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Blockchain 101: An Introduction to the Blockchain Ecosystem
The document provides an introduction to blockchain technology, covering its definition, key use cases, and various types of blockchain networks, including public and private ones. It discusses scalability challenges faced by blockchain systems and highlights solutions like Layer 2 technologies, along with the concept of cryptoeconomics related to token supply and governance. The author, Derek Yoo, shares his background and insights into the growing diversity and applications of blockchain in sectors such as finance, supply chain, and healthcare.
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Blockchain 101: An Introduction to the Blockchain Ecosystem
- 1. 1 Introduction to Blockchain DerekYoo September 10, 2019
- 2. Introduction to Blockchain TOPICSFOR THIS TALK ► What is a blockchain? ► What are blockchain networks and why are they interesting? ► Key blockchain use cases ► Analyzing and categorizing different blockchain networks ► Existing scalability challenges and solutions A LITTLE ABOUT ME ► 20+ years building as-a-service & cloud technology companies ► Co-Founded Fuze (An enterprise cloud company based in Boston) ► Currently CEO of PureStake (A crypto-infrastructure-as-a-service company)
- 3. What is aBlockchain? Source: http://www.cs.colostate.edu/~cs481a3/#/ TX1 TX2 TX3 TX4 ...Starting Block New Block TIME
- 4. What Are BlockchainNetworks? Nodes Blockchain
- 5. Why Are BlockchainNetworks Interesting? THEY ENABLE DIGITAL SCARCITY THEY ARE CENSORSHIP RESISTANT
- 6. Blockchain Use Cases:More Than Just Transactions FINANCIAL ► Digital money / cryptocurrency, sending and receiving transactions ► Digital assets, trading digital assets on exchanges ► Distributed finance applications (DeFi): ○ Lending - e.g. Compound ○ Trading - e.g. 0x ○ Stablecoin - e.g. MakerDAO ○ Tokenization - e.g. AssetBlock ○ Prediction Markets - e.g. Augur “ENTERPRISE” ► Supply Chain ► Digital identity management ► Health care / health care data ► Registries for property, titles, etc. ► Voting ► Notary, authenticity
- 7. Growing Diversity ofBlockchain Networks Source: coinmarketcap.com 8/26/19
- 8. Public vs Private(Permissioned) PRIVATEPUBLIC
- 9. From Centralized toDecentralized CENTRALIZED One Node Does Everything DISTRIBUTED Nodes Distribute Work to Sub-Nodes DECENTRALIZED Nodes Are Only Connected to Peers
- 10. Types of CryptoNetworks Cryptocurrency Smart Contract / Distributed Applications
- 11. Proof of WorkProof of Stake Consensus Mechanisms: Who Decides the Next Block? ► Proof of Space ► Proof of Time ► Proof of History ► Proof of Capacity ► Proof of Authority ► Transaction as Proof of Stake ► Delegated Byzantine Fault Tolerance ► Proof of Activity ► Proof of Burn ► Etc...
- 12. Miners Relayers Network Participantsand Cryptoeconomics Validators CRYPTOECONOMICS ► Token supply ► Initial token distribution ► Issuance mechanism and schedule ► Inflationary vs deflationary ► Transaction fees ► Governance systems and tokens ► Network incentives and participants
- 13. Blockchain Scalability Challenges ►Bitcoin ~ 5 TPS ► Ethereum ~ 15 TPS ► EOS ~ 1000+ TPS ► Visa ~ 2000+ TPS Scalability DecentralizationSecurity THE BLOCKCHAIN TRILEMMA
- 14. MORE SCALABLE BASE LAYERPROTOCOL Lots of Experimentation to Solve Scalability Challenges LAYER 2 SOLUTIONS PARALLELIZE
- 15. PureStake: Blockchain Infrastructure-as-a-Service Algorand Infrastructure Algorand Nodes Infrastructure& Validator Services A quick & easy way for developers to interact with the Algorand TestNet and MainNet without the burden of maintaining node infrastructure Custom infrastructure solutions for Algorand network participants, including relay services and node services Automated blockchain infrastructure that combines security and reliability to help support your project. Validator services for Polkadot coming soon. Contact Information Derek Yoo derek@purestake.com
- 16.
- 17. CRYPTOECONOMICS TOKEN SUPPLY 21M Bitcoinstotal ~18M in circulation today MARKET CAP $186B (as of yesterday on coinmarketcap) ISSUANCE ~1800/day, declining over time INFLATIONARY OR DEFLATIONARY Deflationary GOVERNANCE Offchain, BIPs Devs, Miners, Users Applying Our Tools to Bitcoin ANALYSIS FACTORS HISTORY Whitepaper in 2008, launched in 2009 by Satoshi Nakamoto USE CASE Digital Cash -> Digital Gold LEVEL OF DECENTRALIZATION High PUBLIC OR PRIVATE Public CRYPTOCURRENCY OR SMART CONTRACT Cryptocurrency CONSENSUS Proof of Work KEY NETWORK PARTICIPANTS Miners
- 18. Bitcoin Blockchain Credit: MatthäusWander https://creativecommons.org/licenses/by-sa/3.0/deed.en