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Building a
Decentralised
Ecosystem
Dr. Avtar Sehra
ETC London Meetup
18 August 2016
"People self-select into communities based on values and principles.
Only those communities that clearly define their values and stick to
them, come hell or high water, will be successful in the world of free
and voluntary cooperation without coercion.
Welcome to Ethereum Classic, a blockchain community dedicated to
the principles of openness, neutrality and immutability."
Message from Arvicco, the Initiator of Ethereum Classic
1.  Why Ethereum Classic?
●  Brief History of Ethereum
●  What Went Wrong
●  Paying Back The DAO Investors
●  What Really Went Wrong
●  Birth of Ethereum Classic
2.  Progress to Date
●  Principles of Decentralisation
●  Minimizing Points of Failure
●  Technology
●  Community
●  Administration
●  Ecosystem Roadmap
1. Why Ethereum Classic?
Brief History Of Ethereum
Satoshi Nakamoto created Bitcoin, the world’s first decentralised digital
currency, and introduced the concept of a blockchain.
Vitalik Buterin created Ethereum, the world’s first decentralised blockchain
with turing-complete* smart contracts.
The DAO investment fund is created using Ethereum’s smart contract
technology.
The DAO is hacked, and 3.6 million ETH is misappropriated due to
inadequate security. The Ethereum network itself remains unaffected.
Ethereum Foundation members create various proposals to reclaim DAO
investor funds. The community fragments and a month long debate ensues.
Arvicco starts a movement to uphold the original social contract of
decentralisation: openness, neutrality and immutability, many agree.
At 13:20:39 UTC the hard fork is executed, refunding DAO, and splitting
Ethereum across two networks.
January 3rd, 2009
July 30th, 2015
May 28th, 2016
June 17th, 2016
June 17th, 2016
July 14th, 2016
July 20th, 2016
*Turing completeness allows for programs to be written for and run on the Ethereum blockchain much as they would on a regular computer.
Withdrawal of DAO tokens
DAO deducts account
balance
DAO Contract
What Went Wrong
The DAO, a smart contract based fund raises ~$150million from more than
11,000 investors, and was hacked, with ~$70million** being “misappropriated”
Exploit
Stops
Deduction
DAO Funds Attacker
*Weakness in smart contracts was due to a reentrancy issue
** Figures based on $20=1ETH market price at time of hack
What Went Wrong...
In everyday terms...
How ATM’s Work:
●  You have $50 in the bank and you want to withdraw that from an ATM.
●  You insert your card, PIN and request $50.
●  Before the ATM dispenses funds, it updates the balance to the proper amount, $0.
●  Then, the ATM asks if you’d like to process another transaction
●  You press yes but since the ATM has recorded the new balance of $0, no further
funds will be dispensed.
What if:
●  You have $50 in the bank and like before you withdraw $50 from an ATM.
●  But now the ATM doesn’t record your new balance until you end the session.
●  You could keep requesting $50 again and again until ATM runs out of money
Paying Back The DAO Investors
3.6 Million ETH Misappropriated
Legal Approach
Authorities notified
Assets frozen when discovered by end
point users e.g. exchanges
Redistribution of assets to victims. No
protocol level change or network split.
Hard Fork Approach
A small group presents various
solutions
Redistribution of assets to victims on
the Hard Fork chain
Ethereum, and its value, splits across
two chains
Protocol level change results in hard
fork due to miner centralization
5% of
Ethereum is
pro-fork.*
1% of
Ethereum is
anti-fork.*
94% abstain
from
voting.*
*Numbers taken from http://carbonvote.com/
The immutable ledger was reversed to pay back The DAO token holders
What Really Went Wrong
… until something goes
wrong that impacts the
interests of a
centralized authority?
The failure of the DAO was not just a program failure, but a failure in risk
management; and it also exposed an even deeper failure of the underlying social
contract: Ethereum transaction/programs would never be changed by a third party.
Ethereum Website
Birth of Ethereum Classic
●  “Code is Not Law”: The infrastructure is not there to enforce and uphold law, it's only
a protocol that allows execution of immutable transactions and programs
●  User Responsibility: Developers and entrepreneurs need to understand and take
responsibility for legal and regulatory requirements to protect customers
●  Legal Recourse: If anything goes wrong the infrastructure can not be controlled into
changing its state, recourse for financial crime and other illegal activities needs to
take place through normal channels
●  Protocol Fixes and Updates: Only changes to fix protocol level bugs and implement
updates/upgrades are acceptable at the infrastructure level
Saying “Code is Law” implies infrastructure on which it runs is responsible for
upholding the law… infrastructure is not responsible for greed, ignorance or
malicious behaviour - same as in phone networks, internet and even on the road
2. Progress to Date
●  Neutral: Infrastructure should be neutral to applications being developed/operating on it;
endorsements by a central team leads to conflict of interest that skew future evolution
●  Open: Infrastructure should be openly accessible by anyone to ensure scalability and
minimize possibilities of risks linked to centralization
●  Immutable Infrastructure should be a truth machine that can not be changed no matter
what the circumstances
Principles of Decentralization
Unstoppable Applications can only be built through upholding key principles that
ensure infrastructure can only be changed for upgrades, updates and bugs
Minimising Points of Failure
Decentralization of infrastructure is not sufficient; all key aspects of the
ecosystem require a certain level of decentralization to minimize points of failure
Decentralization
of all aspects of
ETC Ecosystem
Technology
•  Core Dev/Support
•  Operations
•  R&D
Community
•  Marketing
•  Education
•  Dapp Dev
Administration
•  Governance
•  Finance Management
•  Risk Control
Decentralized Infrastructure
Technology
1.  Replay issue remediation strategy being developed so that transactions on Ethereum Classic
are unaffected by Ethereum Hard Fork.
2.  Go Ethereum (geth), Mist, EthereumJ, PyEthereum, and Parity have been ported to Ethereum
Classic
3.  A number of block explorers and network trackers live
4.  Plans underway to remove the “difficulty bomb”, allowing for PoW to remain viable for miners.
5.  New economic policy and hybrid PoW + PoS consensus mechanisms being discussed
6.  New technologies being researched and developed to create tamper-resistant contracts
(verified compilation, and provable smart contracts).
A strong, globally distributed team of self motivated developers is set up and
working to establish a robust foundation for the Ethereum Classic network.
Community
1.  Ethereum Classic social contract and principles defined and released on the Independence
Block 2,050,000
2.  Meetups set up in London, Zurich, Shanghai and Melbourne and more coming soon, which are
being used to establish “ETC local hubs”
3.  Globally distributed team coordinating consistent marketing
4.  Framework to connect and scale community of Dapp developers being set up
5.  Relationships with startups, universities and companies being established
Without a globally connected and energised community, there is no future for
the network, no matter how exceptional the technology is.
Administration
1.  Established a clear social contract and principles the community agrees to. Completed
2.  In the process of defining a roadmap in-line with core principles. In progress
3.  Define and deploy appropriate governance model to execute roadmap. In discussion
4.  Define and deploy appropriate fundraising plan to execute roadmap. In discussion
Work is underway to instill principles of decentralization at the heart of the global
Ethereum Classic ecosystem, which establishes a framework for sustainable
growth.
Ecosystem Roadmap
●  Core ETC dev team being established
●  Multiple clients ported
●  Execute removal of difficulty bomb
●  Strategy/fix for transaction replay issue
●  Assess dev of ETC Mist-like client
●  Deploy independent blockchain nodes
●  Gain dev / R&D support from 3rd parties
2016 2018
TechnologyCommunityAdministration
2017
●  Align with Core ETH dev team to design, dev
and test standard protocol updates?
●  Research/test PoW/PoS mechanisms
●  Research/test maximally efficient monetary
policy for consensus mechanism
●  Dev ETC focused Mist-like client
●  Assess path to state Sharding
●  Assess VM upgrades e.g. verified compiler
●  Establishing communication channels for
global coordination and consistency
●  Setup global meetups to begin deployment
of decentralised community network
●  Define framework for Dapp developers
●  Defining core social contract
●  Defining community-driven roadmap
●  Define governance models for execution
●  Design/deploy funding mechanisms for
key infrastructure (build/testing servers,
ETC-testnet, web hosting)
●  Execute PoW, PoS or Hybrid cons mech
●  Execute appropriate monetary policy
●  Test/implement state sharding
●  Research/test VM improvements if
deemed fit for implementation
●  Further outreach to miners
●  Extend meetups and conferences
●  Setup of overall Dev conference
●  Deployment of structured Dapp dev
ecosystem and support framework e.g.
hackathons and 3rd party funding
Web: ethereumclassic.org
Twitter: @eth_classic
Facebook: @EthereumClassicETC
Slack: ethereumclassic.herokuapp.com

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Ethereum Classic 18 August 2016

  • 1. Building a Decentralised Ecosystem Dr. Avtar Sehra ETC London Meetup 18 August 2016
  • 2. "People self-select into communities based on values and principles. Only those communities that clearly define their values and stick to them, come hell or high water, will be successful in the world of free and voluntary cooperation without coercion. Welcome to Ethereum Classic, a blockchain community dedicated to the principles of openness, neutrality and immutability." Message from Arvicco, the Initiator of Ethereum Classic
  • 3. 1.  Why Ethereum Classic? ●  Brief History of Ethereum ●  What Went Wrong ●  Paying Back The DAO Investors ●  What Really Went Wrong ●  Birth of Ethereum Classic 2.  Progress to Date ●  Principles of Decentralisation ●  Minimizing Points of Failure ●  Technology ●  Community ●  Administration ●  Ecosystem Roadmap
  • 4. 1. Why Ethereum Classic?
  • 5. Brief History Of Ethereum Satoshi Nakamoto created Bitcoin, the world’s first decentralised digital currency, and introduced the concept of a blockchain. Vitalik Buterin created Ethereum, the world’s first decentralised blockchain with turing-complete* smart contracts. The DAO investment fund is created using Ethereum’s smart contract technology. The DAO is hacked, and 3.6 million ETH is misappropriated due to inadequate security. The Ethereum network itself remains unaffected. Ethereum Foundation members create various proposals to reclaim DAO investor funds. The community fragments and a month long debate ensues. Arvicco starts a movement to uphold the original social contract of decentralisation: openness, neutrality and immutability, many agree. At 13:20:39 UTC the hard fork is executed, refunding DAO, and splitting Ethereum across two networks. January 3rd, 2009 July 30th, 2015 May 28th, 2016 June 17th, 2016 June 17th, 2016 July 14th, 2016 July 20th, 2016 *Turing completeness allows for programs to be written for and run on the Ethereum blockchain much as they would on a regular computer.
  • 6. Withdrawal of DAO tokens DAO deducts account balance DAO Contract What Went Wrong The DAO, a smart contract based fund raises ~$150million from more than 11,000 investors, and was hacked, with ~$70million** being “misappropriated” Exploit Stops Deduction DAO Funds Attacker *Weakness in smart contracts was due to a reentrancy issue ** Figures based on $20=1ETH market price at time of hack
  • 7. What Went Wrong... In everyday terms... How ATM’s Work: ●  You have $50 in the bank and you want to withdraw that from an ATM. ●  You insert your card, PIN and request $50. ●  Before the ATM dispenses funds, it updates the balance to the proper amount, $0. ●  Then, the ATM asks if you’d like to process another transaction ●  You press yes but since the ATM has recorded the new balance of $0, no further funds will be dispensed. What if: ●  You have $50 in the bank and like before you withdraw $50 from an ATM. ●  But now the ATM doesn’t record your new balance until you end the session. ●  You could keep requesting $50 again and again until ATM runs out of money
  • 8. Paying Back The DAO Investors 3.6 Million ETH Misappropriated Legal Approach Authorities notified Assets frozen when discovered by end point users e.g. exchanges Redistribution of assets to victims. No protocol level change or network split. Hard Fork Approach A small group presents various solutions Redistribution of assets to victims on the Hard Fork chain Ethereum, and its value, splits across two chains Protocol level change results in hard fork due to miner centralization 5% of Ethereum is pro-fork.* 1% of Ethereum is anti-fork.* 94% abstain from voting.* *Numbers taken from http://carbonvote.com/ The immutable ledger was reversed to pay back The DAO token holders
  • 9. What Really Went Wrong … until something goes wrong that impacts the interests of a centralized authority? The failure of the DAO was not just a program failure, but a failure in risk management; and it also exposed an even deeper failure of the underlying social contract: Ethereum transaction/programs would never be changed by a third party. Ethereum Website
  • 10. Birth of Ethereum Classic ●  “Code is Not Law”: The infrastructure is not there to enforce and uphold law, it's only a protocol that allows execution of immutable transactions and programs ●  User Responsibility: Developers and entrepreneurs need to understand and take responsibility for legal and regulatory requirements to protect customers ●  Legal Recourse: If anything goes wrong the infrastructure can not be controlled into changing its state, recourse for financial crime and other illegal activities needs to take place through normal channels ●  Protocol Fixes and Updates: Only changes to fix protocol level bugs and implement updates/upgrades are acceptable at the infrastructure level Saying “Code is Law” implies infrastructure on which it runs is responsible for upholding the law… infrastructure is not responsible for greed, ignorance or malicious behaviour - same as in phone networks, internet and even on the road
  • 12. ●  Neutral: Infrastructure should be neutral to applications being developed/operating on it; endorsements by a central team leads to conflict of interest that skew future evolution ●  Open: Infrastructure should be openly accessible by anyone to ensure scalability and minimize possibilities of risks linked to centralization ●  Immutable Infrastructure should be a truth machine that can not be changed no matter what the circumstances Principles of Decentralization Unstoppable Applications can only be built through upholding key principles that ensure infrastructure can only be changed for upgrades, updates and bugs
  • 13. Minimising Points of Failure Decentralization of infrastructure is not sufficient; all key aspects of the ecosystem require a certain level of decentralization to minimize points of failure Decentralization of all aspects of ETC Ecosystem Technology •  Core Dev/Support •  Operations •  R&D Community •  Marketing •  Education •  Dapp Dev Administration •  Governance •  Finance Management •  Risk Control Decentralized Infrastructure
  • 14. Technology 1.  Replay issue remediation strategy being developed so that transactions on Ethereum Classic are unaffected by Ethereum Hard Fork. 2.  Go Ethereum (geth), Mist, EthereumJ, PyEthereum, and Parity have been ported to Ethereum Classic 3.  A number of block explorers and network trackers live 4.  Plans underway to remove the “difficulty bomb”, allowing for PoW to remain viable for miners. 5.  New economic policy and hybrid PoW + PoS consensus mechanisms being discussed 6.  New technologies being researched and developed to create tamper-resistant contracts (verified compilation, and provable smart contracts). A strong, globally distributed team of self motivated developers is set up and working to establish a robust foundation for the Ethereum Classic network.
  • 15. Community 1.  Ethereum Classic social contract and principles defined and released on the Independence Block 2,050,000 2.  Meetups set up in London, Zurich, Shanghai and Melbourne and more coming soon, which are being used to establish “ETC local hubs” 3.  Globally distributed team coordinating consistent marketing 4.  Framework to connect and scale community of Dapp developers being set up 5.  Relationships with startups, universities and companies being established Without a globally connected and energised community, there is no future for the network, no matter how exceptional the technology is.
  • 16. Administration 1.  Established a clear social contract and principles the community agrees to. Completed 2.  In the process of defining a roadmap in-line with core principles. In progress 3.  Define and deploy appropriate governance model to execute roadmap. In discussion 4.  Define and deploy appropriate fundraising plan to execute roadmap. In discussion Work is underway to instill principles of decentralization at the heart of the global Ethereum Classic ecosystem, which establishes a framework for sustainable growth.
  • 17. Ecosystem Roadmap ●  Core ETC dev team being established ●  Multiple clients ported ●  Execute removal of difficulty bomb ●  Strategy/fix for transaction replay issue ●  Assess dev of ETC Mist-like client ●  Deploy independent blockchain nodes ●  Gain dev / R&D support from 3rd parties 2016 2018 TechnologyCommunityAdministration 2017 ●  Align with Core ETH dev team to design, dev and test standard protocol updates? ●  Research/test PoW/PoS mechanisms ●  Research/test maximally efficient monetary policy for consensus mechanism ●  Dev ETC focused Mist-like client ●  Assess path to state Sharding ●  Assess VM upgrades e.g. verified compiler ●  Establishing communication channels for global coordination and consistency ●  Setup global meetups to begin deployment of decentralised community network ●  Define framework for Dapp developers ●  Defining core social contract ●  Defining community-driven roadmap ●  Define governance models for execution ●  Design/deploy funding mechanisms for key infrastructure (build/testing servers, ETC-testnet, web hosting) ●  Execute PoW, PoS or Hybrid cons mech ●  Execute appropriate monetary policy ●  Test/implement state sharding ●  Research/test VM improvements if deemed fit for implementation ●  Further outreach to miners ●  Extend meetups and conferences ●  Setup of overall Dev conference ●  Deployment of structured Dapp dev ecosystem and support framework e.g. hackathons and 3rd party funding
  • 18. Web: ethereumclassic.org Twitter: @eth_classic Facebook: @EthereumClassicETC Slack: ethereumclassic.herokuapp.com