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Bitcoin & the Blockchain—an Introduction
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Transcript of Bitcoin & the Blockchain—an Introduction
Transcript
Bitcoin & the BlockchainAn Introduction
by Christopher Allen <[email protected]>June 6, 2015
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What is Bitcoin?
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Is it a coin?
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What is Bitcoin?
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Is it a coin?
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What is Bitcoin?
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Is it a coin? Is it a commodity?
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What is Bitcoin?
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Is it a coin? Is it a commodity?
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So what is Bitcoin?
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So what is Bitcoin?
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Bitcoin is a consensual fantasy!
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So what is Bitcoin?
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But so is this!
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So what is Bitcoin?
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Both are a consensual reality!
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This paper is currency because someone stands behind it…
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A community, a consensus of people, decided to believe in it
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These bits are currency because someone bought a pizza…
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May 22nd 2010, one pizza for 10,000 BTC ($2,249,000 today)
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A community, a consensus of people, came to believe in Bitcoin
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May 22nd 2010, one pizza for 10,000 BTC ($2,249,000 today)
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…and Bitcoin has been a currency ever since.
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Before there was currency ancient cultures could only barter
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But you could only barter if someone wanted your goods
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The invention of currency allowed trade across distance and time
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North America The Mediterranean
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These currencies werehard to obtain or duplicate
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North America The Mediterranean
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So what prevents Bitcoinfrom being duplicated?
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You can't, because the secret of Bitcoin is…
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…there is no such thingas a Bitcoin!
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The secret of Bitcoin is that it is really only ledger!
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Ledgers are almost as old as currency
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But in the 14th-century: Double Entry Accounting!
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Invented in 2008: The Blockchain Ledger!
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Bitcoins don't exist, because they are just a balance
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In a ledger, all debitsmust equal credits
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Debits Credits
-25 +25
-100 +70 +30
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If everything must balance, where does the first credit come from?
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Debits Credits
-25 +25
-100 +70 +30
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via a Tetris-like puzzle gamecalled mining
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There is a winnerevery 10 minutes…
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…and the puzzle gets harder every two weeks
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This game incentives 5698 players to keep fair copies of the ledger
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Redundantly, all over the world.
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There is no center,no controls them—there is no
“One ring to rule them all”
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Instead, we have have achieved a consensus, about a consensual
currency, where no one can cheat, and everyone can participate.
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But the Blockchain is not only for Bitcoin…• Self-auditing books
• Shares of other kinds of assets (stocks, commodities, etc.)
• Financial instruments and insurance
• Smart contracts
• These consensus techniques can also be used for many other things.
Bitcoin is only the first app of the Blockchain
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In some ways, Bitcoin is like this bank of lockers
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Each lockerhas…•An identifying number
•A slot that money can be put in
•A window to see inside
•A lock that requires a key
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•These lockers are secure•The windows are
unbreakable•The metal can't be cut•All the lockers are
bolted to the ground•There are almost an
infinite number of lockers
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•The lockers are in a public place•Anyone may see what
is inside any locker•Anyone can put
money in a locker•Anyone can see the
identifying number, but not who owns it
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•Each locker is free of charge•Anyone may claim an
unused locker, for which they get a key•You may have as
lockers as you choose•The keys are
unforgeable
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•You many only open the locker with the key•Once you open a
locker, you take out the money and throw away the key (the lockers are free!)• If you loose the key,
the money is locked away forever
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•Transactions can be done without people meeting in person•No banks or
governments are involved•Anyone peeking can
only know that a transaction was made
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•As of today, there Bitcoins worth $3,373,831,169 in the lockers•Today, over 130,000
lockers transfered money •There are currently
5687 people guarding these lockers
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Questions?
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