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Similar to Ethereum and the DAO, Presentation May 26th, Crypto070 Meetup The Hague
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Ethereum and the DAO, Presentation May 26th, Crypto070 Meetup The Hague
- 1. tomorrow’s transactions today Crypt070 meetup Den Haag, May 26th 2016
- 2. 2 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 3. 3 Ethereum & The DAO, Crypt070 meetup, May 26th 2016 Smart contracts in Bitcoin • Contains a deliberately simple scripting language • A transaction = locking Bitcoin and describing how it can be unlocked • Examples: − Multisig: multiple signatures are needed to unlock − CheckLocktimeVerify: Bitcoin only spendable at some point in future − ….
- 4. 4 Ethereum & The DAO, Crypt070 meetup, May 26th 2016 Smart contracts in Bitcoin • Contains a relatively simple scripting language • A transaction = locking Bitcoin and describing how it can be unlocked • Examples: − Multisig: multiple signatures are needed to unlock − CheckLocktimeVerify: Bitcoin only spendable at some point in future − …. Altcoin/Metacoin X More ”opcodes”, more functionality
- 5. 5 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 6. 6 Ethereum & The DAO, Crypt070 meetup, May 26th 2016 Ethereum: anything is programmable “Classic “ blockchains • Addresses • Balance with “native” coin • Transactions • Blocks: transactions bundled Ethereum: • Addresses • + data storage • + code • Balance with Ether • + application-specific tokens with specific behaviour • Transactions • + creation of contract code • + calling contract code • Blocks: “transactions” • + ”new state” of entire system
- 7. 7 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 8. 8 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 9. 9 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 10. tomorrow’s transactions today Red sends 1.1 to green Blue sends 3 to green Grey sends 1 to red Blue sends 3 to red Red sends 1.1 to grey Red gets 50 for the puzzle!
- 11. 11 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 12. 12 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 13. 13 Ethereum & The DAO, Crypt070 meetup, May 26th 2016 Slow and primitive, but… Promise: A 15-year old can deploy business logic that is: • Verifiable • Immutable • Untamperable • Untouchable
- 14. 14 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 15. 15 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 16. 16 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 17. 17 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 18. 18 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 19. 19 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 20. 20 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 21. 21 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 22. 22 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 23. 23 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 24. 24 Ethereum & The DAO, Crypt070 meetup, May 26th 2016 Smart contract pattern 1 Lock thing of value in contract 2 Contract code determines redistribution 3 Based on information that is not yet known
- 25. 25 Ethereum & The DAO, Crypt070 meetup, May 26th 2016 Smart contract pattern 1 Lock thing of value in contract • Native crypto • Tokens representing value… or abilities 2 Contract code determines redistribution 3 Based on information that is not yet known
- 26. 26 Ethereum & The DAO, Crypt070 meetup, May 26th 2016 Smart contract pattern 1 Lock thing of value in contract • Native crypto • Tokens representing value… or abilities 2 Contract code determines redistribution 3 Based on information that is not yet known • Randomness • Actor • “Oracle”
- 27. 27 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 28. 28 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 29. 29 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 30. 30 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 31. 31 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 32. 32 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 33. 33 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 34. 34 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 35. 35 Ethereum & The DAO, Crypt070 meetup, May 26th 2016
- 36. 36 Ethereum & The DAO, Crypt070 meetup, May 26th 2016 DAO questions 1 Governance with 12000 ppl? 2 Regulatory uncertainty 3 Limitations of Biz Model
Editor's Notes
- Veronderstelling: jullie weten wat van Bitcoin, nog niet van Ethereum. The DAO is a smart contract.
- Explaining to Bitcoiners should be the easiest part: appeal to their sense of history
- If you have an audience that knows Bitcoin, you can remind them that scripting was built in from the start. In fact, Satoshi was far more ambitious to begin with, needed to throw out a lot to keep it simple. The basic building block is an unlocking script and a locking script
- Andere toepassingen: name registries, asset registries of existing things, creating your own tokens, decentralised exchange Zowel altcoins als dingen bovenop Bitcoin by abusing fields
- December 2013 whitepaper, Midden 2014 gecrowdfund Midden 2015 life gegaan. Motivatie: alles kunnen maken in een ding.
- Addresses controlled by a public/private key Or addresses that contain code AND can hold money: little robots
- Remember the output script (acutally it’s ones and zero’s, a blockchain explorer will disassemble it for you.
- Stands for operations on data
- Higher languages: solidity Let op: keyword contract
- You can try to explain the shared ledger, I have a workshop on this Shared ledger Bitcoin: step back: shared legder: ik geef soms wel eens langere presentaties. In twee zinnen: Briefje aan Jaap Briefje aan Jaap via tussenpersoon die excel bijhoudt Ik laat het aan iedereen weten Resultaat is een STATISTISCH verschijnsel Hoe die meerderheid tot stand komt: wat iedereen drijft om het netjes te doen: consensus mechanisme: rollenspel Belangrijkste: shared ledger staat boven het niveua van de eigen machine So, most important It exists in the network Not in individual machines
- Also here: sending messages. Statistisch effect: een gedeelde, imaginaire computer. It cannot be tampered with It cannot be turned off It cannot be changed! It will always be there! You can count on it You can trust your money to code. Dan laat de fantasie op hol: AI, Skynet, Big data.
- Pokketraag. Weinig geheugen. Expensive. 64 KB!
- That’s pretty crazy!!
- Googling doesn’t really help The term Smart contract comes from someone called Nick Szabo. If that name sounds familiar, this man too has been mentioned as the possible author of the Bitcoin Whitepaper.
- ”Computerized transaction protocol that executes the terms of the contract” Pretty vague: applies to any business process automation. That’s also the trouble with the current disucussion when applied in the cryptocurrency world: anyone uses the word for anything
- Let’s look at Wikipedia (more recent)
- Computer protocol that… Enforce
- It makes a contractual clause unnecessary
- Computers are more reliable than humans: code!
- Is it a good name? It’s code: not smart!
- It’s not a contract.
- In the context of blockchain! Als je het precies wil weten moet je kijken naar de technische context waarin het gebruikt wordt
- We are far from the legal concept of contract here
- Wat voor busines logica: I am going to try to help you see the pattern
- abilities: ownership, permissions (Jasper van Gelder), voting rights (talk!)
- Trhy to give some examples. These are the examples I always use.
- Predetermined flow of events, like a clockwork Deterministic ponzi scheme
- Like in Bitcoin, the first applications are ponzi schemes and gambleing
- Decision by a person Actor: escrow
- Oracle: information from the outside
- - verzekeringen, gokken, prediction markets, opties, zelfde ding.
- Actor can be an beslissing van een groep mensen zijn:DAO: fascinating concept
- Actor can be an beslissing van een groep mensen zijn:DAO: fascinating concept: shareholders that cannot be betrayed
- 12000 accounts
- De code houdt de ether vast The DAO cannot do anything. It can just vote to have people do somehting on its behalff
- Inkomsten DAO: moet ingebakken zijn in het functioneren van de projecten! For now. Maar ik kan me niet voorstellen dat het ooit anders zou functionerene Minderheidsaandeelhoudersbescherming zit in contract code Kunnen tokens verkopen Kunnen splitten Rollen Token holders: Stemmen Aandeelhouders Curators Technische rol Multisig van bekende mensen Niet verantwoordelijke voor proposals Twee rollen Bytecode matches source code Voegen adres van proposals toe aan whitelist Contractors Submit proposals KRIJGEN geld/ETH Maandelijkse betalingen om de wortel om verder te doen groter te houden dan de incentive om met het geld weg te lopen Bedenkingen Investeren met 12000 mensen?? Waarschijnlijk heel goed voor investeringen die netwerk-effect vereisen