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The first scenario, where it is assumed that 0.01 percent of reserves were invested in Bitcoin or any of the other three major currencies held by the Central Bank of Barbados from November 2010 to April 2015 (Figure 3), suggests that the volatility of reserves would have been quite similar over the period. (...) Therefore, at the beginning of the simulation period 0.01 percent of foreign currency balances are invested in Sterling denominated currency and held for the remainder of the period.In contrast to the Bitcoin scenario, the simulation suggests that the Sterling portfolio would have a drag of just over $100 million on foreign currency balances due to the expected depreciation in the exchange rate. (...) The counterfactual exercise suggests that had the Central Bank of Barbados held a relatively small proportion of its portfolio in Bitcoin between 2009 and 2015, the impact on reserve balance volatility (due to exchange rate variation) would not have been significantly different from that experienced due to other major currencies.
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Score: 2029659.4 - https://www.cepal.org/sites/de...yptocurrencies_be_included.pdf
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● Focus: interoperability, a topic that is gaining urgency within the CBDC universe ● OMFIF report on Retail CBDC: ○ 60% concerned interoperability would encumber progress on CBDC issuance ○ 43% admitted current focus is strictly domestic ● Divergence in CBDC standards could limit potential ● Interoperability: building bridges between blockchains ● Bitcoin vs Ethereum ○ Bitcoin: $175 billion market cap ○ Ethereum: $26 billion market cap ● Ethereum -- decentralized applications ○ Leveraging Smart Contracts ○ Address real-life use cases ● Bitcoin holders that want to use Ethereum dapps need a bridge between the two blockchains ● Essentially two options when bridging between blockchains: trusted and trustless ● Trusted ○ User essentially exchanges Bitcoin for ERC20 tokens on Ethereum ○ Implicitly relying on a small group to verify tokens are valid ○ Examples: ■ WBTC ● “wrapped bitcoin”, which relies on consortium of institutions performing different roles to essentially “wrap” Bitcoin for use on Ethereum ■ tBTC ● working to allow people to use Bitcoin in Ethereum dapps by using a group of randomly selected “signers” to safeguard the transaction ● Trustless ○ protocol will verify state of the chain to which it’s connecting to ensure the accuracy and legitimacy of the transaction -- do not need to trust anyone ● Steady growth in blockchain size makes it harder for resource constrained devices to do a full sync, and thus verify the state of the chain ○ Bitcoin: 280 GBs ○ Ethereum: 340 GBs ● Creating a bridge essentially replicates one chain onto the other, effectively doubling the size to more than 600 GBs ● SmartContracts are resource-constrained and expensive -- you simply can’t do that much computation nor can you store that much data ● Effectively impossible to bridge from one chain to another using a full sync ● Original Bitcoin whitepaper there is a description of a “Simple Payment Verification” technique ○ SPV: how light clients can sync with the chain by downloading only the headers of a chain ○ Assuming no “51% attack” scenario, SPV suggests light client can verify latest header it’s presented with is, in fact, part of the longest chain. ○ Light client can then request transaction data from full nodes and use the latest header for verifying any Merkle proofs the full node sends with the data ● Unfortunately amount of header data necessary is still massive ○ Bitcoin: 50 MB ○ Ethereum: 5.0 GB ● Still too much data needed using SPV to create trustless bridge between two chains ● BTC Relay project tried to sync Bitcoin chain on Ethereum, but became cost prohibitive ● Last write to BTC Relay Smart contract was almost 2 years ago ● Example illustrates relevance for CBDC ● Highly likely most central banks are envisioning CBDC on a private network ○ May or may not utilize blockchain technology ● Also likely that these private networks will not produce significant amount of decentralized applications focused on real-life use cases ● Like Bitcoin, CBDC users will need a bridge to public blockchains like Ethereum to access dapps ● Another likely scenario is to build a bridge between CBDC of various countries ● You could try and build a trusted bridge, but there are likely limits to the amount of trust between countries ● In order to build trustless bridge for resource-constrained devices must ensure data requirements are as light as possible ● To solve the data issue for bridges, the team working on Celo developed an open-sourced light client called Plumo ● Innovations in the light client focused on: ○ Epoch-based synching ○ BLS signature aggregation ○ Use of SNARKs ● Plumo reduces data requirements to verify blockchain states down to a single 500 byte proof ○ 100k times lighter than Bitcoin ○ 11 million times lighter than Ethereum ● As we think about building bridges for CBDC we need to be vigilant about the data requirements for these bridges ● Developing best practices and industry standards around the use of epoch-based synching, BLS signature aggregation and the use of certain elliptic curves in SNARKs may be a helpful place to start
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Score: 1934835.4 - https://www.itu.int/en/ITU-T/w...Documents/Ezechiel%20Copic.pdf
Data Source: un
Page 53 - Trends in Telecommunication Reform 2016           Basic HTML Version Table of Contents View Full Version Page 53 - Trends in Telecommunication Reform 2016 P. 53 1.6.3 Bitcoin currency from BTC 100 to BTC 500. At the time of the latest funding round, April 2014, these values would Chapter 1 Bitcoin is a digital currency (represented by the have corresponded to around USD 50 000 and currency symbol "BTC") that can be used to USD 250 000, respectively. (...) Seedcoin, a start-up incubator, the start-ups vary by region and can include Africa has invested exclusively in businesses using (TagPesa) and Latin America (mexBT). TagPesa is bitcoin currency, because it focuses on developing an exchange and remittance company, based in the bitcoin currency ecosystem. (...) In 2015, an Australian bitcoin 114 April 2015, for example, bitcoin lost over 60 per exchange named "igot" acquired TagPesa. cent of its value against the U.S. dollar.
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Score: 1932605 - https://www.itu.int/wftp3/Publ...n/files/basic-html/page53.html
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 Page 53 - Trends in Telecommunication Reform 2016           Basic HTML Version Table of Contents View Full Version Page 53 - Trends in Telecommunication Reform 2016 P. 53 1.6.3 Bitcoin currency from BTC 100 to BTC 500. At the time of the latest funding round, April 2014, these values would Chapter 1 Bitcoin is a digital currency (represented by the have corresponded to around USD 50 000 and currency symbol "BTC") that can be used to USD 250 000, respectively. (...) Seedcoin, a start-up incubator, the start-ups vary by region and can include Africa has invested exclusively in businesses using (TagPesa) and Latin America (mexBT). TagPesa is bitcoin currency, because it focuses on developing an exchange and remittance company, based in the bitcoin currency ecosystem. (...) In 2015, an Australian bitcoin 114 April 2015, for example, bitcoin lost over 60 per exchange named "igot" acquired TagPesa. cent of its value against the U.S. dollar.
Language:English
Score: 1932605 - https://www.itu.int/en/publica...s/files/basic-html/page53.html
Data Source: un
It is not known if this is a pseudonym, The Bitcoin community has since grown exponentially, but without Nakamato. See Bitcoin (2016) FAQs, available at https:// bitcoin. org/ en/ faq#what- is- bitcoin. 4 The technology, in the words of Bitcoin’s apparent creator, is: ‘[A] system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.’ See Nakamoto, S (2008) Bitcoin: A Peer-to-Peer Electronic Cash System, available at https:// bitcoin. org/ bitcoin. pdf. 5 See Mills, DC et al (2016) Distributed Ledger Technology in Payments, Clearing, and Settlement FEDS Working Paper No. 2016-095, available at https:// ssrn. com/ abstract= 2881204; and UK Government Office for Science (2016) Distributed Ledger Technology: Beyond Block Chain, available at https:// goo. gl/ bVg0Vq .
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Score: 1916161 - https://www.itu.int/en/publica.../files/basic-html/page146.html
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Nanjing, China 27-29 November 20174 • A framework (from Bitcoin system) of a blockchain network, and its functional entities (overlay network, nodes, wallets) Key techniques of the Blockchain (1) Internet Blockchain network (Overlaying the Internet) Wallet 1-1 Node1 Wallet 1-2 Wallet 5-1 Node5 Node2 Wallet 2-1 Node3 Wallet 3-1 Node4 Wallet 4-1 Wallet 5-2 Nanjing, China 27-29 November 20175 • Following is the example of a Blockchain from Bitcoin system • The hash algorithms, and consensus protocols for connecting a block into the Blockchain are the Key techniques. (...) Key techniques of the Blockchain (3) B Private Key Computer of B Corresponding Full Public Key B Public Key Hash Copy of B Public Key Hash Computer of A Copy of B Public Key Hash Transaction 1 Creation of the public key hash of B to receive payment from A in Bitcoin system Amount (satoshis) Output 0 A Pubkey Script Transaction Identifier Input 0 A Signature Script Example: Input spending that the output`s paying in Bitcoin system Transaction 0 Transaction 1 Output Index Sequence Number Nanjing, China 27-29 November 20177 • The functional layers of the Blockchain architecture – Data trust management – Data block and chain – Data connectivity • The four interfaces of the Blockchain architecture – Data application interfaces – Data downloading interfaces – Data uploading interfaces – Data connection interfaces A Framework of the Blockchain Architecture Data Trust Management (download data from the Blockchain) Data Block and Chain Data Connectivity (upload data to the Blockchain) Data Application Interfaces (including APIs) Data downloading interfaces Data uploading interfaces Data connection Interfaces Data Sources Data Users Nanjing, China 27-29 November 20178 • Data connectivity interoperability – It requires that the data source identifier, data item identifier, and the binding protocol between data source identifier and data item identifier should be standardized. • Data block and chain interoperability – The different applications may require different mechanisms and protocols of the Blockchain, so there may be several different types of data block and chain functionalities coexisted in Internet. (...) Suggestions on the Blockchain standardization Nanjing, China 27-29 November 201711 Slide Number 1 Topics to be discussed Why is the topic of the Blockchain so hot?
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Score: 1908675.4 - https://www.itu.int/en/ITU-T/a...017/Documents/special/SS02.pdf
Data Source: un
She said that her company’s Bitcoin Automatic Teller Machines (ATMs), currently in beta testing, would enable money that had been transferred across borders via Bitcoin to be withdrawn as local currency. (...) From a legal and regulatory perspective, she shared that it is important to provide adequate user protection in the system of digital currencies. She suggested that there was need for greater understanding of digital currencies, such as Bitcoin in the Caribbean. (...) He likened the slow pace of policy development for digital currencies to that experienced with the Internet - 30 years have passed since the development and widespread introduction of that technology and legislation is only now being introduced. He suggested that the proliferation of Bitcoin across the region required the development of rules in the short term, as consumers would continue use the technology even while industry players await guidance. 1 https://www.youtube.com/watch?
Language:English
Score: 1885669 - https://www.cepal.org/sites/de...iles/events/files/lcarl456.pdf
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She said that her company’s Bitcoin Automatic Teller Machines (ATMs), currently in beta testing, would enable money that had been transferred across borders via Bitcoin to be withdrawn as local currency. (...) From a legal and regulatory perspective, she shared that it is important to provide adequate user protection in the system of digital currencies. She suggested that there was need for greater understanding of digital currencies, such as Bitcoin in the Caribbean. (...) He likened the slow pace of policy development for digital currencies to that experienced with the Internet - 30 years have passed since the development and widespread introduction of that technology and legislation is only now being introduced. He suggested that the proliferation of Bitcoin across the region required the development of rules in the short term, as consumers would continue use the technology even while industry players await guidance. 1 https://www.youtube.com/watch?
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Score: 1885669 - https://www.cepal.org/sites/de...ing_report_3_december_2014.pdf
Data Source: un
Get Started Link Blockchain Explained A Reuters visual guide to this emerging technology with a growing number of possible uses Visit the site Link Live Demo: Blockchain Concepts See how blockchain works Visit the site Link Trust Disrupted: Bitcoin and the Blockchain Watch this series of videos spanning the history of bitcoin to analyzing its future Visit the site Link Blockchains Vs Databases The difference? (...) Read guides in Ethereum, a global, open-source platform for decentralized applications Link 30 August 2019 The History of Ethereum Read through a digital history book about the movement we today know as Ethereum Bitcoin Link 12 November 2018 A Brief History of Bitcoin Go through 10 years of highs and lows, of controversy and success. Link 30 August 2019 How Bitcoin Works in 5 Minutes Understand the digital ledger, where every participant has a copy, avoiding centralized control Link 30 August 2019 How Bitcoin Works: Under the Hood Have a clearer idea of what it really means to own, send, or mine bitcoins Use Cases Link The Potential of Blockchain in Social Impact How much of it is hype and how much of it is reality?
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Score: 1879346.3 - https://www.unicef.org/innovation/blockchain-learning-hub
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Bitcoin cash reaches 61 tps. The Visa network reaches 24,000 tps. (...) The layers are in turn based on designs from Croman, K; Decker, C; Eyal, I et al. (2016) On Scaling Decentralized Blockchains. Bitcoin and Blockchain, available at http:// bit .ly/ 2xXqRE8; and Dinh, T; Wang, J; Chen, G et al. (2017) Blockbench: A Framework for Analyzing Private Blockchains, available at https:// nus .edu/ 2JCv9HK 10 Nakamoto, S (2008) Bitcoin: A Peer-to-Peer Electronic Cash System, available at http:// bit .ly/ 32Bje4n 11 The concept ‘cryptocurrency’ was first described in 1998 in an essay by Wei Dai on the Cypherpunks mailing list, suggesting the idea of a new form of money he called ‘b-money.’ (...) It is not known if this is a pseudonym, The Bitcoin community has since grown exponentially, but without Nakamato.
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Score: 1872953.5 - https://www.itu.int/en/publica...s/files/basic-html/page62.html
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