P2P Financial Platforms Remove Middlemen and Centralized Risk
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This document discusses peer-to-peer financial platforms and the Counterparty protocol. It summarizes that Counterparty removes the middleman by enabling decentralized financial instruments on the Bitcoin blockchain, including user-defined assets, decentralized exchanges, dividends, and betting. It provides examples of how the Counterparty protocol is currently being used to power applications like crowdfunding platforms, asset-backed tokens, and artist coins.
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P2P Financial Platforms Remove Middlemen and Centralized Risk
- 1. Peer-to-Peer Financial Platforms and the Death of the Middleman Evan Wagner and Robby Dermody
- 2. Centralized finance ● Boom-bust, greed, graft ● Middlemen & counterparty risk ● No longer necessary with the blockchain
- 3. Counterparty: A P2P financial platform ● Removes the middleman! ● Decentralized financial instruments on top of Bitcoin o User defined assets o Decentralized exchange o Dividends o Betting and hedging ● Open source, self-funded, sustainable, safe & secure ● Working today. First “Bitcoin 2.0” platform to market.
- 4. “Bitcoin centralization”: not the best option...
- 5. Opportunities A free & open platform to enable innovators ● Digital Assets o Brand promotion o Crowdfunding o Fiat-, commodity-, and altcoin-backed tokens o Company equity o Fixed-income products (callable assets) ● Betting, Hedging, Derivatives
- 6. ● “The Facebook of Crowdfunding” ● Coin-based, goes beyond Kickstarter ● Experienced team ● High media, community IL ● Coin-based accelerator plans Swarm
- 7. ● CP Asset = “proxy token” for gold/silver ● 3rd party custodial company ● Trade/redeem tokens ● Live today ● Trading on Poloniex, CP DEx
- 8. LTBCoin ● Exclusive currency of the Let’s Talk Bitcoin Media Network ● “Proof of Publishing” compensates content creators ● Extends syndication reach ● Redeemable for LTB ad buys, merchandise ● Plans to trade on DEx, Cryptsy, and more
- 9. Artist Coins ● CP hosts the first two launched artist coins: TatianaCoin and NICEPLUM ● Fund artist album development & more ● Kickstarter-style artist rewards ● TatianaCoin is first CoinPowers launch ● Author Coin upcoming, & more
- 10. The Counterparty Protocol ● Built on o Interoperable o Secure o Simple ● Bitcoin used for: o Proof-of-publication o Timestamping Issue 1,000,000 GOLDTOKENS Spend BTC dust
- 11. Counterwallet ● Deterministic Web Wallet ● No funds stored server- side ● Secure and easy to use ● Open source ● Can run your own, too
- 12. What’s Next? ● Counterwallet Chrome App ● Zero-confirmation feedback ● Multi-signature addresses ● Merchant API ● Advanced derivatives: futures, options, swaps
- 13. Thank you! ● Website: counterparty.co ● Wallet: counterwallet.co ● Email: info@counterparty.co
Notas do Editor
- Thank organiser, etc. Introductions / roles.
- Robby Today we find ourselves at a crossroads. the internet has enabled worldwide reach and global collaboration, but yet our lives are still permeated by organizations, corporations, and governments operating on centralized, top-down command and control models. Finance is a major example here. Since the dawn of human civilization, finance been very tightly coupled with human nature and built on trust-based relationships. As financial systems then grow and mature, they tend to be dominated by large, centralized entities. Centralized entities have inherent limits of scale, at which efficiency begins to break down and waste and graft set in. Their values oftentimes represent the goals of a small, powerful minority, instead of promoting the common good. Human history has been a predictable tale of one powerful centralized system growing, maturing and eventually collapsing, to soon be replaced by another. This has been made possible through control, exercised by centralized management of both information and money. But tomorrow does not need to be like yesterday. As the internet is bringing about decentralization and democratization of information blockchain technology, pioneered by Bitcoin, is bringing about the same with money our goal at counterparty is to build technology to decentralize finance In doing this, numerous exciting and novel possibilities are opened up to the world, whose potential is just now starting to be discovered. In this presentation we’ll introduce counterparty and explore what some of these are.
- Evan As long as middlemen are holding the funds involved in exchanges, the problems of the past are going to repeat themselves. We need a new paradigm that is free of human error and corruptability. Imagine making financial transactions where you don’t need to trust anyone, either the person you are trading with, or some dubious third-party. Counterparty makes that a reality. Instead of trusting a person with your money - the Counterparty software holds all of the funds for your transactions in escrow, and only releases them when the transaction has been completed. In other words, the Counterparty protocol itself is your escrow agent; it is always available, never makes mistakes and charges no fees.
- Robby Why does any of this matter? Well, for starters, let’s look at the history of centralized entities in Bitcoin. While we’ve had numerous highly successful ones, we’ve also had several that were...not so successful. Sometimes this was due to incompetence, and sometimes due to malice, and sometimes a variety of other reasons. In any case, Bitcoin, being a decentralized currency built on blockchain technology, deserves financial systems that work like it does, to extend the benefits of the blockchain to financial markets, applications, and transactions.
- Robby From this field of decentralized finance emerges a number of new and exciting opportunities, ripe for entrepreneurs and developers to mature and cultivate. In fact, this is the whole point of Counterparty itself: to serve as a free and open platform to enable highly novel and useful innovations, which we believe will ultimately will add immense value to human society itself. Let’s look at what some of these are:
- Evan
- Evan Digital Tangible Trust allows you to trade tokens for precious metals right on Counterparty. You simply go onto their website, purchase gold, and they send you a token, which can then be traded on Counterparty’s decentralized exchange. To redeem the token for its underlying precious metal, simply send the token back to them. DTT was really the first project to list its assets on Counterparty; the market is huge, and the company holds enormous potential.
- Robby
- Robby
- Robby Built on Bitcoin, there a number of advantages to this. Interoperable: Bitcoin can be used and traded *directly* on the Counterparrty platform. Secure: Since it is built on Bitcoin, it inherits the latter’s security. Simple: let Bitcoin do all of the hard stuff Uses Bitcoin for timestamping and proof of publication Open source, you can compile and run “counterpartyd” yourself But, counterparty also has a fully functional web wallet called Counterwallet. Let’s check that out and walk through a quick demo of it.
- Robby Demo: sending an asset Demo: view BTC, XCP price charts Demo: Show dialog for creating an asset Demo: show network stats
- Evan We are going to make a Counterwallet Chrome App, to further decentralize the use of Counterparty. It also increases the security, because you don’t have javascript files sitting on the server. So if someone hacks the server, they still can’t modify the Javascript files. Zero-confirmation feedback on transactions will drastically improve user-experience. Users will not have to wait to know whether their transactions are successful. Multi-signature addresses: You can have a transaction that requires the signature of an escrow agent in order to transfer a digital asset. If for example you owned a DTT token for gold, and wanted to redeem it for the underlying asset, you can have an escrow agent certify that the gold has been sent, and, only then, sign the transaction, transferring the digital asset back to DTT. Merchant API: This will essentially allow for “Shopping cart” like functionality in Counterparty, so that individuals may add Counterparty assets to their shopping carts on sites. Advanced derivatives: futures, options and swaps.
- Evan feel free to get in touch with us open the floor up for Q&A