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Blockchain fundamentals based on bas w_v1.1.pptx
- 1. ain Workspace www.blockchainworkspace.com Blockchain Fundamentals What is it and what isn’t it? Bas Wisselink – bwisselink@blockchainworkspace.com - @DamelonBCWS 06-02-2018 – Paviljoen Meerzicht
- 3. ain Workspace www.blockchainworkspace.com Why blockchain? lockchain in het kort
- 4. ain Workspace www.blockchainworkspace.com I trust someone with power to the extent he is willing to himself by imposing checks and balances on himself. lockchain in het kort
- 5. ain Workspace www.blockchainworkspace.com What is Trust? lockchain in het kort • Based on experience (assessment) • Projected into the future (expectation) • Can be betrayed (uncertainty) • Not limited to persons, you can also trust a “thing”
- 6. ain Workspace www.blockchainworkspace.com Blockchain “Trust” lockchain in het kort • No need to assess: the blockchain proves its • Rules are known: everyone is locked into the • You do not need to know the participant • Rules cannot be circumvented
- 7. ain Workspace www.blockchainworkspace.com A blockchain is a transaction ledger that eliminates the need to “trust” by locking participants into a set of rules from which consensus emerges. lockchain in het kort
- 10. ain Workspace www.blockchainworkspace.com Decentralised Consensus How does it work? ecentralised Consensus
- 12. • Independent verification of each transaction by every full node, based on a comprehensive list of criteria • Independent aggregation of those transactions into new blocks by mining nodes coupled with demonstrated computation through a proof-of-work algorithm • Independent verification of the new blocks by every node and assembly into a cha • Independent selection, by every node, of the chain with the most cumulative computation demonstrated through proof of work (or X) Decentralised Consensus In a Peer-to-Peer Network
- 15. ain Workspace www.blockchainworkspace.com ata & Sharing Data
- 18. ain Workspace www.blockchainworkspace.com Initial Coin Offerings Blockchain and raising capital Bas Wisselink – bwisselink@blockchainworkspace.com - @DamelonBCWS 06-02-2018 – Paviljoen Meerzicht
- 19. ain Workspace www.blockchainworkspace.com By whom: people with an idea For whom: investors Why: when money is needed How: create coin/token on a blockchain How to buy: via a website and exchange What is an ICO?
- 20. ain Workspace www.blockchainworkspace.com ICO is an acronym for Initial Coin Offering ITO is an acronym for Initial Token Offering Since 2013, tokens can be created on Bitcoin and other platforms: Mastercoin Starting 2014, Tokens have been offered on platforms for crowdfunding: XCP, Nxt An ICO offers tokens that are either native to a platform or asset-backed Some Tokens promise to pay shares of the project’s profit: “dividends” What is an ICO?
- 21. ain Workspace www.blockchainworkspace.com ICOs are largely specifically unregulated. Anyone can issue a token A token can be created in just a few minutes Depending on the platform, Tokens can have in-built rules Since 2013, regulators have adopted a hands-off approach to Tokens In 2017, the SEC (USA) and the CSA (CA) have issued first opinions on ICOs ESMA continues to adopt a “watch and see” approach, also due to the EU financial marke being more complex than US and CA. COs and regulation
- 22. ain Workspace www.blockchainworkspace.com The following lists provides some of the more obvious Red Flags for ICOs. This does not mean a project will fail or is a scam, but that the risk is progressively larger. Some of thes Red Flags are also misused to trick you into trust, though Unknown developers and/or founders No cap on ICO No business plan and/or product description (usually per whitepaper) Whitepaper is basically a PR brochure No project milestones No plan for vesting, fund release or any basic accounting ed Flags
- 23. ain Workspace www.blockchainworkspace.com What purpose does the blockchain have in your project? Is your service already offered by a centralized entity? If so, why does decentralizing it make it better? What is the consensus algorithm used by the project and how was it picked? How did you determine the number of coins to be sold? What will you do with unsold tokens? What milestones do you have in place? How will you inform investors when milestones are achieved? Where can I find the source code? Source: https://medium.com/@petehumiston/50-questions-to-ask-when-evaluating-an-initial-coin-offering-ico-82d130501ee0 ample questions for ICOs
- 24. ain Workspace www.blockchainworkspace.com Wallets & Buying Where do I buy? What are Wallets? Bas Wisselink – bwisselink@blockchainworkspace.com - @DamelonBCWS 14-3-2018 Henk van Cann - @henkvancann - Gemeente Leiden
- 25. ain Workspace www.blockchainworkspace.com It’s not a Wallet: it’s a key chain!
- 26. ain Workspace www.blockchainworkspace.com Software Wallet − Electrum, Armory, Bitcoin Core Web Wallet − Jaxx, Coinomi Hardware Wallet − Trezor, Ledger Paper Wallet − bitcoinpaperwallet.com, bitaddress.org ypes of Wallets
- 27. ain Workspace www.blockchainworkspace.com Bitcoin verkopers − Bitonic, BTCDirect, Litebit Exchanges − Bitfinex, Bl3p, Poloniex, Bittrex etc. Coin Sites − Coinmarketcap, Coingecko, Onchainfx Waar kopen?
- 29. ain Workspace www.blockchainworkspace.com Blockchain Workspace Workshops & Cursussen Opleidingen tot Trainer Consulting Email: bwisselink@blockchainworkspace.com Twitter: @DamelonBCWS https://www.blockchainworkspace.com https://baswisselink.com
- 30. ain Workspace www.blockchainworkspace.com cense This work is licensed under a Creative Commons Attribution-Share Alike 4.0 license https://creativecommons.org/licenses/by-sa/4.0/
- 31. ain Workspace www.blockchainworkspace.com Thank You Henk van Cann (origineel materiaal Bas Wisselink 14 maart 2018 – Blockchain Fundamentals