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Ethereum for Beginners: History of the Blockchain & Ethereum, Components, Outlook, Web 3.0, Serverless, Decetralized Universal World Computer

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  1. 1. Ethereum BlockchainHub ■ Dr. Shermin Voshmgir ■ April 14, 2017
  2. 2. Decentralized Universal World Computer & Operating System
  3. 3. Decentralized Universal World Computer & Operating System
  4. 4. Ethereum History #1 Bitcoin #2 Colored Coins / Master Coins #3 Ethereum
  5. 5. Bitcoin #singlefunction
  6. 6. ColoredCoin / MasterCoin #limitedmultifunctional
  7. 7. Ethereum: multifunctional operating system
  8. 8. Ethereum Is like a smart phone The P2P Network of computer is the hardware running the Ethereum protocol. The Ethereum protocol is the operating System on which you can build any decentralized app and run it on the P2P Network, just as you run an app on the phone, but with a few additional properties ● Built in programming language ● Anyone can create any application with any rules by defining it as a contract ● Two types of accounts: _user account: controlled by private key _contracts: controlled by code
  9. 9. Ethereum Technology Stack Decouples the Smart Contract Layer from the Consensus Layer (unlike Bitcoin)
  10. 10. Ethereum Decentralized World Computer # Blockchain-based # Turing complete # Virtual machine # With smart contracts / dApps # Through a cryptocurrency called Ether Smart contracts deployed on the Ethereum blockchain are paid for in Ether
  11. 11. Beyond Transferring Money Smart contracts running on ethereum can verify and auto-enforce any type of business or legal agreement. #CryptoEconomy #CryptoLaw
  12. 12. Web3 Powered by Ethereum # Trust machine Ethereum commodities trust. Is a bridge across trust boundaries # Ethereum & crypto law Use blockchain to introduce arbitrary social contracts without a central server # Serverless Internet Pivotal in the re-decentralization of the Internet
  13. 13. Ethereum History # Initially described by Vitalik Buterin in late 2013 (white paper) # Formally described by Gavin Wood in early 2014 (yellow paper) # Launched in July 2015 after a successful crowdfundig campaign (21mio USD in Bitcoin within a month)
  14. 14. Ethereum Currently... # Slow: code runs 5-100 times slower than natively compiled # Expensive to use: Basic compu- tation, memory and storage are 1950s level # Not always immediately decisive: Actions of last 60s might be recognised
  15. 15. But... # Truly globally singleton: one computer for the entire planet # Cannot fail, be stopped be censored: no authority, government or corp behind it, resistant to attack # Ubiquitous: wherever there is internet there is ethereum # Natively multi user: has as many accounts as needed
  16. 16. But... # Natively object oriented: En- capsulation enforced in virtual silicon # Accessible: wherever there is javascript, there is ethereum # Verifyable & Auditable: all code honoured now and forever # Atomicity: entire operation runs or nothing does # Synchrony: no two operations can interfere with each other
  17. 17. But... # Provenance: all messages (method calls) can be inspired to determine called addresses # Permanence: objects are permanent # Immortality: object can never be externally deleted, can only voluntarily commit suicide # Immutability: objects code can never be changed)
  18. 18. Servers The Walled Gardens # Interoperability is difficult: Reliability, standard, trust, security collude to make it a nightmare # Increased barriers: Naturally supportive of monopolies # Cumbersome: Servers are expensive to set up and maintain # Bottleneck Single point of failure Single point of control
  19. 19. Ethereum Always on, always ready # Privacy Less siloing of user data, less intermediation, more privacy. # Security Through nihilism, there is no server to hack. # Authenticity All interactions with the global computer are cryptographically signed.
  20. 20. Compared to the walled garden of the server, unauthorized interactions are impossible in Ethereum
  21. 21. Vocabulary # Ether: Native token # Solidity: Smart contract programming language # Whisper: Communication protocol for DApps to communicate each other # Swarm: The ethereum decentralized storage protocol. # Mist: dApp browser
  22. 22. dApps & Services Build on Ethereum (Examples)
  23. 23. Core Components ● Wallet (uPort) ● Identity (uPort) ● Mulit faceted & multi layered reputation system (Uport) ● Registries: RegSys (Consensys) ● NameReg (Ethereum Foundation) ● Ethereum Name System (Nexsus) ● Micropayment channels/off chain transaction adjustement channels (Raiden) ● dApp Store ● Libraries ● MetaMask (Ether bwoser) ● Token Issuance System ● EtherEx token exchange system (native & Subtoken) ● Stable Token System ● Voting System (Parametrized, Liquid Democracy)
  24. 24. Source Ethereum for Dummies, Gavin Wood: State of the Union, Vitalik Buterin: Ethereum White Paper: Web 3.0 White Paper :
  25. 25. Follow us blockchainhub @blockchainhub Shermin Voshmgir @sherminvo @sherminvoshmgir