Blockchain Tech – The Journey
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Transcript of Blockchain Tech – The Journey
2
Partial customer list
First bank, First
government
Globally recognized
I am CTO of Our latest product:
BITCOIN
2008: THE PAPER
2009: BITCOIN RELEASED
2010: BITCOIN GOT NOTICED BY SLASHDOT
2010: I LEARNED ABOUT IT…
2011: 1 BITCOIN IS WORTH $1
BITCOIN
2008: THE PAPER
2009: BITCOIN RELEASED
2010: BITCOIN GOT NOTICED BY SLASHDOT
2010: I LEARNED ABOUT IT…
2011: 1 BITCOIN IS WORTH $12011: ALEX STARTS HIS FIRST CRYPTO PROJECT!
MY FIRST BITCOIN PROJECT
Trade anything — virtually
$
Contract For Difference (CFD)Non-Deliverable Forward (NDF)
NOT REAL
HOW NDF WORKS
ExchangeAlice 2 BTC
Bob 2 BTC
1.
2. Alice agrees to sell to Bob 1 bitcoin for $100 in one month
Alice1 BTC + $100 (virtual)
Bob3 BTC - $100 (virtual)
3. Settlement: parties receive payout in bitcoins according to formula1 BTC = $150 now
ExchangeAlice 1.667 BTC
Bob 2.333 BTC
PROBLEM:The exchange holds all the funds and is a single point of failure.
Funds in a shared wallet can be stolen!
ExchangeAlice 2 BTC
Bob 2 BTC
THIS ACTUALLY HAPPENED MANY TIMES
MtGox Bitcoinica BitFinex BitStamp
MyBitcoin.com …
SOLUTION: SMART CONTRACTS?
• Bitcoin has Script! 😀
• …but it can’t do payout computations ☹
• but it can encode authorisation (multi-sig) 🙂
BITCOIN SMART CONTRACTS
Alice’s wallet
BUSINESS LOGIC
KEYS🔑🔑🔑
Bob’s wallet
BUSINESS LOGIC
KEYS🔑🔑🔑
Bitcoin Blockchain
COIN
AUTHORIZATION LOGIC
🔒🔒🔒
Oracle
BUSINESS LOGIC
KEYS🔑🔑🔑
GLOBAL STATE (LEDGER, DATABASE…) CONTROLLED BY COMPUTATIONS
WORLD COMPUTER TRANSACTION
CONTRACT CODE
STATE
ETHEREUM UNDER THE HOOD
CONTRACT CODE (SOLIDITY)
CONTRACT BYTECODE CONTRACT ABI
compilation
Ethereum blockchain
DEPLOYED CONTRACT
PRIVATE BLOCKCHAINSALSO CALLED: FEDERATED, PERMISSIONED BLOCKCHAINS
AND “DISTRIBUTED LEDGER TECHNOLOGY”
FABRIC