Deep Dive— Blockchain Mini-Series: Cryptocurrencies · This is the first of two reports in our Blockchain Mini-Series, which ... storing value, serving the same purpose as fiat

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DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.

ThisisthefirstoftworeportsinourBlockchainMini-Series,whichcoversthelatesttrendsincryptocurrenciesandblockchainapplications.Inourfirstreport,wefocusoncryptocurrencies:

1) ThepriceofBitcoinsoaredtoall-time-highof$3,000inJune2017,promptingrenewedinterestincryptocurrenciesandblockchainsworldwide.CryptocurrenciessuchasBitcoin“aredigitalcurrencieswhichuseencryptiontechniquestoregulatethegenerationofunitsofcurrencyandverifythetransferoffunds,operatingindependentlyofacentralbank.”

2) Therearecurrentlymorethan1,000differentcryptocurrencieswithacombinedmarketcapitalizationofover$115billion.Whiletheexistenceandgrowingadoptionofdigitalcurrenciesisbasedonasolidfoundation,theassociatedrisksofowningandinvestingincryptocurrenciesremainhigh.

3) Inthisreport,welookatfourpopularcryptocurrencies—Bitcoin,Ether,RippleXRPandLitecoin—togaugethedirectionoftheirdevelopmentandpotentialforincreasedadoption.

Deep Dive— Blockchain

Mini-Series: Cryptocurrencies

Deborah Weinswig

Managing Director,

Fung Global Retail & Technology

[email protected]

US: 917.655.6790

HK: 852.6119.1779

CN: 86.186.1420.3016

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TableofContents

ExecutiveSummary.............................................................................................................3

Introduction........................................................................................................................4ThePioneer—Bitcoin........................................................................................................................4ThreeMajorTypesofCryptocurrency...............................................................................................4TheValuePropositionofCryptocurrencies.......................................................................................5RisksAssociatedwithOwningandInvestinginCryptocurrencies......................................................6

DeepDiveintoCryptocurrencies.........................................................................................7

Bitcoin.................................................................................................................................8MajorEvents/Milestones.................................................................................................................8TheFutureofBitcoin........................................................................................................................9OurTake...........................................................................................................................................9

Ether(Ethereum)...............................................................................................................10MajorEvents/Milestones...............................................................................................................10TheFutureofEthereum..................................................................................................................11OurTake.........................................................................................................................................11

Ripple................................................................................................................................11OurTake.........................................................................................................................................11

Litecoin.............................................................................................................................12OurTake.........................................................................................................................................12

Conclusion.........................................................................................................................12

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ExecutiveSummaryThisisthefirstreportofourBlockchainMini-Seriesinwhichwediscussthelatesttrendsincryptocurrencies,theemergingapplicationsofblockchaintechnologyandtheretailimplicationsofblockchains.Webelievethattheblockchaintechnologywhichunderliescryptocurrencieshasthepotentialtobecometheglobalstandardfordigitaltransactionsinthecomingdecadeand,assuch,requiresongoingattention.Foramoredetailedexplanationonhowblockchaintechnologyworksintheory,pleaserefertoourreportBlockchainTechnology:TheWorld’sGameChanger.

Thedefinitionofacryptocurrency,accordingtoInvestopedia,isthatitisadigitalcurrencywhichusesencryptiontechniquestoregulatethegenerationofunitsofcurrencyandverifythetransferoffunds,operatingindependentlyofacentralbank.

Bitcoinisthefirstandmostfamouscryptocurrency,buttherearenowmorethan1,000differentcryptocurrenciesavailableinthemarket(latestcount),withatotalcombinedmarketcapitalizationofover$115billionasofJune2017.

Ascryptocurrenciesbecomeincreasinglymorecommonplace,theyhavethepotentialtopenetratemanyaspectsofcommerceandourdailylives,fromshoppingonlinetoraisingfundsforacauseornewcreativeproject.Inthissense,theadoptionofcryptocurrenciesshouldbeofsignificantinterestnotonlytofinancialinstitutions,buttoconsumer-facingbusinessesatlarge,includingretailersinparticular.Knowingaboutandunderstandingcryptocurrenciesisthefirststeponthejourneyofexploringthisexcitingconceptbroughtaboutbythedevelopmentofcryptographyandadvancementsinnetworkcomputing.

Inthefirstpartofthisreport,wetakeacloserlookatthecryptocurrencylandscape,thecurrencies’valueproposition,aswellastheassociatedriskswithowning,transactingandinvestinginthem.

Inthesecondpartofthisreport,weanalyzefourpopularcryptocurrencies—Bitcoin,Ether,RippleXRPandLitecoin—lookingattheirkeyfeatures,adoptionandfutureoutlook.

Inthisreport,wetakeacloserlookatBitcoin,Ether,RippleXRPandLitecoin,theirvaluepropositionaswellastheassociatedriskswithowning,transactingandinvestinginthem.

https://www.fungglobalretailtech.com/research/blockchain-technology-worlds-game-changer/

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IntroductionCryptocurrenciesarebuiltontopofblockchains.Ablockchainisanewtypeoftransactiondatabasethatenablesmultipleuserstoaccessandsharedataonareal-timebasiswithoutacentralintermediarygoverningtheinteractions.Ablockchainisoftenreferredtoasadecentralizeddistributedledger.

ThePioneer—BitcoinSinceitsintroductionin2009,Bitcoinhascontinuedtogenerateincreasinglymoreattentionyearafteryear.ThisculminatedinJune2017,whenthepriceofBitcoinreachedanall-time-highof$3,000.Followinginitsinitialsuccess,aplethoraofnewcryptocurrencieshasemerged,and,atlastcount,therearenowover1,000digitalcurrencies,accordingtocoinmarketcap.

ThreeMajorTypesofCryptocurrencyThethreemajortypesofcryptocurrencyarecategorizedbytheirfunction:

• Digitalgold:Adigitalcurrencythatspecializesintransactionsandstoringvalue,servingthesamepurposeasfiatmoneywould,e.g.,Bitcoin.(Note:Fiatmoneyiscurrencythatagovernmenthasdeclaredtobelegaltender,butisnotbackedbyaphysicalcommodity.)

• Platformcoins:Aspecificcurrencythatisusedonablockchain-basedplatformwhichfacilitatesthetransactionswithintheplatform,e.g.,RipplethatallowsBankstotransactonitsplatform,andEthereumthatallowsuserstoprogramtheirowncontract.

• Anonymouscoins:Digitalcurrenciesfocusedonprovidingtheanonymityofthetransactionparties,e.g.,Dash.

Figure1:Top10CryptocurrenciesRankedbyMarketCapitalization

Code Valuation(USDBil.) Type

1

Bitcoin BTC 48.6 Digitalgold

2

Ether ETH 33.5 Platformcoins

3

XRP(Ripple) XRP 10.5 Platformcoins

4

NEM XEM 2.1 Platformcoins

5 EtherClassic ETC 2.0 Platformcoins

6

Litecoin LTC 1.7 Digitalgold

7

Dash DASH 1.4 Anonymouscoins

TheattentionaroundcryptocurrenciesculminatedwhenthepriceofBitcoinreachedanall-time-highof$3,000inJune2017.

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Code Valuation(USDBil.) Type

8BitShares BTS 1.0 Platformcoins

9

Monero XMR 0.8 Anonymouscoins

10Stratis STRAT 0.8 Platformcoins

Others 12.30

Total 114.7 Note:AsofJune26,2017.Source:coinmarketcap/FungGlobalRetail&Technology

Figure2:MarketShareofTop10Cryptocurrencies,byMarketCapitalization

Note:AsofJune26,2017.Source:coinmarketcap/FungGlobalRetail&Technology

TheValuePropositionofCryptocurrenciesThefourkeyvaluepropositionsofcryptocurrenciescanbedescribedasfollows:

Predictablemoneysupply:Thesupplyofmostcryptocurrenciesiscontrolledbydesign.Forexample,thepracticallimitofBitcoin’stotalsupplyis21millionBTC,with78%ofthesupplyalreadyinthemarketandtheremainderexpectedtobeminedby2140.Bydefinition,Bitcoinisadeflationarycurrency,meaningthepurchasingpowerofitsholderswillincreaseaslongasdemandisstableandgrowingfasterthanthesupplyofthecurrency.ThesameholdstrueforotherdigitalcurrenciessuchasDash,EtherandLitecoin.

Alternativepaymentmethod:ThereisanincreasingnumberofcorporationsworldwidethatacceptBitcoinasapayment:Subway,Expedia,Shopify,PeachAirline,etc.CustomersuseBitcoinjustlikefiatmoneytotradeforservicesandproductsfrombusinesses.

Bitcoin42%

Ether29%

Ripple9%

NEM2%

EtherClassic2%

Litecoin1%

Dash1%

BitShares1%

Monero1%

Strajs1%

Others11%

Webelievetherearefourkeyvaluepropositionsofcryptocurrencies:apredictablemoneysupply,analternativepaymentmethod,lowertransactioncostsandtransactionsthatarebothdecentralizedandsecure.

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Lowertransactioncosts:Cryptocurrencies,beingdecentralizednetworks,cancutouttheadditionalcoststhataccrueduringtransactions,sincetheydonotbeartheinfrastructurecostsoftraditionalcentralizedsystems.

Transactionsaredecentralizedandsecured:Cryptocurrenciesallowanetworkofcomputerstomaintaincollectivebook-keepingovertheInternet.Inthisdistributednetwork,alltransactionsarelogged,includinginformationonthetime,theparticipantsandthetransactionamounts.Eachcomputerholdsafullcopyoftheledger,whichiscontinuouslyverifiedbythemajorityofusersonthesystem.Ifanyonetriestocorruptatransaction,thenetworkofcomputerswillnotarriveatconsensusandhencepreventtheattack.

RisksAssociatedwithOwningandInvestinginCryptocurrenciesCryptocurrenciesdonotcomewithoutrisks.Below,wehighlightthekeyrisksofowningandinvestingincryptocurrencies.

Governance:Althoughcryptocurrenciesarebuiltontopofdecentralizednetworks,someofthedigitalcoinshavecentralizedgovernancerelatedtocertainaspects.Forexample,thecoredevelopersofBitcoinare,bydesign,thepeoplewhodetermineandimplementthetechnicalfeaturesoftheplatform.ThepotentialriskthatBitcoinwillbesplitinAugust2017(“afork”)istheresultoftwodifferentsolutionsproposedbytwodevelopers:BitcoinCoreandBitcoinUnlimited.Bothsideswanttoincreasethecapacityofthenetwork,buttheywanttodoitusingdifferentmethods.

Source:bitcoin.org/en/bitcoin-core

Source:www.bitcoinunlimited.info

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Authoritiesdividedovercryptocurrencies:Cryptocurrenciesareself-regulatingduetotheirdecentralizednature,whichmeansusersareresponsibleforvalidatingeachtransaction.However,authoritiesaroundtheworldaretakingdifferentpositionsconcerningtheregulationofcryptocurrencies.Forexample,inFebruary2017,thepriceofBitcoinandothercryptocurrenciesplungedaftertheannouncementfromChinathattwoofitsmajorexchangeshadsuspendedBitcoinandLitecoinwithdrawalsforonemonth.ThePRCgovernmentdecidedtosuspendthecurrency,asitwasfocusingonpreventingillegalactivitiessuchasmoneylaundering.Japanintroducedlegislationtoprotectconsumers,puttingrestrictionsontheentitiesprovidingdigitalcurrencyexchangeservices.TheamendedactforcedBitcoinexchangestocomplywithanti-money-launderingregulations,whilealsorecognizingBitcoinasalegalpaymentmethod.Uncertaintyrelatingtoupcomingchangesinregulationsgloballyhassignificantpotentialtodrivethevalueofcryptocurrenciesupordown.

A51%attack:A51%attackreferstosomeonecontrollingamajority(morethan50%)ofthenetwork’scomputingpower,withtheresultingabilitytoreversetransactionhistoryandpreventnewtransactionsfromachievingconsensus.Krypton,acurrencybasedonEthereum,wasthefirstcryptocurrencytosufferfromsuchanattack,backinAugust2016.Theattackersmanagedtostealaround21,465KRbydoublespendingonthenetwork.Controlling51%ofthecomputingpowerofalargerscalenetwork,suchasBitcoin,isnearlyimpossible,however.Thus,asthenetworkofacryptocurrencycontinuestogrow,theprobabilityofa51%attackbecomeseverlower.

Ownershipofcoins:Duetheanonymitycharacteristicembeddedinthedesignofmostcryptocurrencies,whoeverholdsthecoin’sprivatekey(orencryptioncode)isitsowner.InApril2017,hackersstoletheprivatekeysof$5millionworthofuserfundsfromSouthKoreanbitcoinexchangeYapizon.Asthereisnothinginthecoin’scodingthatcanprovetheownershipofthecoin,theoriginalownershavelittlechanceofgettingtheircoinsback.

DeepDiveintoCryptocurrenciesInthesecondpartofthereport,welookatfourpopularcryptocurrencies—Bitcoin,Ether,RippleXRPandLitecoin—andtheirkeyfeatures,adoptionandfutureoutlook.

Figure3:FourPopularCryptocurrencies

Bitcoin Ether RippleXRP Litecoin

Target Massmarket Corporations Banks Massmarket

TwitterFollowers(000) 218 100 57 42

MarketCap(USDBil.) 48.6 33.5 10.5 1.7TradingVolumeOverLast24Hours(USDBil.) 1.47 1.47 0.34 0.57

KeyFeatures Digitalcurrency Programmablecontract

Transactionsolutions Digitalcurrency

Note:AsofJune26,2017.Source:Twitter/Bitcoinity/Coinmarketcap

DividedactionsamonggovernmentsareoneoftherisksassociatedwithinvestinginCryptocurrencies.Uncertaintyrelatingtoupcomingchangesinregulationsgloballyhassignificantpotentialtodrivethevalueofcryptocurrenciesupordown.

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BitcoinBitcoinhasbeentheleadingcryptocurrencysinceitwasfirstintroducedin2009.ThereareanincreasingnumberofmerchantsworldwidewhoacceptBitcoinaspayment,bothofflineandonline.

MajorEvents/MilestonesJanuary2017—Chinesecapitaloutflows:Aftertherenminbidepreciatedinlate2015,datafromBitcoinity,aBitcoindataprovider,showsthatuntilJanuary2017,renminbitransactionsaccountedforover98%ofglobalBitcointradingvolume.TheinversecorrelationbetweenthepricesurgeofBitcoinandtheweakeningrenminbidrovespeculationthatthedigitalcurrencywascontributingtoChinesecapitaloutflows.OnJanuary6,2017,ThePeople’sBankofChinametwiththethreelargestChineseBitcoinexchanges,huobi.com,btcchina.com,andokcoin.cn,toremindthemtofollowrelevantregulationsaboutriskcontrolsandirregularpractices.ThiscausedtheBitcoinpricetofallasmuchas25%inasingleday.

Figure4:BitcoinTradingVolumebyCurrency

Source:Bitcoinity/FungGlobalRetail&Technology

March2017—USregulatorsrejectaBitcoinETF:InMarch2017,theUSSecuritiesandExchangeCommission(SEC)rejectedthefirstBitcoinETF,whichwasintroducedbyInvestorsCameronandTylerWinklevoss.Bitcoin’spriceplungedfollowingthenews,decliningasmuchas18%.

April2017—surgingdemandinAsia:OnApril1,2017,Japan’sFinancialServicesAgencyrecognizedcryptocurrenciessuchasBitcoinasalegalmethodofpayment.Soonafter,PeachAviation,aJapaneseairline,startedacceptingBitcoinaspaymentforairlinetickets.Japaneseyentransactionsaccountedfor7%ofBitcoin’stotaltradingvolumeinthelast30days,accordingtodatafromBitcoinity.

A popular currency on the dark web and for ransomware payments:SilkRoad,aninfamousmarketplaceforillegalgoodsandservices,hasbeenresurrectedagainas“SilkRoad3.0.”ThewebsitesupportsBitcoinasthemaintransactionmethod.DarkwebtradeisoneofthemainusecasesforBitcoin,andaslongasmarketplacesforillegalgoodsandservices

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lume(m

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CNY USD EUR JPY Others

ThemarketspeculatedthattherenminbiwasthekeydriverofBitcoin’spriceincrease,duetoChinesecapitaloutflowsandrenminbidepreciation.

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supportingBitcoinexist,therewillbeasustainablesourceofdemandforthedigitalcurrency.

TheFutureofBitcoinIncreasingdelaysintransactionexecution:Bitcoinblocksstoretransactioninformationandtheirsizehasahard-codedlimitofonemegabyte.Asthevolumeoftransactionshasincreased,theonemegabytelimithasproventobetoosmall,causingdelaysintransactionprocessingaswellasincreasingtransactionfees.Whiletherehavebeenmultipleproposalstosolvethisscalingissue,aconsensusamongtheBitcoinecosystemhasyettoformastothebestapproachtoupgradethecurrency.ThesolutionwillprovetobeapivotalmomentforBitcoin.

August2017—potentialBitcoinfork:InordertosolveBitcoin’sscalingissue,twoBitcoindevelopers,BitcoinCoreandBitcoinUnlimited,haveproposedtwodifferentsolutions.Aftersomedebate,theresultisBitcoinwillbeundergoingauseractivatedsoftfork(UASF)onAugust1,2017.AUASFcanberegardedasasoftwareupgradetoBitcoin,similartoaregularupgradeofWindowOS.Therearethreepossibleoutcomes,oneofwhichinvolvessplittingBitcoinintotwodifferentcoins,onewithanactivatedSegregatedWitness(newblockstructure)andonewithout(thecurrentversion).ThiscouldresultinsomeBitcoinownerslosingtheirBitcoinafterAugust1.

Figure5:TransactionDelaysVs.Fees

Source:cointelegraph

OurTakeWebelievethehighvolatilityofBitcoin’spricewillcontinuebecauseoftheuncertaintystemmingfromthepotentialhardforkexpectedtotakeplaceinAugust.However,Bitcoinhasalargeecosystemofusers,developersandminingoperators,andwebelievethecurrencywillcontinuetobetheleadingcryptocurrencyintermsofmarketcapitalization.

IncreasingdelaysintransactionexecutionandapotentialBitcoinsplitarethekeyeventsthatcouldsignificantlymoveBitcoin’sprice,eitherupordown.

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Ether(Ethereum)EthereumwasfoundedbytheEthereumFoundation,aSwissnonprofitorganizationheadedbyVitalikButerininAugust2014.Ethereumisaplatformthatrunssmartcontracts,whichenabledeveloperstocodeandprogramtransactions.Asmartcontractisaself-operatingcomputerprogramthatautomaticallyexecutesapresetactionwhenspecificconditionsaremet.Forexample,WeiFund,acrowdfundingplatformrunningonEthereum,usessmartcontractstorefundcommittedfundsifacampaigngoalisnotmet.

EthereumhasitsownnativetokenscalledEther(ETH),whichcanbeexchangedforBitcoinorotherfiatmoney.TheEtheractsasthe“fuel”whichpowersthetransactionswithintheEthereumplatform.

MajorEvents/MilestonesFebruary2017—launchoftheEnterpriseEthereumAlliance:ThisalliancewasofficiallylaunchedinlateFebruary2017.Thegroup’saimistodevelopaclearroadmaptomeetenterprises’needsonEthereum.Therearecurrentlymorethan100corporationsinthealliance,includingSamsung,JPMorgan,IntelandMicrosoft,andtheideaistocreateapositivefeedbackloopthatleadstoimprovementsofEthereum.ThediversityofthememberscouldfacilitategreatercollaborationbetweentheEthereumplatformandanumberofdifferentindustries.

June2017—Ethervs.EtherClassic:SimilartoBitcoin’spotentialhardforkinAugust,Etherunderwentahardfork,whichsplitthecurrencyintoEtherClassicandEtheronJune20.InEther’scase,theforkwasawaytofixahackerattack.EtherClassichasamarketcapitalizationof$2billionasofJune26,2017,whichmakesitthefifth-most-valuablecryptocurrency.EventhoughEtherandEtherClassictechnicallycamefromthesamesourcecode,theyarenotcompatiblewitheachother,andthatisgenerallytheaftermathofthehardfork.Atthemoment,themajorityoftheEthereumcommunityhasmovedontothenewchain.

Figure6:MembersoftheEnterpriseEthereumAlliance

Source:EnterpriseEthereumAlliance

Ethereumisaplatformthatrunssmartcontracts,whichenabledeveloperstocodeandprogramtransactions.EthereumhasitsownnativetokenscalledEther(ETH),whichactasthe“fuel”whichpowersthetransactionswithintheEthereumplatform.

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TheFutureofEthereumEthereumdevelopersareplanningaswitchfromaProof-of-WorkconsensusmodeltoaProof-of-Stakeconsensusmodelinthefuture.

Theproof-of-workmodelusedbyBitcoinworksbyrewardingminersforprocessingcomplexalgorithms.AnewBitcoinblockiscreatedeverytimeaminerfindsasolution.Thedifficultyofthealgorithmadjustssothatnewblockscanbecreatedonceevery10minutes.Thedrawbackofthismodelisthatitconsumeslargeamountsofenergyandcomputerprocessingpower.

Theproof-of-stakemodelisconceptuallydifferent,asnewblocksarerandomlyordeterministicallygeneratedandattributedtothestakeholdersparticipatingonthenetwork,whoprovethattheyhaveownership,orastake,inthesystem.Thisisamoreefficientandcheaperwaytoproducenewblocksonablockchain.

OurTakeAsacurrency,EtherhassomeuniqueadvantagesoverBitcoin.ThemajoroneisthatitistiedtothegrowthofEthereum.IfEthereumprovestobeaviableenterpriseplatform,thenthevalueofEtherwillincreasedramatically.

RippleRippleisareal-timetransactionsolutionbasedonblockchaintechnologythatenablesbankstosendpaymentsacrossnetworks.ItisdifferentfromBitcoinandEthereuminthatitisaprivateblockchainthatservesanumberofbanksworldwide.Rippleprimarilyaimstoimproveandspeeduptheprocessesrelatedtofinancialtransactions.Ripple’sdigitalcurrencyiscalledtheRippleXRP.

Figure7.ListofClients

Source:Ripple

OurTakeSurprisingly,RippleXRP’svaluationreachedamarketcapofaround$11billion,asof26June,withonly$0.3billiondailytradingvolumeonaverage.Theliquidityisrelativelylow,despiteitbeingthethird-largestcryptocurrencybymarketcapitalization.XRP’ssupplyislimitedto100billionXRP,withonlyaportionofitcurrentlyincirculation.Ripple,the

Ethereumdevelopersareplanningaswitchfromaproof-of-workconsensusmodeltoaproof-of-stakeconsensusmodelinthefuture.Putsimply,thismeansEthereumisgoingfromaconcepttorealpractice.

GovernanceofRippleisthebiggestconcernaboutinvestinginitsdigitalcurrency,theRippleXRP.

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startupbehindXRP,ownsover60%ofRipplecoins(RipplesorXRP)incirculation,whichmadethecompanyextremelyvaluableovernight.However,thishasalsoraisedquestionsaboutthegovernanceoftheblockchain.OnMay16,2017,Rippleannouncedthatitwouldplace55billionXRPintoacryptographically-securedescrowaccountforaperiodofatleastfour-and-a-halfyearsandreleaseabillionXRPintothemarketeverymonth.

LitecoinThemarkethaswidelyrecognizedLitecoinasacloneofBitcoin,duetothesimilarityofthetwodigitalcurrencies,butwhileBitcoinisthe“gold”Litecoinisthe“silver.”Litecoinwasfoundedin2011andpositioneditselfasaprovenmediumofcommercecomplementarytoBitcoin.However,LitecoinhasadifferentminingalgorithmwhichensuresfastertransactionspeedscomparedwithBitcoin.ThepriceofLitecoinwasonly2%ofBitcoin’s,asofJune20,2017,astheacceptancelevelandthesizeofitsuserbaseisstillfarawayfromthoseofBitcoin.

Source:litecoin.org

OurTakeWhilewethinkLitecoinmayneversurpassBitcoininpopularityormarketcapitalization,wedobelievethedigitalcurrencyiswellpositionedasanalternativetoBitcoin.

ConclusionAlthoughthepricesofthevariouscryptocurrenciesarestillhighlyvolatile,thefoundationalprincipalsbehindtheirexistenceandapplicationsaresolid.Whilewethinkwearealongwayoutbeforethemassmarketacceptsanyparticularcryptocurrencyasanalternativetofiatmoney,theideaofdecentralizeddistributedledgersisrevolutionary,andthetrendofdigitalcurrencyadoptioncertainlydeservesattention,asitcarriesthesignificantdisruptivepotentialtocommerceatlarge.

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DeborahWeinswig,CPAManagingDirectorFungGlobalRetail&TechnologyNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comSimicChanSeniorResearchAssociateHongKong:8thFloor,LiFungTower888CheungShaWanRoad,KowloonHongKongTel:85223004406London:242-246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988NewYork:1359Broadway,18thFloorNewYork,NY10018Tel:6468397017

FungGlobalRetailTech.com

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Deep Dive— Blockchain Mini-Series: Cryptocurrencies · This is the first of two reports in our Blockchain Mini-Series, which ... storing value, serving the same purpose as fiat