The Bitcoin Protocol for Humans
A visual, and easy to undertsand outline of the Bitcoin Protocol. In this talk, I explain the 'legend' of Satoshi Nakamoto, and the protocol that he conceived. The specific aspects covered are Wallets, Addresses, Trasactions, The Block Chain, Mining and currency Issuance. The intention is to help a general audience understand HOW Bitcoin achieves a decentralized peer to peer currency. Armed with this understanding, groups are better equipped to have a critical discussion about the economic, social and political impacts of this technology. The outline, and visual presentation seem to be effective for the purpose, so the content belongs to the creative commons. I ask that you credit me for the work, but you are free to copy and revise as you wish. You can find the original content here (you'll have to copy the file to your own Google Drive in order to edit it): http://bit.ly/1gyJmx2
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The Bitcoin Protocol for Humans
- 2. Agenda ● Satoshi ● Wallets ● Addresses ● Transactions ● Block Chain ● Mining ● Issuance
- 3. Satoshi Nakamoto An internet creation myth
- 6. Wallet
- 8. This is a Bitcoin address: 1Kaxcsyj3wUCkffNhfd9pLYB7hmQrFa2iq
- 9. This is a Bitcoin address: 1Kaxcsyj3wUCkffNhfd9pLYB7hmQrFa2iq KyN6RvhWyAzfTtbHAfSrjZYXvsAYnNFa2C4 N8n9ttQmrBZxTWP5p This is its private key:
- 10. This is a transaction. Send 5 BTC from 1Fi57hAqyYYwaQVdA7a9qSKfiukBbt31G3 to 1NDpZ2wyFekVezssSXv2tmQgmxco 5.2894 BTC 1Fi57hAqyYYwaQVdA7a9qSKfiukBbt31G3 12t55VJvphiUEGKqqwbd5bGGbnLkbygbV6
- 12. The Blockchain A distributed public ledger
- 13. This is a block.
- 14. A new block is created every 10 Minutes.
- 15. A block contains recent transactions. Txn f5d8ee… Txn a0347d... Txn b73151… Txn 552c91... Txn 8cf0cd4… Txn e541b3... Block 293848 Hash: 0000000000000000a452d7cfbc3a7e62ec9f31bf2dcc50ed80c23e8422d9f656
- 16. This is the blockchain.~300,000
- 17. The flow of bitcoins is publicly visible. 1QHY … Bg3 137y … H3M 1aMS … P3t1PxF … 23z 1PYh … 9NB 1LBE … KHz 1JdE … 5eu
- 19. Mining Hash( ) Block 293847 Hash: 000000000000000020cfe89a3… ... 2f51a647fb79c766906b0eb4b2 Last hash + New Txns + Nonce Block 293848 Hash: 0000000000000000a452d7cf... … ed80c23e8422d9f656
- 21. Issuance
- 22. Bitcoin issuance is fixed. 2009 2041 50% 100%21 0 2014 (MillionsofBitcoins) 0% 11.5
- 23. Thanks!