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Presentation slide / corporate briefing document
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1.26 MB
Summary
This document is a presentation slide produced by the Goldman Sachs Investment Management Division titled 'What is a Cryptocurrency and Why is Blockchain Technology Important?'. It outlines the common features of cryptocurrencies (Digital, Decentralization, Open Source, Distributed Consensus, Pseudonymity, Cryptography) and defines key concepts like blockchain and mining. The document bears the Bates stamp 'HOUSE_OVERSIGHT_025669', indicating it was obtained as part of a US House Oversight Committee investigation, likely regarding financial institutions' relationships with Jeffrey Epstein.
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Key Quotes (2)
"A cryptocurrency is a decentralized digital coin. It allows users to make transactions and store money in a secure and synonymous manner."Source
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"Mining solves the “double-spending” problem that had plagued previous attempts to implement a digital currency."Source
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What is a Cryptocurrency and
Why is Blockchain Technology Important?
Investment Management Division
Goldman Sachs
Why is Blockchain Technology Important?
Investment Management Division
Goldman Sachs
Common Features of Cryptocurrencies
Common Features of Cryptocurrencies | Attributes
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Digital | Coin ownership is represented by entries on a digital ledger, not by a physical token.
Decentralization | No single entity controls the currency.
Open Source | All source code is available freely online.
Distributed Consensus | Each cryptocurrency uses a method for obtaining consensus on ownership without a central arbiter.
Pseudonymity | Coin ownership is not linked to real-world identities within the blockchain.
Cryptography (computerized encoding) | Several cryptographic techniques are used to verify transactions, protect identities, and limit supply.
--- | ---
Digital | Coin ownership is represented by entries on a digital ledger, not by a physical token.
Decentralization | No single entity controls the currency.
Open Source | All source code is available freely online.
Distributed Consensus | Each cryptocurrency uses a method for obtaining consensus on ownership without a central arbiter.
Pseudonymity | Coin ownership is not linked to real-world identities within the blockchain.
Cryptography (computerized encoding) | Several cryptographic techniques are used to verify transactions, protect identities, and limit supply.
▪ A cryptocurrency is a decentralized digital coin. It allows users to make transactions and store money in a secure and synonymous manner.
▪ All cryptocurrency transactions are recorded chronologically on a blockchain, which acts as the critical infrastructure underlying a cryptocurrency.
▪ The process of verifying transactions and ensuring the validity of the blockchain is called “mining.”
▪ Mining solves the “double-spending” problem that had plagued previous attempts to implement a digital currency.
▪ All cryptocurrency transactions are recorded chronologically on a blockchain, which acts as the critical infrastructure underlying a cryptocurrency.
▪ The process of verifying transactions and ensuring the validity of the blockchain is called “mining.”
▪ Mining solves the “double-spending” problem that had plagued previous attempts to implement a digital currency.
Source: Investment Strategy Group, http://cryptocurrencyfacts.com/how-does-cryptocurrency-work-2/ .
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