Blockchain technology allows for direct peer-to-peer transactions without an intermediary. It uses cryptography and a digital ledger called a blockchain to securely record transactions. Blockchain has the potential to disrupt many industries by facilitating new types of digital transactions and decentralized organizations. It may transform how value is captured, stored and exchanged online.
3. A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going
through a financial institution. Digital signatures provide part of the
solution, but the main benefits are lost if a trusted third party is still
required to prevent double-spending. The network timestamps
transactions by hashing them into an ongoing chain of hash-based
proof-of-work, forming a record that cannot be changed without
redoing the proof-of-work.
Satoshi Nakamoto
Bitcoin - Whitepaper
1996 Dr. Brent Townshend invented the 56K dial-up modem
Shortly after that lots of ‘Internet Companies’ started to appear – if you had a website you called yourself an Internet Company
1998 ISP
- bitcoin was not the first virtual currency
- bitcoin was not the first cryptographic currency
First cryptographic currency : DigiCash in 1989
bitcoin first decentralized cryptocurrency
Bitcoin whitepaper does not mention ‘blockchain’ – just like Tim Berners-Lee did not mention ‘world wide web’ when creating HTML
8 pages
William Stanley Jevon, 1875 - same year that Alexander Graham Bell invented the telephone
Fiat money is a currency without intrinsic value established as money, often times by government regulation.1792 – Federal Reserve Notes.
Nixon 1971. Same Year Germany left Bretton Woods.By 1973, the Bretton Woods ( fixed exchange rate of $35 per ounce) system was replaced de facto by the current regime based on freely floating fiat currencies.
cryptocurrencies include 6: Bitcoin Cash, Dash, Decred, Litecoin, Monero and Zcash
Amazon: via BitPay
Expedia: via Coinbase
‘ FAT Protocol’ term created by Joel Monegro, Union Square Ventures Blog, August 2016
- Turing: general purpose computer
Smart contracts allow the performance of credible transactions without third parties.
Smart contracts were first proposed by Nick Szabo, who coined the term, in 1994.
An oracle is an agent that finds and verifies real-world occurrences and submits this information to a blockchain to be used by smart contracts.
TYPES: Software; Hardware; Inbound; Outbound
AirBnb: 9,000 employees
Uber: 12,000 employess
True anonymity requires unlinkability, such that an attacker's examination of the pseudonym holder's message provides no new information about the holder's true name.
15 locations in greater San Diego area
The world's largest futures exchange: Chicago Mercantile Exchange CME, announces it has completed self-certification with the Commodity Futures Trading Commission to launch its bitcoin futures contract on Dec. 18.
Several smaller exchanges are already trading bitcoin futures.