|
|
|
1 | (44) |
|
1 The Importance of Money and Bartering |
|
|
1 | (3) |
|
2 Primitive Forms of Money |
|
|
4 | (6) |
|
3 The Impact of Money on the Development of Civilisations |
|
|
10 | (2) |
|
4 The Invention of Coinage |
|
|
12 | (3) |
|
|
|
12 | (1) |
|
|
|
13 | (2) |
|
5 The Transformative Impact of Money |
|
|
15 | (4) |
|
|
|
15 | (2) |
|
|
|
17 | (2) |
|
|
|
19 | (4) |
|
|
|
19 | (1) |
|
|
|
19 | (1) |
|
|
|
20 | (3) |
|
7 The Italian Bankers and the Renaissance |
|
|
23 | (2) |
|
8 China and the Rise of Paper Money |
|
|
25 | (2) |
|
9 Portugal, Spain and the Age of Discoveries |
|
|
27 | (1) |
|
|
|
28 | (1) |
|
11 The British and the Bank of England |
|
|
29 | (2) |
|
12 The American Colonies and Paper Banknotes |
|
|
31 | (3) |
|
13 The Return of the Gold Standard |
|
|
34 | (3) |
|
14 Leaving the Gold Standard and the Financial Crisis |
|
|
37 | (1) |
|
15 The Bitcoin Whitepaper |
|
|
38 | (7) |
|
|
|
45 | (46) |
|
1 The Basics of Cryptography and Encryption |
|
|
45 | (4) |
|
1.1 Early Encryption Techniques |
|
|
45 | (1) |
|
1.2 Asymmetric or Public Key Cryptography |
|
|
46 | (1) |
|
1.3 Early Experiments with Cryptocurrencies |
|
|
47 | (2) |
|
|
|
49 | (9) |
|
2.1 The Role of Cryptography in Bitcoin |
|
|
49 | (2) |
|
2.2 The Role of Decentralisation in Bitcoin |
|
|
51 | (2) |
|
2.3 The Role of Immutability in Bitcoin |
|
|
53 | (1) |
|
2.4 The Role of Proof-of-Work in Bitcoin |
|
|
54 | (4) |
|
|
|
58 | (12) |
|
4 Retail Adoption of Bitcoin |
|
|
70 | (5) |
|
5 Bitcoin as Legal Tender? |
|
|
75 | (4) |
|
6 Bitcoin as Company Treasury |
|
|
79 | (2) |
|
7 Challenges Facing Bitcoin |
|
|
81 | (2) |
|
8 The Bitcoin Lightning Network |
|
|
83 | (5) |
|
|
|
88 | (3) |
|
|
|
91 | (8) |
|
|
|
91 | (1) |
|
2 How Is Ethereum Different? |
|
|
92 | (5) |
|
2.1 What Is the Concept of "Gas" on the Ethereum Blockchain? |
|
|
94 | (3) |
|
|
|
97 | (2) |
|
4 The Emergence of New Blockchains and Crypto-Assets |
|
|
99 | (22) |
|
1 Examples of Cryptocurrencies and Tokens |
|
|
101 | (20) |
|
|
|
101 | (1) |
|
|
|
102 | (1) |
|
|
|
102 | (1) |
|
|
|
103 | (1) |
|
|
|
104 | (1) |
|
|
|
104 | (1) |
|
|
|
105 | (1) |
|
|
|
105 | (1) |
|
|
|
106 | (1) |
|
|
|
107 | (1) |
|
1.11 Hedera Hashgraph (HBAR) |
|
|
108 | (1) |
|
|
|
109 | (1) |
|
|
|
109 | (1) |
|
|
|
110 | (1) |
|
|
|
110 | (1) |
|
|
|
111 | (1) |
|
|
|
111 | (2) |
|
|
|
113 | (1) |
|
|
|
114 | (2) |
|
|
|
116 | (1) |
|
|
|
116 | (1) |
|
|
|
117 | (1) |
|
|
|
118 | (1) |
|
|
|
118 | (3) |
|
5 The Technology Behind Bitcoin: Blockchain |
|
|
121 | (12) |
|
1 Denning the Characteristics of a Blockchain |
|
|
121 | (2) |
|
2 Differences Between Private and Public Blockchains |
|
|
123 | (2) |
|
3 Challenges of Blockchain |
|
|
125 | (3) |
|
4 Use Cases of Blockchain |
|
|
128 | (5) |
|
|
|
133 | (16) |
|
1 Fungible and Non-fungible Tokens |
|
|
135 | (2) |
|
|
|
137 | (2) |
|
|
|
139 | (10) |
|
3.1 Decentralised Cryptocurrencies |
|
|
140 | (1) |
|
3.2 Centralised Cryptocurrencies |
|
|
141 | (1) |
|
|
|
142 | (7) |
|
|
|
149 | (22) |
|
1 Fiat-Collateralised Stablecoins |
|
|
152 | (5) |
|
1.1 Regulated Fiat Stablecoins |
|
|
153 | (2) |
|
1.2 Non-regulated Fiat Stablecoins |
|
|
155 | (2) |
|
2 Crypto-Collateralised Stablecoins |
|
|
157 | (3) |
|
3 Non-collateralised Stablecoins |
|
|
160 | (3) |
|
4 Facebook's Libra (Meta's Diem) |
|
|
163 | (8) |
|
|
|
164 | (2) |
|
|
|
166 | (4) |
|
|
|
170 | (1) |
|
8 Central Bank Digital Currencies |
|
|
171 | (14) |
|
1 Benefits for Central Banks |
|
|
174 | (3) |
|
2 History and Catalysts for CBDCs |
|
|
177 | (8) |
|
9 Wholesale Central Bank Digital Currencies |
|
|
185 | (18) |
|
|
|
185 | (3) |
|
2 Cross-Border (Corridor Model) |
|
|
188 | (7) |
|
3 Cross-Border (Multi-CBDC) Model |
|
|
195 | (8) |
|
3.1 Compatible CBDC Systems |
|
|
195 | (2) |
|
3.2 Interlinked CBDC Systems |
|
|
197 | (1) |
|
3.3 Single mCBDC Multi-Currency System |
|
|
198 | (5) |
|
10 Retail Central Bank Digital Currencies |
|
|
203 | (30) |
|
|
|
206 | (4) |
|
|
|
210 | (1) |
|
|
|
211 | (22) |
|
3.1 Decentralised Approach |
|
|
213 | (3) |
|
|
|
216 | (1) |
|
|
|
216 | (2) |
|
3.4 Two-Tier/intermediated Approach |
|
|
218 | (5) |
|
|
|
223 | (10) |
|
11 Utility Tokens and Social Tokens |
|
|
233 | (8) |
|
|
|
233 | (1) |
|
2 When Is a Token a Security? |
|
|
234 | (5) |
|
|
|
239 | (2) |
|
|
|
241 | (8) |
|
|
|
241 | (2) |
|
2 Tokenisation of New Investment Instruments |
|
|
243 | (2) |
|
3 Tokenisation of Pre-existing Investment Instruments |
|
|
245 | (4) |
|
|
|
249 | (10) |
|
1 Non-Fungible Tradable Tokens |
|
|
249 | (8) |
|
2 Non-Tradable and Non-Fungible NFTs |
|
|
257 | (2) |
|
14 Bitcoin and Crypto Mining |
|
|
259 | (18) |
|
1 The Evolution of Bitcoin and Crypto Mining |
|
|
259 | (3) |
|
|
|
262 | (1) |
|
3 The Environmental Impact Debate |
|
|
263 | (10) |
|
4 Where Does Mining Take Place? |
|
|
273 | (4) |
|
15 Crypto-Asset Creation and Distribution |
|
|
277 | (14) |
|
|
|
277 | (6) |
|
2 Initial Exchange Offerings |
|
|
283 | (1) |
|
3 Security Token Offerings |
|
|
284 | (1) |
|
|
|
285 | (2) |
|
|
|
287 | (1) |
|
6 Liquidity Mining/Yield Farming |
|
|
288 | (3) |
|
16 Decentralised Finance (DeFi) |
|
|
291 | (24) |
|
|
|
291 | (2) |
|
|
|
293 | (3) |
|
|
|
296 | (2) |
|
4 DeFi Borrowing and Lending |
|
|
298 | (2) |
|
|
|
300 | (1) |
|
|
|
301 | (2) |
|
7 What Are Automated Market Makers (AMM)? |
|
|
303 | (5) |
|
7.1 What is Total Value Locked (TVL)? |
|
|
306 | (1) |
|
7.2 What Is Impermanent Loss When Referring to Decentralised Exchanges? |
|
|
306 | (2) |
|
|
|
308 | (1) |
|
|
|
309 | (1) |
|
|
|
310 | (1) |
|
11 Benefits and Challenges of DeFi |
|
|
311 | (4) |
|
17 Crypto Regulations and Compliance |
|
|
315 | (20) |
|
1 Different Approaches to Crypto Regulations |
|
|
316 | (3) |
|
1.1 A Positive Disposition to Crypto-Assets |
|
|
316 | (1) |
|
1.2 A Neutral Approach to Crypto-Assets |
|
|
317 | (1) |
|
1.3 A Negative Approach to Crypto-Assets |
|
|
317 | (1) |
|
1.4 The Future of Crypto-Asset Regulation |
|
|
318 | (1) |
|
2 Different Approaches to Crypto Tax |
|
|
319 | (2) |
|
3 Crypto and Illicit Activities |
|
|
321 | (4) |
|
|
|
325 | (10) |
|
|
|
335 | (16) |
|
1 Centralised Crypto-Asset Exchanges |
|
|
335 | (9) |
|
1.1 Fiat-to-Crypto Exchanges |
|
|
337 | (3) |
|
1.2 Crypto-to-Crypto Exchanges |
|
|
340 | (1) |
|
1.3 Crypto Derivative Exchanges |
|
|
341 | (3) |
|
2 Decentralised Crypto-Asset Exchanges |
|
|
344 | (2) |
|
3 Cybersecurity and Hacking Considerations |
|
|
346 | (5) |
|
3.1 Inherent Risks with Crypto-Assets |
|
|
346 | (1) |
|
3.2 Centralised Crypto Exchange Hacks |
|
|
347 | (1) |
|
3.3 Decentralised Crypto Exchange Hacks |
|
|
348 | (3) |
|
|
|
351 | (12) |
|
|
|
353 | (5) |
|
|
|
358 | (2) |
|
|
|
360 | (1) |
|
4 Venture Capital Crypto Funds |
|
|
361 | (1) |
|
|
|
362 | (1) |
|
20 Crypto Ecosystem Enablers |
|
|
363 | (18) |
|
1 Traditional Financial Institutions |
|
|
363 | (2) |
|
|
|
365 | (1) |
|
3 Crypto Borrowing and Lending Platforms |
|
|
366 | (3) |
|
4 Institutional Investors |
|
|
369 | (5) |
|
5 Crypto-Asset Custodians and Wallets |
|
|
374 | (3) |
|
5.1 Third-Party Crypto Custodians |
|
|
376 | (1) |
|
|
|
377 | (1) |
|
|
|
377 | (1) |
|
|
|
378 | (1) |
|
|
|
379 | (2) |
|
21 Future Trends to Watch |
|
|
381 | (14) |
|
|
|
381 | (2) |
|
|
|
383 | (1) |
|
|
|
384 | (5) |
|
4 Zero-Knowledge Roll-Ups |
|
|
389 | (2) |
|
5 Decentralised Autonomous Organisations (DAO) |
|
|
391 | (4) |
| Conclusion |
|
395 | (2) |
| Notes |
|
397 | (52) |
| Index |
|
449 | |