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Blockchain101firstmeetup
- 1. Blockchain 101 Social Media : Steemit ● Steemit Key Components • Blogging/Posting Platform • Valued and curated by community in SMD, creates STEEM and SMD • Curation • Earn STEEM, creates STEEM • Currency • Steem Dollars (SMD), market-pegged via STEEM exchanges, price feeds, creation and inflation rules • STEEM Exchanges : Bittrex,OpenLedger,Blocktrades,Poloniex,ShapeShift • SMD → STEEM/SMD → BTC/STEEM → USD/BTC, • e.g. 1 SMD → 0.729 STEEM/SMD → 0.000389 BTC/STEEM → 3340.51 USD/BTC = • 1 x .729 x .000389 x 3340.51 = 0.947 USD as of 8/9/2017 • Wallet • Public, Keys: Owner, Active, Posting • Mobile: Android: BlockPay, Smartcoins • Mobile @ Android, eSteem • Inter-SocialNets – Network Power, reason for long account validation period ● Centralized Competition • Facebook, Reddit, etc. → Revenue on blockchain??? ● Ponzi
- 2. Blockchain 101 Basics ● Blockchain Basics • Common Functions • Distributed Database (i.e. DDoS resistant, decentralized, recoverable) • P2P Network (i.e. size drives many factors and metrics, price and volume) • Signed Transactions (i.e. cryptographic functions and controls, native currency) • Publicly Transparent and Open (i.e. market-driven price discovery) • Non-Censored, Permanent, and Freely Available (i.e. community built tools and derived products, Rule of Law in Code) • Consensus Mechanism (i.e. PoW, PoS, DPoS) • Finalization and Confirmation Mechanism (i.e. longest chain, fork mitigation) • Unique Functions • Drives true value versus market value • Examples: (blockchain → unique function) • Bitcoin→Reserve • Bitshares → Exchange • Steemit → Social • Peerplays → Prediction • Gridcoin → Computing • Ethereum → Platform • EOS → Platform • MaidSafe → Storage/Internet • IPFS → Internet • BlockPay → Point of Sale
- 3. Blockchain 101 Quick Look ● Easy Buttons • Arbitrage • Automated Bots amongst exchanges, e.g. BTS/BTC pair between Poloniex, Openledger, and Bittrex • EOS ICO rounds vs EOS token exchanges • Inter-Cryptocurrency trading on rising floor • Bitcoin trading drives entire crypto space • Mitigates risk on holding a particular currency until a trade becomes profitable ● Uneasy Buttons • SEC rulings on ICOs, Bitfinex news • Regulations and compliance • Banking, Insurance, Money transmitter, KYC, AML, DoJ, DoT
- 4. Blockchain 101 Centralized to Decentralized Gaps ● Centralized systems that would perform better decentralized • Middle layers which exists because of limited access, private channels, i.e. any industry using brokers or agents • Central aggregation concentrates wealth to owners whereas decentralized aggregation distributes wealth across the network on a wider, fairer, and more open basis • City governments and municipalities • Real-time tracking of funding and transactions, on-demand auditing • Regulators and agencies • Identity tied to crypto ID, private between Government and you • Create an optional crypto ID through which to pay taxes for every citizen