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Smart Contracts

Gabriel Hamilton
Gabriel Hamilton

The document discusses smart contracts and their potential uses and drawbacks. It defines smart contracts as programs run under the economic rules of a blockchain. Some potential uses of smart contracts mentioned include creating markets, electronic voting systems, fractional ownership of assets, and distributed computation. Drawbacks discussed include issues with privacy, immutability of mistakes, and slow performance relative to traditional databases. The document aims to explore smart contracts and discuss where they may or may not be better options than traditional approaches.

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Smart Contracts by Gabe Hamilton A TechCon鍖uence talk
CREDITS: This presentation template was created by 際際滷sgo, including icons by Flaticon, and infographics & images by Freepik. What can we do with a Smart Contract? Create our own market or economy. Small scale: fantasy football pool Large scale: sharing economy for WiFi
CREDITS: This presentation template was created by 際際滷sgo, including icons by Flaticon, and infographics & images by Freepik. More with a Smart Contract Electronic Voting Small scale: which meetup talk next Large scale: national elections?
CREDITS: This presentation template was created by 際際滷sgo, including icons by Flaticon, and infographics & images by Freepik. Lots more with a Smart Contract What will you build? We will cover many more use cases. And get you thinking about your own.
The Good, the Bad, the Interesting This is an Exploratory Talk
Things we wont discuss Proof of Work & Bitcoin Financial Speculation The current Savings and Loan Scandals The Art Market Libertarian Utopias/Dystopias
Taking something complex and making it digital doesnt make it easier to understand nor get rid of the inherent problems.
We are talking about Technology for Building things Just like we use S3 for storing 鍖les, Twilio for sending SMS, we want to answer. Where do smart contracts 鍖t into our systems
Lets de鍖ne the narrow area we are talking about
By Blockchain we mean a Consensus Algorithm
Example Inputs and outputs we might agree on Current State: 1bab: 5 2efe: 0 Input: Send 2 from 1bab to 2efe Output: 1bab: 3 2efe: 2
A Crypto-currency is Economic Rules on a Blockchain
Crypto-Currency economic rules People who run the system on their computers earn tokens (a number in an account). There are a limited number of tokens. Tokens can be sent to another account.
Example Lets say we call the number next to an account, Gabecoin. Ive been running the Gabecoin protocol, the rules of which are that every month I earn 1 Gabecoin, the number next to my account goes up by 1. I have earned 5 from running this for five months. Why would you want one? Maybe I give one out every time someone gives a meetup talk. And every time someone wants a technology recommendation, I charge one Gabecoin. But Gabe, I havent given a talk and I to decide which database to use. Well, buy one from Joe. $10, great. Now we have a market price for Gabecoin.
A Smart Contract is a Program run under those rules
Smart Contract economic rules A User pays Gas (small amounts of crypto currency) to run a Function. Nodes charge Gas to run that Function. Often the Function also charges part of the Gas
Some Concepts Different = Non-Fungible Land Condo shares Account names Art registries The same = Fungible Crypto-currency Tokens Airline miles: aka Loyalty Programs Coupons Casino chips Things that are
Or in between Partly Fungible / Semi Unique? Limited Editions Voting rights Currency with lockup periods Weird things that you invent Because the real world is messy
01 Programmable Money Fractional Ownership Distributed Computation 02 03 Smart Contract Attributes
Distributed Computation 01 Resilient distributed hosting
You write a Smart Contract Create_Proposal <implementation> Vote_on_Proposal <implementation> Read_Results <implementation> Example: For Voting with these functions
A Node runs your function Like Lambda, Cloud Functions, etc
Blockchain Bene鍖ts Transparent Easy to audit Immutable Permanent records Open Source Platform Run your own if you need Distributed Transactions Which are hard Currency Built in medium of payment Trust less Multi-party consensus
Smart Contract Bene鍖ts Hosted Compute Automatic failover, retries, etc Hosted Storage Replicate most important state FAAS Functions As A Service Contract is the intermediary Reducing middlemen Connected Transactions Royalties Charge per Transaction Can have users pay
Drawbacks Transparent Privacy is hard Immutable Have to carefully add new revisions to undo. Mistakes will always be visible. A Slow Database Slow is not normally an attribute we look for in software
Uh, so why would we use this tech? Cargo Ship Shipping Manifest Insurer Proof of Insurance Certi鍖es Cargo Customs Track Progress, etc Customer For Distributed Systems - of Humans as well as technology
Programmable Money 02 Exchange value when making an API call
Money that vests or is automatically paid on a condition Replace Stock Options Bonus, referral, escrow, when a Smart Legal contract is signed, or a proposal passes.
Fractional Ownership 03 Micropayments allow micro transactions
GPUs https://rendertoken.com/ AI on GPUs https://www.xno.ai/ Wi鍖 - multiple File storage - https://ipfs.tech/ Data Sharing - many Advertising - https://basicattentiontoken.org/ Ownership of Sailboat Racing teams - https://fanvest.io/ Fractions of
More use cases Digital Assets With Royalties! Multi-party Markets Advertising and the Basic Attention Token Title Insurance And land registries in many countries. Digital Toll Lanes To send me an email, job posting, etc Open Platforms Social networks with more user ownership DAOs Remote or large scale governance
Are Smart Contracts better than other options?
Lets Find Out
CREDITS: This presentation template was created by 際際滷sgo, including icons by Flaticon, and infographics & images by Freepik. Questions? meetup.com/TechCon鍖uence
CREDITS: This presentation template was created by 際際滷sgo, including icons by Flaticon, and infographics & images by Freepik. THANKS! Pictures: Photos by Pixabay: https://www.pexels.com/photo/airport-bank-board-business-534216/ https://www.pexels.com/photo/close-up-photography-of-yellow-green-red-and-brown-plastic-cones-on-w hite-lined-surface-163064/ Photo by RODNAE Productions: https://www.pexels.com/photo/a-woman-receiving-money-from-the-customer-4921271/ Photo by Maur鱈cio Mascaro: https://www.pexels.com/photo/person-holding-magnifying-glass-712786/ Photo by M Venter: https://www.pexels.com/photo/photo-of-man-sitting-on-a-cave-1659437/ Photo by Andre Moura: https://www.pexels.com/photo/abstract-glittering-space-background-with-luminous-stars-4021529/ Photo by Karolina Grabowska: https://www.pexels.com/photo/roll-of-american-dollar-banknotes-tightened-with-band-4386476/

More Related Content

Smart Contracts

  • 1. Smart Contracts by Gabe Hamilton A TechCon鍖uence talk
  • 2. CREDITS: This presentation template was created by 際際滷sgo, including icons by Flaticon, and infographics & images by Freepik. What can we do with a Smart Contract? Create our own market or economy. Small scale: fantasy football pool Large scale: sharing economy for WiFi
  • 3. CREDITS: This presentation template was created by 際際滷sgo, including icons by Flaticon, and infographics & images by Freepik. More with a Smart Contract Electronic Voting Small scale: which meetup talk next Large scale: national elections?
  • 4. CREDITS: This presentation template was created by 際際滷sgo, including icons by Flaticon, and infographics & images by Freepik. Lots more with a Smart Contract What will you build? We will cover many more use cases. And get you thinking about your own.
  • 5. The Good, the Bad, the Interesting This is an Exploratory Talk
  • 6. Things we wont discuss Proof of Work & Bitcoin Financial Speculation The current Savings and Loan Scandals The Art Market Libertarian Utopias/Dystopias
  • 7. Taking something complex and making it digital doesnt make it easier to understand nor get rid of the inherent problems.
  • 8. We are talking about Technology for Building things Just like we use S3 for storing 鍖les, Twilio for sending SMS, we want to answer. Where do smart contracts 鍖t into our systems
  • 9. Lets de鍖ne the narrow area we are talking about
  • 10. By Blockchain we mean a Consensus Algorithm
  • 11. Example Inputs and outputs we might agree on Current State: 1bab: 5 2efe: 0 Input: Send 2 from 1bab to 2efe Output: 1bab: 3 2efe: 2
  • 12. A Crypto-currency is Economic Rules on a Blockchain
  • 13. Crypto-Currency economic rules People who run the system on their computers earn tokens (a number in an account). There are a limited number of tokens. Tokens can be sent to another account.
  • 14. Example Lets say we call the number next to an account, Gabecoin. Ive been running the Gabecoin protocol, the rules of which are that every month I earn 1 Gabecoin, the number next to my account goes up by 1. I have earned 5 from running this for five months. Why would you want one? Maybe I give one out every time someone gives a meetup talk. And every time someone wants a technology recommendation, I charge one Gabecoin. But Gabe, I havent given a talk and I to decide which database to use. Well, buy one from Joe. $10, great. Now we have a market price for Gabecoin.
  • 15. A Smart Contract is a Program run under those rules
  • 16. Smart Contract economic rules A User pays Gas (small amounts of crypto currency) to run a Function. Nodes charge Gas to run that Function. Often the Function also charges part of the Gas
  • 17. Some Concepts Different = Non-Fungible Land Condo shares Account names Art registries The same = Fungible Crypto-currency Tokens Airline miles: aka Loyalty Programs Coupons Casino chips Things that are
  • 18. Or in between Partly Fungible / Semi Unique? Limited Editions Voting rights Currency with lockup periods Weird things that you invent Because the real world is messy
  • 21. You write a Smart Contract Create_Proposal <implementation> Vote_on_Proposal <implementation> Read_Results <implementation> Example: For Voting with these functions
  • 22. A Node runs your function Like Lambda, Cloud Functions, etc
  • 23. Blockchain Bene鍖ts Transparent Easy to audit Immutable Permanent records Open Source Platform Run your own if you need Distributed Transactions Which are hard Currency Built in medium of payment Trust less Multi-party consensus
  • 24. Smart Contract Bene鍖ts Hosted Compute Automatic failover, retries, etc Hosted Storage Replicate most important state FAAS Functions As A Service Contract is the intermediary Reducing middlemen Connected Transactions Royalties Charge per Transaction Can have users pay
  • 25. Drawbacks Transparent Privacy is hard Immutable Have to carefully add new revisions to undo. Mistakes will always be visible. A Slow Database Slow is not normally an attribute we look for in software
  • 26. Uh, so why would we use this tech? Cargo Ship Shipping Manifest Insurer Proof of Insurance Certi鍖es Cargo Customs Track Progress, etc Customer For Distributed Systems - of Humans as well as technology
  • 27. Programmable Money 02 Exchange value when making an API call
  • 28. Money that vests or is automatically paid on a condition Replace Stock Options Bonus, referral, escrow, when a Smart Legal contract is signed, or a proposal passes.
  • 29. Fractional Ownership 03 Micropayments allow micro transactions
  • 30. GPUs https://rendertoken.com/ AI on GPUs https://www.xno.ai/ Wi鍖 - multiple File storage - https://ipfs.tech/ Data Sharing - many Advertising - https://basicattentiontoken.org/ Ownership of Sailboat Racing teams - https://fanvest.io/ Fractions of
  • 31. More use cases Digital Assets With Royalties! Multi-party Markets Advertising and the Basic Attention Token Title Insurance And land registries in many countries. Digital Toll Lanes To send me an email, job posting, etc Open Platforms Social networks with more user ownership DAOs Remote or large scale governance
  • 32. Are Smart Contracts better than other options?
  • 34. CREDITS: This presentation template was created by 際際滷sgo, including icons by Flaticon, and infographics & images by Freepik. Questions? meetup.com/TechCon鍖uence
  • 35. CREDITS: This presentation template was created by 際際滷sgo, including icons by Flaticon, and infographics & images by Freepik. THANKS! Pictures: Photos by Pixabay: https://www.pexels.com/photo/airport-bank-board-business-534216/ https://www.pexels.com/photo/close-up-photography-of-yellow-green-red-and-brown-plastic-cones-on-w hite-lined-surface-163064/ Photo by RODNAE Productions: https://www.pexels.com/photo/a-woman-receiving-money-from-the-customer-4921271/ Photo by Maur鱈cio Mascaro: https://www.pexels.com/photo/person-holding-magnifying-glass-712786/ Photo by M Venter: https://www.pexels.com/photo/photo-of-man-sitting-on-a-cave-1659437/ Photo by Andre Moura: https://www.pexels.com/photo/abstract-glittering-space-background-with-luminous-stars-4021529/ Photo by Karolina Grabowska: https://www.pexels.com/photo/roll-of-american-dollar-banknotes-tightened-with-band-4386476/