SlideShare a Scribd company logo
CraigDrabik
Technical Lead
Hedera API: Cryptocurrency 101
OVERVIEW
Roles that cryptocurrency plays on Hedera

Basic Concepts: Transaction Lifecycle,

Accounts, Keys, Signatures

Hedera Cryptocurrency API Services

Hedera Cryptocurrency Goodies
Why Does Hedera Need a Cryptocurrency?
Security
Why Crypto?
Cryptocurrency has an important role
in securing the network by providing
economic barriers to certain kinds of
attacks and disruptions
• Nodes must be staked, and nodes’
votes are weighted by stake
• Fees for transactions discourage
transaction-based attacks
• Encourages efficient use of
resources by DApps
6
Incentivize
Participation
Why Crypto?
Network participants provide computing
resources to anyone with a key pair. The
survival of the network relies on the
ongoing operation of each node.
• Node Fees: Nodes receive payments
from clients for transactions they
submit to the network
• Network Fees: Nodes receive incentive
payments for participating in consensus
• Service Fees: Nodes receive payments
for services such as storing files or
executing smart contracts
Micropayments
Why Crypto? Hedera payments are fast, secure,
and very low cost
• Fees for services can be very small,
on the order of fractions of a cent
• There are no banking, credit card,
or 3rd party fees.
• Transfers are instantaneous
8
Basic Hedera Concepts
•Accounts
•Keys and Signatures
•Transaction Lifecycle
Building Blocks
Hedera
Cryptocurrency
A Hedera account is:
• An identifier
• The key or keys associated with an account
• Thresholds for:
‣ When a record is automatically generated
‣ When the recipient of a transfer must counter-sign
• Auto-renew period
Hedera
Accounts
Hedera
Keys
Hedera keys can be..
• ECDSA384, RSA3072, or ED25519 format keys
• A smart contract can act as a key
• A key list
• A “threshold key list”
• A nested structure of the above*
Hedera
Signatures
Hedera natively supports multi-sig. Signatures must
match the account’s key structure
• Transactions for a single-key account must be
signed by that key
• Transactions for a list of keys must be signed by all
keys in the list
• Transactions for a threshold key list must be signed
by enough keys in the list
• Signatures for nested key structures must match
the key structure
Hedera Transaction Lifecycle
Hedera Cryptocurrency API
Hedera
Cryptocurrency
API Operations
• Create or delete an account
• Update account information
• Transfer funds
• Proxy stake
• Claims
Hedera API:
Account Transactions
To create a Hedera account..
• The account must be created
and funded by another account
• The account number is
generated by the network
• The account is associated with
a shard and realm
Hedera API:
Account Transactions
To delete a Hedera account..
• The delete is a “soft delete”
• The account isn’t destroyed until
it can no longer auto-renew
• The ability to generate a record
containing a state proof requires
the account to continue to exist
for a certain period of time
Demo: Create an Account
Hedera API:
Crypto Transactions
• Get account balance
• Transfer funds
• Add or revoke claims
Hedera API:
Transfer Lists
Transfers on Hedera have the
ability to bundle multiple payers
and payees in a single transfer
transaction
• Limited to 10 accounts*
• Can include payers and payees in
any combination
• Must be zero-sum
Demo: Transfer Funds
Use Case: Corporate Acquisition
Hedera
API
How to sell a company on Hedera
Consider a scenario where Hooli has entered into
negotiations to purchase Pied Piper. Both companies
have agreed to use Hedera to document that both
companies agree to the sale, and to make payment.
• Pied Piper is a small company, but the sale still needs a
majority of the business leaders to agree to the sale
• Hooli is a big company, and the acquisition must have
sign-off from the CEO, finance, risk, and the board
Hedera
API
How to sell a company on Hedera
Pied Piper’s signature requirement can be
modeled using a threshold key list.
• Pied Piper sets up an account on Hedera.
Richard, Monica, Jared, Dinesh, and Gilfoyle
all supply their public keys for the list.
• Three of the five must sign in order for the
sale to continue.
Hedera
API
How to sell a company on Hedera
Hooli’s situation is more complicated. The CEO and CFO
must agree individually, the board needs a majority vote,
and risk requires the unanimous approval of their
leadership to approve the acquisition.
•At the top level, we use a key list that requires signatures
from every key in the list.
•The CEO and CFO keys are traditional

single-party keys
•Risk’s key is itself a key list that requires

signatures from every key in the list
•The board’s key is itself a threshold key list

that requires signatures from a majority

of board members
Hedera
API
How to sell a company on Hedera
Both sides must produce valid signatures that

match the accounts’ specific structures or the
transaction will be rejected by the network. 

Payment will only be made if…
•Three of Richard, Monica, Jared, Dinesh, and

Gilfoyle must sign AND
•Gavin must sign AND
•Hooli’s CFO must sign AND
•Every risk leader must sign AND
•A majority of the Hooli board must sign
…otherwise the transaction will be rejected by the
network and funds will not be transferred
Questions
Hedera API: Cryptocurrency 101 | Hedera18

More Related Content

What's hot

Web api security
Web api securityWeb api security
Web api security
9xdot
 
Savoy Global Quote Presentation
Savoy Global Quote PresentationSavoy Global Quote Presentation
Savoy Global Quote Presentation
robbiemartin
 
Mercari API: from Monolithic to Microservices
Mercari API: from Monolithic to MicroservicesMercari API: from Monolithic to Microservices
Mercari API: from Monolithic to Microservices
Tonghui Li
 
One-pager-ENG Buyers
One-pager-ENG BuyersOne-pager-ENG Buyers
One-pager-ENG BuyersAlbert Assad
 
Digital Consent: Taking UMA from Concept to Reality
Digital Consent: Taking UMA from Concept to RealityDigital Consent: Taking UMA from Concept to Reality
Digital Consent: Taking UMA from Concept to Reality
ForgeRock
 
Identity Summit 2015: Connect.gov and Identity Management Systems
Identity Summit 2015: Connect.gov and Identity Management SystemsIdentity Summit 2015: Connect.gov and Identity Management Systems
Identity Summit 2015: Connect.gov and Identity Management Systems
ForgeRock
 
White label crptocurrency exchange
White label crptocurrency exchangeWhite label crptocurrency exchange
White label crptocurrency exchange
Kiruthika Mohan
 
Tier4 - Excited to Help you Find Solutions
Tier4 - Excited to Help you Find SolutionsTier4 - Excited to Help you Find Solutions
Tier4 - Excited to Help you Find Solutions
Bryan Rice
 

What's hot (8)

Web api security
Web api securityWeb api security
Web api security
 
Savoy Global Quote Presentation
Savoy Global Quote PresentationSavoy Global Quote Presentation
Savoy Global Quote Presentation
 
Mercari API: from Monolithic to Microservices
Mercari API: from Monolithic to MicroservicesMercari API: from Monolithic to Microservices
Mercari API: from Monolithic to Microservices
 
One-pager-ENG Buyers
One-pager-ENG BuyersOne-pager-ENG Buyers
One-pager-ENG Buyers
 
Digital Consent: Taking UMA from Concept to Reality
Digital Consent: Taking UMA from Concept to RealityDigital Consent: Taking UMA from Concept to Reality
Digital Consent: Taking UMA from Concept to Reality
 
Identity Summit 2015: Connect.gov and Identity Management Systems
Identity Summit 2015: Connect.gov and Identity Management SystemsIdentity Summit 2015: Connect.gov and Identity Management Systems
Identity Summit 2015: Connect.gov and Identity Management Systems
 
White label crptocurrency exchange
White label crptocurrency exchangeWhite label crptocurrency exchange
White label crptocurrency exchange
 
Tier4 - Excited to Help you Find Solutions
Tier4 - Excited to Help you Find SolutionsTier4 - Excited to Help you Find Solutions
Tier4 - Excited to Help you Find Solutions
 

Similar to Hedera API: Cryptocurrency 101 | Hedera18

TrustDavis on ethereum
TrustDavis on ethereumTrustDavis on ethereum
TrustDavis on ethereum
aatkin1971
 
How to invest small chunks into syndicates by Gil Penchina (Super Angel) at V...
How to invest small chunks into syndicates by Gil Penchina (Super Angel) at V...How to invest small chunks into syndicates by Gil Penchina (Super Angel) at V...
How to invest small chunks into syndicates by Gil Penchina (Super Angel) at V...
Vator
 
A Glance at the P2P Cryptocurrency Exchange Development Company.pptx
A Glance at the P2P Cryptocurrency Exchange Development Company.pptxA Glance at the P2P Cryptocurrency Exchange Development Company.pptx
A Glance at the P2P Cryptocurrency Exchange Development Company.pptx
ChrisL55
 
Behavior driven development
Behavior driven developmentBehavior driven development
Behavior driven development
Ritesh Mehrotra
 
Data Con LA 2019 - One (Key) Ring to Rule Them All: Unified Identity Manageme...
Data Con LA 2019 - One (Key) Ring to Rule Them All: Unified Identity Manageme...Data Con LA 2019 - One (Key) Ring to Rule Them All: Unified Identity Manageme...
Data Con LA 2019 - One (Key) Ring to Rule Them All: Unified Identity Manageme...
Data Con LA
 
Chanchal ODSC-fraud-2017
Chanchal ODSC-fraud-2017Chanchal ODSC-fraud-2017
Chanchal ODSC-fraud-2017
Chanchal Chatterjee
 
How CMS improved its bid & pre-sales productivity by 35%
How CMS improved its bid & pre-sales productivity by 35%How CMS improved its bid & pre-sales productivity by 35%
How CMS improved its bid & pre-sales productivity by 35%
Makrand Jadhav
 
Centralized Cryptocurrency Exchange Development Company.pptx
Centralized Cryptocurrency Exchange Development Company.pptxCentralized Cryptocurrency Exchange Development Company.pptx
Centralized Cryptocurrency Exchange Development Company.pptx
ChrisL55
 
DealChaser
DealChaserDealChaser
Interactive broker is the US-based broker
Interactive broker is the US-based brokerInteractive broker is the US-based broker
Interactive broker is the US-based broker
RahulSingh4181
 
Building a trading platform from scratch
Building a trading platform from scratchBuilding a trading platform from scratch
Building a trading platform from scratch
Mediabistro
 
Adaptive Payments SDK - Magento Developers Paradise
Adaptive Payments SDK - Magento Developers ParadiseAdaptive Payments SDK - Magento Developers Paradise
Adaptive Payments SDK - Magento Developers Paradise
PayPal
 
Financial Business Presentation
Financial Business PresentationFinancial Business Presentation
Financial Business Presentation
SudevBhattacharjee
 
Rpcon s206 lease management 101
Rpcon s206   lease management 101Rpcon s206   lease management 101
Rpcon s206 lease management 101pcmrevents
 
Decentralized Exchange Script.pptx
Decentralized Exchange Script.pptxDecentralized Exchange Script.pptx
Decentralized Exchange Script.pptx
ChrisL55
 
SingularityNET Developer Workshop
SingularityNET Developer Workshop SingularityNET Developer Workshop
SingularityNET Developer Workshop
Ibby Benali
 
Api deck
Api deckApi deck
Api deck
Matt Teumer
 
Remitr Business Payments - International Cross Border Payments Made Easy
Remitr Business Payments - International Cross Border Payments Made EasyRemitr Business Payments - International Cross Border Payments Made Easy
Remitr Business Payments - International Cross Border Payments Made Easy
Remitware Payments (REMITR)
 
A journey from Vision to product
A journey from Vision to productA journey from Vision to product
A journey from Vision to product
Ritesh Mehrotra
 
Hybris Hackathon - Split Payments in Hybris
Hybris Hackathon - Split Payments in HybrisHybris Hackathon - Split Payments in Hybris
Hybris Hackathon - Split Payments in HybrisNeev Technologies
 

Similar to Hedera API: Cryptocurrency 101 | Hedera18 (20)

TrustDavis on ethereum
TrustDavis on ethereumTrustDavis on ethereum
TrustDavis on ethereum
 
How to invest small chunks into syndicates by Gil Penchina (Super Angel) at V...
How to invest small chunks into syndicates by Gil Penchina (Super Angel) at V...How to invest small chunks into syndicates by Gil Penchina (Super Angel) at V...
How to invest small chunks into syndicates by Gil Penchina (Super Angel) at V...
 
A Glance at the P2P Cryptocurrency Exchange Development Company.pptx
A Glance at the P2P Cryptocurrency Exchange Development Company.pptxA Glance at the P2P Cryptocurrency Exchange Development Company.pptx
A Glance at the P2P Cryptocurrency Exchange Development Company.pptx
 
Behavior driven development
Behavior driven developmentBehavior driven development
Behavior driven development
 
Data Con LA 2019 - One (Key) Ring to Rule Them All: Unified Identity Manageme...
Data Con LA 2019 - One (Key) Ring to Rule Them All: Unified Identity Manageme...Data Con LA 2019 - One (Key) Ring to Rule Them All: Unified Identity Manageme...
Data Con LA 2019 - One (Key) Ring to Rule Them All: Unified Identity Manageme...
 
Chanchal ODSC-fraud-2017
Chanchal ODSC-fraud-2017Chanchal ODSC-fraud-2017
Chanchal ODSC-fraud-2017
 
How CMS improved its bid & pre-sales productivity by 35%
How CMS improved its bid & pre-sales productivity by 35%How CMS improved its bid & pre-sales productivity by 35%
How CMS improved its bid & pre-sales productivity by 35%
 
Centralized Cryptocurrency Exchange Development Company.pptx
Centralized Cryptocurrency Exchange Development Company.pptxCentralized Cryptocurrency Exchange Development Company.pptx
Centralized Cryptocurrency Exchange Development Company.pptx
 
DealChaser
DealChaserDealChaser
DealChaser
 
Interactive broker is the US-based broker
Interactive broker is the US-based brokerInteractive broker is the US-based broker
Interactive broker is the US-based broker
 
Building a trading platform from scratch
Building a trading platform from scratchBuilding a trading platform from scratch
Building a trading platform from scratch
 
Adaptive Payments SDK - Magento Developers Paradise
Adaptive Payments SDK - Magento Developers ParadiseAdaptive Payments SDK - Magento Developers Paradise
Adaptive Payments SDK - Magento Developers Paradise
 
Financial Business Presentation
Financial Business PresentationFinancial Business Presentation
Financial Business Presentation
 
Rpcon s206 lease management 101
Rpcon s206   lease management 101Rpcon s206   lease management 101
Rpcon s206 lease management 101
 
Decentralized Exchange Script.pptx
Decentralized Exchange Script.pptxDecentralized Exchange Script.pptx
Decentralized Exchange Script.pptx
 
SingularityNET Developer Workshop
SingularityNET Developer Workshop SingularityNET Developer Workshop
SingularityNET Developer Workshop
 
Api deck
Api deckApi deck
Api deck
 
Remitr Business Payments - International Cross Border Payments Made Easy
Remitr Business Payments - International Cross Border Payments Made EasyRemitr Business Payments - International Cross Border Payments Made Easy
Remitr Business Payments - International Cross Border Payments Made Easy
 
A journey from Vision to product
A journey from Vision to productA journey from Vision to product
A journey from Vision to product
 
Hybris Hackathon - Split Payments in Hybris
Hybris Hackathon - Split Payments in HybrisHybris Hackathon - Split Payments in Hybris
Hybris Hackathon - Split Payments in Hybris
 

More from Hedera Hashgraph

Using the Hedera Consensus Service with Hyperledger Fabric
Using the Hedera Consensus Service with Hyperledger FabricUsing the Hedera Consensus Service with Hyperledger Fabric
Using the Hedera Consensus Service with Hyperledger Fabric
Hedera Hashgraph
 
Hedera Hashgraph - Back to the Basics
Hedera Hashgraph -  Back to the BasicsHedera Hashgraph -  Back to the Basics
Hedera Hashgraph - Back to the Basics
Hedera Hashgraph
 
Quantum Computing & Cryptography: A Brief Introduction
Quantum Computing & Cryptography: A Brief IntroductionQuantum Computing & Cryptography: A Brief Introduction
Quantum Computing & Cryptography: A Brief Introduction
Hedera Hashgraph
 
Hedera CMO Christian Hasker shares insights at the London hashgraph meetup
Hedera CMO Christian Hasker shares insights at the London hashgraph meetupHedera CMO Christian Hasker shares insights at the London hashgraph meetup
Hedera CMO Christian Hasker shares insights at the London hashgraph meetup
Hedera Hashgraph
 
Introducing the Hedera Consensus service
Introducing the Hedera Consensus serviceIntroducing the Hedera Consensus service
Introducing the Hedera Consensus service
Hedera Hashgraph
 
Hedera's Path to Decentralization
Hedera's Path to DecentralizationHedera's Path to Decentralization
Hedera's Path to Decentralization
Hedera Hashgraph
 
Almond: The Reward Platform Changing the World One Scan at a Time | Hedera18
Almond: The Reward Platform Changing the World One Scan at a Time | Hedera18Almond: The Reward Platform Changing the World One Scan at a Time | Hedera18
Almond: The Reward Platform Changing the World One Scan at a Time | Hedera18
Hedera Hashgraph
 
Tracking Drug Shortages with Open APIs and Hedera Hashgraph | Hedera18
Tracking Drug Shortages with Open APIs and Hedera Hashgraph | Hedera18Tracking Drug Shortages with Open APIs and Hedera Hashgraph | Hedera18
Tracking Drug Shortages with Open APIs and Hedera Hashgraph | Hedera18
Hedera Hashgraph
 
Managing Energy Microgrids using Decentralized Structured Databases | Hedera18
Managing Energy Microgrids using Decentralized Structured Databases | Hedera18Managing Energy Microgrids using Decentralized Structured Databases | Hedera18
Managing Energy Microgrids using Decentralized Structured Databases | Hedera18
Hedera Hashgraph
 
Keynote: The future of Micropayments with Hedera Hashgraph | Hedera18
Keynote: The future of Micropayments with Hedera Hashgraph | Hedera18Keynote: The future of Micropayments with Hedera Hashgraph | Hedera18
Keynote: The future of Micropayments with Hedera Hashgraph | Hedera18
Hedera Hashgraph
 
Hedera for Music Streaming Micropayments | Hedera18
Hedera for Music Streaming Micropayments | Hedera18Hedera for Music Streaming Micropayments | Hedera18
Hedera for Music Streaming Micropayments | Hedera18
Hedera Hashgraph
 
Demystifying Distributed Ledgers | Hedera18
Demystifying Distributed Ledgers | Hedera18Demystifying Distributed Ledgers | Hedera18
Demystifying Distributed Ledgers | Hedera18
Hedera Hashgraph
 
Deep Dive: Formal Methods with Dr. Leemon Baird | Hedera18
Deep Dive: Formal Methods with Dr. Leemon Baird | Hedera18Deep Dive: Formal Methods with Dr. Leemon Baird | Hedera18
Deep Dive: Formal Methods with Dr. Leemon Baird | Hedera18
Hedera Hashgraph
 
The Power of the Memo Field | Hedera18
The Power of the Memo Field | Hedera18The Power of the Memo Field | Hedera18
The Power of the Memo Field | Hedera18
Hedera Hashgraph
 
Keynote: Hedera Cryptoeconomics with Dr. Leemon Baird | Hedera18
Keynote: Hedera Cryptoeconomics with Dr. Leemon Baird | Hedera18Keynote: Hedera Cryptoeconomics with Dr. Leemon Baird | Hedera18
Keynote: Hedera Cryptoeconomics with Dr. Leemon Baird | Hedera18
Hedera Hashgraph
 

More from Hedera Hashgraph (15)

Using the Hedera Consensus Service with Hyperledger Fabric
Using the Hedera Consensus Service with Hyperledger FabricUsing the Hedera Consensus Service with Hyperledger Fabric
Using the Hedera Consensus Service with Hyperledger Fabric
 
Hedera Hashgraph - Back to the Basics
Hedera Hashgraph -  Back to the BasicsHedera Hashgraph -  Back to the Basics
Hedera Hashgraph - Back to the Basics
 
Quantum Computing & Cryptography: A Brief Introduction
Quantum Computing & Cryptography: A Brief IntroductionQuantum Computing & Cryptography: A Brief Introduction
Quantum Computing & Cryptography: A Brief Introduction
 
Hedera CMO Christian Hasker shares insights at the London hashgraph meetup
Hedera CMO Christian Hasker shares insights at the London hashgraph meetupHedera CMO Christian Hasker shares insights at the London hashgraph meetup
Hedera CMO Christian Hasker shares insights at the London hashgraph meetup
 
Introducing the Hedera Consensus service
Introducing the Hedera Consensus serviceIntroducing the Hedera Consensus service
Introducing the Hedera Consensus service
 
Hedera's Path to Decentralization
Hedera's Path to DecentralizationHedera's Path to Decentralization
Hedera's Path to Decentralization
 
Almond: The Reward Platform Changing the World One Scan at a Time | Hedera18
Almond: The Reward Platform Changing the World One Scan at a Time | Hedera18Almond: The Reward Platform Changing the World One Scan at a Time | Hedera18
Almond: The Reward Platform Changing the World One Scan at a Time | Hedera18
 
Tracking Drug Shortages with Open APIs and Hedera Hashgraph | Hedera18
Tracking Drug Shortages with Open APIs and Hedera Hashgraph | Hedera18Tracking Drug Shortages with Open APIs and Hedera Hashgraph | Hedera18
Tracking Drug Shortages with Open APIs and Hedera Hashgraph | Hedera18
 
Managing Energy Microgrids using Decentralized Structured Databases | Hedera18
Managing Energy Microgrids using Decentralized Structured Databases | Hedera18Managing Energy Microgrids using Decentralized Structured Databases | Hedera18
Managing Energy Microgrids using Decentralized Structured Databases | Hedera18
 
Keynote: The future of Micropayments with Hedera Hashgraph | Hedera18
Keynote: The future of Micropayments with Hedera Hashgraph | Hedera18Keynote: The future of Micropayments with Hedera Hashgraph | Hedera18
Keynote: The future of Micropayments with Hedera Hashgraph | Hedera18
 
Hedera for Music Streaming Micropayments | Hedera18
Hedera for Music Streaming Micropayments | Hedera18Hedera for Music Streaming Micropayments | Hedera18
Hedera for Music Streaming Micropayments | Hedera18
 
Demystifying Distributed Ledgers | Hedera18
Demystifying Distributed Ledgers | Hedera18Demystifying Distributed Ledgers | Hedera18
Demystifying Distributed Ledgers | Hedera18
 
Deep Dive: Formal Methods with Dr. Leemon Baird | Hedera18
Deep Dive: Formal Methods with Dr. Leemon Baird | Hedera18Deep Dive: Formal Methods with Dr. Leemon Baird | Hedera18
Deep Dive: Formal Methods with Dr. Leemon Baird | Hedera18
 
The Power of the Memo Field | Hedera18
The Power of the Memo Field | Hedera18The Power of the Memo Field | Hedera18
The Power of the Memo Field | Hedera18
 
Keynote: Hedera Cryptoeconomics with Dr. Leemon Baird | Hedera18
Keynote: Hedera Cryptoeconomics with Dr. Leemon Baird | Hedera18Keynote: Hedera Cryptoeconomics with Dr. Leemon Baird | Hedera18
Keynote: Hedera Cryptoeconomics with Dr. Leemon Baird | Hedera18
 

Recently uploaded

Providing Globus Services to Users of JASMIN for Environmental Data Analysis
Providing Globus Services to Users of JASMIN for Environmental Data AnalysisProviding Globus Services to Users of JASMIN for Environmental Data Analysis
Providing Globus Services to Users of JASMIN for Environmental Data Analysis
Globus
 
Orion Context Broker introduction 20240604
Orion Context Broker introduction 20240604Orion Context Broker introduction 20240604
Orion Context Broker introduction 20240604
Fermin Galan
 
Graspan: A Big Data System for Big Code Analysis
Graspan: A Big Data System for Big Code AnalysisGraspan: A Big Data System for Big Code Analysis
Graspan: A Big Data System for Big Code Analysis
Aftab Hussain
 
Globus Compute Introduction - GlobusWorld 2024
Globus Compute Introduction - GlobusWorld 2024Globus Compute Introduction - GlobusWorld 2024
Globus Compute Introduction - GlobusWorld 2024
Globus
 
In 2015, I used to write extensions for Joomla, WordPress, phpBB3, etc and I ...
In 2015, I used to write extensions for Joomla, WordPress, phpBB3, etc and I ...In 2015, I used to write extensions for Joomla, WordPress, phpBB3, etc and I ...
In 2015, I used to write extensions for Joomla, WordPress, phpBB3, etc and I ...
Juraj Vysvader
 
Navigating the Metaverse: A Journey into Virtual Evolution"
Navigating the Metaverse: A Journey into Virtual Evolution"Navigating the Metaverse: A Journey into Virtual Evolution"
Navigating the Metaverse: A Journey into Virtual Evolution"
Donna Lenk
 
May Marketo Masterclass, London MUG May 22 2024.pdf
May Marketo Masterclass, London MUG May 22 2024.pdfMay Marketo Masterclass, London MUG May 22 2024.pdf
May Marketo Masterclass, London MUG May 22 2024.pdf
Adele Miller
 
BoxLang: Review our Visionary Licenses of 2024
BoxLang: Review our Visionary Licenses of 2024BoxLang: Review our Visionary Licenses of 2024
BoxLang: Review our Visionary Licenses of 2024
Ortus Solutions, Corp
 
A Sighting of filterA in Typelevel Rite of Passage
A Sighting of filterA in Typelevel Rite of PassageA Sighting of filterA in Typelevel Rite of Passage
A Sighting of filterA in Typelevel Rite of Passage
Philip Schwarz
 
Vitthal Shirke Microservices Resume Montevideo
Vitthal Shirke Microservices Resume MontevideoVitthal Shirke Microservices Resume Montevideo
Vitthal Shirke Microservices Resume Montevideo
Vitthal Shirke
 
Developing Distributed High-performance Computing Capabilities of an Open Sci...
Developing Distributed High-performance Computing Capabilities of an Open Sci...Developing Distributed High-performance Computing Capabilities of an Open Sci...
Developing Distributed High-performance Computing Capabilities of an Open Sci...
Globus
 
Prosigns: Transforming Business with Tailored Technology Solutions
Prosigns: Transforming Business with Tailored Technology SolutionsProsigns: Transforming Business with Tailored Technology Solutions
Prosigns: Transforming Business with Tailored Technology Solutions
Prosigns
 
openEuler Case Study - The Journey to Supply Chain Security
openEuler Case Study - The Journey to Supply Chain SecurityopenEuler Case Study - The Journey to Supply Chain Security
openEuler Case Study - The Journey to Supply Chain Security
Shane Coughlan
 
Enterprise Resource Planning System in Telangana
Enterprise Resource Planning System in TelanganaEnterprise Resource Planning System in Telangana
Enterprise Resource Planning System in Telangana
NYGGS Automation Suite
 
Essentials of Automations: The Art of Triggers and Actions in FME
Essentials of Automations: The Art of Triggers and Actions in FMEEssentials of Automations: The Art of Triggers and Actions in FME
Essentials of Automations: The Art of Triggers and Actions in FME
Safe Software
 
Atelier - Innover avec l’IA Générative et les graphes de connaissances
Atelier - Innover avec l’IA Générative et les graphes de connaissancesAtelier - Innover avec l’IA Générative et les graphes de connaissances
Atelier - Innover avec l’IA Générative et les graphes de connaissances
Neo4j
 
Dominate Social Media with TubeTrivia AI’s Addictive Quiz Videos.pdf
Dominate Social Media with TubeTrivia AI’s Addictive Quiz Videos.pdfDominate Social Media with TubeTrivia AI’s Addictive Quiz Videos.pdf
Dominate Social Media with TubeTrivia AI’s Addictive Quiz Videos.pdf
AMB-Review
 
Lecture 1 Introduction to games development
Lecture 1 Introduction to games developmentLecture 1 Introduction to games development
Lecture 1 Introduction to games development
abdulrafaychaudhry
 
Enhancing Research Orchestration Capabilities at ORNL.pdf
Enhancing Research Orchestration Capabilities at ORNL.pdfEnhancing Research Orchestration Capabilities at ORNL.pdf
Enhancing Research Orchestration Capabilities at ORNL.pdf
Globus
 
2024 RoOUG Security model for the cloud.pptx
2024 RoOUG Security model for the cloud.pptx2024 RoOUG Security model for the cloud.pptx
2024 RoOUG Security model for the cloud.pptx
Georgi Kodinov
 

Recently uploaded (20)

Providing Globus Services to Users of JASMIN for Environmental Data Analysis
Providing Globus Services to Users of JASMIN for Environmental Data AnalysisProviding Globus Services to Users of JASMIN for Environmental Data Analysis
Providing Globus Services to Users of JASMIN for Environmental Data Analysis
 
Orion Context Broker introduction 20240604
Orion Context Broker introduction 20240604Orion Context Broker introduction 20240604
Orion Context Broker introduction 20240604
 
Graspan: A Big Data System for Big Code Analysis
Graspan: A Big Data System for Big Code AnalysisGraspan: A Big Data System for Big Code Analysis
Graspan: A Big Data System for Big Code Analysis
 
Globus Compute Introduction - GlobusWorld 2024
Globus Compute Introduction - GlobusWorld 2024Globus Compute Introduction - GlobusWorld 2024
Globus Compute Introduction - GlobusWorld 2024
 
In 2015, I used to write extensions for Joomla, WordPress, phpBB3, etc and I ...
In 2015, I used to write extensions for Joomla, WordPress, phpBB3, etc and I ...In 2015, I used to write extensions for Joomla, WordPress, phpBB3, etc and I ...
In 2015, I used to write extensions for Joomla, WordPress, phpBB3, etc and I ...
 
Navigating the Metaverse: A Journey into Virtual Evolution"
Navigating the Metaverse: A Journey into Virtual Evolution"Navigating the Metaverse: A Journey into Virtual Evolution"
Navigating the Metaverse: A Journey into Virtual Evolution"
 
May Marketo Masterclass, London MUG May 22 2024.pdf
May Marketo Masterclass, London MUG May 22 2024.pdfMay Marketo Masterclass, London MUG May 22 2024.pdf
May Marketo Masterclass, London MUG May 22 2024.pdf
 
BoxLang: Review our Visionary Licenses of 2024
BoxLang: Review our Visionary Licenses of 2024BoxLang: Review our Visionary Licenses of 2024
BoxLang: Review our Visionary Licenses of 2024
 
A Sighting of filterA in Typelevel Rite of Passage
A Sighting of filterA in Typelevel Rite of PassageA Sighting of filterA in Typelevel Rite of Passage
A Sighting of filterA in Typelevel Rite of Passage
 
Vitthal Shirke Microservices Resume Montevideo
Vitthal Shirke Microservices Resume MontevideoVitthal Shirke Microservices Resume Montevideo
Vitthal Shirke Microservices Resume Montevideo
 
Developing Distributed High-performance Computing Capabilities of an Open Sci...
Developing Distributed High-performance Computing Capabilities of an Open Sci...Developing Distributed High-performance Computing Capabilities of an Open Sci...
Developing Distributed High-performance Computing Capabilities of an Open Sci...
 
Prosigns: Transforming Business with Tailored Technology Solutions
Prosigns: Transforming Business with Tailored Technology SolutionsProsigns: Transforming Business with Tailored Technology Solutions
Prosigns: Transforming Business with Tailored Technology Solutions
 
openEuler Case Study - The Journey to Supply Chain Security
openEuler Case Study - The Journey to Supply Chain SecurityopenEuler Case Study - The Journey to Supply Chain Security
openEuler Case Study - The Journey to Supply Chain Security
 
Enterprise Resource Planning System in Telangana
Enterprise Resource Planning System in TelanganaEnterprise Resource Planning System in Telangana
Enterprise Resource Planning System in Telangana
 
Essentials of Automations: The Art of Triggers and Actions in FME
Essentials of Automations: The Art of Triggers and Actions in FMEEssentials of Automations: The Art of Triggers and Actions in FME
Essentials of Automations: The Art of Triggers and Actions in FME
 
Atelier - Innover avec l’IA Générative et les graphes de connaissances
Atelier - Innover avec l’IA Générative et les graphes de connaissancesAtelier - Innover avec l’IA Générative et les graphes de connaissances
Atelier - Innover avec l’IA Générative et les graphes de connaissances
 
Dominate Social Media with TubeTrivia AI’s Addictive Quiz Videos.pdf
Dominate Social Media with TubeTrivia AI’s Addictive Quiz Videos.pdfDominate Social Media with TubeTrivia AI’s Addictive Quiz Videos.pdf
Dominate Social Media with TubeTrivia AI’s Addictive Quiz Videos.pdf
 
Lecture 1 Introduction to games development
Lecture 1 Introduction to games developmentLecture 1 Introduction to games development
Lecture 1 Introduction to games development
 
Enhancing Research Orchestration Capabilities at ORNL.pdf
Enhancing Research Orchestration Capabilities at ORNL.pdfEnhancing Research Orchestration Capabilities at ORNL.pdf
Enhancing Research Orchestration Capabilities at ORNL.pdf
 
2024 RoOUG Security model for the cloud.pptx
2024 RoOUG Security model for the cloud.pptx2024 RoOUG Security model for the cloud.pptx
2024 RoOUG Security model for the cloud.pptx
 

Hedera API: Cryptocurrency 101 | Hedera18

  • 3. OVERVIEW Roles that cryptocurrency plays on Hedera
 Basic Concepts: Transaction Lifecycle,
 Accounts, Keys, Signatures
 Hedera Cryptocurrency API Services
 Hedera Cryptocurrency Goodies
  • 4. Why Does Hedera Need a Cryptocurrency?
  • 5. Security Why Crypto? Cryptocurrency has an important role in securing the network by providing economic barriers to certain kinds of attacks and disruptions • Nodes must be staked, and nodes’ votes are weighted by stake • Fees for transactions discourage transaction-based attacks • Encourages efficient use of resources by DApps 6
  • 6. Incentivize Participation Why Crypto? Network participants provide computing resources to anyone with a key pair. The survival of the network relies on the ongoing operation of each node. • Node Fees: Nodes receive payments from clients for transactions they submit to the network • Network Fees: Nodes receive incentive payments for participating in consensus • Service Fees: Nodes receive payments for services such as storing files or executing smart contracts
  • 7. Micropayments Why Crypto? Hedera payments are fast, secure, and very low cost • Fees for services can be very small, on the order of fractions of a cent • There are no banking, credit card, or 3rd party fees. • Transfers are instantaneous 8
  • 9. •Accounts •Keys and Signatures •Transaction Lifecycle Building Blocks Hedera Cryptocurrency
  • 10. A Hedera account is: • An identifier • The key or keys associated with an account • Thresholds for: ‣ When a record is automatically generated ‣ When the recipient of a transfer must counter-sign • Auto-renew period Hedera Accounts
  • 11. Hedera Keys Hedera keys can be.. • ECDSA384, RSA3072, or ED25519 format keys • A smart contract can act as a key • A key list • A “threshold key list” • A nested structure of the above*
  • 12. Hedera Signatures Hedera natively supports multi-sig. Signatures must match the account’s key structure • Transactions for a single-key account must be signed by that key • Transactions for a list of keys must be signed by all keys in the list • Transactions for a threshold key list must be signed by enough keys in the list • Signatures for nested key structures must match the key structure
  • 15. Hedera Cryptocurrency API Operations • Create or delete an account • Update account information • Transfer funds • Proxy stake • Claims
  • 16. Hedera API: Account Transactions To create a Hedera account.. • The account must be created and funded by another account • The account number is generated by the network • The account is associated with a shard and realm
  • 17. Hedera API: Account Transactions To delete a Hedera account.. • The delete is a “soft delete” • The account isn’t destroyed until it can no longer auto-renew • The ability to generate a record containing a state proof requires the account to continue to exist for a certain period of time
  • 18. Demo: Create an Account
  • 19. Hedera API: Crypto Transactions • Get account balance • Transfer funds • Add or revoke claims
  • 20. Hedera API: Transfer Lists Transfers on Hedera have the ability to bundle multiple payers and payees in a single transfer transaction • Limited to 10 accounts* • Can include payers and payees in any combination • Must be zero-sum
  • 22. Use Case: Corporate Acquisition
  • 23. Hedera API How to sell a company on Hedera Consider a scenario where Hooli has entered into negotiations to purchase Pied Piper. Both companies have agreed to use Hedera to document that both companies agree to the sale, and to make payment. • Pied Piper is a small company, but the sale still needs a majority of the business leaders to agree to the sale • Hooli is a big company, and the acquisition must have sign-off from the CEO, finance, risk, and the board
  • 24. Hedera API How to sell a company on Hedera Pied Piper’s signature requirement can be modeled using a threshold key list. • Pied Piper sets up an account on Hedera. Richard, Monica, Jared, Dinesh, and Gilfoyle all supply their public keys for the list. • Three of the five must sign in order for the sale to continue.
  • 25. Hedera API How to sell a company on Hedera Hooli’s situation is more complicated. The CEO and CFO must agree individually, the board needs a majority vote, and risk requires the unanimous approval of their leadership to approve the acquisition. •At the top level, we use a key list that requires signatures from every key in the list. •The CEO and CFO keys are traditional
 single-party keys •Risk’s key is itself a key list that requires
 signatures from every key in the list •The board’s key is itself a threshold key list
 that requires signatures from a majority
 of board members
  • 26. Hedera API How to sell a company on Hedera Both sides must produce valid signatures that
 match the accounts’ specific structures or the transaction will be rejected by the network. 
 Payment will only be made if… •Three of Richard, Monica, Jared, Dinesh, and
 Gilfoyle must sign AND •Gavin must sign AND •Hooli’s CFO must sign AND •Every risk leader must sign AND •A majority of the Hooli board must sign …otherwise the transaction will be rejected by the network and funds will not be transferred