Bitcoin is Still Technology - Presented at Bitcoin World Conference KL - 2014
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Transcript of Bitcoin is Still Technology - Presented at Bitcoin World Conference KL - 2014
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BITCOIN IS TECHNOLOGY -- Presented at World Bitcoin Conference 2014 in KL --
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BITCOIN SUCKS
2,460,000 RESULTS https://www.google.com/search?q=bitcoin+sucks
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BITCOIN ROCKS 52,400,000 RESULTS
https://www.google.com/search?q=bitcoin+rocks
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26 times as good as its not
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MARK SMALLEY m_smalley
• Living in Asia for 17 Years / Wife and Children Malaysian
• OpenSource Technology Evangelist / Family in Finance
• PHP / JS Developer & Designer – MongoDB Products
• Read Satoshi’s White Paper 13 Months Ago
• Launched a HTML5 Bitcoin Wallet 2 Months Ago
• Received 1st Round of Funding (RM 350K) 2 Days Ago
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THE ULTIMATE QUESTION What is Bitcoin…? Start by debunking the myths
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5 PILLARS OF BITCOIN
Ask 5 People get 6 Answers (Hard to be One for Everyone)
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CURRENCY
Send Units of Value, Fungible, Divisible
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COMMODITY
Scarcity Stores Wealth, Market Fluctuates with Speculation
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BRAND
Marketing Message, Community & Sharing Knowledge
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PROTOCOL
Decentralized Trust on the BlockChain
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TECHNOLOGY
Services & Solutions Implemented & Integrated
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MANY THINGS TO MANY PEOPLE
• Bitcoin is technology - the start of decentralized ideas
• It uses a public ledger to enforce transparency
• It uses peer-to-peer networks to transfer value from one person to the other in seconds – anywhere on the planet
• Every transaction is recorded by every user in network
• Not only is it the first time we have had open-source money, but it’s also the 1st programmable money *
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WHY BOTHER WITH BITCOIN …? USA + China
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SOLVING PROBLEMS
Speed, Cost Efficiency & Global Reach (Money for Internet)
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THE BITCOIN TECHNOLOGY STACK
• Uses LevelDB to access (via JSON) a globally distributed public ledger of all transactions
• Other underlying technology is not new
• Send and receive payments instantly and directly via JSON-RPC calls from any server-side language …
• Existing wrappers, frameworks, documentation, libraries and support for PHP, Ruby, NodeJS
• Still in Beta (0.9) with Market Cap of US$10 Billion
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BITCOIN IS AN OPENSOURCE API FOR PAYMENTS
• There is no sign-up process or application fees, developers can add payments to sites in minutes
• Always on & available to anyone anywhere with internet
• No limitations (US$150 Million Vs US$ 0.1)
• No censorship (Wikileaks)
• Can be used for many other things (not just payments)
• I already use it for authentication and messaging
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EXAMPLE PHP CODE
$rpc = new rpc_class(); $fbi_address = ‘1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX’; $transaction_id = $rpc->query(array(
'function‘ => 'send', 'options' => array( 'to' => $fbi_address, 'amount' => 0.00000001 )
)); if($transaction_id) echo ‘Payment ‘.$transaction_id.’ Received’; else echo ‘Payment Failed’;
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WHAT MAKES IT PROGRAMMABLE MONEY …?
• It is essentially an open API available to anyone
• Where transaction fees and identification are optional
• All the underlying technologies are OpenSource
• No central authority to prevent innovation
• Easily accessible, always-on and always neutral
• It can be easily embedded into hardware, such as …
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THE BITCOIN AND RASPBERRY PI POWERED POOL TABLE http://www.coindesk.com/bitcoin-pool-table-raspberry-pi/
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RASPBERRY PI POWERED PAPER WALLET PRINTER http://piper.pw/
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BITCOIN ATM
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MALAYSIA’S FIRST BITCOIN AVM IN BSC
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BUT IF IT LOOKS & SOUNDS LIKE MONEY
( over 200 altcoins available, 10,000+ Predicted within 3 Years )
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SPECIAL MENTION TO AURORACOIN – MAY GO NATIONAL
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NOT TO MENTION THE MOMENTARILY TRILLION DOLLAR DOGE
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DECENTRALIZED DNS WITH NAMECOIN
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OR MINING FOR PROGRESS WITH PRIMECOIN
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YET THESE ARE ALL JUST FORKS
WHAT HAPPENS WHEN YOU START AGAIN FROM SCRATCH…?
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ONE WAY TO GO IS GETTING FUNDED BY GOOGLE
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THEN THERE’S THE RIGHT WAY
BY INVOLVING THE COMMUNITY
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ETHEREUM IS THE EPITOME OF BITCOIN 2.0
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SOME ARGUE WE ALREADY HAVE PROGRAMMABLE MONEY
• Square, Stripe, V.me, Simple, etc …
• Only available to developers in States / Europe
• Local alternatives are complicated, costly & useless
• No options for instant starts …
• No options for anonymity or the billions of us unbanked
• And this makes me angrier than I am with most things
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A DEVELOPER WITHOUT CHOICE IS AN UNHAPPY DEVELOPER
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PERSPECTIVE IS EVERYTHING, DEVELOPERS EXPECT CHOICE
• For the world’s unbanked, there is no other choice
• For small businesses, freelancers and start-ups in developing nations, there is no other choice
• When you have choice, it’s hard to imagine those without • New generation growing-up with instant expectations,
who are or will be disillusioned by trillion dollar bailouts
• From stones to precious metals, then paper & now bytes
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WELCOME TO THE ISLANDS OF YAP
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THERE BE GOLD IN THOSE HILLS
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RISE OF THE MACHINES
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MINING FOR PRECIOUS NUMBERS
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DAY OF THE DAC (DISTRIBUTED AUTONOMOUS CORPORATION)
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WHAT DOES THE FUTURE HOLD …?
• The future of Bitcoin (the brand) is uncertain
• A future with digital currencies and decentralized stores of value is guaranteed – people trust math over people
• National adoption of decentralized currencies would bring political transparency and economic neutrality
• Developing nations seeking to curb corruption and break-free from a US$ Based economy should be embracing and (or) issuing these technologies
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WITH BACKING COME INNOVATION
Sarawakian Pepper Farmers & Government Issued Digital Currencies
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BITVEGAS (CASINO IN MINECRAFT)
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TRSST (DECENTRALIZED BLOGGING / MARKETING)
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BIT-MESSAGE (DECENTRALIZED COMMUNICATION)
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But that’s way too technical ( which is why there are so many opportunities for techies )
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PROJECT KEYHOTEE – NOW LAUNCHED http://invictus-innovations.com/keyhotee/
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MARK SMALLEY http://neuroware.io