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Crypto Economics @ Pantalks 24. April 2018

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«Crypto Economics» is a semi-technical introduction into blockchain technology with a focus on the potential of the blockchain to change the way we organise our lives. Simon will talk about the current financial system - its strengths and weaknesses and will compare it to blockchain based solutions. This talk will explain how distributed consensus is reached in a trust-less system and how proof of work mining works. He'll even go further into the concept of smart contracts and how “smart” or not they are. Simon will try to ignite your enthusiasm about the new way of thinking how we can build our future together in an open and decentralised way.

Published in: Technology
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Crypto Economics @ Pantalks 24. April 2018

  1. 1. Compare - All crypto currencies combined: $ 427 460 851 174 - Bitcoin (37%): $ 158 949 079 982 - AAPL (Apple): $ 840 760 000 000 - GOOG (Alphabet): $ 736 450 000 000 - GDP of Switzerland (2016), 1.06% of the world economy: $ 659 830 000 000 - CHF Cash: $ 73 840 000 000 - All CHF Money (M3): $ 1 050 300 000 000
  2. 2. Agenda 1.Money 2.Economics 3.Security! 4.Notable Projects
  3. 3. Trustless Transaction Security
  4. 4. 👨 🏽 👩 🏽 💻 👨 🏽 💻 Alice BobChris Alice: 5 Coins Bob: 5 Coins Chris: 5 Coins Alice: 5 Coins Bob: 5 Coins Chris: 5 Coins Alice: 5 Coins Bob: 5 Coins Chris: 5 Coins
  5. 5. 👨 🏽 👩 🏽 💻 👨 🏽 💻 Alice BobChris Alice: 5 Coins Bob: 5 Coins Chris: 5 Coins Alice: 5 Coins Bob: 5 Coins Chris: 5 Coins Alice: 5 Coins Bob: 5 Coins Chris: 5 Coins I send Bob 3 coins
  6. 6. 👨 🏽 👩 🏽 💻 👨 🏽 💻 Alice BobChris Alice: 2 Coins Bob: 8 Coins Chris: 5 Coins Alice: 2 Coins Bob: 8 Coins Chris: 5 Coins Alice: 2 Coins Bob: 8 Coins Chris: 5 Coins Alice: 5 - 3 = 2 Bob: 5 + 3 = 8 ✏️ ✏️✏️
  7. 7. 👨 🏽 👩 🏽 💻 👨 🏽 💻 Alice BobChris Alice: 2 Coins Bob: 8 Coins Chris: 6 Coins Alice: 2 Coins Bob: 8 Coins Chris: 6 Coins Alice: 2 Coins Bob: 8 Coins Chris: 6 Coins I have 10 coins! ‼️ ‼️
  8. 8. 👨 🏽 👩 🏽 💻 👨 🏽 💻 Alice BobChris Alice: 2 Coins Bob: 8 Coins Chris: 6 Coins Alice: 2 Coins Bob: 8 Coins Chris: 6 Coins Alice: 2 Coins Bob: 8 Coins Chris: 6 Coins I have 10 coins! 🚫
  9. 9. Mining
  10. 10. I send Bob 3 coins I send Alice 2 coins I send Chris 5 coins I send Bob 7 coins
  11. 11. I send Bob 3 coins I send Alice 2 coins I send Chris 5 coins I send Bob 7 coins ⛏ 👷
  12. 12. I send Bob 3 coins I send Alice 2 coins I send Chris 5 coins I send Bob 7 coins ⛏ 👷 Nonce: 1 hash( ) = “af3ae” Hash of previous block
  13. 13. Hash Function - One way function like sum of digits: hash(123409012) => 1+2+3+4+0+9+1+2 = 22 => 2 + 2 => 4 - If you see 4 you don’t know the starting number - But if you have the starting number and 4, than it is easy to verify. - —> Easy - <— Super Hard
  14. 14. ⛏ 👷 Nonce: 24352 ) = “00da3” } Difficulty 🎲 I send Bob 3 coins I send Alice 2 coins I send Bob 7 coins hash( Hash of previous block I send Chris 5 coins
  15. 15. 👨 🏽 👩 🏽 💻 👨 🏽 💻 Alice BobChris I found a Block: I send Bob 3 coins I send Alice 2 coins I send Chris 5 coins I send Bob 7 coins Nonce: 24352 hash( ) = “00da3” Hash of previous block
  16. 16. 👨 🏽 🏽 🏽 ♀️ 🏽 🏽 Alice BobChris 🏽 I send Bob 3 coins I send Alice 2 coins I send Chris 5 coins I send Bob 7 coins Nonce: 24352 hash( ) = “00da3” ✔️ ✔️ Hash of previous block
  17. 17. … Alice → Bob: 3 Coins Nonce: 24352 Hash: 00da3 🔒 … … … … 🔒
  18. 18. It’s getting serious! - There is real money (value) involved! - You are responsible for your funds! - There are a lot of scammers! - Don’t get greedy!
  19. 19. service marine copy mad energy combine gun man syrup deposit alley spin mystery federal razor sudden rally churn about door bomb song retreat curious
  20. 20. Write it down with pen and paper! Give a copy to your Mama!
  21. 21. Use a hardware wallet!
  22. 22. Use an Anti-Virus!
  23. 23. Your next project?

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