3. About Me
● Venkat Yetrintala
● 25 years of professional experience
● Hi-tech trends, engineering best practices and giving back
● Following Blockchain/Bitcoin since inception
● Sr Director of Engineering at Monotype
https://www.linkedin.com/in/vyetrintala/
6. Bitcoin is just one of the applications
● We will hear a failed projects, market crashes and bubbles
● But blockchain not a bubble. It's not just a buzzword
● Blockchain (Distributed Ledger Technology) is the underlying foundation
technology of cryptos
● Blockchain was invented in 2008, Satoshi Nakamoto published his Bitcoin
paper
● So Cryptocurrency was the first use of blockchain
● Now we have around 2 K+ crypto / coins are traded actively
● There are many other uses of blockchain
● We are on a journey... Fear it, understand it, respect it, use it...
8. Ultimately, but we are in transition phase
● Banks, lawyers, notaries, real estate agents, insurance brokers will all be
affected by blockchain
● Blockchain will change the way middlemen operate but we will still need their
services
● Blockchain will not replace their soft skills. Yet it will automate manual work
they do
● Most of the new services on blockchain are not fully decentralized. Becoming
middlemen themselves
10. Blockchain Security
● Bitcoin & Ethereum blockchains were NOT hacked
● The more distributed they are the more secure they come against 51% attacks
where attackers take over control of the consensus
● The standard cryptography blockchains uses were not hacked
● Most hacks come from human mistakes:
○ Smart contract bugs
○ Exchange wallets
○ Personal wallets including paper and hardware wallets
○ 51% attacks on smaller blockchains
● Quantum computing will force changes to the current cryptography
12. Blockchain is NOT a replacement for distributed database
● A blockchain is a type of datastore
● It is NOT a (distributed) database
● It is NOT a cloud storage
● We do NOT store everything on it
● We usually store only the key (the hash) to the data
● Useful for multiple (non-trusting) stakeholders
18. Nothing is Free
● "Free Money Transfer" is one of the applications
● Blockchain solutions are more expensive to run than databases
● Every transaction incurs a transaction fee
● For each new block, a miner gets paid for solving a mathematical problem
● Miners have to buy computing resources. These consume electricity
● Ethereum is moving to proof-of-stake
