The advanced cryptocurrency investment course 2021 02

High returns, wild volatility and persistent media attention have propelled cryptocurrencies to the front of news cycles. In our view, these are speculative, high-risk investments that require more regulated, quality products before we consider it a robust and investable asset class. To understand cryptocurrencies, we first must understand the blockchain technology that enables their existence. A blockchain is a decentralized record of all transactions across an open network, secured by cryptography.

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• The Complete Short Course on Dash Cryptocurrency
• 9 Best Cryptocurrency Trading Course in 2022
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• Square trade bitcoin
• Sean Allen

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The term decentralized finance DeFi refers to an alternative financial infrastructure built on top of the Ethereum blockchain. DeFi uses smart contracts to create protocols that replicate existing financial services in a more open, interoperable, and transparent way.

This article highlights opportunities and potential risks of the DeFi ecosystem. I propose a multi-layered framework to analyze the implicit architecture and the various DeFi building blocks, including token standards, decentralized exchanges, decentralized debt markets, blockchain derivatives, and on-chain asset management protocols. I conclude that DeFi still is a niche market with certain risks but that it also has interesting properties in terms of efficiency, transparency, accessibility, and composability.

As such, DeFi may potentially contribute to a more robust and transparent financial infrastructure. The author thanks two anonymous reviewers for their valuable comments and especially Florian Bitterli, Raphael Knechtli, and Tobias Wagner for their support with data collection and visualization and Emma Littlejohn and Amadeo Brands for proofreading.

Decentralized finance DeFi is a blockchain-based financial infrastructure that has recently gained a lot of traction. The term generally refers to an open, permissionless, and highly interoperable protocol stack built on public smart contract platforms, such as the Ethereum blockchain see Buterin, It replicates existing financial services in a more open and transparent way.

In particular, DeFi does not rely on intermediaries and centralized institutions. Instead, it is based on open protocols and decentralized applications DApps. Agreements are enforced by code, transactions are executed in a secure and verifiable way, and legitimate state changes persist on a public blockchain. Thus, this architecture can create an immutable and highly interoperable financial system with unprecedented transparency, equal access rights, and little need for custodians, central clearing houses, or escrow services, as most of these roles can be assumed by "smart contracts.

DeFi already offers a wide variety of applications. For example, one can buy U. The backbone of all DeFi protocols and applications is smart contracts. Smart contracts generally refer to small applications stored on a blockchain and executed in parallel by a large set of validators. In the context of public blockchains, the network is designed so that each participant can be involved in and verify the correct execution of any operation.

As a result, smart contracts are somewhat inefficient compared with traditional centralized computing. However, their advantage is a high level of security: Smart contracts will always be executed as specified and allow anyone to verify the resulting state changes independently. When implemented securely, smart contracts are highly transparent and minimize the risk of manipulation and arbitrary intervention.

To understand the novelty of smart contracts, we first must look at regular server-based web applications. When a user interacts with such an application, they cannot observe the application's internal logic. Moreover, the user is not in control of the execution environment. Either one or both could be manipulated. As a result, the user has to trust the application service provider.

Smart contracts mitigate both problems and ensure that an application runs as expected. The contract code is stored on the underlying blockchain and can therefore be publicly scrutinized. The contract's behavior is deterministic, and function calls in the form of transactions are processed by thousands of network participants in parallel, ensuring the execution's legitimacy.

When the execution leads to state changes, for example, the change of account balances, these changes are subject to the blockchain network's consensus rules and will be reflected in and protected by the blockchain's state tree. Smart contracts have access to a rich instruction set and are therefore quite flexible. Additionally, they can store cryptoassets and thereby assume the role of a custodian, with entirely customizable criteria for how, when, and to whom these assets can be released.

This allows for a large variety of novel applications and flourishing ecosystems. The original concept of a smart contract was coined by Szabo Szabo used the example of a vending machine to describe the idea further and argued that many agreements could be "embedded in the hardware and software we deal with, in such a way as to make a breach of contract expensive…for the breacher. Additionally, this platform allows the contracts to interact with and build on top of each other composability.

The concept was further formalized by Wood and implemented under the name Ethereum. Although there are many alternatives, Ethereum is the largest smart contract platform in terms of market cap, available applications, and development activity. DeFi still is a niche market with relatively low volumes—however, these numbers are growing rapidly.

It is essential to understand that these are not transaction volume or market cap numbers; the value refers to reserves locked in smart contracts for use in various ways that will be explained in the course of this paper. The spectacular growth of these assets alongside some truly innovative protocols suggests that DeFi may become relevant in a much broader context and has sparked interest among policymakers, researchers, and financial institutions. This article is targeted at individuals from these organizations with an economics or legal background and serves as a survey and an introduction to the topic.

In particular, it identifies opportunities and risks and should be seen as a foundation for further research. DeFi uses a multi-layered architecture. Every layer has a distinct purpose.

The layers build on each other and create an open and highly composable infrastructure that allows everyone to build on, rehash, or use other parts of the stack. It is also crucial to understand that these layers are hierarchical: They are only as secure as the layers below. If, for example, the blockchain in the settlement layer is compromised, all subsequent layers would not be secure. Similarly, if we were to use a permissioned ledger as the foundation, any decentralization efforts on subsequent layers would be ineffective.

This section proposes a conceptual framework for analyzing these layers and studying the token and the protocol layers in greater detail. Now that we understand the conceptual model, let us take a closer look at tokenization and the protocol layer. After a short introduction to asset tokenization, we will investigate decentralized exchange protocols, decentralized lending platforms, decentralized derivatives, and on-chain asset management.

This allows us to establish the foundation needed for our analysis of the potential and risks of DeFi. Public blockchains are databases that allow participants to establish a shared and immutable record of ownership—a ledger.

Usually, a ledger is used to track the native protocol asset of the respective blockchain. However, when public blockchain technology became more popular, so did the idea of making additional assets available on these ledgers. The process of adding new assets to a blockchain is called tokenization, and the blockchain representation of the asset is referred to as a token.

The general idea of tokenization is to make assets more accessible and transactions more efficient. In particular, tokenized assets can be transferred easily and within seconds from and to anyone in the world. They can be used in many decentralized applications and stored within smart contracts. As such, these tokens are an essential part of the DeFi ecosystem. However, most of these options can be ignored, as the vast majority of tokens are issued on the Ethereum blockchain through a smart contract template referred to as the ERC token standard Vogelsteller and Buterin, These tokens are interoperable and can be used in almost all DeFi applications.

Almost 90 percent of all listed tokens are issued on the Ethereum blockchain. The slight deviation in terms of market cap originates from the fact that a relatively large portion of the USDT stablecoin has been issued on Omni.

From an economic perspective, I am more interested in the asset's nature than in the underlying technical standard used to implement the asset's digital representation. The main motivation for adding additional assets on-chain is the addition of a stablecoin. While it would be possible to use the aforementioned protocol assets BTC or ETH , many financial contracts require a low-volatility asset.

Tokenization enables the creation of these assets. However, one of the main concerns with tokenized assets is issuer risk. In contrast, when someone introduces tokens with a promise, for example, interest payments, dividends, or the delivery of a good or service, the corresponding token's value will depend on this claim's credibility.

If an issuer is unwilling or unable to deliver, the token may become worthless or trade at a significant discount. This logic also applies to stablecoins. Generally speaking, there are three backing models for promise-based tokens: off-chain collateral , on-chain collateral , and no collateral. Off-chain collateral means that the underlying assets are stored with an escrow service, for example, a commercial bank.

On-chain collateral means that the assets are locked on the blockchain, usually within a smart contract. In this case, the promise is entirely trust-based. On-chain collateral has several advantages. It is highly transparent, and claims can be secured by smart contracts, allowing processes to be executed in a semi-automatic way. A disadvantage of on-chain collateral is that this collateral is usually held in a native protocol asset or a derivative thereof and, therefore, will experience price fluctuations.

Take the example of the Dai stablecoin, which mainly uses ETH as its on-chain collateral to create a decentralized and trustless Dai token pegged to the value of 1 USD. Whenever anyone wants to issue new Dai tokens, they first need to lock enough ETH as underlying collateral in a smart contract provided by the Maker Protocol.

If the value of the underlying ETH collateral at any point falls below the minimum threshold of percent of the outstanding Dai value, the smart contract will auction off the collateral to cancel the debt in Dai. Figure 3 shows some key metrics of the Dai stablecoin, including price, total Dai in circulation, and the stability fee, that is, the interest rate that has to be paid by anyone who is creating new Dai see Section 2. There are also several examples of off-chain collateralized stablecoins.

They are both available as ERC tokens on the Ethereum blockchain. Off-chain collateralized tokens can mitigate exchange rate risk, as the collateral may be equivalent to the tokenized claim e.

However, off-chain collateralized tokens introduce counterparty risk and external dependencies. Tokens that use off-chain collateral require regular audits and precautionary measures to ensure that the underlying collateral is available at all times.

This process is costly and, in many cases, not entirely transparent for the token holders. While I am unaware of any functional designs for unbacked stablecoins, that is, stablecoins that do not use any form of collateral to maintain the peg, several organizations are working on that idea.

Note that rebase tokens such as Ampleforth or YAM do not qualify as stablecoins. They only provide a stable unit of account but still expose the holder to volatility in the form of a dynamic token quantity. Although stablecoins serve a vital role in the DeFi ecosystem, it would not do justice to the subject of tokenization to limit the discussion to these assets. There are all kinds of tokens that serve a variety of purposes, including governance tokens for decentralized autonomous organizations DAO , tokens that allow the holder to perform specific actions in a smart contract, tokens that resemble shares or bonds, and even synthetic tokens that can track the price of any real-world asset.

Another distinct category are so-called non-fungible tokens NFTs. NFTs are tokens that represent unique assets, that is, collectibles. They can either be the digital representation of a physical object such as a piece of art, making them subject to the usual counterparty risk, or a digitally native unit of value with unique characteristics.

The Complete Short Course on Dash Cryptocurrency

Cryptocurrency is a type of digital currency that generally only exists electronically. There is no physical coin or bill unless you use a service that allows you to cash in cryptocurrency for a physical token. You usually exchange cryptocurrency with someone online, with your phone or computer, without using an intermediary like a bank. Bitcoin and Ether are well-known cryptocurrencies, but there are many different cryptocurrency brands, and new ones are continuously being created.

9 Best Cryptocurrency Trading Course in 2022

Learn how to become a better leader by understanding modern product management from one of the best MOOC creators, John Johnson. He has educated over 50k learners worldwide. Organize and share your learning with Class Central Lists. View our Lists Showcase. Class Central is learner-supported. When you buy through links on our site, we may earn an affiliate commission. This course was very easy to follow and everything was clear. He knows what he's saying and he explained it very well. Dash Cryptocurrency Course Details:.

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However, a need for selective action and improvements in certain areas of private, financial market and insolvency law was identified. Finally, during its meeting on June 18, , the Swiss Federal Council enacted the remaining provisions of the DLT-Law, which, together with the implementing ordinance, entered into force on August 1, Swiss law does not define the terms cryptocurrency or virtual currency. FINMA points out that tokens may also fall into more than one of these three basic categories. Such hybrid tokens are, for example, asset tokens or utility tokens, which at the same time also qualify as payment tokens.

Bitcoin rallies above $30,000 for first time after advancing over 300% in 2020

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Square trade bitcoin

It is really awesome course. Concepts are clearly explained by the professor. Graphical representation is also made perfectly to understand easily. The information is really valuable. The authors should review some of the sound in the last week, though. I really appreciate the conceptual maps the authors worked on, very useful! In both the courses that I have attended on this fintech specialistaion, Prof Wu, mentions refrerence material many times, but I find the references nowhere.

Sean Allen

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