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Brian Fabian Crain - Epicenter Bitcoin

Wednesday, January 29, 14
Overview
• New

Cryptographic Currency / Protocol

• Competitor

to Colored Coins, Mastercoin &

BitShares

• Smart

Contr...
DACs
• Corporation

= group of people operating under

set of rules

• Autonomous
• Mission,
• Get

Wednesday, January 29,...
DACs
• Could

implement an Autonomous Corporation
now, but who controls server?

• Decentralized
• Capacity
• Capacity

->...
DACs
• Shareholders
• Pay

Dividends

• Engage
• Hire

Wednesday, January 29, 14

in economic activities

people & pay sal...
DACs
• David

Johnston (Mastercoin):

”Decentralized Applications will one day surpass the world’s largest existing
softwa...
Self-Stabilizing Currency
• Data

Feed: USD-XCOIN Exchange Rate (set to 1)

• If

XCOIN loses value -> monetary supply
dec...
Other Attempts
• Colored

Coins:
- Specific bitcoins as tokens for some asset

• Mastercoin:

- Application layer on top o...
Ethereum
• Own

blockchain & currency

• Simplicity,
• Core

Universality

unit: Contracts

• Generalized
application

Wed...
Contracts
• Autonomous
• Elements:
• Gets
• Can

Agent - Lives on blockchain

Address, Balance, Code

activated by sending...
Contract Example
if tx.value < block.basefee * 200:
stop // if the fee is too low abort
if contract.storage[tx.data[0]]:
s...
Ether
•

Currency is used to pay transaction fee & computation fee

•

60-day period - start on February 1

•

1 bitcoin =...
Resources
• Blog

Post

• Resources
• Podcast

(Episode 3 & 4)

epicenterbitcoin.com
Wednesday, January 29, 14
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Ethereum Presentation

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Ethereum is a new cryptographic protocol and currency.

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Ethereum Presentation

  1. 1. Brian Fabian Crain - Epicenter Bitcoin Wednesday, January 29, 14
  2. 2. Overview • New Cryptographic Currency / Protocol • Competitor to Colored Coins, Mastercoin & BitShares • Smart Contracts & Decentralized Autonomous Corporations • Fundraising Wednesday, January 29, 14 Period: Starts Saturday February 1
  3. 3. DACs • Corporation = group of people operating under set of rules • Autonomous • Mission, • Get Wednesday, January 29, 14 Corporations Goals, Operations => Code rid of people/central point of failure => DAC
  4. 4. DACs • Could implement an Autonomous Corporation now, but who controls server? • Decentralized • Capacity • Capacity -> gets rid of point of failure to think to hold capital & do economic transactions Wednesday, January 29, 14
  5. 5. DACs • Shareholders • Pay Dividends • Engage • Hire Wednesday, January 29, 14 in economic activities people & pay salaries
  6. 6. DACs • David Johnston (Mastercoin): ”Decentralized Applications will one day surpass the world’s largest existing software corporations in utility, user base, and network valuation due to their superior incentivization structure, flexibility, transparency, resiliency, and distributed nature.” Wednesday, January 29, 14
  7. 7. Self-Stabilizing Currency • Data Feed: USD-XCOIN Exchange Rate (set to 1) • If XCOIN loses value -> monetary supply decreases • If XCOIN gains value -> monetary supply contracts • => Wednesday, January 29, 14 cryptographic USD-linked currency
  8. 8. Other Attempts • Colored Coins: - Specific bitcoins as tokens for some asset • Mastercoin: - Application layer on top of bitcoin • ProtoShares / BitShares: - separate blockchain/currency to realize DACs Wednesday, January 29, 14
  9. 9. Ethereum • Own blockchain & currency • Simplicity, • Core Universality unit: Contracts • Generalized application Wednesday, January 29, 14 computing platform vs specific
  10. 10. Contracts • Autonomous • Elements: • Gets • Can Agent - Lives on blockchain Address, Balance, Code activated by sending money to address run code, send transactions, change memory, even modify its own code. Wednesday, January 29, 14
  11. 11. Contract Example if tx.value < block.basefee * 200: stop // if the fee is too low abort if contract.storage[tx.data[0]]: stop // if address is already registered abort contract.storage[tx.data[0]] = tx.data[1] // otherwise store name & address // tx.data[0] ~ name // tx.data[1] ~ phone number Wednesday, January 29, 14
  12. 12. Ether • Currency is used to pay transaction fee & computation fee • 60-day period - start on February 1 • 1 bitcoin => 3,000 ether issued (1st week) decreases to 1,500 by the end • 2,000 Investor - 450 founders (vested) - 550 organization • Capped at 30,000 BTC • Controversial... • Higher Investment -> Worse Wednesday, January 29, 14
  13. 13. Resources • Blog Post • Resources • Podcast (Episode 3 & 4) epicenterbitcoin.com Wednesday, January 29, 14

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