Blockchains 101 - Muneeb Ali, Blockstack Labs
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Transcript of Blockchains 101 - Muneeb Ali, Blockstack Labs
Blockchains 101
Muneeb Ali
Outline
— Overview of blockchains— How blockchains work— What are the challenges with blockchains— How to build apps with blockchains
Background
The Early Days of Bitcoin
How Blockchains Work
Let’s design a new currency…
How Blockchains Work
Let’s design a new currency…
Muneeb Ali 10 coins
Brian Kernighan 10 coins
How Blockchains Work
Let’s design a new currency…
Muneeb Ali 10 coins
Brian Kernighan 10 coins
Paul Krugman 0 coins
How Blockchains Work
Let’s design a new currency…
Muneeb Ali 10 coins
Brian Kernighan 10 coins
Paul Krugman 0 coins
Muneeb —> Krugman 2 coins (unconfirmed)
How Blockchains Work
Let’s design a new currency…
Muneeb Ali 8 coins
Brian Kernighan 10 coins
Paul Krugman 2 coins
Muneeb —> Krugman 2 coins (confirmed)
How Blockchains Work
Congratulations!
You just learned how blockchains work.
How Blockchains Work
Muneeb Ali 8 coins
Brian Kernighan 10 coins
Paul Krugman 2 coins
Muneeb —> Krugman 2 coins (confirmed)
Bill Gates 0 coins
How Blockchains Work
Muneeb Ali 8 coins
Brian Kernighan 10 coins
Paul Krugman 2 coins
Muneeb —> Krugman 2 coins (confirmed)
Bill Gates 0 coins
Muneeb —> Bill 2 coins (unconfirmed)
How Blockchains Work
We need a distributed ledger (blockchain)
— It’s a file!— Append-only global log— Every node on the network has a consistent copy
Blockchain
How Blockchains Work
General Challenges with Blockchains:
— Storage limitations (blockchain bloat)— Introducing new features (hard fork)— Introducing new features (hard fork)— Slow writes— Endless ledger problem
• Private-public key pairs
How Blockchains Work:
• Private-public key pairs
• Bitcoin address = deterministic from pubkey
How Blockchains Work:
• No such thing as a “bitcoin”. Only inputs and outputs
• 21 million total bitcoins (fixed)
• 50 BTC minted each block, halved to 25 BTC
How Blockchains Work:
How Blockchains Work:
How Blockchains Work:
000009ff7ff1fc53b92dc18148a1d65dfc2d4b1fa3d677284addd200126d9069
How Blockchains Work:
1 2 3
….. 3000
Register hash(name) Update name
How Blockchains Work:
Building Apps with Blockchains
Blockchain Application Stack
Blockchain
Naming
Identity
Authentication
Storage
App AppApp
Blockstack Networkbitcoin node (bitcoind) blockstack server bitcoind peer connection rpc connection to bitcoind
Bitcoin
Global Naming (TLDs)
Ethereum Hyperledger
Blockch
ain D
river
Blockch
ain D
river
Blockch
ain D
river
Multiple Blockchains:
Production Use
300,000
200,000
100,000
Blockstack
byte
s w
ritte
n
— Largest non-financial production system on Bitcoin
Lessons from Production Use:
— Storage limitations (blockchain bloat) —> Unlimited data— Introducing new features (hard fork)— Introducing new features (hard fork) —> Virtualchain— Slow writes —> Get operations off blockchain path
— Security issues —> Need to use most secure blockchain
Details: Blockstack Paper, Proc. 2016 USENIX Annual Technical Conference
Blockstack CLI
Blockstack gives you fast, secure, and easy-to-use
DNS, PKI, identity management, and custom
namespaces on the blockchain
Namespaces:
Thank You!Comments? Tweet them @muneeb
Web: http://blockstack.org
Code: github.com/blockstack
