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Erin Bailey - Hashing out the Bitcoin Blockchain

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CSNP Chicago March 2020

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Erin Bailey - Hashing out the Bitcoin Blockchain

  1. 1. Hashing out the Bitcoin Blockchain Erin Bailey - BRD
  2. 2. Bitcoin Blockchain ● Public ledger of transactions on the Bitcoin network ● Blocks contains a list of transactions ● Each block is uniquely identified by a hash, SHA 256 ● Each block contains the hash of the previous block
  3. 3. https://www.reso.org/what-is-the-blockchain/
  4. 4. Hashing - SHA 256 ● Takes in arbitrary-length data, outputs a fixed-length result ○ 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f ● A single change in the input data results in a completely different hash ● Virtually impossible to produce a specific hash ● Virtually impossible to recreate the same hash with 2 different inputs
  5. 5. Guessing Game ● 2256 guesses ● 1 in 115 quattuorvigintillion chance of finding it ○ 115,792,089,237,316,195,423,570,985,008,687,907,853,269,984,665,640,564,039,457,584,007,913,129,639,936 ● Exponentially bigger than the number atoms in the perceivable universe ba7816bf8f01cf ea414140de5da e2223b00361a3 96177a9cb410f f61f20015ad 1 in 4 billion chance of success 4 billion hashes per second 4 billion computers 2 billion Earths 4 billion galaxies 500 billion years 3Blue1Brown - https://www.youtube.com/watch?v=S9JGmA5_unY
  6. 6. Why does this increase security of the blockchain? ● Maintains integrity of the transaction, preventing hackers from fudging the numbers d66c66a96157220af2fe47c6d564d0d2a61d9d 441a2e52a92bc78b15876053c8 e5d1aefa716e27a97d4f0efbe3ca9f09250bbffcb530 a36a1fa6d8880da96d11
  7. 7. Peer to Peer ● All the computers that participate are equal nodes ● Each node contains the complete history of the public ledger ● Decentralized, no central authority, no single point of failure
  8. 8. Decentralization Decentralized - all sensitive information is spread out and stored by each end-user Centralized - all sensitive information is stored in a single central location, with central authority
  9. 9. Self Sustaining 1. Independent verification of each transaction, by every node 2. Independent aggregation of those transactions into new blocks 3. Independent verification of the new blocks by every node 4. Independent selection, by every node through “Proof-of-work” Mastering Bitcoin - Andreas M. Antonopoulos page 181
  10. 10. Thank you! Questions?

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