SlideShare a Scribd company logo
A Primer On Smart Contracts
About The Technology & Smart Contracts Development At IOHK
DISCLAIMER: The views here expressed are that of the author and do not necessarily reflect the company view
of IOHK, its affiliates or related legal and commercial entities.
Hello
Ger Moroney
PMO Team | IOHK
gerard.moroney@iohk.io
‹#›
INPUT | OUTPUT
AGENDA
Distributed Ledgers, Blockchains & Smart
Contracts
Project Goguen
Q+A
‹#›
INPUT | OUTPUT
What Is A Distributed Ledger?
• A type of data structure which resides across
multiple computer devices, generally spread across
locations or regions.
• Distributed Ledger Technology (DLT) includes
blockchain technologies and smart contracts.
‹#›
INPUT | OUTPUT
What Is A Blockchain?
• A subset of distributed ledger technologies, which
constructs a chronological chain of blocks, hence the
name 'block-chain’
• Permssionless or permissioned
• Public or private
‹#›
INPUT | OUTPUT
What Is A Blockchain?
Merkel Tree (Binary Hash Tree)
• Stores hashes of the individual data to make the verification
efficient.
• Anti-tamper mechanism to ensure that the large dataset has
not been changed (digital fingerprint)
• Efficient process to verify whether a transaction is included in
block.
‹#›
INPUT | OUTPUT
What Is A Blockchain?
Consensus
• Process of achieving agreement among the network
participants as to the correct state of data on the system
• Leads to all nodes sharing the exact same data
• Ensures that the data on the ledger is the same for all the
nodes in the network
• Prevents malicious actors from manipulating the data
• POW, POS, SBFT, POA, POET etc.
‹#›
INPUT | OUTPUT
What Is A Smart Contract?
Smart contracts are computer programs that execute
predefined actions when certain conditions within the
system are met.
‹#›
INPUT | OUTPUT
When To Use?
• Need for a shared common database
• Parties conflicting incentives or do not have trust
• Multiple parties involved or writers to a database
• Cryptography is currently being used or should be
• Data in many different databases along the lifecycle
• Uniform rules governing participants in the system
• Decision making of the parties is transparent
• Need for an objective immutable history
• Transaction frequency < 10,000/s
‹#›
INPUT | OUTPUT
When Not To Use?
• Involves confidential data
• Lot of static data or dataset large
• High transaction frequency
• Use of external services to gather/store data
‹#›
INPUT | OUTPUT
Challenges With Existing Technology
• Scalability
• Interoperability
• Limitations of existing languages
• Not considering business vertical needs
• Not fun
‹#›
INPUT | OUTPUT
Project | Overview
Name – Goguen
GOAL - “Deliver Smart Contract (SC) capability for
Cardano (Computational Layer)“
Workstreams – Sidechains, Accounting, Multi-Currency,
Plutus, Marlowe, IELE, End-User & External Developer,
Integration
Output – Computational Layer, Tools, Training &
Documentation.
‹#›
INPUT | OUTPUT
Project | Workstreams
• Sidechains - Move tokens between blockchains without third party
• Accounting – Support UTXO and account-based transactions
• Multi Currency – Multiple cryptocurrencies on single ledger
• Plutus - General purpose language for writing smart contracts
• Marlowe - SC language designed for financial transactions
• IELE – Virtual machine with universal language framework for SC
transactions
• End Users – Allow users to execute smart contracts
• External Developers – Tools to develop smart contracts
‹#›
INPUT | OUTPUT
Project | Update
ü Academic research on accounting, multiple currency and
sidechains mature; stage starting formal methods (models,
prototypes)
ü Plutus - develop core and specification
ü Marlowe - develop (constructs, embed within Plutus)
ü Launched KEVM & Prepare IELE Testnet
ü End-User & External Developer – Analysis
ü Integration - Target architecture agreed; considering
support and education.
‹#›
INPUT | OUTPUT
Project | Dates
• 28TH May 2018 – KEVM testnet released
https://testnet.iohkdev.io/goguen/
• End July 2018 – IELE testnet scheduled for release
Thank you
IOHK.IO
info@iohk.io
You have been watching an IOHK presentation.

More Related Content

Recently uploaded

zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...
Alex Pruden
 
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdfHow to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
Chart Kalyan
 
Astute Business Solutions | Oracle Cloud Partner |
Astute Business Solutions | Oracle Cloud Partner |Astute Business Solutions | Oracle Cloud Partner |
Astute Business Solutions | Oracle Cloud Partner |
AstuteBusiness
 
Biomedical Knowledge Graphs for Data Scientists and Bioinformaticians
Biomedical Knowledge Graphs for Data Scientists and BioinformaticiansBiomedical Knowledge Graphs for Data Scientists and Bioinformaticians
Biomedical Knowledge Graphs for Data Scientists and Bioinformaticians
Neo4j
 
"$10 thousand per minute of downtime: architecture, queues, streaming and fin...
"$10 thousand per minute of downtime: architecture, queues, streaming and fin..."$10 thousand per minute of downtime: architecture, queues, streaming and fin...
"$10 thousand per minute of downtime: architecture, queues, streaming and fin...
Fwdays
 
Christine's Product Research Presentation.pptx
Christine's Product Research Presentation.pptxChristine's Product Research Presentation.pptx
Christine's Product Research Presentation.pptx
christinelarrosa
 
Christine's Supplier Sourcing Presentaion.pptx
Christine's Supplier Sourcing Presentaion.pptxChristine's Supplier Sourcing Presentaion.pptx
Christine's Supplier Sourcing Presentaion.pptx
christinelarrosa
 
Freshworks Rethinks NoSQL for Rapid Scaling & Cost-Efficiency
Freshworks Rethinks NoSQL for Rapid Scaling & Cost-EfficiencyFreshworks Rethinks NoSQL for Rapid Scaling & Cost-Efficiency
Freshworks Rethinks NoSQL for Rapid Scaling & Cost-Efficiency
ScyllaDB
 
Columbus Data & Analytics Wednesdays - June 2024
Columbus Data & Analytics Wednesdays - June 2024Columbus Data & Analytics Wednesdays - June 2024
Columbus Data & Analytics Wednesdays - June 2024
Jason Packer
 
Choosing The Best AWS Service For Your Website + API.pptx
Choosing The Best AWS Service For Your Website + API.pptxChoosing The Best AWS Service For Your Website + API.pptx
Choosing The Best AWS Service For Your Website + API.pptx
Brandon Minnick, MBA
 
High performance Serverless Java on AWS- GoTo Amsterdam 2024
High performance Serverless Java on AWS- GoTo Amsterdam 2024High performance Serverless Java on AWS- GoTo Amsterdam 2024
High performance Serverless Java on AWS- GoTo Amsterdam 2024
Vadym Kazulkin
 
"Choosing proper type of scaling", Olena Syrota
"Choosing proper type of scaling", Olena Syrota"Choosing proper type of scaling", Olena Syrota
"Choosing proper type of scaling", Olena Syrota
Fwdays
 
9 CEO's who hit $100m ARR Share Their Top Growth Tactics Nathan Latka, Founde...
9 CEO's who hit $100m ARR Share Their Top Growth Tactics Nathan Latka, Founde...9 CEO's who hit $100m ARR Share Their Top Growth Tactics Nathan Latka, Founde...
9 CEO's who hit $100m ARR Share Their Top Growth Tactics Nathan Latka, Founde...
saastr
 
Introduction of Cybersecurity with OSS at Code Europe 2024
Introduction of Cybersecurity with OSS  at Code Europe 2024Introduction of Cybersecurity with OSS  at Code Europe 2024
Introduction of Cybersecurity with OSS at Code Europe 2024
Hiroshi SHIBATA
 
Fueling AI with Great Data with Airbyte Webinar
Fueling AI with Great Data with Airbyte WebinarFueling AI with Great Data with Airbyte Webinar
Fueling AI with Great Data with Airbyte Webinar
Zilliz
 
Dandelion Hashtable: beyond billion requests per second on a commodity server
Dandelion Hashtable: beyond billion requests per second on a commodity serverDandelion Hashtable: beyond billion requests per second on a commodity server
Dandelion Hashtable: beyond billion requests per second on a commodity server
Antonios Katsarakis
 
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectorsConnector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
DianaGray10
 
Nordic Marketo Engage User Group_June 13_ 2024.pptx
Nordic Marketo Engage User Group_June 13_ 2024.pptxNordic Marketo Engage User Group_June 13_ 2024.pptx
Nordic Marketo Engage User Group_June 13_ 2024.pptx
MichaelKnudsen27
 
GNSS spoofing via SDR (Criptored Talks 2024)
GNSS spoofing via SDR (Criptored Talks 2024)GNSS spoofing via SDR (Criptored Talks 2024)
GNSS spoofing via SDR (Criptored Talks 2024)
Javier Junquera
 
Leveraging the Graph for Clinical Trials and Standards
Leveraging the Graph for Clinical Trials and StandardsLeveraging the Graph for Clinical Trials and Standards
Leveraging the Graph for Clinical Trials and Standards
Neo4j
 

Recently uploaded (20)

zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...
 
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdfHow to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
 
Astute Business Solutions | Oracle Cloud Partner |
Astute Business Solutions | Oracle Cloud Partner |Astute Business Solutions | Oracle Cloud Partner |
Astute Business Solutions | Oracle Cloud Partner |
 
Biomedical Knowledge Graphs for Data Scientists and Bioinformaticians
Biomedical Knowledge Graphs for Data Scientists and BioinformaticiansBiomedical Knowledge Graphs for Data Scientists and Bioinformaticians
Biomedical Knowledge Graphs for Data Scientists and Bioinformaticians
 
"$10 thousand per minute of downtime: architecture, queues, streaming and fin...
"$10 thousand per minute of downtime: architecture, queues, streaming and fin..."$10 thousand per minute of downtime: architecture, queues, streaming and fin...
"$10 thousand per minute of downtime: architecture, queues, streaming and fin...
 
Christine's Product Research Presentation.pptx
Christine's Product Research Presentation.pptxChristine's Product Research Presentation.pptx
Christine's Product Research Presentation.pptx
 
Christine's Supplier Sourcing Presentaion.pptx
Christine's Supplier Sourcing Presentaion.pptxChristine's Supplier Sourcing Presentaion.pptx
Christine's Supplier Sourcing Presentaion.pptx
 
Freshworks Rethinks NoSQL for Rapid Scaling & Cost-Efficiency
Freshworks Rethinks NoSQL for Rapid Scaling & Cost-EfficiencyFreshworks Rethinks NoSQL for Rapid Scaling & Cost-Efficiency
Freshworks Rethinks NoSQL for Rapid Scaling & Cost-Efficiency
 
Columbus Data & Analytics Wednesdays - June 2024
Columbus Data & Analytics Wednesdays - June 2024Columbus Data & Analytics Wednesdays - June 2024
Columbus Data & Analytics Wednesdays - June 2024
 
Choosing The Best AWS Service For Your Website + API.pptx
Choosing The Best AWS Service For Your Website + API.pptxChoosing The Best AWS Service For Your Website + API.pptx
Choosing The Best AWS Service For Your Website + API.pptx
 
High performance Serverless Java on AWS- GoTo Amsterdam 2024
High performance Serverless Java on AWS- GoTo Amsterdam 2024High performance Serverless Java on AWS- GoTo Amsterdam 2024
High performance Serverless Java on AWS- GoTo Amsterdam 2024
 
"Choosing proper type of scaling", Olena Syrota
"Choosing proper type of scaling", Olena Syrota"Choosing proper type of scaling", Olena Syrota
"Choosing proper type of scaling", Olena Syrota
 
9 CEO's who hit $100m ARR Share Their Top Growth Tactics Nathan Latka, Founde...
9 CEO's who hit $100m ARR Share Their Top Growth Tactics Nathan Latka, Founde...9 CEO's who hit $100m ARR Share Their Top Growth Tactics Nathan Latka, Founde...
9 CEO's who hit $100m ARR Share Their Top Growth Tactics Nathan Latka, Founde...
 
Introduction of Cybersecurity with OSS at Code Europe 2024
Introduction of Cybersecurity with OSS  at Code Europe 2024Introduction of Cybersecurity with OSS  at Code Europe 2024
Introduction of Cybersecurity with OSS at Code Europe 2024
 
Fueling AI with Great Data with Airbyte Webinar
Fueling AI with Great Data with Airbyte WebinarFueling AI with Great Data with Airbyte Webinar
Fueling AI with Great Data with Airbyte Webinar
 
Dandelion Hashtable: beyond billion requests per second on a commodity server
Dandelion Hashtable: beyond billion requests per second on a commodity serverDandelion Hashtable: beyond billion requests per second on a commodity server
Dandelion Hashtable: beyond billion requests per second on a commodity server
 
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectorsConnector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
 
Nordic Marketo Engage User Group_June 13_ 2024.pptx
Nordic Marketo Engage User Group_June 13_ 2024.pptxNordic Marketo Engage User Group_June 13_ 2024.pptx
Nordic Marketo Engage User Group_June 13_ 2024.pptx
 
GNSS spoofing via SDR (Criptored Talks 2024)
GNSS spoofing via SDR (Criptored Talks 2024)GNSS spoofing via SDR (Criptored Talks 2024)
GNSS spoofing via SDR (Criptored Talks 2024)
 
Leveraging the Graph for Clinical Trials and Standards
Leveraging the Graph for Clinical Trials and StandardsLeveraging the Graph for Clinical Trials and Standards
Leveraging the Graph for Clinical Trials and Standards
 

Featured

Everything You Need To Know About ChatGPT
Everything You Need To Know About ChatGPTEverything You Need To Know About ChatGPT
Everything You Need To Know About ChatGPT
Expeed Software
 
Product Design Trends in 2024 | Teenage Engineerings
Product Design Trends in 2024 | Teenage EngineeringsProduct Design Trends in 2024 | Teenage Engineerings
Product Design Trends in 2024 | Teenage Engineerings
Pixeldarts
 
How Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental HealthHow Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental Health
ThinkNow
 
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
AI Trends in Creative Operations 2024 by Artwork Flow.pdfAI Trends in Creative Operations 2024 by Artwork Flow.pdf
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
marketingartwork
 
Skeleton Culture Code
Skeleton Culture CodeSkeleton Culture Code
Skeleton Culture Code
Skeleton Technologies
 
PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024
Neil Kimberley
 
Content Methodology: A Best Practices Report (Webinar)
Content Methodology: A Best Practices Report (Webinar)Content Methodology: A Best Practices Report (Webinar)
Content Methodology: A Best Practices Report (Webinar)
contently
 
How to Prepare For a Successful Job Search for 2024
How to Prepare For a Successful Job Search for 2024How to Prepare For a Successful Job Search for 2024
How to Prepare For a Successful Job Search for 2024
Albert Qian
 
Social Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie InsightsSocial Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie Insights
Kurio // The Social Media Age(ncy)
 
Trends In Paid Search: Navigating The Digital Landscape In 2024
Trends In Paid Search: Navigating The Digital Landscape In 2024Trends In Paid Search: Navigating The Digital Landscape In 2024
Trends In Paid Search: Navigating The Digital Landscape In 2024
Search Engine Journal
 
5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary
SpeakerHub
 
ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd
Clark Boyd
 
Getting into the tech field. what next
Getting into the tech field. what next Getting into the tech field. what next
Getting into the tech field. what next
Tessa Mero
 
Google's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search IntentGoogle's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search Intent
Lily Ray
 
How to have difficult conversations
How to have difficult conversations How to have difficult conversations
How to have difficult conversations
Rajiv Jayarajah, MAppComm, ACC
 
Introduction to Data Science
Introduction to Data ScienceIntroduction to Data Science
Introduction to Data Science
Christy Abraham Joy
 
Time Management & Productivity - Best Practices
Time Management & Productivity -  Best PracticesTime Management & Productivity -  Best Practices
Time Management & Productivity - Best Practices
Vit Horky
 
The six step guide to practical project management
The six step guide to practical project managementThe six step guide to practical project management
The six step guide to practical project management
MindGenius
 
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
RachelPearson36
 
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Applitools
 

Featured (20)

Everything You Need To Know About ChatGPT
Everything You Need To Know About ChatGPTEverything You Need To Know About ChatGPT
Everything You Need To Know About ChatGPT
 
Product Design Trends in 2024 | Teenage Engineerings
Product Design Trends in 2024 | Teenage EngineeringsProduct Design Trends in 2024 | Teenage Engineerings
Product Design Trends in 2024 | Teenage Engineerings
 
How Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental HealthHow Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental Health
 
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
AI Trends in Creative Operations 2024 by Artwork Flow.pdfAI Trends in Creative Operations 2024 by Artwork Flow.pdf
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
 
Skeleton Culture Code
Skeleton Culture CodeSkeleton Culture Code
Skeleton Culture Code
 
PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024
 
Content Methodology: A Best Practices Report (Webinar)
Content Methodology: A Best Practices Report (Webinar)Content Methodology: A Best Practices Report (Webinar)
Content Methodology: A Best Practices Report (Webinar)
 
How to Prepare For a Successful Job Search for 2024
How to Prepare For a Successful Job Search for 2024How to Prepare For a Successful Job Search for 2024
How to Prepare For a Successful Job Search for 2024
 
Social Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie InsightsSocial Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie Insights
 
Trends In Paid Search: Navigating The Digital Landscape In 2024
Trends In Paid Search: Navigating The Digital Landscape In 2024Trends In Paid Search: Navigating The Digital Landscape In 2024
Trends In Paid Search: Navigating The Digital Landscape In 2024
 
5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary
 
ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd
 
Getting into the tech field. what next
Getting into the tech field. what next Getting into the tech field. what next
Getting into the tech field. what next
 
Google's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search IntentGoogle's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search Intent
 
How to have difficult conversations
How to have difficult conversations How to have difficult conversations
How to have difficult conversations
 
Introduction to Data Science
Introduction to Data ScienceIntroduction to Data Science
Introduction to Data Science
 
Time Management & Productivity - Best Practices
Time Management & Productivity -  Best PracticesTime Management & Productivity -  Best Practices
Time Management & Productivity - Best Practices
 
The six step guide to practical project management
The six step guide to practical project managementThe six step guide to practical project management
The six step guide to practical project management
 
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
 
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
 

Smart Contracts on Cardano

  • 1. A Primer On Smart Contracts About The Technology & Smart Contracts Development At IOHK DISCLAIMER: The views here expressed are that of the author and do not necessarily reflect the company view of IOHK, its affiliates or related legal and commercial entities.
  • 2. Hello Ger Moroney PMO Team | IOHK gerard.moroney@iohk.io
  • 3. ‹#› INPUT | OUTPUT AGENDA Distributed Ledgers, Blockchains & Smart Contracts Project Goguen Q+A
  • 4. ‹#› INPUT | OUTPUT What Is A Distributed Ledger? • A type of data structure which resides across multiple computer devices, generally spread across locations or regions. • Distributed Ledger Technology (DLT) includes blockchain technologies and smart contracts.
  • 5. ‹#› INPUT | OUTPUT What Is A Blockchain? • A subset of distributed ledger technologies, which constructs a chronological chain of blocks, hence the name 'block-chain’ • Permssionless or permissioned • Public or private
  • 6. ‹#› INPUT | OUTPUT What Is A Blockchain? Merkel Tree (Binary Hash Tree) • Stores hashes of the individual data to make the verification efficient. • Anti-tamper mechanism to ensure that the large dataset has not been changed (digital fingerprint) • Efficient process to verify whether a transaction is included in block.
  • 7. ‹#› INPUT | OUTPUT What Is A Blockchain? Consensus • Process of achieving agreement among the network participants as to the correct state of data on the system • Leads to all nodes sharing the exact same data • Ensures that the data on the ledger is the same for all the nodes in the network • Prevents malicious actors from manipulating the data • POW, POS, SBFT, POA, POET etc.
  • 8. ‹#› INPUT | OUTPUT What Is A Smart Contract? Smart contracts are computer programs that execute predefined actions when certain conditions within the system are met.
  • 9. ‹#› INPUT | OUTPUT When To Use? • Need for a shared common database • Parties conflicting incentives or do not have trust • Multiple parties involved or writers to a database • Cryptography is currently being used or should be • Data in many different databases along the lifecycle • Uniform rules governing participants in the system • Decision making of the parties is transparent • Need for an objective immutable history • Transaction frequency < 10,000/s
  • 10. ‹#› INPUT | OUTPUT When Not To Use? • Involves confidential data • Lot of static data or dataset large • High transaction frequency • Use of external services to gather/store data
  • 11. ‹#› INPUT | OUTPUT Challenges With Existing Technology • Scalability • Interoperability • Limitations of existing languages • Not considering business vertical needs • Not fun
  • 12. ‹#› INPUT | OUTPUT Project | Overview Name – Goguen GOAL - “Deliver Smart Contract (SC) capability for Cardano (Computational Layer)“ Workstreams – Sidechains, Accounting, Multi-Currency, Plutus, Marlowe, IELE, End-User & External Developer, Integration Output – Computational Layer, Tools, Training & Documentation.
  • 13. ‹#› INPUT | OUTPUT Project | Workstreams • Sidechains - Move tokens between blockchains without third party • Accounting – Support UTXO and account-based transactions • Multi Currency – Multiple cryptocurrencies on single ledger • Plutus - General purpose language for writing smart contracts • Marlowe - SC language designed for financial transactions • IELE – Virtual machine with universal language framework for SC transactions • End Users – Allow users to execute smart contracts • External Developers – Tools to develop smart contracts
  • 14. ‹#› INPUT | OUTPUT Project | Update ü Academic research on accounting, multiple currency and sidechains mature; stage starting formal methods (models, prototypes) ü Plutus - develop core and specification ü Marlowe - develop (constructs, embed within Plutus) ü Launched KEVM & Prepare IELE Testnet ü End-User & External Developer – Analysis ü Integration - Target architecture agreed; considering support and education.
  • 15. ‹#› INPUT | OUTPUT Project | Dates • 28TH May 2018 – KEVM testnet released https://testnet.iohkdev.io/goguen/ • End July 2018 – IELE testnet scheduled for release
  • 16. Thank you IOHK.IO info@iohk.io You have been watching an IOHK presentation.