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Lec 9: Regulation 1. Open Banking Two important regulations in Europe and UKEU and UK legislation history • July 2013: EU Commission proposal to revise Payment Services Directive (PSD). • November 2015: EU Parliament/Council adopts revised Payment Services Directive, known as PSD2. • 13 January 2018: EU member states must comply with PSD2. UK regulation version known as Open Banking.  “Open Banking” is UK version..
Practical Lecture 7: NFT & Open banking 1. MotivationConcept of non-fungible tokens (NFTs) not newOwning collectables • Physical assets: - Art, cars, wine, trading cards (Pokémon, sports, etc.) • Digital assets - Online computer game “skins” 1. ๋™๊ธฐ๋Œ€์ฒด ๋ถˆ๊ฐ€๋Šฅ ํ† ํฐ(NFT)์˜ ๊ฐœ๋…์€ ์ƒˆ๋กœ์šด ๊ฒƒ์ด ์•„๋‹ˆ๋‹ค์†Œ์žฅํ’ˆ ์†Œ์œ :๋ฌผ๋ฆฌ์  ์ž์‚ฐ:์˜ˆ์ˆ  ์ž‘ํ’ˆ, ์ž๋™์ฐจ, ์™€์ธ, ํŠธ๋ ˆ์ด๋”ฉ ์นด๋“œ(ํฌ์ผ“๋ชฌ, ์Šคํฌ์ธ  ๋“ฑ)๋””์ง€ํ„ธ ์ž์‚ฐ:์˜จ๋ผ์ธ ์ปดํ“จํ„ฐ ๊ฒŒ์ž„์˜ "์Šคํ‚จ"Digital artists could not sell their art in traditional waysProblem with digital assets: ..
Lec 8: AI & Robo Advice 1. Artificial intelligence (AI) – the beginningArtificial intelligence (AI) came up ~70 years agoAI research has been around for a long time • Golden age of science fiction (1938—1946).  - Three laws of robotics (Isaac Asimov). • Alan Turing, 1950, “Computing Machinery and Intelligence.” - how to build intelligent machines and how to test their intelligence -> Imitation game = Turing Test.  • Da..
Practical Lecture 6: Deep Learning 1. Deep learning simplification๋”ฅ๋Ÿฌ๋‹์€ ์ธ๊ณต์ง€๋Šฅ(AI)์˜ ํ•œ ๋ถ„์•ผ๋กœ, ์ธ๊ณต์‹ ๊ฒฝ๋ง์„ ์‚ฌ์šฉํ•˜์—ฌ ๋ฐ์ดํ„ฐ์—์„œ ํŒจํ„ด์„ ํ•™์Šตํ•˜๋Š” ๋ฐฉ๋ฒ•์ž…๋‹ˆ๋‹ค. ๋”ฅ๋Ÿฌ๋‹์€ ๋งŽ์€ ์ž…๋ ฅ์ธต๊ณผ ์ถœ๋ ฅ์ธต, ๊ทธ๋ฆฌ๊ณ  ๊ทธ ์‚ฌ์ด์— ์—ฌ๋Ÿฌ ๊ฐœ์˜ ์ˆจ๊ฒจ์ง„ ์ธต(hidden layers)์œผ๋กœ ๊ตฌ์„ฑ๋ฉ๋‹ˆ๋‹ค. ์ด๋ฅผ ํ†ตํ•ด ๋ณต์žกํ•œ ๋ฐ์ดํ„ฐ ํŒจํ„ด์„ ์ธ์‹ํ•˜๊ณ  ์˜ˆ์ธกํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. Deep learning is a branch of artificial intelligence (AI) that uses artificial neural networks to learn patterns from data. Deep learning consists of many input layers, output layers, and several hidden layers in..
Lec 7: Initial Coin Offering [ICOs] 1. ICOsTokens can be classified into four typesWhat is a coin? • This is extremely unclear. - Most “initial coin offerings” are actually sales of tokens, not coins.• Four types of tokens seem to circulate 1. Payment tokens = cryptocurrencies = coins. 2. Utility tokens. 3. Security tokens for underlying assets (e.g. gold). 4. Non-fungible token (NFT). Of course, any of these could be an investmen..
Lec 6: Crowdfunding / ํฌ๋ผ์šฐ๋“œํŽ€๋”ฉ 1. Traditional ways of raising capitalTwo major ways to raise equity for private firms - 1.1 Brief note on Venture Capital (VC) Unlisted firms have different options to raise equityEquity financing over the firm's life cycleUnlisted firmsListed firms- Angel investors- Venture Capital - Institutional investors- Corporate investors- IPO- Private placement (to small group of investors)- Right issue..
Why economic growth fails to explain the well-being of society Why economic growth fails to explain the well-being of society Economic growth, as measured by an increase in the real gross domestic product (GDP), is an essential indication of a country's level of economic activity (Smith and Dyer, 2019, p.307). However, because GDP only reflects quantitative growth, it is limited in regard to qualitative aspects, such as well-being and development. Moreover,..
Brimore Engineering LTD Report Brimore Engineering LTD Report Brimore Engineering (BE) is a small engineering private limited company founded in 1987 by the Brimore family. It manufactures and distributes automotive components to other firms. Concerning recent declines in profitability and sales of the most profitable product, XT345, the marketing director advised the board that product mix analysis and marketing strategy res..
Lec 5: Altcoins / ์•ŒํŠธ์ฝ”์ธ์ด๋ž€? 1. Blockchain 2.0 Satoshi Dice's first example of alternative Bitcoin use Example: “Distributed gambling” (2012) Send BTC to a special address that guarantees odds of winning → defined threshold similar to BTC target. Lucky number: - Take hash of (transaction hash + secret daily key) - Take the first four characters of hash - Convert to decimal number → will be Often involving automated payments..
Practical Lecture 3: Mining Technology and Industry 1. Mining Process BTC miners are bookkeepers rather than workers Mining = competitive bookkeeping • Creation of new bitcoins in each block almost like a central bank printing new money (but the total amount of bitcoins to be created is fixed at 21 million). - Creation of trust by ensuring that transactions are confirmed only when enough computational power is devoted to the block that contains t..
Lecture 4: Blockchain Governance / ๋น„ํŠธ์ฝ”์ธ ํ•œ๊ณ„์  & ํ•˜๋“œํฌํฌ๋ž€? Blockchain Governance and Dispute Resolution ๋ธ”๋ก์ฒด์ธ ๊ฑฐ๋ฒ„๋„Œ์Šค & ๋ถ„์Ÿ ํ•ด๊ฒฐ 1. Blockchain forks Blockchain forks can occur spontaneously from mining Chain split (short-lived forks) ๋ธ”๋ก์ฒด์ธ ํฌํฌ๋Š” ์ฑ„๊ตด ๊ณผ์ •์—์„œ ์ž์—ฐ์Šค๋Ÿฝ๊ฒŒ ๋ฐœ์ƒํ•  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด๋Š” ์ฒด์ธ ๋ถ„ํ• (๋‹จ๊ธฐ ํฌํฌ)์ด๋ผ๊ณ ๋„ ๋ถˆ๋ฆฝ๋‹ˆ๋‹ค. ์˜ˆ๋ฅผ ๋“ค์–ด, ๋‘ ๋ช…์˜ ์ฑ„๊ตด์ž๊ฐ€ ๋™์‹œ์— ๋ธ”๋ก 3์„ ํ•ด๊ฒฐํ–ˆ๋‹ค๊ณ  ๊ฐ€์ •ํ•ด ๋ณด๊ฒ ์Šต๋‹ˆ๋‹ค. Assume two miners solve block 3 at the same time. ์ปค๋ฎค๋‹ˆํ‹ฐ์˜ ์ ˆ๋ฐ˜์€ 3a๋ฅผ, ๋‚˜๋จธ์ง€ ์ ˆ๋ฐ˜์€ 3b๋ฅผ ์ฑ„ํƒํ•ฉ๋‹ˆ๋‹ค. Half the community adopts 3a, and the oth..
Practical Lecture 2: Logic & Mining / ์ฑ„๊ตด์ด๋ž€? 1. Satoshi Dice Casino house edge typically done via payoff ํ•˜์šฐ์Šค ์—์ง€(House Edge, HE): ์นด์ง€๋…ธ๋‚˜ ๋„๋ฐ• ๊ฒŒ์ž„์ด ํ”Œ๋ ˆ์ด์–ด์— ๋น„ํ•ด ๊ฐ€์ง€๋Š” ์ด์ต์˜ ๋น„์œจ. ๊ฒŒ์ž„๋งˆ๋‹ค ๋‹ค๋ฅด๋ฉฐ, ํ•˜์šฐ์Šค ์—์ง€๊ฐ€ ๋†’์„์ˆ˜๋ก ํ”Œ๋ ˆ์ด์–ด๊ฐ€ ์žฅ๊ธฐ์ ์œผ๋กœ ์†์‹ค์„ ๋ณด๋Š” ๋น„์œจ์ด ๋†’์•„์ง‘๋‹ˆ๋‹ค. Casino house edge (house advantage) ํ”Œ๋ ˆ์ด์–ด ์ˆ˜์ต๋ฅ (Return to Player, RTP): ํ”Œ๋ ˆ์ด์–ด๊ฐ€ ์žฅ๊ธฐ์ ์œผ๋กœ ๊ฒŒ์ž„์—์„œ ๋Œ๋ ค๋ฐ›์„ ์ˆ˜ ์žˆ๋Š” ๊ธˆ์•ก์˜ ๋น„์œจ์ž…๋‹ˆ๋‹ค. ์ด๋Š” 1์—์„œ ํ•˜์šฐ์Šค ์—์ง€๋ฅผ ๋บ€ ๊ฐ’๊ณผ ๊ฐ™์Šต๋‹ˆ๋‹ค. ์˜ˆ์ œ: ๋™์ „ ๋˜์ง€๊ธฐ: ์Šน๋ฆฌ ํ™•๋ฅ ์ด 50%์ธ ๊ฒฝ์šฐ, 1๋‹ฌ๋Ÿฌ๋ฅผ ๋ฒ ํŒ…ํ•ด์„œ ์ด๊ธฐ๋ฉด 1๋‹ฌ๋Ÿฌ๋ฅผ ๋ฐ›๊ณ , ์ด์ง€๊ธ‰์•ก์€ 2๋‹ฌ๋Ÿฌ๊ฐ€ ๋ฉ๋‹ˆ๋‹ค. ์ด ๊ฒฝ์šฐ RTP๋Š” 100%, ํ•˜์šฐ์Šค ์—์ง€๋Š” 0%์ž…๋‹ˆ..

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