Kopi Chat Introduction to Blockcain 29 November 2017
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Topics covered include: Introduction to Blockchains, Cryptocurrencies, and Initial Coin Offerings Introduction to Ethereum and Smart Contracts Introduction to most used Blockchain terms Blockchain technology applications and use cases to businesses About the speaker Budi Sukmana, Founding Member of Indonesian Blockchain Network. Budi is currently head of business development in SkytreeDGTL. Having over 7+ years in professional product & business development in property developer company, he now puts great interest in Blockhain technology and recently obtained his Certified Bitcoin Professional from CryptoCurrency Certification Consortium. Budi holds Bachelor of Architecture from Catholic Parahyangan University. This event is supported by the Indonesian Blockchain Network, Indonesian blockchain advocacy group, accommodating and facilitating the growth of digital ledger and cryptocurrency technology.
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Kopi Chat Introduction to Blockcain 29 November 2017
- 2. –Dr Garrick Hileman & Michel Rauchs “Blokchain has become one of the most hyped technologies since the Internet. It is also one of the most poorly understood. A recent HSBC global survey found that 80% of those who have heard of ‘blockchain’ said they don’t understand it.” WWW.BUDISUKMANA.COM
- 3. BITCOIN (2009) 2009 Altcoins 2011 2015 dApps ICO Tokens DLT WWW.BUDISUKMANA.COM “Bitcoin is the genesis of the blockchain movement. Therefore, understanding the basics of Bitcoin is Critical.” 2015 Now
- 4. –Satoshi Nakamoto “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, buy they lend it out in waves of credit bubbles with barely a fraction in reserve.” WWW.BUDISUKMANA.COM “MONEY PROBLEMS”
- 6. BITCOIN PROTOCOL 1. Alice initiates a transfer of Bitcoin from her account by signing off with her private key and broadcasting the transaction to other users. 2. The other users of the network make sure Alice’s Bitcoin address has sufficient funds and then and Alice’s transaction to a list of other recent transactions, known as a “block”. 3. Computers take part in a computational race (solving mathematical “puzzle”) to have their list of transactions, or block, added to the blockchain. 4. The computer that has its block added to the blockchain is also granted a bundle of new bitcoins. 5. Computers on the network start compiling a new list of unconfirmed recent transactions, trying to win the next bundle of bitcoins. WWW.BUDISUKMANA.COM
- 7. David’s Block BITCOIN: HOW Alice David Charlie Bob Block Alice to Bob: 10 Block Alice to Bob: 10 Block Alice to Bob: 10 Block Alice to Bob: 10 Everyone can join Bitcoin Network PUZZLE PUZZLE PUZZLE PUZZLE Bitcoin’s blockchain “new” WWW.BUDISUKMANA.COM
- 8. BITCOIN: PREDICTABLY SCARCE SUPPLY (21 MILLION MAX at 2140) 9DEC17: 16.7 M WWW.BUDISUKMANA.COM
- 9. BITCOIN: TECHNOLOGICAL STACK App #4 Bitcoin’s Blockchain Protocol Native Asset (bitcoin) App #1 App #2 App #3 Internet WWW.BUDISUKMANA.COM Bitcoin’s Blockchain is distributed, cryptographic, and immutable database that uses proof-of- work to keep the ecosystem in sync.
- 10. BITCOIN INOVATION: MAKES ORGANIZATIONALLY DECENTRALIZED & LOGICALLY CENTRALIZED ENTITY POSSIBLE WWW.BUDISUKMANA.COM Organizationally Centralized Organizationally Decentralized Logically Centralized Central Bank Banks Financial Institutions Logically Decentralized Excel Email
- 11. –Nathaniel Popper, NY Times Reporter “The result of this complicated process was something that was deceptively simple but never previously possible: a financial network that could create and move money without a central authority. No bank, no credit card company, no regulators.” WWW.BUDISUKMANA.COM
- 12. SO, WHAT IS BLOCKCHAIN? –Balaji Srinivasan, Earn.com CEO “The internet meant programmable information. Blockchains mean programmable scarcity.”
- 13. ALTERNATIVE COINS (2011) 2009 Altcoins 2011 2015 dApps ICO Tokens DLT WWW.BUDISUKMANA.COM “Those that are only slight modifications of Bitcoin are often referred to as ALTCOINS.” 2015 Now
- 14. BITCOIN VS LITECOIN (EXAMPLE) WWW.BUDISUKMANA.COM Concept digital money (gold) digital money (silver) Transaction send from alice to bob in 10 mins send from alice to bob in 2.5 mins Market Cap 167 B 5 B Total Supply 21 M 84 M Founder Satoshi Nakamoto (unknown) Charlie Lee Release Date Jan 2009 Oct 2011 Mining prosessor intensive memory intensive
- 15. ETHEREUM - ICO - TOKENS (2015) 2009 Altcoins 2011 2015 dApps ICO Tokens WWW.BUDISUKMANA.COM “If Bitcoin is decentralized world currency, so Ethereum is decentralized world computer… …that enables to build decentralized set of rules that define a specific application. Instead of build on a central server owned by some large entity… ..To fund the development of the decentralized application is by pre- selling (ICO) some percentage of the cryptoassets (Tokens) to the public.” Now
- 16. ETHEREUM TECHNOLOGICAL STACK WWW.BUDISUKMANA.COM Ethereum’s Blockchain Protocol Native Asset (ether) Non Native Protocol Internet Non Native Asset (Token) dApp Non-native Protocol; Non-native Asset (Token); dApp Ethereum is an open blockchain platform that let anyone build a new protocol, token, and decentralized applications on top of it (using Smart Contract).
- 17. David’s Block ETHEREUM: HOW Alice David Charlie Bob Block Block Block Block PUZZLE PUZZLE PUZZLE PUZZLE Smart Contract C Smart Contract A Smart Contract D (Contract Account) Smart Contract B A B DC (External Owned Account) Everyone can join Ethereum Network Ethereum’s Blockchain “new” WWW.BUDISUKMANA.COM
- 18. ICO (HOW): SEND ETHER TO GET TOKENS Investors Tokens Token’s Smart Contract Address WWW.BUDISUKMANA.COM
- 19. ICO (HOPE): TOKEN NETWORK EFFECTS More Investors More Users WWW.BUDISUKMANA.COM Token Value Rises More Developers
- 20. DISTRIBUTED LEDGER TECHNOLOGY (2015) 2009 Altcoins 2011 2015 dApps ICO Tokens DLT WWW.BUDISUKMANA.COM “Bitcoin democratize the money. Ethereum democratize the centralized applications. ICO democratize the VC & Crowdfunding. How is about DLT (Private Blockchain) ?” 2015 Now
- 21. DISTRIBUTED LEDGER TECHNOLOGY Company A Auditor D Bank C Company B Smart Contract C Smart Contract A Smart Contract D Smart Contract B A B DC Ledger Ledger Ledger Ledger Other Entity Not every entity can join the specific DLT Network (permissioned) WWW.BUDISUKMANA.COM
- 22. BITCOIN, LITECOIN & ETHEREUM (OPEN BLOCKCHAIN) VS DLT VS CENTRALIZED ORGANIZATION WWW.BUDISUKMANA.COM Organizationally Centralized Organizationally Decentralized Logically Centralized Financial Institutions Centralized Applications Logically Decentralized Excel Email DLT “Open & Public Blockchain”“Private Blockchain”
- 23. (NOT SO SMART) CONCLUSION • Blockchain Technology is simply the continuation of Internet Technology (they need internet but they can bypass the web). • Blockchain Technology (2017) = Internet Technology (1994-96) — small user adoption (0.5-1% world population); scalability issue (bitcoin: 3 tx/s; ethereum: 7 tx/s). Hi, we are still in the early days, relax cowboy. • Most of Open & Public Blockchains have Cryptoeconomic Rules & their Native Assets (Cryptoassets) as their financial incentives for each networks. • Open & Public Blockchains’ Innovation: enable Organizationally Decentralized & Logically Centralized entity. • Analogy: Public Blockchain = Internet; Private Blockchain (DLT) = Intranet. • Private Blockchains don’t have (need) native assets to incentivize the network and their value creation are cost & time savings. • Most of Private Blockchains are Organizationally & Logically Centralized entities. WWW.BUDISUKMANA.COM
- 24. TIP JARS WWW.BUDISUKMANA.COM 1JXC6NrAAvLUoLxJruwZuuXJgNTbhzh9dd 0x76f4513059d845d894a0a7812d10a223fb927057 “A small crypto-tip to buy a cup of coffee is very appreciative.”