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D E M Y S T I F I E D. Itinerary. Part 1 - The basics Intro & current state of the nation What is blockchain? Q&A 1 Part 2 - More Blockchains & Applications for Credit Unions How is blockchain being used? How can it benefit you and your members Q&A 2
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Itinerary • Part 1 - The basics • Intro & current state of the nation • What is blockchain? • Q&A 1 • Part 2 - More Blockchains & Applications for Credit Unions • How is blockchain being used? • How can it benefit you and your members • Q&A 2 Register for ½ hr free consultancy & inclusion in our pilot & 100 Complimentary tokens www.bitcub.net
DYSFUNCTIONAL REALITY - ROOM TO IMPROVE • STOCK MARKET CRASHES - HOUSE OF CARDS • ECONOMIC FRAGILITY - 2008 MELTDOWN • IT’S OK MAJOR BANKS CAN’T FAIL…HAPPY BAILOUT TIME:) • GOVERNMENTS PRINTING MORE MONEY WITH NO BACK-UP • PATCHWORK QUILT OF IT SYSTEMS • UP TO 14 MIDDLE MEN IN TRANSACTIONS - POOR VISIBILITY/TRACEABILITY • THE POOREST PAYING THE MOST WESTERN UNION, MONEYGRAM • ‘REGULATED’ LOAN SHARKS STILL ON THE LOOSE • NUMEROUS HACKS, SCANDALS, BANKERS BONUSES - JAMIE DIMON • CREDIT UNIONS SUBJECT TO TOUGHER REGULATIONS • WE’RE STILL CHOPPING DOWN TREES AND HOARDING PAPERWORK
Video – Blockchain from a childs’ perspective Video 1 https://www.youtube.com/watch?v=D_4jAvSYVLA
SOME SUCCESS WITH CARDS AND MARK TWAIN BANK IN 1995 – GONE IN 1998
9 Jan 2009 • First Bitcoin produced • Peer to peer – no middle men • Decentralised – no central server • Transactions verified by network nodes using cryptography through mining • Recorded in a distributed ledger • Uses Proof of Work System
What no central server? EXISTING SYSTEMS= CENTRAL SERVER = CENTRAL CONTROL, SINGLE POINT OF FAILURE, COSTLY
BLOCKCHAIN AND CU VALUES/OVERLAP COMMUNITY DECENTRALISATION CONSENSUS - VOTING MECHANISM RESPONSIBILITY SERVICE/VALUE PROVISION
Different Types of Blockchain • Different protocol – Bitcoin, Etherium, Dash, Ripple, Iota etc. • Proof of work, proof of stake, FDA, tangle etc. • Turing complete, SMART CONTRACTS • Public and private • permissionless and permission based
Blockchain and Currency What’s Important? • Accessibility and usability • Speed • Cost of transaction • Security/Reliability • Popularity • Fungibility – ease of conversion fiat & others • Stability
ACCESSIBILITY • HOW DO I ACCESS THE CURRENCY • PLATFORMS OR EXCHANGE? • EXCHANGES SUCH AS COINBASE, KRAKEN • BITCOIN ATM - BUY BITCOIN ON THE STREET • ACCESSIBILITY WILL BE DETERMINED BY • CHANNELS - ON-LINE, MOBILE, ATM • REGULATIONS • PEOPLE BEHIND THE CURRENCY AND VISION
USABILITY • HOW EASY IS IT TO USE? • MANY ARE VERY CUMBERSOME • INTUITIVE • SIMILARITY WITH EXISTING SYSTEMS • USE OF DESIGN COLOUR • CONTEXT • PLATFORMS Gulden
Throughput and speed EOS can achieve a modest 300,000 transactions per second - TBC
THE MOST COST EFFECTIVE DLT • Zero fees—-EOS, NANO, IOTA • Low fees to prevent spamming Stellar $0.000000421240 • Dash, lite coin, Bitcoin Cash
Security All blockchains are secured by design. Number 1 Has the longest blockchain with the greatest number of nodes. A big number of nodes increases security, a small number of nodes weakens security.
POPULARITY • HOW MUCH ADOPTION SO FAR • RATE OF NEW USERS • EASE OF ON-BOARDING • WHO’S BEHIND IT? • HOW MUCH FIREPOWER DO THEY HAVE? • HOW DEEP ARE THEIR POCKETS? • HOW GOOD IS THE TEAM? • HOW LIKELY ARE THEY TO BE CRUSHED BY THE COMPETITION
FUNGIBILITY • CONVERTING FROM ONE MEDIUM TO ANOTHER • CASH - CARDS TO CRYPTO AND BACK AGAIN • CONVERTING TO OTHER DIGITAL CURRENCIES • WHAT IS THE ‘FRICTION’ LEVEL ? • PLANS FOR INTEGRATION - TEN X • MAIN CONTENDERS ..TENX, STELLAR (ANCHORS), ATOMIC SWOPS - CHANGELLY, SHAPESHIFT
TURING COMPLETE • EXTENSIBLE - WHAT CAN THE DLT PLATFORM DO? • CURRENCY, TRANSACTIONS,SMART CONTRACTS • OTHER NON FINANCIAL COMMS - EG IOT • HOW FUTURE PROOF?
LOWER COST TRANSACTIONS RIPPLE
Blockchain Benefits for Credit Unions • Opportunity to greatly reduce paperwork and reliance on potentially vulnerable hardware as it is all held in the cloud • SECURITY & RELIABILITY - NO SINGLE POINT OF FAILURE • Transparent transactions on a WORLD WIDE distributed ledger • Owned by YOU and your MEMBERS • Right DLT -reduced transaction costs – faster speeds- no middle men • Opportunity to offer ‘cross border’ payments • Smart contracts for loans and savings with built –in regulatory compliance • Appealing to a YOUNGER audience familiar with Crypto assets • Opportunities - streamline operations, reduce costs, add more value for members • Combined with other tech such as AI choosing best platforms - makes this a real game changer
Q&A….. • Questions? Thank you for listening .. Free 30 minute post event consultancy Register on www.bitcub.net OR Android app COMMUNITY HERO COMPETITION #bitcubnet aonghus@bitcub.net