WEF_Cryptocurrency_Uses_Cases_2020.pdf

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Global Future Council on Cryptocurrencies
Crypto, What Is It Good For?
An Overview of Cryptocurrency
Use Cases
DECEMBER 2020
Cover/Inside:
spainter_vfx/Getty Images
Contents
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Foreword
1
Base layer blockchain and cryptocurrencies
Bitcoin
Ethereum
Ripple
Tezos
Celo
Litecoin
Zcash
Filecoin
Arweave
2
Second layer protocols
Bancor
Lightning
Compound Protocol
Uniswap
Etherisc
OMG Network
3
Financial products and services
XBT Provider
Deutsche Bank
BitGo
Gemini
Cowrie
Binusu
Metamask
Ripio
PayPal
LocalBitcoins
4
Non-financial applications and services
Rally
SuperRare
UNICEF CryptoFund
World Food Programme
Acknowledgements
Contributors
© 2020 World Economic Forum. All rights reserved. No part of
this publication may be reproduced or transmitted in any form
or by any means, including photocopying and recording, or by
any information storage and retrieval system.
Crypto, What Is It Good For?
An Overview of Cryptocurrency Use Cases
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December 2020
Crypto, What Is It Good For?
An Overview of Cryptocurrency Use Cases
Foreword
Over a decade ago, a white paper by Satoshi
Nakamoto was distributed to a cryptography
mailing list outlining a novel proposal for a “peer-
to-peer electronic cash system” called bitcoin. This
innovation spurred a new, global industry and asset
class that has created hundreds of billions of dollars
in value, and inspired a generation of entrepreneurs
and innovators.
Meltem Demirors
Chief Strategy Officer,
CoinShares, USA; Co-Chair,
Global Future Council on
Cryptocurrencies
communities that upgrade, maintain and operate
them. Innovators, entrepreneurs and engineers
are rapidly building and bringing to market new
products and solutions that provide access to or
leverage these new networks.
The World Economic Forum Global Future
Council on Cryptocurrencies represents a
broad cross-section of experts working to make
cryptocurrencies useful across a wide range of
use cases. The Council includes practitioners
from a diverse range of backgrounds, and more
importantly, its members do not share one common
view of cryptocurrencies.
While much has been written about blockchain
technology, there is little discussion of
cryptocurrencies beyond price and financial
speculation. The Council has thus created this
booklet to highlight a non-exhaustive list of
companies, protocols and projects that represent
the diversity of use cases that cryptocurrencies and
the networks which they power can enable.
This is broken down into the following categories:
The advent of cryptocurrencies has led to the
creation and operation of new global, decentralized
networks that have been used by over 100 million
people across the world to transfer trillions of dollars
of value. Bitcoin, for example, is more than just a
technology – it is a powerful social, political and
cultural movement that asks us to imagine money,
banking and payments in new and novel ways.
While cryptocurrencies are most often recognized
as new monetary systems and financial networks,
the public blockchain networks that they secure
can be used to power diverse use cases and
create new applications across industries. These
networks are constantly evolving through an open-
source software ecosystem with globally distributed
Cuy Sheffield
Head of Crypto, Visa, USA;
Co-Chair, Global Future
Council on Cryptocurrencies
1.
Base layer
blockchain and
cryptocurrencies
These are the native
networks where
cryptocurrencies are
created, stored and
transferred over.
2.
Second layer
protocols
These are open-source
protocols that are
built on top of base
layer blockchains,
which provide
additional features
and applications that
cryptocurrency users
can access.
3.
Financial products
and services
These are applications
that help consumers,
investors and
businesses interact
with and access
cryptocurrencies
and their associated
networks.
4.
Non-financial
applications and
services
These are new crypto-
native networks and
applications for use
cases outside of
financial services.
Cryptocurrencies have reached a point of
inevitability. We have dedicated our careers to
advancing the adoption and use of cryptocurrencies
because we believe they represent an enormous
opportunity to grow the global digital economy and
benefit consumers and businesses across
the world.
We hope that this Council can help to educate and
advocate for this technology while serving as a
trusted resource to navigate this new fascinating,
emerging ecosystem. Over the course of this year,
we will produce research, content and events that
make cryptocurrency comprehensible, accessible
and inclusive. We hope you will join us.
Crypto, What Is It Good For?
An Overview of Cryptocurrency Use Cases
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1
Base layer blockchain
and cryptocurrencies
These are the native networks where
cryptocurrencies are created, stored and
transferred over.
Crypto, What Is It Good For?
An Overview of Cryptocurrency Use Cases
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Bitcoin
Overview
Since the advent of the internet, cryptographers and innovators have struggled
to create a native currency for transactions on the internet. The bitcoin white
paper surfaced after the financial crisis of 2008. It combined innovations in
cryptography and distributed systems into a novel solution.
The bitcoin network is an electronic payment system based on cryptographic
proof instead of trust, allowing any two willing parties to transact directly with
each other without the need for a trusted third party. In simple terms, bitcoin is
the internet of money.
A peer-to-peer electronic cash system
Category
Monetary system
Status
Live
Project goals
Bitcoin attempts to separate money and state. Unlike traditional currencies,
which are issued by central banks, bitcoin has no central monetary authority.
Instead it is underpinned by a peer-to-peer computer network.
Bitcoin uses public key cryptography and an innovative approach to
bookkeeping to achieve the authorization, balance verification, prohibition on
double spending, delivery of assets and record inalterability described above. It
happens in near real time at minimal cost.
Technology
Bitcoin protocol
Governance
Open-source software via
bitcoin improvement proposals
(BIPs)
Permissions
Permissionless
Implementation strategy
Bitcoin is an open-source protocol and software development project. The
bitcoin network is made up of computers running the bitcoin protocol, and
includes miners who use specialized chips called ASICs to organize bitcoin
transactions into blocks and add these blocks to the blockchain in exchange
for transaction fees and the opportunity to earn bitcoin via the block reward.
Bitcoin has a fixed, pre-programmed supply schedule, and as of November
2020, 85% of all bitcoin that will ever exist have been mined. This is why some
people describe bitcoin as digital gold.
By downloading and running the bitcoin software, anyone can use the bitcoin
network to transact with bitcoin, the asset.
There are thousands of companies around the world who have built products
and services around bitcoin, the asset, and the bitcoin network. This includes
wallets, which broadcast transactions to the bitcoin network and facilitate
storage of bitcoin, as well as exchanges, payment providers and more.
Location
Global
Business case data
Entity
None
Business
model
Self-sustaining through mining
incentives and transaction fees
Financing
No financing; core developers
financed via donations or
sponsorships
Resources and references
Website
bitcoin.org
Traction and key metrics
As a store of value and an asset, bitcoin has seen material price appreciation
in the last year. At the start of 2020, bitcoin was valued at $7,500 and as of
November 2020, it was valued at $18,500. Bitcoin’s market cap is $346 billion;
$28 billion of bitcoin is traded on a daily basis.
As a payment network, the bitcoin network processed $3.8 trillion of
transactions in 2019. As a point of comparison, PayPal processed $700
billion in transactions over that same period, and its estimated total internet
transactions via the traditional banking and payment systems totaled $4.1
trillion over the same period.
Crypto, What Is It Good For?
An Overview of Cryptocurrency Use Cases
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