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Bitcoin:
Theoretical Principles
Gilles Barbier, partner @TheFamily
Oussama
Alice
one thousand
1000
Recipient Amount
AuthentificationAlice’s bank account
Digital version
reuse
modify
emulate
no_money
alice@thefamily.co
oussama@thefamily.co
Using Private & Public keys
Message
Private key
Public key
ea43e18442cc4
e511cd2c8c58c
25ef5c181a5d7
dfb65c8e2873e
b6f4ec7...
Authenticate a email check
ea43e18442cc4
e511cd2c8c58c
25ef5c181a5d7
dfb65c8e2873e
b6f4ec73aaae
Public keyPrivate key
reuse
modify
emulate
no_money
A Bitcoin Transaction
From:
To :
Amount : 2.5
ea43e18442cc4e511cd2c8c58c25ef5c1
81a5d7dfb65c...
In real world, you use a wallet
Private key
> record transactions (avoid duplication)
> manage balance (check you have money)
> guarantee ‘honesty’
> record transactions (avoid duplication)
> manage balance (check you have money)
> guarantee ‘honesty’
Blockchain :)
What is the blockchain?
time
How to alter the blockchain?
• A fraudulent miner CAN NOT
• create or modify a valid
transaction from someone else
• A fra...
Decentralised consensus
• Proposed by Satoshi
Nakamoto (2008):
• Emergent consensus:
consensus is guaranteed only
after so...
Decentralised consensus
• independent verification of all new
transactions by all miner
• independent aggregation of those
...
It’s a bit more complicated
than that :)
Mining
Find a hash of
* new transactions
* previous block id
* random number
<= 0...
Blockchain Convergence
two concurrent winners =>
a blockchain fork
blockchain converge
blockchain
theoretical
attack
reuse
modify
emulate
no_money
Bitcoin Transaction
From:
To :
Amount : 2.5
ea43e18442cc4e511cd2c8c58c25ef5c1
81a5d7dfb65c8e...
Why 21m bitcoins?
• Miner reward at t0 = 50 bitcoins
• Time to generate a block: 10 min
• Halving rate: 4 years
• 50 +50 +…+ 25 + 25 + … 12....
Farm
Pool
Altcoins
Blockchain
Thanks
@gillesbarbier
Technical Introduction to Bitcoins by Gilles Barbier, Partner at TheFamily
Technical Introduction to Bitcoins by Gilles Barbier, Partner at TheFamily
Technical Introduction to Bitcoins by Gilles Barbier, Partner at TheFamily
Technical Introduction to Bitcoins by Gilles Barbier, Partner at TheFamily
Technical Introduction to Bitcoins by Gilles Barbier, Partner at TheFamily
Technical Introduction to Bitcoins by Gilles Barbier, Partner at TheFamily
Technical Introduction to Bitcoins by Gilles Barbier, Partner at TheFamily
Technical Introduction to Bitcoins by Gilles Barbier, Partner at TheFamily
Technical Introduction to Bitcoins by Gilles Barbier, Partner at TheFamily
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Technical Introduction to Bitcoins by Gilles Barbier, Partner at TheFamily

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Bitcoin's promise of a world with virtual money is now famous: from being decentralized, low cost, to secured one question remains?
How does Bitcoin make these miracles still happen?

Not only will this workshop give you an in depth look at Bitcoin but you'll be able to use it wisely.

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Technical Introduction to Bitcoins by Gilles Barbier, Partner at TheFamily

  1. 1. Bitcoin: Theoretical Principles Gilles Barbier, partner @TheFamily
  2. 2. Oussama Alice one thousand 1000 Recipient Amount AuthentificationAlice’s bank account
  3. 3. Digital version reuse modify emulate no_money alice@thefamily.co oussama@thefamily.co
  4. 4. Using Private & Public keys Message Private key Public key ea43e18442cc4 e511cd2c8c58c 25ef5c181a5d7 dfb65c8e2873e b6f4ec73aaae hash Public keys
  5. 5. Authenticate a email check ea43e18442cc4 e511cd2c8c58c 25ef5c181a5d7 dfb65c8e2873e b6f4ec73aaae Public keyPrivate key
  6. 6. reuse modify emulate no_money A Bitcoin Transaction From: To : Amount : 2.5 ea43e18442cc4e511cd2c8c58c25ef5c1 81a5d7dfb65c8e2873eb6f4ec73aaae readable instruction + hash obtained from Alice private key Alice Oussama public keys as accounts identification
  7. 7. In real world, you use a wallet Private key
  8. 8. > record transactions (avoid duplication) > manage balance (check you have money) > guarantee ‘honesty’
  9. 9. > record transactions (avoid duplication) > manage balance (check you have money) > guarantee ‘honesty’
  10. 10. Blockchain :)
  11. 11. What is the blockchain? time
  12. 12. How to alter the blockchain? • A fraudulent miner CAN NOT • create or modify a valid transaction from someone else • A fraudulent miner COULD • remove a transaction • modify its own transactions • include an invalid transaction (syntax or double spend) time
  13. 13. Decentralised consensus • Proposed by Satoshi Nakamoto (2008): • Emergent consensus: consensus is guaranteed only after some time (typically about 1h)
  14. 14. Decentralised consensus • independent verification of all new transactions by all miner • independent aggregation of those transactions into a new “block”. • “random” selection of one of these new blocks (one miner wins a “lottery”) • independent verification of this new block by all other miners • independent aggregation of this new block to the blockchain • independent selection of the “official” blockchain as the longest if any fork occurred
  15. 15. It’s a bit more complicated than that :) Mining Find a hash of * new transactions * previous block id * random number <= 0000000??????? (“difficulty”)
  16. 16. Blockchain Convergence two concurrent winners => a blockchain fork blockchain converge blockchain theoretical attack
  17. 17. reuse modify emulate no_money Bitcoin Transaction From: To : Amount : 2.5 ea43e18442cc4e511cd2c8c58c25ef5c1 81a5d7dfb65c8e2873eb6f4ec73aaae hashing message with Alice private key Alice Oussama
  18. 18. Why 21m bitcoins?
  19. 19. • Miner reward at t0 = 50 bitcoins • Time to generate a block: 10 min • Halving rate: 4 years • 50 +50 +…+ 25 + 25 + … 12.5 + 12 + …etc • = 50*(1+1/2+1/4+1/8+…)*(4*365*24*6) = 21m !
  20. 20. Farm
  21. 21. Pool
  22. 22. Altcoins
  23. 23. Blockchain
  24. 24. Thanks @gillesbarbier

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