Part 7 - Cashless Bharat - A Start up entrepreneurial Competition

Part 7 - Cashless Bharat - A Start up entrepreneurial Competition

National competition

Selected teams come to Canada for final competition and prizes

Part 6 - Blockchain Projects

Part 6 - Blockchain Projects

Part 5 - Blockchain Hackathon

Part 5 - Blockchain Hackathon

Hackathon is a method of building some quick prototypes for Proof of Concept.

Reference - Web Links

Unocoin - Bitcoin Exchange of India
https://www.unocoin.com/

Lynda.com - A course on Bitcoin
https://www.lynda.com/Business-Finance-tutorials/Welcome/167065/179442-4.html?utm_source=google&utm_medium=cpc&utm_campaign=l1-US-Search-Biz-Bitcoin&cid=l1-us%3aen%3aps%3alp%3aprosc%3as29%3a29%3aall%3agoogle%3axct-intro_to_bitcoin&utm_content=75542576946&utm_term=intro+to+bitcoin&src=go-pa&veh=skwd-120688401186_pcrid_75542576946_pkw_intro+to+bitcoin_pmt_e_pdv_c_ext__plc__trg__agid_19600363026_cmid_212491266_adp_1t1_net_g

• Understand the bitcoin virtual currency and how it compares to other forms of money; learn how to send, receive, and "mine" it; and discover how to protect and track your bitcoin transactions.
• Available with annual membership of $19.99

Exodus - Multi Asset Wallet

https://www.exodus.io/

Shapeshift - Trade between any blockhain asset

https://shapeshift.io/#/coins

Bitsquare - Decentralized Bitcoin Exchange

https://bitsquare.io/

Bank to The Future - Online Investment Platform for future FinTech ventures

https://bnktothefuture.com/

Monero - Alternate Crypto currency

https://getmonero.org/home

Etherium Project - Blockchain Application Platform

https://www.ethereum.org/

Reddit - Technology discussion forum

https://www.reddit.com

RegHackTO - Regulatory Hackathon
http://www.osc.gov.on.ca/en/reghackto.htm

Unocoin API
http://unocoin.com/apidoc#getting-started

Part II - History of Money and its significance to the rise of Bitcoin

This is Part 2 of the blog post. Please first read Part 1. We will continue our discussion on the problems encountered with financial systems historically.

Examples from history of inflation and recession

• Financial crisis leading to collapse of Roman empire: The first historic account of Govt. bailout is recorded in 33 ACE. Tiebrius was a very frugal emperor and levied fewer taxes. But in a very short span rebellions broke out, the land was hit by drought, some provinces came under attack, ships with treasures sunk and banks asked debtors to return the money and debtors were already bankrupt so their assets were seized. This lead to a big financial crisis and the Emperor had to bail out banks from his own treasure. It his beautifully explained in this article.
• Paper currency in China: The first known paper notes were used in China. The concept was simple. Coins were already being used but its value was very less and to buy items on a big scale a huge amount of coins were needed. Hence traders used to deposit coins at Govt. kiosks in exchange of currency notes. With these currency notes, the traders could then buy goods from all over the kingdom. Even the sailors from South Asia and Europe had to deposit all goods first with the Emperor’s trusted ministers and they would be given notes of value as deemed appropriate by them. The sailors could then buy items from local traders. . But then existing paper notes in circulation were not reused and were made from a non-durable material (tree bark) which was affected by weather. Hence constant printing of money led to severe inflation
• Bank of Amsterdam: All territories under King of Amsterdam had a different coinage system. Amsterdam was one of the most prosperous Port in Europe. The Bank accepted all types of coinage, gold, silver and even debased coins. The bank acted purely as a depository initially. It used to issue a ‘Bank money’ as credit in an account. This incorporated many modern banking concepts like trustworthy state guarantor, legal regulation and fractional reserve banking (which we will discuss later in this blog post). This fractional reserve banking led to the collapse of the bank and financial crisis in the country.

In earlier days the printed currency used to be backed by gold

Gold Standard in USA

Since American independence till early 1900, its constitution gave Congress exclusive rights to print money which was backed by Gold reserves however central Federal reserve system was not in place. From there till Great Depression (1929) value of the dollar was fixed by Govt. in terms of gold. US Govt. passed controversial laws like forcing citizens to sell gold to Govt for fixed price but better cash benefits to foreign Govt for their gold. After World War 2, Europe had a financial crisis but it did not affect the USA and its dollar soon became the most important reserve currency in the world. Govt started printing currency notes which were not backed by any metal reserve and countries globally were debasing their coins (reducing the amount of gold and silver in coins). So now total currency notes with foreign Govt was more than currency notes in USA Govt reserve. Foreign Govt. started demanding gold back from US Govt. in return of US Dollars at the same rate which was offered to them. This system was abolished in 1971 and since that time the global market forces decide the value of gold and each currency.

Hyperinflation in 20th century

• Germany, 1923: German had to meet huge obligations because of loss after World War 1. The solution of the Govt was to print a tremendous amount of currency notes which devalued it and hence more needed to be printed. This lead to a vicious spiral and to buy weekly grocery one needed horse cart full of money.
• Hungary, 1945: This is the worst case of inflation and similar circumstance like Germany, albeit it was after World War 2. The prices doubled every 15 hours and its peak inflation was 1.3 X 10 ^16 per month.

Recently Zimbabwe also faced similar hyperinflation. Some critics of the introduction of 2000 Rs note in India are also worried that it may lead to hyperinflation. 

Dangerous side of corrupt Govt and banks - too much of greed

Few drawbacks of current financial System and a desperate need for an alternative

• Fractional Reserve Banking: We mentioned this term in above section. Banks keep a fraction of what we have deposited and lends out the remaining amount. Eg: When a customer deposits 100 ₹ in the bank then the obligation to the bank is just to keep a fraction of it (say 10% which is decided by central / federal bank) and lend out remaining. Smaller the value then more liquid cash in market which leads to more lending and can lead to financial crisis. Hence heavy regulation is in place for this
• 100% Fiat money in circulation: Till World War II the currency notes in circulation of a Govt. were backed either fully or partially by precious metal reserves like Gold. Hence if there is shortage then it can be compensated by selling the gold in its reserves. But today USD is a 100% fiat currency ( money which is irredeemable for commodity and only redeemable for fiat money)
• Government controlled (Centralized): All it takes a crazy democratically elected (or even otherwise) person to be in charge of the Govt. Zimbabwe is facing currently a situation of hyperinflation. For multiple reasons about 2 decades back, Ecuador adopted USD as its currency and initial years were very tough for poor and lower middle class. Decision on currency is taken by a few individuals and our entire life depends on them. The recent demonitization drive in India is an excellent example. The Prime Minister declared 85% of currency notes in India as invalid. Only time will tell if that was the greatest economic move or the worst disaster. 
• Tracking of money: USA owes trillions of dollars to other nations and other nations owe similar amounts to USA. Almost each western country is facing financial challenges and even each major city is in debt. There is absolutely no track of the entire global debt economy. Moreover every individual 1 $ currency note that is printed exchanges thousands of hands in its life time and there is no tracking of each individually minted currency.
• Counterfeit able: Have you seen Hollywood movie ‘Catch me if you can’?. Con artist have existed since the birth of civilizations. Fake currency in circulation is one the biggest challenges of every Govt. With all security practices in places still people manage to duplicate it.

I hope by now you are completely convinced that the modern financial system is based on 2000 years of history and is far from perfect.

Each financial system has failed for various reasons

In my next article I will try to deconstruct the enigma behind Bitcoin but ­first it is imperative to understand a brief history of Bitcoin (Both articles to be published soon) 

Part 3A - Content - Dash School

Dash School

This is a series of You Tube videos to explain blockchain concept for a novice and prospective users of Dash, a Digital Cash currency. Dash is one of the several Alternate Crypto Currencies in the market. You have learned already about Bitcoin, the leading crypto currency of the world, but now you can learn about one of the alternatives and there are several more which you can continue learning on your own.

What Is a Blockchain? | DASH School #1

Amanda B. Johnson introduce you to the concept of Blockchain without using technical jargon or buzzwords in episode one of Dash School. https://youtu.be/e7UwwcCKj4Y?list=PLiFMZOlhgsYKKOUOVjQjESCXfR1cCYCod

How Does a Blockchain Work? | DASH School #2

How does blockchain do what we say it does? Who gets to "write" to it, when, and why? How is a blockchain different from a good ol' fashioned database? Amanda B. Johnson takes you there in episode two of Dash School. https://youtu.be/eS39N-mHrOs

How Can a Blockchain Be a Monetary System? | DASH School #3

what does Blockchain have to do with money? What is this business about blockchain networks being able to natively offer both currency and payments? https://youtu.be/DyywtVNlfFs

How is Dash's Blockchain Funded & Governed? | DASH School #4

learn the various ways that Dash's is organized -- why and how we function as a DAO (decentralized autonomous organization) to serve up monetary services to customers.https://youtu.be/jHsVU1LBuAY

How Does Dash Offer Instant & Private Payments? | DASH School #5

Dash's blockchain is the only one which offers both instant and private payments? True story. Learn how our unique "masternodes" make this possible in episode five of Dash School https://youtu.be/hm7IYkgIOXc

How Can Digital Cash Become Accessible to All? | DASH School #6

you want to know how we plan on making this stuff usable to the average consumer. "Evolution": the product we predict will put digital cash into the hands of the average person for the first time. https://youtu.be/vFwXeFk6VO8
Dash Evolution Preview https://youtu.be/7J4m04Tkfb4

Reference Materials

https://www.reddit.com/r/dashpay/

Part 4 - Blockchain Applications - Course Module Structure

Part 4 - Blockchain Applications - Course Structure

Structure of Course Module of Part 4 - Blockchain Applications Overview

Course Name:      Blockchain Applications 

Course Blog:         http://eecbitcoin.blogspot.ca/

Prerequisite:        Part 1,2 and 3

Teaching Scheme: Team based learning, Team assignments to brainstorm possible solutions

Examination Schemes: Team submission

Description:

The team assignments will help understand the basics of Blockchain Applications.

Course Objective:

• To learn basics of Blockchain Applications

 Course Outcome: Students

• Will be able to explain
• Will be able to contribute in development and Design of Blockchain ecosystem

Course Contents:

• Base Frameworks of Blockchain Technonology Stack
• Etherium
• Multichain
• Openchain
• Business Use Cases
• Axoni
• Chain
• Clearmatics
• Digital Asset Holdings
• itBit
• R3

Text Books and References:

• The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology by William Mougayar  (Author), Vitalik Buterin (Foreword)