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So now we've built Ethereum, WTF is it?


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Presented at the ÐEVcon-1, billed as "Ethereum for Dummies".

Published in: Technology
  • CAn the thing translate this gobbledigook into language that one can understand, and tell us what to use it for, and how?
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So now we've built Ethereum, WTF is it?

  1. 1. Ethereum So now we’ve built it, WTF is it? Dr. Gavin Wood co-founder and lead developer, ethereum project @gavofyork
  2. 2. What, then why. Not how. Break it down
  3. 3. Important Things to Forget Coin Crypto Currency Bit Ledger ChainBlock Transaction Hash Proof of work Proof of stake Consensus Fork Miner Sign ASIC Curve Contract
  4. 4. What is Ethereum?
  5. 5. It’s a Computer, Silly! 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 Actions of last 60s may be reorganised
  6. 6. Sounds. Awesome.
  7. 7. Actually, it is. Truly Global Singleton One computer for the entire planet now and forever Cannot Fail, be Stopped, be Censored No authority, government or corporation behind it, resistant to attack Ubiquitous Where ever there’s Internet, there’s Ethereum
  8. 8. Natively Multi-User Has as many accounts as is needed Natively Object-Oriented Encapsulation enforced in “virtual silicon” Accessible Where ever there’s Javascript, there’s Ethereum Verifyable & Auditable All code honoured now and forever
  9. 9. External account Object (code) message Storage The World Computer The World Computer
  10. 10. Guarantees 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
  11. 11. 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
  12. 12. Why? World Computer
  13. 13. Compared to the walled garden of the server Ethereum is an Innovation Commons
  14. 14. Servers are Walled Gardens Interoperability Difficult Reliability, standards, trust, security collude to make it a nightmare Increased Barriers Naturally supportive of monopolies; try integrating trade or payment without a third party Cumbersome Servers are expensive to set up and maintain; Ethereum is always-on, always ready
  15. 15. Not to mention Privacy Privacy Less siloing of user-data; less intermediation; more privacy Security Security through nihilism; there’s no server to hack! Authenticity All interactions with the Global Computer are cryptographically signed: Unauthorised Interactions are Impossible
  16. 16. Ubiquitous and ethereal Ethereum is the First Decentralised Computer
  17. 17. Centralisation & Central Authorities Single point of control Single point of failure Single bottleneck
  18. 18. Software Development Individual coders Strict hierarchy “cathedral” Open-source hackers “bazaar” Clones and forks (Github-style)
  19. 19. Computing Isolated (no network) Mainframe Server/client Peer-to-peer
  20. 20. (Rough) Progression of Governance Anarchy Monarchy/Empire/Fiefdoms Plutocracy/Aristocracy Bureaucracy/“Democracy”
  21. 21. Distance sales Back-of-magazine (close to zero) Amazon One Matchmaker, One Merchant eBay/Amazon Marketplace One Matchmaker, Many Merchants … No Matchmakers, Many Merchants
  22. 22. Communication Word-of-Mouth (close to zero) Press/Radio/Television Internet Mobile Mesh?
  23. 23. General Theme Nothing ...strong individual imposes order; progress to... Centralisation ...order enables cooperation; progress towards... Decentralisation Efficient Resilient Scalable ...or natural order?
  24. 24. A bridge across trust boundaries Ethereum Commoditises Trust
  25. 25. Ethereum Platform for Zero-trust Computing for autonomous trading smart contracts interoperable infrastructure permissions management trust webs ...
  26. 26. Underpins, specifies and enforces dealings Ethereum as the Court of the Internet
  27. 27. Ethereum & Crypto-law Uses blockchain to implement arbitrary social contracts without a central server
  28. 28. Pivotal in the (re-)decentralisation of the Internet Ethereum and the Serverless Internet
  29. 29. Ethereum & Web3 Infrastructure for the ITC revolution Ethereum Zero-trust computing Whisper Private asynchronous bulletins Telehash Private realtime comms IPFS/Swarm Decentralised data distribution
  30. 30. Ethereum The world computer Dr. Gavin Wood @gavofyork Questions?