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D E M Y S T I F I E D

Explore the basics of blockchain technology and its applications for credit unions. Learn about the history, benefits, different types of blockchain, and how it can revolutionize financial systems. Join our consultancy and pilot program today!

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D E M Y S T I F I E D

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  1. D E M Y S T I F I E D

  2. 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

  3. 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

  4. WHAT IS BLOCKCHAIN AND WHAT CAN IT DO FOR US? A CU

  5. Video – Blockchain from a childs’ perspective Video 1 https://www.youtube.com/watch?v=D_4jAvSYVLA

  6. SOME HISTORYwhy and how this came about…

  7. ADAM BLACK - POW

  8. DAVID CHAUM - 1982 blind sig tech

  9. SOME SUCCESS WITH CARDS AND MARK TWAIN BANK IN 1995 – GONE IN 1998

  10. 31 October 2008 – 1st Blockchain application

  11. 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

  12. What no central server? EXISTING SYSTEMS= CENTRAL SERVER = CENTRAL CONTROL, SINGLE POINT OF FAILURE, COSTLY

  13. Centralised to Peer-Peer

  14. Inside the block

  15. Blocks form a chain

  16. A Blockchain Transaction

  17. Building the Blockchain

  18. BLOCKCHAIN VALUES

  19. BLOCKCHAIN AND CU VALUES/OVERLAP COMMUNITY DECENTRALISATION CONSENSUS - VOTING MECHANISM RESPONSIBILITY SERVICE/VALUE PROVISION

  20. QUESTIONS FROM PART 1?

  21. 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

  22. Blockchain and Currency What’s Important? • Accessibility and usability • Speed • Cost of transaction • Security/Reliability • Popularity • Fungibility – ease of conversion fiat & others • Stability

  23. ACCESSIBILITY & USABILITY

  24. 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

  25. USABILITY • HOW EASY IS IT TO USE? • MANY ARE VERY CUMBERSOME • INTUITIVE • SIMILARITY WITH EXISTING SYSTEMS • USE OF DESIGN COLOUR • CONTEXT • PLATFORMS Gulden

  26. SPEED

  27. Throughput and speed EOS can achieve a modest 300,000 transactions per second - TBC

  28. COST

  29. Some transaction cost comparisons

  30. THE MOST COST EFFECTIVE DLT • Zero fees—-EOS, NANO, IOTA • Low fees to prevent spamming Stellar $0.000000421240  • Dash, lite coin, Bitcoin Cash

  31. SECURITY

  32. 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.

  33. POPULARITY

  34. 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

  35. FUNGIBILITY

  36. 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

  37. TURING COMPLETE

  38. TURING COMPLETE • EXTENSIBLE - WHAT CAN THE DLT PLATFORM DO? • CURRENCY, TRANSACTIONS,SMART CONTRACTS • OTHER NON FINANCIAL COMMS - EG IOT • HOW FUTURE PROOF?

  39. STABILITY

  40. Markets, Wild volatility, wallets, crypto speak HODLER

  41. …BUT BLOCKCHAIN TECHNOLOGY IS HERE TO STAY

  42. TECH CRUNCH

  43. FINANCIAL TIMES

  44. CENTRAL BANKS CHANGE ATTITUDE TO BLOCKCHAIN

  45. BANK OF ENGLAND

  46. LOWER COST TRANSACTIONS RIPPLE

  47. 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

  48. 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

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