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Blockchain Тechnology - Introduction

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Introduction to the Blockchain Technology. References the Bitcoin, Ethereum, ICO and more. Features - history and prerequisites, technology and applications.

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Blockchain Тechnology - Introduction

  1. 1. Blockchain Technology Introduction by Galin Dinkov https://www.linkedin.com/in/galindinkov/
  2. 2. Motivation
  3. 3. Refused to understand it at first
  4. 4. Beautiful comprehensive technology ● Immutable ● Distributed ● Autonomous ● Anonymous/Pseudonymous ● Open Source ● Secure
  5. 5. Lot more than cryptocurrency ● Distributed database ● Distributed computing ● Voting ● Autonomous organizations ● Future forecasting (prediction markets) ● Crowd funding ● Public records ● Copyrights ● Car keys ● ...
  6. 6. What is the Blockchain?
  7. 7. Technology behind the Bitcoin and the other cryptocurrencies
  8. 8. Chain of chronologically ordered blocks (transactions)
  9. 9. Distributed Database
  10. 10. Cryptographically secured ● Pseudonymity ● Data integrity ● Transaction authenticity
  11. 11. Genesis
  12. 12. Before Bitcoin ● Libertarianism ● Evolvement of cryptography ● Cypherpunk ● Online payments ● Financial crises ● Hashcash, b-money, Bit Gold
  13. 13. Satoshi Nakamoto
  14. 14. White Paper White paper: https://bitcoin.org/bitcoin.pdf
  15. 15. Who is? Hal Finney 1st Bitcoin Transaction PGP Employee Nick Szabo Bit Gold Smart Contracts Wei Dai b-money Crypto++ Dorian Nakamoto Finney’s neighbour
  16. 16. 10,000 BTC Pizza 2 pizzas for $25,000,000
  17. 17. Bitcoin Foundation Gavin Andresen Main Bitcoin Core developer after Satoshi ● Standardize, protect and promote the use of cryptographic money ● Modeled on the Linux Foundation ● Funded by for-profit companies that depend on the bitcoin technology
  18. 18. Merchant Adoption
  19. 19. Exchanges ● Fiat currency <-> Cryptocurrency ● Mount Gox (Mt. Gox) ● Coinbase / Kraken ● Bitcoin7 / Crypto.bg List: https://www.cryptocoincharts.info/markets/info
  20. 20. From $0 to $3000 Chart: https://99bitcoins.com/price-chart-history/
  21. 21. Evolvement of blockchain ● Ethereum ● Monero / ZCash ● Private Blockchains ● Hyperledger ● ICOs
  22. 22. How does it work?
  23. 23. Client Software ● Wallet ○ Full ○ SPV ● Mining ○ Solo ○ Pool ○ Cloud
  24. 24. P2P Network
  25. 25. Blocks 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
  26. 26. Consensus algorithms ● Proof of Work ● Proof of Stake ● Proof of Capacity ● Proof of Authority ● Proof of Burn
  27. 27. Mining Hardware ● CPU ● GPU ● FPGA - field-programmable gate array ● ASIC - application-specific integrated circuit
  28. 28. Keys and Addresses ● Private Key - 256bit random number ● Public Key - Generated from the PK using ECC ● Address = RIPEMD160(SHA256(Public Key)) ● One can have multiple addresses 14fxjE3qepjaYxiqs5WPtDx5y7vMQP81mW
  29. 29. Wallets ● Hot Wallets - online ● Cold Storage ○ HDD, USB … ○ Paper Wallet ○ Hardware Wallet ● Other ○ Tattoo ○ Memorize
  30. 30. Popular blockchains
  31. 31. Bitcoin ● The first ● Highest valuation ● Strongest community ● Not really anonymous ● Hard fork from August 2017 ● Other cryptocurrencies (altcoins)
  32. 32. Ethereum ● Distributed computer ● Smart contracts ● Turing-complete ● Programming in Solidity ● Easier for development than Bitcoin ● DAO, Tokens, Crowdsales Vitalik Buterin
  33. 33. Hyperledger ● Open-source cross industry blockchain technologies ● Linux Foundation ● Funded by IBM, JP Morgan, Cisco, Intel ...
  34. 34. ICOs ● Initial Coin Offering ● Capital raising by startups ● Whitepaper ● Similar to IPO and crowdfunding ● Scams ICOs: https://tokenmarket.net/ico-calendar
  35. 35. æternity Yanislav Malahov ● Bulgarians in the team ● The Godfather of Ethereum ?!? ● ICO for ~$60M ● Similar to Ethereum but offers improvements
  36. 36. Final https://www.linkedin.com/in/galindinkov/ by Galin Dinkov
  • HeidiWilliams52

    Nov. 27, 2021
  • GalinDinkov

    Sep. 19, 2017

Introduction to the Blockchain Technology. References the Bitcoin, Ethereum, ICO and more. Features - history and prerequisites, technology and applications.

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