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Blockchain for Beginners: Blockchain history, state of development, outlook & current challenges #bitcoin #ethereum #smartcontracts
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Blockchain Explained
1. Blockchain
State of Dev, Outlook & Challenges
BlockchainHub ■ Dr. Shermin Voshmgir ■ April 14, 2017
2. Internet
of
Value
Internet of Information
TCP/IP = communication protocol
revolutionized the way we exchange
information
aka ‘Information Data Highway’
1st use case: Email
Internet of value
Blockchain = value exchange protocol
can transform business, economy &
politics with smart contracts as a basis
for peer to peer transactions.
1st use case: Bitcoin
3. History
Bitcoin
Financial Crisis
September 15th 2008
Collapse of Lehman Brothers
Nadir of the financial crisis
-> Unique point of failure
Bitcoin White Paper
October 31st 2008
Satoshi Nakamoto published the white
paper for what he called bitcoin
-> Crypto Currency
that distributes trust
gets rid of
Unique point of failure
12. Shared,
Trusted,
Public,
Ledger of Transaction
That everyone can inspect
No single user controls
● Shared: Every node in the P2P
Network is client as well as server,
holding identical copies of the
application state.
● Trusted: Game Theory is used to
model Economic incentive, for
each node in the network to verify
the transactions according to
protocol.
● Public Ledger of Transactions
Cryptography in the form of
Distirbuted Merkle hash trees
guarantee security as well as
privacy
13. Why is Blockchain more tamper resistant than centralized systems?
It’s not enough to manipulate the date on one computer, you have to manipulate the data on a majority
of computers and the older the date, the more blocks you have to go back in time, the more expensive it
become to break the encryption. Input and output are usually out of proportion.
14. Permission/
Verification
By Consensus instead of
Trusted 3rd Party
Each transaction on the blockchain is
verified by all nodes in the network to
be true or false?
If the majority of the nodes in the
network agrees that a certain
transaction is true, it is validated and a
new block is created and added on ‘top’
of the chain.
17. Public Ledger of
Transactions
of the
Trusted 3rd Party?
● Shared
● Trusted
● Public ledger of transactions
● That everyone can inspect
● But which no single user controls
21. Which
Blockchains?
# Bitcoin (1 Smat Contract)
first use case of Blockchain
# Altcoins (Experimental stage)
Single purpose Forks of Bitcoin
# Ethereum (Smart Contract OS)
Universal Operating System where you
can build any type of smart contract
# Private/Consortium Blockchains
Not Blockchains in the traditional
sense, because not censorship
resistant. Rather distributed databases.
22. Ethereum
Crypto Economy
Crypto Law
# Beyond transferring value: Can
verify if a party to a contract has
fulfilled its side of the bargain
# Decentralized virtual machine that
can run any kind of smart contract or
dApp
# Ethereum contracts can be
implemented in various languages,
compiled into bytecode for the
Ethereum Virtual Machine before being
deployed to the blockchain.
29. Banking
blockchains as
record of who owns what
instead a series of internal ledgers
● Bitcoin Blockchain
- transactions (few cent vs. 5-10%)
- faster (m/seconds vs. days)
- censorship resistant (Russia...)
- more secure: hard to quantify
● Fintech Use Case
Santander Bank reckons that it
could save banks up to $20 billion
by 2022
30. eGovernment
● Self Sovereign Identity
● Public Registies: Land
registries,, Marriage
Cerificates,...
● Transparency
● Participation
● eVoting
37. Blockchain
& Law
# Reduction of Compliance und
Controlling Kosten
# Legal Status of Smart Contracts
# Which law applies in a P2P
Network /serverless world
# Legal Status of DAOs and Token
Sales