Introduction to blockchain 2018
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This document provides an introduction to blockchain technology and cryptocurrencies. It discusses the origins of blockchain in Satoshi Nakamoto's 2008 whitepaper proposing Bitcoin as a peer-to-peer electronic cash system. It then outlines some key aspects of blockchain including how it uses cryptography and proof-of-work to form an immutable record stored across a distributed network without a central authority. The document also briefly reviews topics like cryptocurrency mining, smart contracts, initial coin offerings (ICOs), and the current state and opportunities of blockchain applications.
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Introduction to blockchain 2018
- 1. INTRODUCTION TO BLOCKCHAIN THE INTERNET OF VALUE EXCHANGE
- 2. Internet: Past / Present / Future Time Space Past Future
- 5. A Peer-to-Peer Electronic Cash System 9 Page whitepaper | October 2008 A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. Satoshi Nakamoto
- 6. •Open source (with exceptions) •Shared Records No Central Authority •Time-Stamped •Hashed Immutable Record Keeping •Solution to ‘double-spend’ problem •Proof-of-Work by Miners Chained by Cryptography Blockchain Basics
- 7. Blocks
- 8. Cryptocurrency Mining & Halving • Total bitcoins to-be-mined: 21,000,000 • Mining reward bitcoin blockchain initially BTC50 ($857,450) • Halves every 210,000 blocks / now: BTC12.5 ($190,000) • New block every ~10 Minutes • Current rate 1,800 new bitcoins per day www.bitcoinblockhalf.com
- 9. •bitcoin $255B ($15.2k) •bitcoin cash $40B ($2.4k) •bitcoin gold $4B ($243) Forking
- 11. Contract written as code Contract becomes part of Contract parties may on blockchain public blockchain stay anonymous Contract executes by itself Transaction recorded when conditions are met (optional 3rd party validation) Smart Contracts
- 13. Initial Coin Offerings (ICOs) 235 projects / $3.7B
- 14. Investments by Category Infrastructure Trading & Investing Finance Payments Data Storage Healthcare & Drugs Gaming and VR
- 15. Top Ten ICOs 2017 Project Raised Filecoin $257,000,00 0 Tezos $232,319,98 5 EOS Stage 1 $185,000,00 0 Paragon $183,157,27 5 Bancor $153,000,00 0 Kin $97,041,936 Status $90,000,000 TenX $64,000,000
- 16. For what it’s worth Your text here $1.4 billion (January 2018)
- 17. Basic Blockchain Economics: Gas Prices 10/10/2017 11/15/2017 1/8/2018
- 18. Top 20 Exchanges
- 19. What Crypto can Buy
- 20. Bitcoin ATMs
- 21. Security • Digital bearer instrument • Private key held by owner • Users are in charge of security • Cold storage most secure option
- 23. Market Returns $1,000 invested in bitcoin in January 2013 ($13) would be $1.1m at the end of 2017 (1,087x
- 24. Legal Status US / World
- 25. State Laws
Editor's Notes
- “internet of value” – Deloitte Touche “Paradigm Shift”
- - Internet and world wide web highly centralized Google : more than 25% US Internet traffic Outage of google 2012 caused worldwide traffic to plummet by 40%
- Fiat money is a currency without intrinsic value established as money, oftentimes by government regulation.
- - bitcoin was not the first currency - bitcoin was not the first cryptographic currency - First cryptographic currency : DigiCash in 1989 - bitcoin first decentralized cryptocurrency - bitcoin is name of the Blockchain AND Currency - Increments are called ‘satoshis’
- 256-bit alphanumeric string / solved in 10 Minutes
- When Bitcoin was first created, the reward was set at 50 bitcoins per block mined. And, the code specified that every 210,000 blocks mined that reward would be cut in half, until it eventually is reduced to zero after 64 halving events.
- - Turing: general purpose computer
- Crowdfunding -> ERC20
- 35% of total – rest (225 raised on average $10MM)
- Tezos closed June 14th 2017 - $1.43B
- 35% of total – rest (225 raised on average $10MM)
- There are 147 exchanges - TOP 20 make up 95% of trading volume
- Amazon: via BitPay Expedia: via Coinbase
- 15 locations in greater San Diego area
- There are 147 exchanges - TOP 20 make up 95% of trading volume
- The world's largest futures exchange: Chicago Mercantile Exchange CME, announces it has completed self-certification with the Commodity Futures Trading Commission to launch its bitcoin futures contract on Dec. 18. Several smaller exchanges are already trading bitcoin futures.
- $1,000 invested in bitcoin in January 2013 ($13) would be $1.1m at the end of 2017 (1,087x)
- 35% of total – rest (225 raised on average $10MM)
- 35% of total – rest (225 raised on average $10MM)
- $1,000 invested in bitcoin in January 2013 ($13) would be $1.1m at the end of 2017 (1,087x)