So now we've built Ethereum, WTF is it?
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Transcript of So now we've built Ethereum, WTF is it?
Ethereum
So now we’ve built it, WTF is it?
Dr. Gavin Woodco-founder and lead developer, ethereum project
@gavofyork
Important Things to Forget
Coin
Crypto
Currency
Bit
Ledger
ChainBlock
Transaction
Hash
Proof of work
Proof of stake
Consensus
Fork
Miner
Sign
ASIC
Curve
Contract
It’s a Computer, Silly!
SlowCode runs 5-100x slower that natively compiled
Expensive to useBasic computation, memory and storage costs are ~1950s levels
Not always immediately decisiveActions of last 60s may be reorganised
Actually, it is.
Truly Global SingletonOne computer for the entire planet now and forever
Cannot Fail, be Stopped, be CensoredNo authority, government or corporation behind it, resistant to attack
UbiquitousWhere ever there’s Internet, there’s Ethereum
Natively Multi-UserHas as many accounts as is needed
Natively Object-OrientedEncapsulation enforced in “virtual silicon”
AccessibleWhere ever there’s Javascript, there’s Ethereum
Verifyable & AuditableAll code honoured now and forever
Guarantees
AtomicityEntire operation runs or nothing does
SynchronyNo two operations can interfere with each other
ProvenanceAll messages (method calls) can be inspected to determine caller address
Guarantees
PermanenceObject’s data are permanent
ImmortalityObject can never be externally deleted - can only voluntarily commit suicide
ImmutabilityObject’s code can never be changed
Servers are Walled Gardens
Interoperability DifficultReliability, standards, trust, security collude to make it a nightmare
Increased BarriersNaturally supportive of monopolies;
try integrating trade or payment without a third party
CumbersomeServers are expensive to set up and maintain;
Ethereum is always-on, always ready
Not to mention Privacy
PrivacyLess siloing of user-data; less intermediation; more privacy
SecuritySecurity through nihilism; there’s no server to hack!
AuthenticityAll interactions with the Global Computer are cryptographically signed:
Unauthorised Interactions are Impossible
Centralisation & Central Authorities
Single point of controlSingle point of failure
Single bottleneck
Software Development
Individual coders
Strict hierarchy “cathedral”
Open-source hackers “bazaar”
Clones and forks (Github-style)
(Rough) Progression of Governance
Anarchy
Monarchy/Empire/Fiefdoms
Plutocracy/Aristocracy
Bureaucracy/“Democracy”
Distance salesBack-of-magazine (close to zero)
AmazonOne Matchmaker, One Merchant
eBay/Amazon MarketplaceOne Matchmaker, Many Merchants
…No Matchmakers, Many Merchants
General Theme
Nothing
...strong individual imposes order; progress to...
Centralisation
...order enables cooperation; progress towards...
Decentralisation
Efficient
Resilient
Scalable
...or natural order?
Ethereum
Platform for Zero-trust Computingfor
autonomous tradingsmart contracts
interoperable infrastructurepermissions management
trust webs ...
Ethereum & Crypto-law
Uses blockchain to implement arbitrary social contracts without a central server
Ethereum & Web3
Infrastructure for the ITC revolution
Ethereum Zero-trust computingWhisper Private asynchronous bulletins
Telehash Private realtime commsIPFS/Swarm Decentralised data distribution