Module 7 · Alternative Investments

Introduction to Digital Assets

EN: Distributed ledger technology, crypto categories, and access vehicles.
VN: Blockchain, các loại crypto và cách tiếp cận.

1. Distributed Ledger Technology (DLT) Concept

About: Blockchain links blocks via hashes; tamper-resistant. Consensus via PoW or PoS. Smart contracts run on Ethereum, Solana etc. Permissioned vs permissionless.Tóm tắt: Blockchain, PoW/PoS, smart contract, permissioned/permissionless.

Blockchain Linked blocks of transactions; tamper-resistant via hashes.
Consensus Proof of Work (Bitcoin) vs Proof of Stake (Ethereum post-merge).
Smart contracts Self-executing code on blockchain (Ethereum, Solana).
Permissioned vs permissionless Open public chains vs restricted enterprise chains.

2. Categories of Digital Assets Concept

About: Cryptocurrencies (BTC, ETH), stablecoins (fiat-pegged), tokens (utility/security/governance), NFTs (unique), CBDCs (central-bank).Tóm tắt: Cryptocurrency, stablecoin, token, NFT, CBDC.

Cryptocurrency BTC, ETH — transfer/store of value.
Stablecoin Pegged to fiat (USDT, USDC) or algorithmically managed.
Tokens Utility, security, governance tokens.
NFT Non-fungible — unique digital asset (art, collectibles, IP).
CBDC Central-bank digital currency.

3. Investment Vehicles Concept

About: Direct (exchange + custody), spot ETF (holds underlying), futures ETF (roll yield drag), crypto stocks (miners, exchanges).Tóm tắt: Direct, spot ETF, futures ETF (roll drag), crypto stocks.

Direct Buy via exchange (Coinbase, Binance) — wallet + custody risk.
Spot ETF Holds underlying crypto (BTC, ETH).
Futures ETF Holds futures contracts — subject to roll yield drag.
Crypto stocks Equity in crypto-related companies (miners, exchanges).

Practice problem Practice

Practice problem

A token is pegged 1:1 to USD via reserves of cash and short-term Treasuries. Which category?

Show solution

Stablecoin: pegged to fiat.

Reserve-backed (vs. algorithmic).

Reserve-backed stablecoin (e.g. USDC, USDT)