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Block chain by harsh biltu agarwal

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Block chain by harsh biltu agarwal & N V Jagadeesh Kumar T

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Block chain by harsh biltu agarwal

  1. 1. Blockchain Technology & Bitcoin Presented By:- Harsh Biltu Agarwal 15DM049 0
  2. 2. Simply defined a Blockchain is little more than a:  Distributed  Secure  Log file A digital currency was in a lot of ways the first demonstrable use 1 Blockchain Defined
  3. 3.  A protocol that supports a decentralized, pseudo-anonymous, peer-to-peer digital currency*  A publicly disclosed linked ledger of transactions stored in a block chain  A reward driven system for achieving consensus (mining) based on “Proofs of Work” for helping to secure the network  A “scare token” economy with an eventual cap of about 21M bit coins 2 What is Bitcoin
  4. 4.  Essentially it’s “deflationary” – the reward is cut in half every four years, and tokens can be irrevocably destroyed  Nearly infinitely divisible currency units supporting eight decimal places 0.00000001 (known as a Satoshi or Noncent*)  Nominal transaction fee’s paid to the network  Same cost to send $.01 as $1,000,000  Consensus driven – no central authority  Counterfeit resilient  Cannot add coins arbitrarily  Cannot be double-spent 3 Features of Bitcoin
  5. 5. 4 Why does it matter? Why does it have value? The worth of a thing is the price it will bring 3.6 Billion Dollar Market Cap!
  6. 6.  Overstock.com  Microsoft XBOX Network  Telsa Motors  Time Inc. (publisher)  Virgin Galactic  Word press 5 Merchants Accepting Bitcoin • Registries • Authoritative Systems of Record • Directory Services • Counter-party Exchanges Other Uses of Block chain Tech.
  7. 7.  “Good artists copy. Great artists steal.”  The first alternate block chain was Name coin  Early attempts to “re-level the playing field” were made by changing the hashing function from SHA256 to SCRYPT  SCRYPT is a “memory intensive” function that was thought to be resistant to customized hardware (false)  Changes to the block emit time target were also changed from Bitcoins 10 minutes to 2.5 minutes to increase the velocity  Newer ALTS incorporate every escalating hash functions, chained together in novel ways to resist giving purpose built hardware an advantage over CPU based mining 6 Alternates to Bitcoin aka Altcoins
  • sahiljain80

    Jul. 24, 2016

Block chain by harsh biltu agarwal & N V Jagadeesh Kumar T

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