Bitcoin-like Protocols and Innovation
In this chapter, the authors examine the Bitcoin protocol and its innovation. Their conclusion is that Bitcoin's role as a system providing financial services may have been grossly underestimated, and bitcoin's role as an alternative to fiat currencies is likely to fail. This chapter discu...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2015
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/4213 https://doi.org/10.1016/B978-0-12-802117-0.00021-7 |
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| Institution: | Singapore Management University |
| Language: | English |
| Summary: | In this chapter, the authors examine the Bitcoin protocol and its innovation. Their conclusion is that Bitcoin's role as a system providing financial services may have been grossly underestimated, and bitcoin's role as an alternative to fiat currencies is likely to fail. This chapter discusses the Bitcoin key engineering elements that offer the possibility of a radically different approach for architecting electronic payment systems among other more sophisticated system such as crowd sales, crowd funding, peer-to-peer exchanges, and other side-chain capabilities. The technologies embedded within the Bitcoin system that have the potential to develop into very open, contestable, and interconnected ecosystems for the delivery of new and existing form of financial services will also be described. |
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