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Blockchain what and why-



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Presentation given during Paris workshop, Jan 2015.

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Blockchain what and why-

  1. 1. Blockchains: What and Why Dr. Gavin Wood co-founder, ethereum project founder, ethcore limited @gavofyork
  2. 2. Take a step back
  3. 3. Important Things to Forget Coin Crypto Currency Bit ChainBlock Hash Consensus Fork MinerSign ASIC Curve
  4. 4. What is the Blockchain?
  5. 5. A Blockchain is... A Byzantine-Fault-Tolerant decentralised singleton fixed-function state-transition system
  6. 6. It’s a type of Computing Machine Slow Code runs 5-100x slower that natively compiled Expensive to use Basic computation, memory and storage costs are ~1950s levels Not always immediately decisive (Trans-)Actions can sometimes be reorganised
  7. 7. Sounds. Awesome.
  8. 8. Actually, it is. A Shared Singleton One single computer among many Cannot Break, Shut down or be Corrupted Resistant to attack or coercion Ubiquitous No special or costly hardware required for access Verifiable & Auditable All transactions recorded, archived and replayable. Always.
  9. 9. So, Bitcoin?
  10. 10. And Ethereum?
  11. 11. Natively Multi-User Has as many accounts as is needed Natively Object-Oriented Encapsulation enforced in “virtual silicon” Accessible Wherever there’s Javascript, there’s Ethereum
  12. 12. And Smart Contracts?
  13. 13. So, Bitcoin would be...
  14. 14. Guarantees for Smart Contracts Atomicity Entire operation runs or nothing does Synchrony No two operations can interfere with each other Provenance All messages (method calls) can be inspected to determine caller address
  15. 15. Guarantees Permanence Object’s data are permanent Immortality Object can never be externally deleted - can only voluntarily commit suicide Immutability Object’s code can never be changed
  16. 16. 1995
  17. 17. 2015
  18. 18. Mauve? Types of Blockchain
  19. 19. Permissioned vs Permissionless Faster Managed upkeep Private membership Trusted Legal Slower Public ownership Open & transparent Trust-free Allegal
  20. 20. PoW vs PoS vs PoA Slower Wasteful Hardware No-finality Trust-free Proven Costly Fastest Efficient Software Finality Trust-bound Safe Free Faster Efficient Software Finality (Possible) Trust-free Unproven Less costly
  21. 21. Why?
  22. 22. Compared to connection-poor siloes Innovation Turbocharger
  23. 23. Walled Gardens Interoperability Difficult Reliability, standards, trust, security collude to make it a nightmare Increased Barriers For integrating multi-party, multi-domain systems Cumbersome Servers are expensive to set up and maintain; Blockchain always-on, always ready
  24. 24. Not to mention Security Auditability All results are readily auditable from their inputs Security Fewer servers and databases to hack Authenticity All interactions are cryptographically signed: Unauthorised Interactions are Impossible
  25. 25. A bridge across trust boundaries Diffuses the Trust Problem
  26. 26. Blockchain Platform for Reduced-trust Computing for identity management smart contracts interoperable infrastructure permissions management auditability
  27. 27. Why Not?
  28. 28. Problems Privacy Everyone validates everything - everyone sees everything Scalability Everyone processes everything - in order Integration & Infrastructure Not yet baked
  29. 29. Blockchain: What and Why Dr. Gavin Wood @gavofyork Questions?