blockchain worldwide database€¦ · smart contract = computer software coded and introduced into...
TRANSCRIPT
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Blockchain Worldwide Database
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Second generation Internet
Internet democratizes information
Blockchain will democratize value creation
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Peer-to-peer transfer
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Blockchain – The idea behind
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Blockchain
• Decentralized
• Persistent:
• Immutable:
• Public (auditable)
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The “Central Bank of Internet”
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Mining
• Number of bitcoins per block started in 50BTC
• Decrease 50% every 210,000 blocks (every 4 years, since 6 blocks /hour are
found) - More miners more difficult
• Today every block generates 12,5BTC - Next halving 2020
• Total 21,000,000 in 2140
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Blockchain technology
Peer-to-peer transactions without an intermediary
to establish trust”
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Tokenization
Is the process of replacing sensitive data with unique identification symbols that retain all the essential information about the data without compromising its security.
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The revolution Smart Contracts
SMART CONTRACT = Computer software coded and introduced into the SHARED DATABASE
A little program stored in the Blockchain :
Everybody has:
• The same code• The same data• The same result
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Supply chain - use of smart contracts
Logged as the Importer Bank
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Supply chain - use of smart contracts
Logged as the Port Authority
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Logged as the Supply corporation
Supply chain - use of smart contracts
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“Killing the middleman” + Global DB
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Impact on Business
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Supply chain efficiency
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Origin and destination guaranteed
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Traceability
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Accounting and reporting
Internet of Things integration. E.g. “I’m a widget machine and I belongto Bob Ltd, here’s a digital signature to prove it”.
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Bullet proof accounting systems for Stronger governance
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Auditing and Taxes
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Loyalty programs
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Funding - Initial Coin Offering (ICO)
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Cryptocurrencies vs Tokens
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Cryptocurrencies vs Tokens
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We are everyday defining the new
Initial Coin Offerings
• Utility Token Offerings (UTO)
• Equity Token Offerings (ETO)
• Debt Token Offerings (DTO)
• …
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Consideraciones de la CNMV sobre criptomonedas e ICOs - 8 Febrero 2018
Como factores para valorar si a través de una ICO debe considerarse que se estánofreciendo valores negociables se estiman relevantes los siguientes:
• Que los “tokens” atribuyan derechos o expectativas de participación en lapotencial revalorización o rentabilidad de negocios o proyectos o, en general, quepresenten u otorguen derechos equivalentes o parecidos a los propios de lasacciones, obligaciones u otros instrumentos financieros incluidos en el artículo 2del TRLMV.
• En el caso de “tokens” que den derecho a acceder a servicios o a recibirbienes o productos, que se ofrezcan haciendo referencia, explícita oimplícitamente, a la expectativa de obtención por el comprador oinversor de un beneficio como consecuencia de su revalorización o dealguna remuneración asociada al instrumento o mencionando suliquidez o posibilidad de negociación en mercados equivalentes opretendidamente similares a los mercados de valores sujetos a laregulación.
Luz Parrondo
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CNMV
Sin perjuicio de las precisiones anteriores, la CNMV considera que buena parte delas operaciones articuladas como ICOs deberían ser tratadas como emisionesu ofertas públicas de valores negociables.
Como factores para valorar si a través de una ICO debe considerarse que se estánofreciendo valores negociables se estiman relevantes los siguientes:
• Que los “tokens” atribuyan derechos o expectativas de participación en lapotencial revalorización o rentabilidad de negocios o proyectos o, en general, quepresenten u otorguen derechos equivalentes o parecidos a los propios de lasacciones, obligaciones u otros instrumentos financieros incluidos en el artículo 2del TRLMV.
• En el caso de “tokens” que den derecho a acceder a servicios o a recibir bienes oproductos, que se ofrezcan haciendo referencia, explícita o implícitamente, a laexpectativa de obtención por el comprador o inversor de un beneficio comoconsecuencia de su revalorización o de alguna remuneración asociada alinstrumento o mencionando su liquidez o posibilidad de negociación enmercados equivalentes o pretendidamente similares a los mercados de valoressujetos a la regulación.
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CNMV
En el supuesto de ICOs que, con base en criterios como los que acaban demencionarse, puedan considerarse valores negociables o instrumentos financieros,se recuerda que les serán aplicables las normas nacionales o europeascorrespondientes, fundamentalmente, las contenidas, relacionadas oderivadas de:
• MiFID II
• Directiva de Folletos
• Directiva sobre Gestores de Fondos de Inversión Alternativos
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CNMV
Si la ICO NO tenga la consideración de oferta pública:
• Si van dirigidas a menos de 150 inversores,
• por establecer una inversión mínima de 100.000 euros o
• por suponer un importe total inferior a 5 millones de euros
sería de aplicación la previsión contenida en el artículo 35.3 del TRLMV:
si la colocación se efectúa empleando cualquier forma de comunicación publicitaria(promoción de la oferta a través de páginas web o redes sociales) debe interveniruna entidad autorizada para prestar servicios de inversión a efectos de lacomercialización.
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CNMV
La CNMV y el Banco de España advierten que, hasta la fecha,ninguna emisión de “criptomoneda” ni ninguna ICO ha sidoregistrada, autorizada o verificada por ningún organismo supervisor enEspaña. Esto implica que no existen “criptomonedas” ni “tokens”emitidos en ICOs cuya adquisición o tenencia en España puedabeneficiarse de ninguna de las garantías o protecciones previstas en lanormativa relativa a productos bancarios o de inversión.
Las “criptomonedas” así como los distintos actores implicados en sucomercialización directa, no están regulados en la Unión Europea. Estoimplica que si una persona compra o mantiene “criptomonedas” no sebeneficia de las garantías y salvaguardias asociadas a los productosfinancieros regulados.
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New financial system?
Circle Trade, one of the world’s biggest “over the counter” trading desks for
cryptocurrencies.
will announce today (Feb 26, 2018) that it is buying
Poloniex, a crypto exchange
A move that immediately makes Circle one of the largest and most influential
companies in the industry. Fortune’s Robert Hackett profiles a company that
hopes to leverage the technology behind Bitcoin to become the bank of the
next century.
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Circle TradeThe desk handles more than $2 billion a month in cryptocurrencytransactions with deal size from $250,000 to $200 million
Customers:
• Early investors whose coins have soared in value
• Coin “mining” operations
• Cryptocurrency business ventures:
o Other exchanges
o Hedge funds
o Projects that have hosted “initial coin offerings”
New financial system?
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Reinventing Finance – “Assets as a Service”
CD, DVD ownership
Music Video Streaming
Auto, home ownership
Securities service: Rent access to consumable benefits of securities: Dividends, capital, appreciation
Securities ownership
Uber, Lytt, Gett, Juno, Via, Airbnb, HomeAway, VRBO
Hard Asset
Service
• Access to the consumable benefits of assets, no ownership required
• Based on trust of future availability
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Money supply
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Tokenization of assets
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Tokenization of natural resources
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Tokenization of Healthcare
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Tokenization of Education
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How you can be a “head-hunter”
Monetarizing your job recommendations…
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Tokenization of identity
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Tokenization of votes
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The internet is communication
Blockchain is governance
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When?VC investments in Blockchain
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Technology Adoption Cycle
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Blockchain + IoT
In X years there may be sensors in clothes, in the car…
You will not generate the information… your actions will.