-founder of Ethereum
"Blockchain is the Internet of value." - Don Tapscott
Bitcoin was born from world financial crisis.
Bitcoin creators where driven by the vision, that in the future we will be able to withstand global crisis, made by irresponsible banking and government financial sector stakeholders, 2008 Satoshi created community driven monetary system backed by computing power.
Blockchain provides a fundamental technological solution, that people don't need to go to judge to ask the judge if he did pay me or not.
Regular databases do not provide any means of showing consensus where people do not know, like or trust each other.
Where with a blockchain they stil can agree on consensus of transaction and they just don't need to trust or like each other.

14. Distributed Ledger Technologya.
Regular service provider b.
DNS Hierarchical system c.
Internet (peer-to-peer)
Bitcoin – MOIP, VTP etc.
Transparency, Integrity, Nonrepudiation
Proof of ownership, Recordkeeping, Value transfer, etc.
Išskirstytųjų resursų technologijos.
Gali būti taikoma tiek realaus laiko aplikacijoms, sensorių tinklams, moksliniams tinklams ir pan.
Taip pat socialiniams ir bendruomeniniams sprendimams.

15. Išskirstytosios Sistemos
One
Anyone
Any user, by
untrusted consensus
Trusted ledger owners
or actors, by validation
Owner group
Many
Blockchains are secure by design and an example of a distributed computing system with high byzantine fault tolerance. Decentralised consensus can therefore be achieved with a blockchain.
This makes blockchains suitable for the recording of events, medical records, and other records management activities, identity management, transaction processing, and proving data provenance.

16. Išskirstyta vs Centralizuota
Pros:
Management of distributed data with different levels of transparency.
Reliability, availability, local autonomy, expansion, data protection, modularity, transaction reliability, continuity.
ACID – atomicity, consistency, isolation, durability.
Cons:
Complexity, security, integrity, database design, lack of standards, concurrency control, inexperience, etc.
Management of distributed data with different levels of transparency like network transparency, fragmentation transparency, replication transparency, etc.
A-atomicity, the transaction takes place as a whole or not at all
C-consistency, maps one consistent DB state to another
I-isolation, each transaction sees a consistent DB
D-durability, the results of a transaction must survive system failures

17. WEB 1.0 – WEB 3.0 The BLOCKCHAIN 2.0 offers ATOMIC:
Programmable Assets
Programmable Trust
Programmable Ownership
Programmable Money
Programmable Identity
Programmable Contracts
By 2014, "Blockchain 2.0" was a term referring to new applications of the distributed blockchain database.
this second-generation programmable blockchain as coming with "a programming language that allows users to write more sophisticated smart contracts, thus creating invoices that pay themselves when a shipment arrives or share certificates which automatically send their owners dividends if profits reach a certain level.“

18. Vertės internetas Prosperous World Transformations:
Rights protection through immutable records vs. Central databases
Fair remittance services vs. Western Union
Data as a new asset class to own and monetize own tokenized data
True shared economy vs. AirBNB, Uber, etc.
Identity ownership and privacy protection
Intellectual property (Music, Art, Events, Movies) and compensation
Rewrite economic power grid:
„The transaction takes seconds to clear but days to settle.“
Blockchain 2.0 technologies go beyond transactions and "exchange of value without powerful intermediaries acting as arbiters of money and information".
They are expected to enable excluded people to enter the global economy, enable the protection of privacy and people to "monetize their own information", and provide the capability to ensure creators are compensated for their intellectual property.

19. Ekosistema ir vertės kiekis
$1 Trillion Club (16 biggest stock exchanges):
USD – World Stock Exchange
USD – New York Stock Exchange
USD – NASDAQ
USD – Crypto assets, currencies and tokens
FOREX 70 ~ 120 TN USD, Vol ~ / day
CURRENCIES vs. SECURITIES

20. Kriptovaliutos

21. Kriptoturtas ir paslaugos

22. Kriptoprojektai

23. Kriptoprojektų finansavimas
Startup crowdfunding vs Venture Capital vs “Traditional funding”
ICO – millions in seconds
6 months of preparation
Initial funding – EUR
ICO – TGE
DA ICO
Open funding – Open product
Good – Bad – Ugly

24. 450 000 000 per 2017 Lietuviškos kilmės projektai Project Country Date
Capital
Edgeless
Gibraltar
March 2017
USD 2 
Mysterium
May 2017
USD
Monetha
Switzerland
Sep 2017
USD
Car Vertical
Estonia
Jan 2018
USD
Iungo
Lithuania
Feb 2018
USD
BitDegree
Dec 2017
USD
WePower
USD
Bankera
BVI
USD

25. ICO Teisinis reguliavimas
Contribution agreements vs Founders liability
SEC, FINMA, ECB, LB, VMI
Taxation and exempts
Token structure and token economy
Security token
Utility token
Payment token

26. Burbulų teorija vs Big thing
2000 dot.com bubble ~ 7 TN USD
Legacy business vs. Progressive thinking
Mind shifting and new paradigm
„Applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.“

27. Tvarumas Transaction and network securing algorithms
In crypto all is backed by something countable.
Proof-of-Work - Proof-of-Stake - Proof-of-Significance
BTC – 24,730,000 KWh per year – Azerbaijan, Nigeria
BTC – 228 KWh per transaction
ETH – 9,440,000 KWh per year – Estonia, Sudan
ETH – 53 KWh per transaction

28. Papildoma informacija
Don Tapscott
Coinmarketcap

29. IR KRIPTOVALIUTŲ ANATOMIJA: MADA AR ĮRANKIS VERSLUI?
VYTAUTAS KAŠĖTA
Kriptoekonomikos analitikas
BLOCKCHAIN
IR KRIPTOVALIUTŲ ANATOMIJA:
MADA AR ĮRANKIS VERSLUI?
Ačiū už dėmesį!
Vytautas Kašėta – physicist, crypto analyst, blockchain generalist.
I’m not a financial adviser nor economist, I’m not giving any investment advice or promote any project.
I’m talking about blockchain technologies, I’m consulting startups, analyzing systems, platforms and use cases.
I have some cryptography, IT and security background and some derivatives trading experience.
Now value invest in game changing startups. Education, non-commercial and community projects.