Presentation of a seminar talk at ETH aimed at bringing participants to understand how tightly connected systems lead to networked risks, and why this can imply systems we do not understand and cannot control well, thereby causing systemic risks and extreme events.
[Video: https://www.youtube.com/watch?v=JZrwIlB6SVA ]
[Paper: http://www.ofnumbers.com/wp-content/uploads/2014/04/Learning-from-Bitcoins-past.pdf ]
Tim Swanson discusses sidechains, merged mining, blockchain 2.0, bitcoin information security. bitcoin thefts and potential use-cases for the network. First presented at Stanford on April 28, 2014 for the Symbolic Systems 150 course. Citations and references in the notes section. More information at: www.ofnumbers.com
Overview of bitcoin regulation challenges and opportunities.
The research focused on ineffective controls used by western regulators to control Bitcoin and cryptocurrency .
CryptoCamp Version 1.0 as of Mar. 15, 2019Charles Adjovu
An introductory guide to the blockchain industry (cryptocurrency included) that covers the industry's history, a know-how tutorial for cryptocurrencies, short introduction to the underlying technology, the major players in the Bitcoin network, and blockchain industry jargon.
[Video: https://www.youtube.com/watch?v=JZrwIlB6SVA ]
[Paper: http://www.ofnumbers.com/wp-content/uploads/2014/04/Learning-from-Bitcoins-past.pdf ]
Tim Swanson discusses sidechains, merged mining, blockchain 2.0, bitcoin information security. bitcoin thefts and potential use-cases for the network. First presented at Stanford on April 28, 2014 for the Symbolic Systems 150 course. Citations and references in the notes section. More information at: www.ofnumbers.com
Overview of bitcoin regulation challenges and opportunities.
The research focused on ineffective controls used by western regulators to control Bitcoin and cryptocurrency .
CryptoCamp Version 1.0 as of Mar. 15, 2019Charles Adjovu
An introductory guide to the blockchain industry (cryptocurrency included) that covers the industry's history, a know-how tutorial for cryptocurrencies, short introduction to the underlying technology, the major players in the Bitcoin network, and blockchain industry jargon.
Bits, Blocks, and Chains: A Concise Examination of Bitcoin and Cryptocurrency...Richard Givens
An overview of cryptocurrency, with a focus on Bitcoin, and an explanation of the processes involved in creating it, with a focus on novice understanding.
Blockchain, smart contracts and use cases for the Legal HackersKoen Vingerhoets
On the 20th of June, the Brussels Legal Hackers invited @KristofVerslype and myself to explain #bitcoin, #blockchain and #smartcontracts. We added some use cases to spice up things. This set only contains my slides for the evening.
Blockchain. Everyone talks about it, but how does it really work?
This talk covers the fundamentals and discusses real world examples of how blockchain is being used to transform healthcare, real estate, humanitarian aid, governance and other domains.
See the original talk at: https://www.facebook.com/thekasbahhub/videos/1875008969491362/
Ethereum is a decentralised blockchain-based cryptocurrency with its own native currency, Ether (ETH), as well as a unique programming language known as Solidity. Ethereum, which was created in 2015 by a small group of crypto pioneers, has risen to become the world's second most popular cryptocurrency, trailing only Bitcoin. Ethereum was created by a team that included Joe Lubin and Vitalik Buterin, who is currently the Ethereum CEO and the world's youngest crypto millionaire at the age of 27.
Future Opportunities and Economic Challenges for Cryptoledgers: Trends and sp...Tim Swanson
[Video: https://www.youtube.com/watch?v=pyuCJkLF2Jo ]
[Paper: http://www.ofnumbers.com/wp-content/uploads/2014/04/Bitcoins-Public-Goods-hurdles.pdf ]
Presentation given at the Institute for the Future on March 27, 2014. Note: there are numerous footnotes containing additional quotes and references of each slide. It covers the technical and economic limitations of Bitcoin in its current state, the financial incentives for operating a mining pool, the financial incentives for working as a developer and the various public goods issues surrounding a communal effort including special interest groups and lobbying.
Disruptive Future of Blockchain for Brasil Melanie Swan
Tudu acaba em blockchain: Productivity gains: Capital investment in technology, Provide data centers with Blockchain as a Service
Skilled work force development: Train 1000 software developers: Hyperledger, Ethereum, Corda
Focus on global markets beyond the internal economy: Scale efficiencies
Natural resources, regional strength, large companies
Low-hanging fruit: secure information transfer
I am sending you 1π! Pi is a new digital currency developed by Stanford PhDs, with over 9 million members worldwide. To claim your Pi, follow this link https://minepi.com/krishvikram and use my username (krishvikram) as your invitation code.
Step 1. Install the Pi app with above link
Step 2 verify the profile
Step 3 tap on earnings and share your link and increase your earnings
Step 4 verification type the referral code which is mandatory.
Referral code is : krishvikram
Making Lemonade out of Lemons: Squeezing utility from a proof-of-work experimentTim Swanson
[Note: references and citations can be found in the notes section of the slides]
First presented at the R3 Cryptocurrency Round Table on December 11, 2014 in Palo Alto. Covers "Bitcoin 2.0" ideas including alternative consensus mechanisms, costs of operating decentralized ledgers, use-cases for these new ledgers within existing financial institutions and potential hurdles including disproportional rewards.
There are many cryptocurrencies out there; in fact, as of April 2021, there were over 9,500 cryptocurrencies in circulation listed on the Coinmarketcap. This number is expected to increase in the future as people’s interest in cryptocurrencies keeps rising. Although you might have heard about cryptocurrencies and known how it works, it’s possible you still don’t know what cryptocurrency actually is, or what means. The fields of cryptocurrency and the blockchain technology that drives cryptocurrencies can be a bit confusing. So, what is cryptocurrency? This article uses relatable terminology to explain in detail what cryptocurrency is, and the science of cryptography that decentralizes and drives cryptocurrencies, and makes them secure.
Economics of Decentalized Currency SystemsErnie Teo
This presentation examines the justifications for a decentralized currency system, looking at the main beneficiaries of such a system and comparing it to a centralized currency. Next, the Byzantine General’s Problem will be discussed from a game theoretical perspective. We will look at how various solutions such as mining protocols (such as proof of work and proof of stake like Bitcoin) and consensus protocols (like Ripple and Hyperledger), attempts to tackle the problem. The talk will conclude by comparing between the Ripple and Bitcoin systems, looking at the pros and cons, and the participation incentives of nodes.
Blockchain: The New Technology of TrustMarco Segato
An introductory presentation of the technology that is said to change the world, the result of practical research and participation in the Permanent Observatory of the Polytechnic University of Milan.
Understanding Proof of Work (PoW) and Proof of Stake (PoS) AlgorithmsGautam Anand
We will focus on understanding "Proof of Stake (PoS)" Algorithm, how it different from "Proof of Work" algorithm, the performance benefits and security overview. We will also discuss the upcoming blockchain protocols that are planning to move to PoS.
Bits, Blocks, and Chains: A Concise Examination of Bitcoin and Cryptocurrency...Richard Givens
An overview of cryptocurrency, with a focus on Bitcoin, and an explanation of the processes involved in creating it, with a focus on novice understanding.
Blockchain, smart contracts and use cases for the Legal HackersKoen Vingerhoets
On the 20th of June, the Brussels Legal Hackers invited @KristofVerslype and myself to explain #bitcoin, #blockchain and #smartcontracts. We added some use cases to spice up things. This set only contains my slides for the evening.
Blockchain. Everyone talks about it, but how does it really work?
This talk covers the fundamentals and discusses real world examples of how blockchain is being used to transform healthcare, real estate, humanitarian aid, governance and other domains.
See the original talk at: https://www.facebook.com/thekasbahhub/videos/1875008969491362/
Ethereum is a decentralised blockchain-based cryptocurrency with its own native currency, Ether (ETH), as well as a unique programming language known as Solidity. Ethereum, which was created in 2015 by a small group of crypto pioneers, has risen to become the world's second most popular cryptocurrency, trailing only Bitcoin. Ethereum was created by a team that included Joe Lubin and Vitalik Buterin, who is currently the Ethereum CEO and the world's youngest crypto millionaire at the age of 27.
Future Opportunities and Economic Challenges for Cryptoledgers: Trends and sp...Tim Swanson
[Video: https://www.youtube.com/watch?v=pyuCJkLF2Jo ]
[Paper: http://www.ofnumbers.com/wp-content/uploads/2014/04/Bitcoins-Public-Goods-hurdles.pdf ]
Presentation given at the Institute for the Future on March 27, 2014. Note: there are numerous footnotes containing additional quotes and references of each slide. It covers the technical and economic limitations of Bitcoin in its current state, the financial incentives for operating a mining pool, the financial incentives for working as a developer and the various public goods issues surrounding a communal effort including special interest groups and lobbying.
Disruptive Future of Blockchain for Brasil Melanie Swan
Tudu acaba em blockchain: Productivity gains: Capital investment in technology, Provide data centers with Blockchain as a Service
Skilled work force development: Train 1000 software developers: Hyperledger, Ethereum, Corda
Focus on global markets beyond the internal economy: Scale efficiencies
Natural resources, regional strength, large companies
Low-hanging fruit: secure information transfer
I am sending you 1π! Pi is a new digital currency developed by Stanford PhDs, with over 9 million members worldwide. To claim your Pi, follow this link https://minepi.com/krishvikram and use my username (krishvikram) as your invitation code.
Step 1. Install the Pi app with above link
Step 2 verify the profile
Step 3 tap on earnings and share your link and increase your earnings
Step 4 verification type the referral code which is mandatory.
Referral code is : krishvikram
Making Lemonade out of Lemons: Squeezing utility from a proof-of-work experimentTim Swanson
[Note: references and citations can be found in the notes section of the slides]
First presented at the R3 Cryptocurrency Round Table on December 11, 2014 in Palo Alto. Covers "Bitcoin 2.0" ideas including alternative consensus mechanisms, costs of operating decentralized ledgers, use-cases for these new ledgers within existing financial institutions and potential hurdles including disproportional rewards.
There are many cryptocurrencies out there; in fact, as of April 2021, there were over 9,500 cryptocurrencies in circulation listed on the Coinmarketcap. This number is expected to increase in the future as people’s interest in cryptocurrencies keeps rising. Although you might have heard about cryptocurrencies and known how it works, it’s possible you still don’t know what cryptocurrency actually is, or what means. The fields of cryptocurrency and the blockchain technology that drives cryptocurrencies can be a bit confusing. So, what is cryptocurrency? This article uses relatable terminology to explain in detail what cryptocurrency is, and the science of cryptography that decentralizes and drives cryptocurrencies, and makes them secure.
Economics of Decentalized Currency SystemsErnie Teo
This presentation examines the justifications for a decentralized currency system, looking at the main beneficiaries of such a system and comparing it to a centralized currency. Next, the Byzantine General’s Problem will be discussed from a game theoretical perspective. We will look at how various solutions such as mining protocols (such as proof of work and proof of stake like Bitcoin) and consensus protocols (like Ripple and Hyperledger), attempts to tackle the problem. The talk will conclude by comparing between the Ripple and Bitcoin systems, looking at the pros and cons, and the participation incentives of nodes.
Blockchain: The New Technology of TrustMarco Segato
An introductory presentation of the technology that is said to change the world, the result of practical research and participation in the Permanent Observatory of the Polytechnic University of Milan.
Understanding Proof of Work (PoW) and Proof of Stake (PoS) AlgorithmsGautam Anand
We will focus on understanding "Proof of Stake (PoS)" Algorithm, how it different from "Proof of Work" algorithm, the performance benefits and security overview. We will also discuss the upcoming blockchain protocols that are planning to move to PoS.
Scaling is one of the most interesting areas of innovation for blockchain. In this survey we took a first pass at a market landscape survey. We would love any edits/suggestions you may nave.
Pg. 04Question Three Assignment 3Deadline THURS.docxJUST36
Pg. 04
Question Three
Assignment 3
Deadline: THURSDAY 9/4/2020 @ 23:59
[Total Mark for this Assignment is 6]
Decision support systems
IT445
College of Computing and Informatics
Question One
2 Marks
Learning Outcome(s): LO3
Use some DSS and demonstrate the database working with DSS and statistical models
ABC chocolate manufacturing company needs to decide on how many chocolate bars should they produce each month to maximize the company profit. ABC consider two types of chocolate bar ‘dark' and 'salted caramel’. Dark chocolate bar required $20 of raw ingredients and take 2 day to make and salted caramel chocolate bar required $30 of raw ingredients and take 4 working days to make. The profit contribution of each dark chocolate bar is $2 and salted caramel chocolate bar is $5. The Manufacture has capacity of 100,000 working days per month and ingredients budget of $10,000 per month. Using linear programming modelling for ABC company problem, answer the following questions.
a) Identify decision, constraint and result variables, and objective function.
b) Represent the model in excel sheet, run the model and show the result. Provide a screenshot of your solution. [Hint: using excel solver].
Question Two
2 Marks
Learning Outcome(s): LO2
Analyze various industrial applications of DSS and their limitations.
Give the name and a brief discussion of any four major types of models used in DSS?
Question Three
2 Marks
Learning Outcome(s): LO1
Describe the structure of Decision Support Systems (DSS) and their services
Write the differences between Forward Chaining and Backward Chaining also list some suitable application areas for both.
38 C O M M U N I C AT I O N S O F T H E A C M | M A R C H 2 0 1 9 | V O L . 6 2 | N O . 3
practice
I T I S D I F F I C U LT these days to avoid hearing about
blockchain. Blockchain is going to be the foundation
of a new business world based on smart contracts.
It is going to allow everyone to trace the provenance of
their food, the parts in the items they buy, or the ideas
they hear. It will change the way we work, the way the
economy runs, and the way we live in general.
Despite the significant potential of blockchain, it is
also difficult to find a consistent description of what
it really is. A recent Google search for “blockchain
technical papers” returned nothing but white
papers for the first three screens; not a single paper
is peer-reviewed. One of the best discussions of the
technology itself is from the National Institute of
Standards and Technology, but at 50-plus pages, it is a
bit much for a quick read.9
The purpose of this article is to look
at the basics of blockchain: the indi-
vidual components, how those com-
ponents fit together, and what changes
might be made to solve some of the
problems with blockchain technology.
This technology is far from monolithic;
some of the techniques can be used (at
surprisi.
Pg. 04Question Three Assignment 3Deadline THURS.docxkarlhennesey
Pg. 04
Question Three
Assignment 3
Deadline: THURSDAY 9/4/2020 @ 23:59
[Total Mark for this Assignment is 6]
Decision support systems
IT445
College of Computing and Informatics
Question One
2 Marks
Learning Outcome(s): LO3
Use some DSS and demonstrate the database working with DSS and statistical models
ABC chocolate manufacturing company needs to decide on how many chocolate bars should they produce each month to maximize the company profit. ABC consider two types of chocolate bar ‘dark' and 'salted caramel’. Dark chocolate bar required $20 of raw ingredients and take 2 day to make and salted caramel chocolate bar required $30 of raw ingredients and take 4 working days to make. The profit contribution of each dark chocolate bar is $2 and salted caramel chocolate bar is $5. The Manufacture has capacity of 100,000 working days per month and ingredients budget of $10,000 per month. Using linear programming modelling for ABC company problem, answer the following questions.
a) Identify decision, constraint and result variables, and objective function.
b) Represent the model in excel sheet, run the model and show the result. Provide a screenshot of your solution. [Hint: using excel solver].
Question Two
2 Marks
Learning Outcome(s): LO2
Analyze various industrial applications of DSS and their limitations.
Give the name and a brief discussion of any four major types of models used in DSS?
Question Three
2 Marks
Learning Outcome(s): LO1
Describe the structure of Decision Support Systems (DSS) and their services
Write the differences between Forward Chaining and Backward Chaining also list some suitable application areas for both.
38 C O M M U N I C AT I O N S O F T H E A C M | M A R C H 2 0 1 9 | V O L . 6 2 | N O . 3
practice
I T I S D I F F I C U LT these days to avoid hearing about
blockchain. Blockchain is going to be the foundation
of a new business world based on smart contracts.
It is going to allow everyone to trace the provenance of
their food, the parts in the items they buy, or the ideas
they hear. It will change the way we work, the way the
economy runs, and the way we live in general.
Despite the significant potential of blockchain, it is
also difficult to find a consistent description of what
it really is. A recent Google search for “blockchain
technical papers” returned nothing but white
papers for the first three screens; not a single paper
is peer-reviewed. One of the best discussions of the
technology itself is from the National Institute of
Standards and Technology, but at 50-plus pages, it is a
bit much for a quick read.9
The purpose of this article is to look
at the basics of blockchain: the indi-
vidual components, how those com-
ponents fit together, and what changes
might be made to solve some of the
problems with blockchain technology.
This technology is far from monolithic;
some of the techniques can be used (at
surprisi ...
Innovation potential of the blockchain, and of decentralized applicationsJan Brejcha
The chain of transaction blocks, or blockchain, is a trustless shared public ledger of bitcoin transactions, synchronized in a peer-to-peer network. Thanks to decentralization the ledger is immutable.
With a transaction fee market and without a block size limit in Bitcoin netwo...ijgttjournal
International Journal of Game Theory and Technology ( IJGTT) is an open access peer -reviewed journal that helps bridge together both the research and development aspects of games theory and technology. Game theory is an inter-disciplinary field that focuses on studying games, creating innovative architectures and explores new ideas to develop games which can be used for learning purposes. This journal provides a platform for exchanging ideas in new emerging trends that needs more focus and exposure and will attempt to publish proposals that strengthen our goals.
A Primer on Blockchain and its Potential, with a Focus on the GCCZeyad T. Al Mudhaf
During my summer internship at BECO Capital, a technology-focused Venture Capital firm based in Dubai, I put together this primer on blockchain that demystifies this hyped up technology, covers key investment trends in the space both globally and regionally within the GCC*, and highlights both the barriers and enablers for wider blockchain adoption in the region. *The GCC is the Gulf Cooperation Council - comprised of the United Arab Emirates, Saudi Arabia, Kuwait, Bahrain, Qatar, and Oman.
The Blockchain - The Technology behind Bitcoin Jérôme Kehrli
The blockchain and blockchain related topics are becoming increasingly discussed and studied nowadays. There is not one single day where I don't hear about it, that being on linkedin or elsewhere.
I interested myself deeply in the blockchain topic recently and this is the first article of a coming whole serie around the blockchain.
This presentation is an introduction to the blockchain, presents what it is in the light of its initial deployment in the Bitcoin project as well as all technical details and architecture concerns behind it.
We won't focus here on business applications aside from what is required to present the blockchain purpose, more concrete business applications and evolutions will be the topic of another presentation I'll post in a few weeks
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
Essentials of Automations: Optimizing FME Workflows with ParametersSafe Software
Are you looking to streamline your workflows and boost your projects’ efficiency? Do you find yourself searching for ways to add flexibility and control over your FME workflows? If so, you’re in the right place.
Join us for an insightful dive into the world of FME parameters, a critical element in optimizing workflow efficiency. This webinar marks the beginning of our three-part “Essentials of Automation” series. This first webinar is designed to equip you with the knowledge and skills to utilize parameters effectively: enhancing the flexibility, maintainability, and user control of your FME projects.
Here’s what you’ll gain:
- Essentials of FME Parameters: Understand the pivotal role of parameters, including Reader/Writer, Transformer, User, and FME Flow categories. Discover how they are the key to unlocking automation and optimization within your workflows.
- Practical Applications in FME Form: Delve into key user parameter types including choice, connections, and file URLs. Allow users to control how a workflow runs, making your workflows more reusable. Learn to import values and deliver the best user experience for your workflows while enhancing accuracy.
- Optimization Strategies in FME Flow: Explore the creation and strategic deployment of parameters in FME Flow, including the use of deployment and geometry parameters, to maximize workflow efficiency.
- Pro Tips for Success: Gain insights on parameterizing connections and leveraging new features like Conditional Visibility for clarity and simplicity.
We’ll wrap up with a glimpse into future webinars, followed by a Q&A session to address your specific questions surrounding this topic.
Don’t miss this opportunity to elevate your FME expertise and drive your projects to new heights of efficiency.
Securing your Kubernetes cluster_ a step-by-step guide to success !KatiaHIMEUR1
Today, after several years of existence, an extremely active community and an ultra-dynamic ecosystem, Kubernetes has established itself as the de facto standard in container orchestration. Thanks to a wide range of managed services, it has never been so easy to set up a ready-to-use Kubernetes cluster.
However, this ease of use means that the subject of security in Kubernetes is often left for later, or even neglected. This exposes companies to significant risks.
In this talk, I'll show you step-by-step how to secure your Kubernetes cluster for greater peace of mind and reliability.
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024Albert Hoitingh
In this session I delve into the encryption technology used in Microsoft 365 and Microsoft Purview. Including the concepts of Customer Key and Double Key Encryption.
Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
4. bitcoin
1
Digital currency running on a peer-to-peer
network architecture.
Every node is equal, no special nodes, no
hierarchies. Resilient, decentralized and
open.
2
Miners validate transactions and record
them on the blockchain.
For creating new blocks, miners are
compensated by receiving rewards. Miners
compete against each other to create new
blocks.
3
First miner to solve a cryptographic
problem, so called Proof-of-Work (PoW),
wins the right to create a new block and
receives a reward.
PoW problem must be hard to solve but
easy to verify.
4
Difficulty of problem is picked such that a
solution is found among all miners every 10
minutes.
Difficulty is adjusted over time to account
for increase or decrease of miners.
Antonopoulos, bitcoinbook.info
5. mining incentives
block + tx rewards
For creating new blocks, miners receive a fixed block reward
and fees included in the block’s transactions.
Blocks accomodate a finite number of transactions, Miners
prefer transactions with higher fees.
The block reward is also bitcoin’s issuance mechanism.
Bitcoin issuance rate halves (approx.) every 4 years.
(per 24h)
Antonopoulos, bitcoinbook.info
6. There has been an implicit belief that whether miners are
paid by block rewards or transaction fees does not affect the
security of the blockchain.
With only transaction fees, the variance of the block reward
is very high due to the exponentially distributed block arrival
time, and it becomes attractive to fork a “wealthy” block to
“steal” the rewards therein.
PettyCompliant strategy: if there is a 1-blockfork, it is more
profitable for the next miner to break the tie by extending the
block that leaves the most available transaction fees rather
than the oldest-seen block.
block reward halving
the undercutting attack
On the Instability of Bitcoin Without the Block Reward, Carlsten et al. (2016)
One possible state of the blockchain, two possible
actions a miner could take.
Carlsten, Miles, et al. (2016)
7. alternative miner incentive schemes
required processing fee
Not all tx result in a profit but miners still have
to process all tx. Introduce fee reserve price,
fixed or relative to tx value.
lost coins and gold dust
Recirculate “inactive” coins from loss of private
keys or small-value coins in form of additional
reward to block mining.
discontinue block reward halving
Makes bitcoin inflationary, miners always have
an incentive, increases bitcoin security as it is a
countermeasure against undercutting attack.
Going Beyond the Coinbase Transaction Fee: Alternative Reward Schemes for Miners in Blockchain Systems, Gjermundrød et al. (2016)
8. Conventional wisdom asserts that the protocol is secure
against colluding minority groups.
Colluding miners are able to obtain a revenue larger than
their fair share by following the selfish-mining strategy.
Strategic revealing of blocks with the objective of “wasting”
the honest majority’s computational resources on blocks that
are not destined to be part of the blockchain.
Rational miners will prefer to join selfish miners therefore
increasing the colluding group in size until it becomes a
majority.
mining pools
the selfish mining attack
Majority is not Enough: Bitcoin Mining is Vulnerable, Eyal et al. (2013)
9. transaction fees
market mechanics
Bitcoin uses a mechanism that is equivalent to a first-price
auction: what you bid is what you pay.
No simple strategy for choosing the optimal bid price.
Uniform price auction as an alternative: optimal strategy is to
bid whatever your valuation is. Problems?
1. Add self transactions to increase clearing price.
2. Miner bribes transaction senders to increase bids.
3. Less miner revenue?
Block Transactions
ethresear.ch/t/first-and-second-price-auctions-and-improved-transaction-fee-markets/2410
price
10. raising tx fees
New block every 10 minutes, finite transactions per block.
Bitcoin can handle 3.3 ~ 7 transactions per second (estimated).
Transaction fees spike during times of high network activity.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0
20
40
60
80
100
Trend 01 Trend 02
$34
bitinfocharts.com/comparison/bitcoin-median_transaction_fee
11. scalability problem
With such limited transactional throughput, Bitcoin is
not ready for mass-adoption. Various strategies have
been proposed to increase Bitcoin’s transaction
processing capacity:
01 | increase block size
02 | decrease block time
03 | off-chain solutions
04 | sidechains
13. Trustless mechanism for exchanging bitcoin transactions
between two parties, outside of the bitcoin blockchain.
3-step process: funding, commitments and settlement.
Funding and settlement is on-chain, commitments off-chain.
Point-to-point transactions with low settlement latency, high
transactional throughput and low cost.
off-chain solutions
payment channels
Antonopoulos, bitcoinbook.info
14. Network of routed, bidirectional payment channels. Allows to
route payments from channel to channel without trusting any
of the intermediaries.
Participants charge a fee for using their payment channel.
In practise incentives are not high enough. Many nodes
operate at cost, whilst locking millions of BTC.
Several alternatives exist with greater profitability.
off-chain solutions
lightning network
Antonopoulos, bitcoinbook.info
15. Autonomous blockchains that interconnect.
Allow btc to be transferred between the main chain to the
secondary chain.
Under the hood, no btc is transferred but instead temporarily
locked on the main chain while the same amount of
equivalent tokens are unlocked in the secondary chain.
sidechains
interoperable chains
blockstream.com/sidechains.pdf
nichanank.com/blog/2018/8/26/sidechains-scalability-a-closer-look-at-rootstock-rsk
16. beyond bitcoin
ethereum
Smart contracts, turing completeness, allows
arbitrary complex applications to be built on
top called “Decentralized Apps”.
eos
Regime of “best” 21 miners, near instant
transaction finality, no block reward halving,
no* transaction fees.
iota
Made for IoT devices, directed acyclic graph of
transactions, to issue a transaction users must
work to approve other transactions.
18. A decentralized platform for knowledge work
The future of work runs on smart contracts
- without a centralized middlemen.
19. Blockchains are...
1. Incentive Machines
(incentivising behaviour & rule enforcement via code instead of intermediary)
2. Public Utility Networks
(permissionless infrastructure at lowest MC)
20. Government controlled,
bank intermediated
Money
Pillars of the decentralized economy
Individual sovereignty
over my money
Government owned
and controlled
Individual sovereignty
over my identity
Controlled and
monopolized
by corporations
Individual sovereignty
over my value creation
Work
(value creation)
Identity
Today 2030
21. Why is work (value creation) still stuck within corporations?
Scale
Effectiveness
Traditional
organisations
1st gen freelancing /
crowdsourcing platforms
22. Because decentralised collaboration is very tricky without firm + legal structures
(incentives in teams / free-riding, performance attribution, coordination, contracting)
Data science project Software development Animation video production
Domain
expert
Data
engineer
CoderStatistician
Product
manager
UX/UI
Designer
Front-end
developer
Back-end
developer
Storyline
writer
Narrator
Motion designer
23. Can Blockchain based / programmable incentives replace traditional work flows?
Incentive alignment
(“skin in the game” mechanism)
Performance attribution
(Consensus mechanism)
Reputation mechanism
24.
25. “Show me the incentive
and I will show you the outcome.”
Charlie Munger
26. Work 3.0 - For whom will we work in the future?
Centralized
Artificial Intelligence
A person Simple algorithms Complex algorithms
Decentralized
transparent
smart contracts
Your boss:
2015 20302000
Corporations Platforms
Who will control, own and benefit from the algorithms that
coordinate & reward human work in 2030?
27. White Paper: Formal proofs and further details of mechanisms
● Authors: Marcel Dietsch, PhD (Oxford) Jochen Krause, PhD (Zurich) Heinrich Nax, PhD (Oxford)
Joan Omeru, PhD (Imperial College) Raphael Schoettler, PhD (Humboldt, Berlin) Sven Seuken, PhD (Harvard)
● Advice & review: Alvin Roth, 2012 Nobel Laureate in Economics and Covee Network Senior Advisor
28. Fair compensation scheme in a team
● You are a member of a team
○ Your team works together to achieve certain goals
○ Every member of the team shall receive a fair share of the overall
compensation for the team
● What is a fair split?
○ Decentralized approach: The team decides.
● What is the appropriate method to find a fair split?
○ Market design with incentives set in the right way. (Heinrich, Sven, Alvin)
● What might be a problem?
○ Collusion, uninformed team mates,
29. Incentive Design developed with leading Academics (incl. Nobel Prize Winner Alvin Roth)
Protocol specification (40 page White Paper) Protocol source code
https://covee.network/assets/covee-whitepaper.pdf https://github.com/CoveeNetwork/protocol
30. Knowledge work is teamwork
Data science project Software development Animation video production
Domain
expert
Data
engineer
CoderStatistician
Product
manager
UX/UI
Designer
Front-end
developer
Back-end
developer
Storyline
writer
Narrator
Motion designer
33. Liberating knowledge workers from the boundaries of the firm
● Knowledge work: location-independent, global, zero marginal cost of digital information
● But crowdsourcing & freelancing platforms have not disrupted incumbents
● Because: high-value projects require coordination and contracting
● Blockchain-based smart contracts now solve these problems
○ coordinating human collaboration globally - beyond firm boundaries
○ contracting without trusted intermediaries - enabling new kinds of value exchanges
○ achieving transparency and auditability - smart contracts are public so everyone can
verify that it implements the functionality claimed by its creator
Domain experts, data scientists, software
engineers, people with STEM qualifications +10m new STEM graduates every year
>50m potential users
34. Use case example: Machine learning for cancer diagnostics (Radiomics)
Team has an external client (e.g. a science lab or a commercial company)
● Value of collaboration on Covee for client: cost-efficiency and wider access to talent
● Value of collaboration on Covee for team:
○ access to larger pool of potential teammates than in any other context
○ no need to join a regular organization
○ getting paid by the client
Contribution
to team
Clinician 10%
Radiologist / Radiation oncologist 30%
Data scientist 25%
Biostatistician 25%
Database, IT and Documentation 10%
36. Covee’s UI: Intuitive and frictionless interaction with the blockchain
● Intuitive user experience
● Frictionless integration of our smart contracts and token
● Communicating our mechanisms clearly while masking their complexity
Watch
Screencast
Demo
37. Where can this be applied?
Work Marketplace
Prof. Heinrich Nax (dvsn.app)Covee Network (beta)
Team Collaboration Tool
Covee Network 2.0
39. DVSN
The idea for this website came after digesting the article Impartial division of a dollar by Geoffroy De
Clippel, Herve Moulin and Nicolaus Tideman (JET 2008). Herve Moulin was my PhD examiner so I have
followed his work for a number of years and always enjoyed it. The mechanism presented in that article I
found particularly ingenious and I have started to use it to split marks of group projects in my courses, and
several colleagues have started using it too. Sven Seuken (special thanks to him!) and myself adapted it for
a blockchain startup company too (the mechanism working better than the blockchain technology). There
is a second (less mathy) paper by Nicolaus Tideman and Florenz Plassmann on the same mechanism which
presents some more details.
In sum, the said mechanism proposes a way to split gains of a joint project on the basis of peer-review, with
the key feature that one does not express how much one thinks one did oneself, and that one’s own review
of the others does not change how much one gets. Instead, one reviews the other group members’
performances in terms of percentages toward doing “the rest” (i.e. what one did not do).