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Blockchain Tech – The Journey

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After discovering Bitcoin in 2010, Alex tried a bit of everything: implementing a futures exchange, leading the open source “colored coins” project, writing Ethereum contracts and, finally, making a new private blockchain & smart contract platform. In this talk Alex will explain how various concepts and approaches are connected and inter-related, while also sharing entertaining bits from blockchain tech history.

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Blockchain Tech – The Journey

  1. 1. BLOCKCHAIN TECH THE JOURNEY
  2. 2. 2 Partial customer list First bank, First government Globally recognized I am CTO of Our latest product:
  3. 3. BITCOIN 2008: THE PAPER 2009: BITCOIN RELEASED 2010: BITCOIN GOT NOTICED BY SLASHDOT 2010: I LEARNED ABOUT IT… 2011: 1 BITCOIN IS WORTH $1
  4. 4. Every node processes every transaction! Every node keeps a complete copy of the ledger!
  5. 5. BITCOIN 2008: THE PAPER 2009: BITCOIN RELEASED 2010: BITCOIN GOT NOTICED BY SLASHDOT 2010: I LEARNED ABOUT IT… 2011: 1 BITCOIN IS WORTH $1 2011: ALEX STARTS HIS FIRST CRYPTO PROJECT!
  6. 6. MY FIRST BITCOIN PROJECT Trade anything — virtually $ Contract For Difference (CFD) Non-Deliverable Forward (NDF) NOT REAL
  7. 7. HOW NDF WORKS Exchange Alice 2 BTC Bob 2 BTC 1. 2. Alice agrees to sell to Bob 1 bitcoin for $100 in one month Alice 1 BTC + $100 (virtual) Bob 3 BTC - $100 (virtual) 3. Settlement: parties receive payout in bitcoins according to formula 1 BTC = $150 now Exchange Alice 1.667 BTC Bob 2.333 BTC
  8. 8. PROBLEM: The exchange holds all the funds and is a single point of failure. Funds in a shared wallet can be stolen! Exchange Alice 2 BTC Bob 2 BTC
  9. 9. THIS ACTUALLY HAPPENED MANY TIMES MtGox Bitcoinica BitFinex BitStamp MyBitcoin.com …
  10. 10. EXIT SCAM: Operator just disappears with all the money!
  11. 11. SOLUTION: SMART CONTRACTS? • Bitcoin has Script! 😀 • …but it can’t do payout computations ☹ • but it can encode authorisation (multi-sig) 🙂
  12. 12. MULTI-SIGNATURE 2 BTC Alice 2 BTC Bob 4 BTC Alice 🔒 Bob 🔒 exchange🔒 Payout 🔒 🔒 2 OF 3
  13. 13. BITCOIN SMART CONTRACTS Alice’s wallet BUSINESS LOGIC KEYS🔑🔑🔑 Bob’s wallet BUSINESS LOGIC KEYS🔑🔑🔑 Bitcoin Blockchain COIN AUTHORIZATION LOGIC 🔒🔒🔒 Oracle BUSINESS LOGIC KEYS🔑🔑🔑
  14. 14. DISPUTE MEDIATION ALICE BUYER BOB SELLER ALICE🔒 BOB🔒 MEDIATION SERVICE🔒
  15. 15. 2011-2012: FIRST ALT-COINS Decentralised DNS Proof-of-Stake Different Proof-of-Work
  16. 16. PROOF-OF-STAKE
  17. 17. COLORED COINS
  18. 18. ICO: INITIAL COIN OFFERING LIKE IPO, BUT MORE COOL more than BILLION DOLLARS invested this year!
  19. 19. FIRST TRUSTLESS TOKEN EXCHANGE P2PTRADE UI IN ARMORYX
  20. 20. CHROMAWALLET
  21. 21. SCAMS EVERYWHERE :(
  22. 22. ETHEREUM
  23. 23. CAN DO EVERYTHING Colored coins ERC-20 tokens Smart contracts logic directly on blockchain
  24. 24. GLOBAL STATE (LEDGER, DATABASE…) CONTROLLED BY COMPUTATIONS WORLD COMPUTER TRANSACTION CONTRACT CODE STATE
  25. 25. ETHEREUM UNDER THE HOOD CONTRACT CODE (SOLIDITY) CONTRACT BYTECODE CONTRACT ABI compilation Ethereum blockchain DEPLOYED CONTRACT
  26. 26. CUBER Colored coins on Bitcoin blockchain Mobile payments
  27. 27. CUBER
  28. 28. Postchain origins bitcoindBitcoin Network chromanode SQL database client software
  29. 29. Sidechain nodenode nodenode BFT consensus Bitcoin Network client client private blockchain
  30. 30. SIDECHAINS
  31. 31. PRIVATE BLOCKCHAINS ALSO CALLED: FEDERATED, PERMISSIONED BLOCKCHAINS AND “DISTRIBUTED LEDGER TECHNOLOGY” FABRIC
  32. 32. ESPLIX PRIVATE SMART CONTRACTS
  33. 33. BLOCKCHAIN TECH STACK IT’S ALL ABOUT APPLIED CRYPTOGRAPHY PRIVATE BLOCKCHAIN PUBLIC BLOCKCHAIN SMART CONTRACTS HASH FUNCTIONS SIGNATURESENCRYPTION PROOFS ZERO-KNOWLEDGE PROOFS MERKLE TREES AUTHENTICATION

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