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Bitcoin, Ethereum, Smart Contract & Blockchain

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Overview of what is Bitcoin, Ethereum, Smart Contract and Blockchain.
First explained what is Bitcoin and its entities involved. Then Ethereum and what is called Blockchain.
Examples of the existing platforms those are using Ethereum.

Published in: Technology

Bitcoin, Ethereum, Smart Contract & Blockchain

  1. 1. Ethereum & Smart Contracts
  2. 2. About Me • Jitendra Chittoda • Co-Leader Delhi & NCR Java User Group (JUG) • Software Developer at ION Trading • 10+ years of experience in Java and related tech. • Started exploring BitCoin, AltCoins, Blockchain and Smart Contracts since few months.
  3. 3. Bitcoin
  4. 4. What is Bitcoin ? • First decentralised digital currency • Also called Cryptocurrency • Person named Satoshi Nakamoto published a technical paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in October 2008 • Open source code released in January 2009
  5. 5. Problems with Banks • Transfer takes couple of days • Higher transaction fees • No freedom in payment • No control over your money • Accounts can be compromised • Bank holidays
  6. 6. Bitcoin Advantages • Transparent • No Central Authority • Incorruptible digital ledger • Low transaction fee • No borders • Instant transfer • Freedom in payment • Secured with Cryptography • Anytime • No single point of failure • Limited supply of Bitcoins • Can have fractions upto 8 decimal places
  7. 7. Disadvantages • Highly volatile price • Wallets can be stolen • Illegal use like Tax evasion, weapons procurement
  8. 8. Wallet TransactionMiners Network
  9. 9. Miners • Deploy a high CPU/GPU power machine in the network for mining • Compete to win Bitcoin by solving a computational puzzle • Block rewords by adding new Blocks • Transaction Fees • Transaction verification • Makes the network strong and secure • Keep the latest copy of Ledger
  10. 10. Wallet • Wallet stores Bitcoin and any other Cryptocurrency • Works on Asymmetric Cryptography • Public and Private Key • Can generate offline
  11. 11. 780+ Alternate Cryptocurrency
  12. 12. Blockchain • Decentralised Trust • Can store more then any currency like SmartContract, Shares, Documents, Land registry, Certificates, Bonds etc.
  13. 13. Blockchain a New Web 3.0 • Smart Contracts • Crowdfunding • Governance • Supply chain • File Storage • Prediction Markets • Stock Market • Sharing Computational Power
  14. 14. Ethereum • Proposed in a white paper by Vitalik Buterin in late 2013 • Development was funded in July 2014 by crowd sale • Coins are called “Ether” • May 2015 first version-0 launched • Current version Ethereum 2, aka Homested • Second most popular cryptocurrency just after BitCoin • Opensource
  15. 15. Ethereum • Smart Contract (DApps) • Token Creation • Crowdfunding or Initial Coin Offerings (ICOs)
  16. 16. Smart Contracts • If This Then This • Decentralised Trust • Code on Blockchain • Stores Rules and Terms of Contract • Execute agreed terms • Readable
  17. 17. Companies using Ethereum & Blockchain • Worldwide Supercomputer (https://golem.network) • Global Settlement Network (https://ripple.com/) • Prediction Platform (https://augur.net/) • Distributed Encrypted Cloud Storage (https://storj.io & https://maidsafe.net)
  18. 18. Let’s Play With Ethereum • https://ethereum.org • Ethereum Wallet Software • Connecting to Ethereum testnet & mainnet • Generate your own wallet online (https://www.myetherwallet.com/) • Send and receive Ether • Mining Ether (testnet) • Write a Smart Contract
  19. 19. Smart Contract Programming Languages • Language for writing Smart Contracts with Ethereum • Languages supported by Ethereum • Solidity (Java & JavaScript like language) • Serpent (similar to Python) • LLL (Lisp like language) • Mutan
  20. 20. Solidity • High level contract-oriented language with similarities to Java & JavaScript. • Allows you to develop contracts and compile to EVM bytecode • Turing complete
  21. 21. Future Sessions • Solidity in depth • More advanced Smart Contracts • Integration of Ethereum (transactions and Smart Contract) with Java library called Web3j (https://web3j.io/)
  22. 22. Thank you

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