비트코인: 금융의 인터넷 (Bitcoin: The Internet of Money)

인터넷 
(Bitcoin:The Internet of Money)
2015. 4. 23.
Prof. Sangkyu Rho
Graduate School of Business
Seoul National University
http://www.slideshare.net/srho/bitcoin-the-internet-of-money-47354175

(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Who’s Sangkyu Rho?
Profession:
• 서울대 경영대 교수 since 1995
• 서울대 경영대 MBA부학장 from 2013 to 2014
• 오가닉미디어랩(www.organicmedialab.com) 공동 운영 since 2013
Interests:
• Data Knowledge
• Social Network
Contacts:
• srho@snu.ac.kr
• Facebook: sangkyu.rho
• LinkedIn: Sangkyu Rho
• Twitter: @srho77
2

“Bitcoin is Evil!”
http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/
3

“It’s about the platform, not
the currency, stupid!”
4
http://thenextweb.com/insider/2014/02/15/bitcoin-platform-currency/

Bitcoin
Future of money?
What is mining?
Anonymous?
Why does it matters?
5

Future of Money?
6

What is Bitcoin?
Digital Currency
• bitcoin
Fully distributed and decentralized payment
network
• We are the bank! (Peer-to-peer network)
Platform (OS) for ﬁnancial innovations
• Internet of Money
7

Digital Currency
Bitcoin is a chain of digital signatures*
Is bitcoin money?
• A medium of exchange?
• A unit of account?
• A store of value?
8
* Sathoshi Nakamoto,“Bitcoin:A Peer-to-Peer Electronic Cash System,” 2008

“We are the Bank!”
9
Miner
User
Organic Media Lab 2014
http://organicmedialab.com/2014/02/22/we-are-a-bank-in-bitcoin/

Internet of Money
Mechanism to prevent double spending without
trusted 3rd parties such as banks
Containers to store value (e.g., money,
signatures, contracts, stocks, bonds, even cars)
New ways to collaborate
Open sourced
10

What is Mining?
11

Trust By Computation
Blockchain
• The public ledger of bitcoin transactions
• A chain of blocks (beginning from the genesis block)
• Can be browsed by blockchain browsers (e.g., http://
blockchain.info)
Proof of works
• What miners do
• To prevent bad guys from modifying blockchain
Public key encryption
12

Block
13

Bitcoin Mining: Proof of Work
14
Finding nonce that satisﬁes the difﬁculty target
http://organicmedialab.com/2014/01/11/virtuous-cycle-of-bitcoin-mining/

Two Sides of Mining
To secure the blockchain
• If good guys bad guys
To supply new bitcoins
• As awards to miners who ﬁrst provide proof of
work.
15

Virtuous Cycle of Bitcoin Mining
16
http://organicmedialab.com/2014/01/11/virtuous-cycle-of-bitcoin-mining/

Anonymous?
17

Bitcoin Transactions in Blockchain
18

Bitcoin is a Link
19

Bitcoin is a Link
20

Bitcoin is a Network
21

Bitcoin is a network
22

Bitcoin Transactions are Pseudonymous
사적인 익명성
• No private information is shared
공적인 투명성
• Every transaction is traceable from the beginning
to the end.
23

Why does it matter?
24

Bet with a Friend
Me Friend
Another Friend
$100
over a billiard game
25
Can I trust my friends?

Solution in Bitcoin:  
Multi-signature Transactions*
Me Friend
Another Friend (Arbitrator)
2-of-3 signature
account1 BTC 1 BTC
26
* https://bitcoinmagazine.com/11108/multisig-future-bitcoin/

Bitcoin as Platform (OS) for
Innovation
“PC in 1975, the Internet in 1993, and Bitcoin
in 2014” – Marc Andreessen
It is a “transport layer” for ﬁnance.
“Programmable money”
27

Applications for Bitcoin
Payment Network
• International money transfer
• Banking the unbanked
• Microtransactions
Platform for Innovation
• Decentralized exchange for currencies and assets (e.g., Bitshares)
• Decentralized application platform (e.g., Ethereum)
• Bitcoin + IoT (e.g., IBM ADEPT)
28

Conclusion
More than digital money
Much more transparent than we think
Disruptive innovation in ﬁnancial industry
Innovative way of economic mass-
collaborations
29

Bonus: How Can I Use?
30

What you need to know
Bitcoin Exchange
• Bitstamp, Mt. Gox (now bankrupt), …
• Korbit
Bitcoin Wallet
• Client: Multibit
• Service: Coinbase, Blockchain
Bitcoin Transactions
• Public key encryption
• Digital signature
31

32

Bitcoin addresses are public keys
Bitcoin transactions are digital signatures
33

(CC BY-SA 3.0) Sangkyu Rho, SNU Business School 34
http://organicmedialab.com/2014/02/20/bitcoin-addresses-transactions-and-wallets/

(CC BY-SA 3.0) Sangkyu Rho, SNU Business School 35
http://organicmedialab.com/2014/02/20/bitcoin-addresses-transactions-and-wallets/

What you have in your
wallet?
Bitcoin?
Essentially, bitcoin addresses and matching
private keys
• Protect your wallet with a secure password
• Backup your wallet data
36

비트코인: 금융의 인터넷 (Bitcoin: The Internet of Money)

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