Blockchain fundamentals based on bas w_v1.1.pptx

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Blockchain Fundamentals
What is it and what isn’t it?
Bas Wisselink – bwisselink@blockchainworkspace.com - @DamelonBCWS
06-02-2018 – Paviljoen Meerzicht

Why blockchain?
lockchain in het kort

I trust someone with power to the extent he is willing to
himself by imposing checks and balances on himself.

What is Trust?
•  Based on experience (assessment)
•  Projected into the future (expectation)
•  Can be betrayed (uncertainty)
•  Not limited to persons, you can also trust a
“thing”

Blockchain “Trust”
•  No need to assess: the blockchain proves its
•  Rules are known: everyone is locked into the
•  You do not need to know the participant
•  Rules cannot be circumvented

A blockchain is a transaction ledger that eliminates the need
to “trust” by locking participants into a set of rules from
which consensus emerges.

Blockchain solves the central question of digitalised value
Who proves:

1) It’s real and not counterfeit?
2) It hasn’t been spent before?
3) It therefore is mine?

Blockchain Essentials
1. Immutability
2. Timestamping
3. Public key cryptography
4. Peer to peer network

Decentralised Consensus
How does it work?
ecentralised Consensus

•  Independent verification of each transaction
by every full node, based on a comprehensive list of criteria
•  Independent aggregation of those transactions into new blocks by mining nodes
coupled with demonstrated computation through a proof-of-work algorithm
•  Independent verification of the new blocks by every node and assembly into a cha
•  Independent selection, by every node, of the chain
with the most cumulative computation demonstrated through proof of work (or X)
Decentralised Consensus
In a Peer-to-Peer Network

What kind of Platforms are we seeing?
1. “Vanilla” Blockchains: Bitcoin and simple altcoins
2. “Application” Blockchains: specific for one use, for instance Gridcoin (BOI
3. Complete Platforms with new functionality: Nxt, Ardor, Bitshares
4. “Blockchain Computers”: Ethereum

urrencies

ata & Sharing Data

eveloper’s Tools

overeignty

Initial Coin Offerings
Blockchain and raising capital
06-02-2018 – Paviljoen Meerzicht

By whom: people with an idea
For whom: investors
Why: when money is needed
How: create coin/token on a blockchain
How to buy: via a website and exchange
What is an ICO?

ICO is an acronym for Initial Coin Offering
ITO is an acronym for Initial Token Offering
Since 2013, tokens can be created on Bitcoin and other platforms: Mastercoin
Starting 2014, Tokens have been offered on platforms for crowdfunding: XCP, Nxt
An ICO offers tokens that are either native to a platform or asset-backed
Some Tokens promise to pay shares of the project’s profit: “dividends”
What is an ICO?

ICOs are largely specifically unregulated. Anyone can issue a token
A token can be created in just a few minutes
Depending on the platform, Tokens can have in-built rules
Since 2013, regulators have adopted a hands-off approach to Tokens
In 2017, the SEC (USA) and the CSA (CA) have issued first opinions on ICOs
ESMA continues to adopt a “watch and see” approach, also due to the EU financial marke
being more complex than US and CA.
COs and regulation

The following lists provides some of the more obvious Red Flags for ICOs. This does not
mean a project will fail or is a scam, but that the risk is progressively larger. Some of thes
Red Flags are also misused to trick you into trust, though
Unknown developers and/or founders
No cap on ICO
No business plan and/or product description (usually per whitepaper)
Whitepaper is basically a PR brochure
No project milestones
No plan for vesting, fund release or any basic accounting
ed Flags

What purpose does the blockchain have in your project?
Is your service already offered by a centralized entity? If so, why does decentralizing it make it
better?
What is the consensus algorithm used by the project and how was it picked?
How did you determine the number of coins to be sold?
What will you do with unsold tokens?
What milestones do you have in place? How will you inform investors when milestones are
achieved?
Where can I find the source code?
Source: https://medium.com/@petehumiston/50-questions-to-ask-when-evaluating-an-initial-coin-offering-ico-82d130501ee0
ample questions for ICOs

Wallets & Buying
Where do I buy? What are Wallets?
14-3-2018 Henk van Cann - @henkvancann - Gemeente Leiden

It’s not a Wallet: it’s a key chain!

Software Wallet
−  Electrum, Armory, Bitcoin Core
Web Wallet
−  Jaxx, Coinomi
Hardware Wallet
−  Trezor, Ledger
Paper Wallet
−  bitcoinpaperwallet.com, bitaddress.org
ypes of Wallets

Bitcoin verkopers
−  Bitonic, BTCDirect, Litebit
Exchanges
−  Bitfinex, Bl3p, Poloniex, Bittrex etc.
Coin Sites
−  Coinmarketcap, Coingecko, Onchainfx
Waar kopen?

Blockchains, feit en fictie
Bas Wisselink
Weirdo with a theatre background

Blockchain Workspace
Workshops & Cursussen
Opleidingen tot Trainer
Consulting
Email: bwisselink@blockchainworkspace.com
Twitter: @DamelonBCWS
https://www.blockchainworkspace.com
https://baswisselink.com

cense
This work is licensed under a Creative Commons Attribution-Share Alike 4.0 license
https://creativecommons.org/licenses/by-sa/4.0/

Thank You
Henk van Cann (origineel materiaal Bas Wisselink
14 maart 2018 – Blockchain Fundamentals

Blockchain fundamentals based on bas w_v1.1.pptx

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