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Basic ethereum
- 1. ethereum How wearrived and where we’re heading Dr. Gavin Wood co-founder and lead developer, ethereum project
- 2. Overview Decentralisation Consensus Blockchain Bitcoin Direction Ethereum
- 3. The problem Agreementnecessary for collaboration. Internet is great for comms but... Too easy to lie.
- 4. The old solution 1. Identify authority 2. Allow authority to impose “truth” 3. Blindly trust authority
- 5. How things are:-( Someone, somewhere
- 6. How things are:-( Someone, somewhere
- 7. Centralisation & CentralAuthorities Single point of control Single point of failure Single bottleneck
- 8. The limitation Authoritymay be: incompetent (Sony &c. vs thieves) compromised (Google/Facebook &c. vs. NSA) biased (Visa/Mastercard/Paypal vs. Wikileaks) corrupt unavailable unknown
- 9. Technology! Can’t wedo better?
- 10. The new solution Avoid relying on authority. Use consensus of peers.
- 11. How things shouldbe :-)
- 12. How things shouldbe :-)
- 13. Basic Premise “Thetruth is more common than any one lie” Liars can try but, ultimately, they’ll be ignored by all others.
- 14. Which makes... Adecentralised solution for any sort of chronicling. Chronicling: Time-series of archivable data
- 15. Block chain? Digitalmessages (transactions) bundled into: ...Blocks. Blocks linked in a chain to form chronicle.
- 16. The “Block Chain” The “Genesis” block 0 1 2 Proof-of-Work Timestamp Proof-of-Work Timestamp
- 17. PoW: A Buttressof waste “Why your chain and not mine?” Longest chain is “best” shorter chains are ignored Non-trivial to make long chains as energy must be wasted (proof-of-work) in order to create blocks.
- 18. Chain to State It’s one thing to have a single chronicle, it’s another to know what it means What is the language?
- 19. Transaction Semantics ...orthe meaning of a transaction. And thus the accumulated meaning of the chronicle.
- 20. Bitcoin Transaction: thetransfer of some value so it can only be transferred onwards by using (signing with) some secret. Chronicle: The total value accessible by each secret key. i.e. the account balances
- 21. Why form consensus? Alice starts with $100 At the same time: Alice transfers $100 to Bob Alice transfers $100 to Charlie What happens?
- 22. The “double-spend” solution A chronicle that everyone agrees on forces a single order. This is required. $100 goes to either Bob or Charlie, but never both. Second transfer ignored as no funds left. Everyone agrees upon the recipient
- 23. The Alts Attributesaltered such as: Proof-of-Stake: virtual “proof-of-work” Supply: increase, reduce, fixed, random, select Best: GHOST rather than length Speed: Lower block-time
- 24. Where are wegoing? CRYPTO-FINANCE CRYPTO-CURRENCY APP-COINS CRYPTO-LAW Boolean Structured Language Rules Trivial Ammendable General Numeric Discrete (Less Relevant) (More Relevant)
- 25.
- 26. Formally... Collective ofNon-Localised Singleton Programmable Data-Structures no authority, no centre, no server
- 27. Simile Internet isto communication as Ethereum is to agreements
- 28. Another Simile Ethereumis to Bitcoin as a smart-phone is to a calculator
- 29. Bitcoin & Crypto-currencies Used blockchain to implement basic clearing house contract without a central server
- 30. Ethereum & Crypto-law Uses blockchain to implement arbitrary social contracts without a central server
- 31. Ethereum: State LikeBitcoin, accounts with balances. Unlike Bitcoin, accounts can be contracts: code to execute; storage for structured data
- 32. Ethereum: Transactions Likein Bitcoin, transfer funds. Also Transactions have data attached. If destination omitted, creates a contract. If destination is contract, code gets executed.
- 33. Extensible semantics Bitcoin:single accepted semantic for all data. (ownership of funds) Ethereum: semantic dependent on contract.
- 34. Possible uses? Virtualcurrencies (Bitcoin) Digital proxy currencies (CFD, ‘Goldcoin’) Financial instruments (Derivatives, Futures) Insurance & gaming Registrars (ICANN, Namecoin, land) Reputation systems (Facebook, eBay)
- 35. And eventually... Trustsystems (Verisign) Deeds & ownership Document revision control Voting systems DAOs Your imagination!
- 36. The Project 100%Free Software Inclusive development, open source code. Official C++, Go, Python implementations. Unofficial Java & Javascript
- 37. Development lead by Ethereum ÐΞV team: Jeff Wilcke Gavin Wood Vitalik Buterin & many contributors...
- 38. Specifications & Implementations: White paper (Buterin) Yellow paper (Wood) C++ (Wood) Go (Wilcke) Python (Buterin et al) Javascript (Becze) Java (Mandeleil, Savers)
- 39. Crowd Sale Recentlyreceived over 30,000 BTC from sale of the future “crypto-fuel”. Development underway at github.com/ethereum (Great C++ coders walk this way!)
- 40. And Web 3.0? The decentralised Web - or - The Web without any web servers
- 46. ethereum How wearrived and where we’re heading Questions?