BdxCoin - Blockchain 101 - 09-04-2014

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Une description technique de la blockchain.

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BdxCoin - Blockchain 101 - 09-04-2014

  1. 1. Bienvenue ! @BdxCoin
  2. 2. Blockchain 101 Some tech flavors
  3. 3. ● Yay, crypto ! ● Bitcoins don’t exist ● The blockchain is Mining Summary
  4. 4. because in cryptocurrency, there’s crypto Yay, crypto !
  5. 5. What is a hash ? data1 data2 data1 5b41362bc82b7f3d56e... 5b41362bc82b7f3d56e... d98cf53e0c8b77c14a9...SHA-256
  6. 6. What is a Bitcoin address ? Private key Public key Wallet Allows to spend Bitcoins : Keep it secret ! Used to receive Bitcoins : You can share it !
  7. 7. “My whole life is a lie” - everyone in this room Bitcoins don’t exist
  8. 8. ● There is no “bitcoin balance” stored ● Balances are computed from transaction history Bitcoins are transactions
  9. 9. Transaction : simplified transaction input output fee 5 BTC 4.99 BTC 0.01 BTC
  10. 10. Transaction : less simplified transaction ID inputs output fee 4 BTC 4.5 BTC 0.01 BTC 1 BTC change 0.49 BTC
  11. 11. Transactions are grouped in blocks transaction transaction transaction transaction Block reward transaction
  12. 12. Blocks are chained in... block block block block Blockchain !
  13. 13. time to turn off your heating system Blockchain is mining
  14. 14. ● Need to make sure blocks are not altered ● -> Let’s hash them ! Avoiding double spending
  15. 15. ● Hash the block to make sure it wasn’t altered ● Include hash of the previous block to make sure all the previous blocks weren’t altered ! Block hashing
  16. 16. Block hashing block hash block hash
  17. 17. A simple hash is very fast to make : one can fork the blockchain Problem :
  18. 18. ● Let’s add some difficulty ● The block hash must meet certain requirements ● Difficulty regulates block generation speed Proof of Work
  19. 19. ● Miners try to find a valid block hash ● The first to find it broadcasts it, and gets the reward + the fees ● Without miners, no blockchain Mining
  20. 20. ● bitcoin.pdf ● en.bitcoin.it/wiki/Category:Technical ● live blockchain monitor : blockchain.info More tech details ?
  21. 21. Thank you !

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