A bitcoin and blockchain primer
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Bitcoin and blockchain technology allows for the digitization of any type of asset or record on a decentralized ledger. This includes financial assets, public records, private contracts, physical keys, and more. It enables property to flow digitally like content flows on the internet without centralized control. The key innovation is the blockchain, which allows a distributed network of nodes to maintain an immutable record of transactions through cryptography and algorithms like proof-of-work mining. New blockchains aim to go beyond just recording data and enable smart contracts and decentralized autonomous organizations to run on the network.
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A bitcoin and blockchain primer
- 1. ‘AND THEN THERE WAS BITCOIN’ Presentation, 30 min.
- 2. Author of the early and influential paper ‘Bitcoin 2.0’, dec 2013 http://www.slideshare.net/patricksavalle/bitcoin-20 Architect and coder of MOBBR.COM elected top 3 bitcoin startup at the World Bitcoin Day 2014 Full-stack innovator
- 3. : Bitcoin is neither good nor bad nor is it neutral It certainly can’t be un-invented and it also won’t wait for doubters IT’S TECHNOLOGY
- 4. BITCOIN FOR THE USER: WALLETS AND EXCHANGES
- 5. ‘JUST’ THE FIRST APP ON THE BLOCKCHAIN: CASH MONEY OVER THE INTERNET
- 6. BUT BITCOIN IS ABOVE ALL: SMART LEDGER TECHNOLOGY I. Financial Instruments, Records and Models Currency Private equities Public equities Bonds Derivatives (futures, forwards, swaps, options) Voting rights associated with any of the above Commodities Spending records Trading records Mortgage / loan records Servicing records Crowd-funding Micro-finance Micro-charity II. Public Records Land titles Vehicle registries Business license Business incorporation / dissolution records Business ownership records Regulatory records Criminal records Passports Birth certificates Death certificates Voter IDs Voting Health / Safety Inspections Building permits Gun permits Forensic evidence Court records Voting records Non-profit records Government/non-profit accounting/transparency III. Private Records Contracts Signatures Wills Trusts Escrows GPS trails (personal) IV. Other Semi-Public Records Degree Certifications Learning Outcomes Grades HR records (salary, performance reviews, accomplishment) Medical records Accounting records Business transaction records Genome data GPS trails (institutional) Delivery records Arbitration V. Physical Asset Keys Home / apartment keys Vacation home / timeshare keys Hotel room keys Car keys Rental car keys Leased cars keys Locker keys Safety deposit box keys Package delivery (split key between delivery firm and receiver) Betting records Fantasy sports records (!) VI. Intangibles (?) Coupons Vouchers Reservations (restaurants, hotels, queues, etc) Movie tickets Patents Copyrights Trademarks Software licenses Videogame licenses Music/movie/book licenses (DRM) Domain names Online identities Proof of authorship / Proof of prior art VI. Other Documentary records (photos, audio, video) Data records (sports scores, temperature, etc) Sim Cards GPS network identity Gun unlock codes Weapons unlock codes Nuclear launch codes (!) Spam control (micro-payments for posting)
- 7. THE INTERNET OF PROPERTY Bitcoin will make property flow like the internet made content flow
- 8. No single point of failure/control/censorship Not every centralized function had/has a decentralized counterpart, bookkeeping now does NOT JUST A DATABASE BUT DECENTRALIZED
- 9. Key to understanding the blockchain is understanding ‘decentralisation’
- 10. BITCOIN BEHIND THE CURTAINS: CRYPTOGRAPHY, ALGORITHMS AND MINING
- 12. REAL INVENTION IS THE BLOCKCHAIN Every bitcoin node is equal and (in principle) - runs the same program - has the same, full copy of the ledger Very effective, resilient and scalable but also: - massive redundancy and inefficiency Current implementation is not up to ‘the’ task: - slow (confirmations take 10m) - limited (transaction volume) - too large for true distributed use (ledger is 42TB currently)
- 13. BLOCKCHAIN A decentralized, internetted ledger that makes any property (including money) ‘cash’, transparent and undisputed Allows transactions to be done without the need for trust or third parties. It is (like cash money) a true peer to peer solution. Simple functionality, complicated technology
- 14. DECENTRALISED AUTONOMOUS CORPORATIONS Algorithmic companies that run on millions of computers at the same time, without a single point of failure, control or censorship. NEW BLOCKCHAINS: VEN SMARTER LEDGERS, OT JUST DATA, CODE TOO
- 15. LA’ZOOZ: ‘UBER’ IMPLEMENTED AS A DAC
Editor's Notes
- And than there was bitcoin! And the same reaction to technology all over again. Not only the passive reaction of just being to late to recognize, but even an aggressive campaign against it. Why is that?
- Is bitcoin real money? I believe it is. Like gold his has no intrinsic value other than scarcity. Unit of accounting, medium of exchange, store of value. And Is much more useful than other money. The advantages are is allows access for the unbanked, it is reasonably fast, it is cash money over the internet.
- Is bitcoin real money? I believe it is. Like gold his has no intrinsic value other than scarcity. Unit of accounting, medium of exchange, store of value. And Is much more useful than other money. The advantages are is allows access for the unbanked, it is reasonably fast, it is cash money over the internet.
- The difference between the traditional ledger and the blockchain. And why just store values? Why don’t also attach triggers and stored procedures. Why don’t just store code?
- Is bitcoin real money? I believe it is. Like gold his has no intrinsic value other than scarcity. Unit of accounting, medium of exchange, store of value. And Is much more useful than other money. The advantages are is allows access for the unbanked, it is reasonably fast, it is cash money over the internet.
- Clarify the term de-central. It is also a matter of scale. If you zoom out traditional banking network also form a decentralised network. If you zoom in even bitcoin can look centralised.
- Is bitcoin real money? I believe it is. Like gold his has no intrinsic value other than scarcity. Unit of accounting, medium of exchange, store of value. And Is much more useful than other money. The advantages are is allows access for the unbanked, it is reasonably fast, it is cash money over the internet.
- Worth mentioning is Ripple.
- The beginning of a new era.
- Clarify the term de-central. It is also a matter of scale. If you zoom out traditional banking network also form a decentralised network. If you zoom in even bitcoin can look centralised.
- Is bitcoin real money? I believe it is. Like gold his has no intrinsic value other than scarcity. Unit of accounting, medium of exchange, store of value. And Is much more useful than other money. The advantages are is allows access for the unbanked, it is reasonably fast, it is cash money over the internet.