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Demystifying Blockchains
- 1. Demystifying Blockchains Henning Diedrich & Vlad Zamfir Blockchain Workshops London 2015
- 2. Bitcoin and the blockchain power hype reality
- 3. Bitcoins innovations blockchains economic consensus
- 4. Projects Bitcoin Ripple Stellar Hyperledger Ethereum Eris Tendermint
- 5. What is Consensus? Consensus protocols are used to make ONE reliable computer out of many unreliable or untrusted computers
- 6. What is Consensus? They are used in real-life applications processors databases flying cars
- 7. Traditional Consensus Protocols Clients in these protocols only change their state when a supermajority approves of the changes, or elects a leader who proposes the changes tc
- 8. Traditional Consensus Protocols tc Coordinate on changes to the state Changes are never reverted They just stop if too many nodes go offline
- 9. Blockchains are consensus protocols that come to consensus through compromise Fork-choice rule What is a blockchain? BC
- 10. Why a blockchain? They are available in the event of network partitions Blockchains are more decentralized than traditional consensus protocols BC
- 11. Maintain a shared, trusted computer even though we dont trust each other because we know that screwing it up would cost us a lot of money. - The Joker What is Economic Consensus? eeconomic
- 12. Public consensus Guarantees correctness even for private consensus trustless Maintain a shared, trusted computer even though we dont trust each other because we know that screwing it up would cost us a lot of money. - The Joker Why Economic Consensus? eeconomic
- 13. How do we make faults expensive? Proof-of-work Make changing the state expensive Proof-of-stake Use security deposits to punish nodes who propose competing updates to the consensus eeconomic
- 14. Blockchain projects Bitcoin Ripple Stellar Hyperledger Ethereum Eris Tendermint
- 15. Bitcoin disintermediate banks & currencies
- 23. Core Design private public traditional consensus protocol decentralized blockchain transaction network virtual machine
- 24. Bitcoin disintermediate banks & currencies public, decentralized blockchain + virtual machine
- 25. replace SWIFT Ripple private transaction network with built-in currency conversions
- 26. bank the unbanked Stellar private transaction network with built-in currency conversions
- 27. Hyperledger inter-bank clearing private consensus protocol
- 28. Ethereum public smart contract platform public, decentralized blockchain + virtual machine
- 29. Tendermint public, decentralized blockchain + virtual machine public smart contract platform
- 30. Eris private smart contracts platform stack private consensus + virtual machine
- 31. Smart Contracts Virtual machine ... with transaction capacity (token) Oracle input from outside world
- 32. Smart Contracts Bitcoin Ethereum Tendermint Eris
- 33. Smart Contracts Bitcoin VM Ethereum Virtual Machine (EVM) Bitcoin Ethereum Tendermint Eris
- 34. Maintain a shared, trusted computer even though we dont trust each other because we know that screwing it up would cost us a lot of money. What is Economic Consensus? eeconomic
- 35. Bitcoin disintermediate banks & currencies public, decentralized blockchain + virtual machine eeconomic BC
- 36. non-economic e Ripple replace SWIFT private transaction network with built-in currency conversions
- 37. bank the unbanked e Stellar private transaction network with built-in currency conversions non-economic enon-economic
- 38. inter-bank clearing private consensus protocol tc e Hyperledger non-economic
- 39. public smart contract platform Ethereum public, decentralized blockchain + virtual machine eeconomic BC
- 40. Tendermint public smart contract platform public, decentralized blockchain + virtual machine tc eeconomic
- 41. Eris private smart contracts platform stack private consensus + virtual machine enon-economic tc enon-economic
- 43. Credits Roof top - 息 Can Stock Photo Inc. / solarseven Handshake - 息 Can Stock Photo Inc. / a_papantoniou Roman - 息 Can Stock Photo Inc. / Nejron Chain ball - 息 Can Stock Photo Inc. / 3quarks Joker - 息 Can Stock Photo Inc. / sad Ring - 息 Can Stock Photo Inc. / Marisabell Iron claw - 息 Can Stock Photo Inc. / andreykuzmin Swordman - 息 Can Stock Photo Inc. / prometeus Monk 息 Can Stock Photo Inc. / FotoMaximum Colour man - 息 Can Stock Photo Inc. / alphaspirit Hero girl - 息 Can Stock Photo Inc. / Choreograph White boy - 息 Can Stock Photo Inc. / prometeus Sword giver - 息 Can Stock Photo Inc. / prometeus Blue android - 息 Can Stock Photo Inc. / leafsomen Blue girl - 息 Can Stock Photo Inc. / FotoMaximum Green robot - 息 Can Stock Photo Inc. / leafsomen