The Transformative Power of...

Perfectial White PaperThe Transformative Power of Blockchain

blockchain.perfectial.com | [email protected] | +1 (857) 302-3414

R.Demush, I.Kohut

The Transformative Power of

Blockchain

And How Your Business Can Leverage It



Introduction

Among many technology trends the web has been buzzing about in recent years, blockchain, indubitably, has gotten the most coverage.

Since it was first described in 2008, thousands of software enthusiasts, VCs, and entrepreneurs have expressed strong opinions about distributed ledgers; some, like Silicon Valley’s capitalist Marc Andreessen, went as far as calling them “the most important invention since the Internet itself.”

Bitcoin was the best-known blockchain application. It was proposed by the still unidentified Satoshi Nakamoto as a means to replace our world’s monetary system; it seemed, indeed, a revolutionary tech.

Now, ten years later, the blockchain hype hasn’t dropped one bit. If any-thing, people are making even more bogus claims, as well as some valid ones, occasionally, about how blockchain will reshape our world; how it’s going to benefit all walks of life.

And that is why we’re posting this book: to debunk myths about blockchain and help you distinguish hype from reality.

The book will describe, in detail, how decentralized ledgers work; which in-dustries they’ve redefined and which they’ll disrupt presently; what smart contracts are and why ICOs - unregulated means to raise capital - are something you should be wary of, and much much more.

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How Blockchain Transforms Finance, Healthcare and the Music Industry

Whenever there is a transaction, there is uncertainty. And when it comes to digital transactions - there’s more uncertainty.

Throughout history, people have tried to find ways to ensure trust while exchanging value. They’ve created rules and built specialized institutions - legal systems, banks, etc., - to facilitate safe trade.

They’ve been paying fees for security, for some degree of it at least, and produced a complex, worldwide system of intermediaries to take care of settlement procedures, build logic for our transactions, and establish the reputation of all parties involved.

But now, there is a new, technological institution emerging - the Block-chain. It holds vast promise for both businesses and people individually and, according to many, it might reshape our entire economy.

Let’s take a closer look into what Blockchain is and discuss its impact on the world of finance.

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So, What Is Blockchain?

Filtering out all the hype and technical jargon, we can say that the Block-chain, essentially, is a digital ledger: a distributed recordkeeping system.

The devices that store the Blockchain database are not connected to one processor and the network does not belong to a centralized entity. Instead, it is maintained by a group of personal computers, known as miners, that possess immense computing powers and are located in different parts of the world.

When someone posts a transaction on the Blockchain it gets encrypted into a block. Blocks have time stamps and are linked to one another form-ing an immutable sequence or a chain of transactions.

Users cannot modify blocks retroactively due to the network’s clever de-sign. All they can do is submit new digital events and wait till miners solve the encoded problems to validate them. Then, after a transaction is con-

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firmed, it gets locked and becomes instantly visible on all ledgers within the Blockchain network.

If anyone attempts to modify a record of a particular digital event, they’d have to alter all the preceding transactions as well. They’d have to hack thousands of computers at once, get through advanced cryptography and make sure that the most powerful computer recourse in the world, which is always watching, doesn’t catch them. To say the least - it’s hard to do.

This degree of security makes blockchains perfect platforms for handling sensitive data such as financial instruments, assets, or anything else of value.

Here are 8 finance sub-industries that we feel blockchain technology is most likely to change

1. Storing Assets

People are used to putting money into savings accounts, checking ac-counts, or deposit boxes. Traditionally, they see banks as the only trust-worthy value repositories. Using blockchain, however, they can get amuch cheaper, more accessible option for storing assets. The networkis far more protected than banks from hacking and data breaches, andall the financial instruments people use to get interest on their moneycan be replicated via peer-to-peer interactions.

2. Transferring Money

There is a whole industry out there of making money out of transferring

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money. Not only do banks and other financial firms take considerable amounts out of sums people send to each other, they make the proce-dure unnecessarily long and complicated. Blockchain technology can eliminate the need for intermediaries and provide a new way of sending assets, stocks, bonds, etc., at a lower cost.

3. Ensuring Trust

Establishing the precise identity of a party you interact with is extreme-ly important in the digital world. And so is researching their reputation.Realizing that, banks and rating agencies have been charging consid-erable fees for ensuring trust. With blockchain, where each transactionis validated by the nodes on the network, their services are no longerneeded. Some clever code and well-organized mass collaboration -that’s what makes for ultimate data protection on the blockchain net-work.

4. Providing Loans

Issuing debts (bonds, mortgages, etc.) without financial institutionscan become a reality too. People might be able to issue, trade, or settledebt instruments directly. They might check credit-worthiness of a peereasily, as one’s reputation is verifiable and secured via cryptographyon the network, and get loans from peers promptly, without involving athird party.

5. Exchanging Financial Instruments

Trading (the exchange of financial instruments) is usually followed by acycle of clearing and settlement procedures which can take up to a few

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days or weeks. Using the blockchain technology, this settlement time can be reduced to minutes or even seconds.

6. Insurance

Risk management is a subset of insurance. Currently, there are a pleth-ora of derivatives on the market that are meant to protect companiesfrom loss, uncontrollable situations, and from uncertainty overall.Blockchain supports decentralized insurance models: it can make theuse of these derivatives much more transparent. The technology mightgive insurers a chance to view people’s transaction history, their per-sonal and public capital, and, thus, it can help them make much moreaccurate assessments.

7. Investing

Matching investors with business owners is another big industry thatBlockchain can transform. The technology can largely automate match-making procedures and enable new, efficient systems of peer-to-peerfinancing.

8. Accounting

Accounting includes measurement, processing, recording, and report-ing of information about financial entities. It is, too, a huge financesub-industry which is in need of, but hasn’t yet undergone, a substantialdigitalization. Blockchain can help power new accounting methods and help accountants cope effectively with the velocity of today’s finance.

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The second industry Blockchain can benefit is Healthcare

As disruptive technology emerges and evolves frenetically on the market, healthcare firms face severe pressure to remain competitive. They seek new ways to improve patient care and try to keep their costs low.

To solve the problem, many firms adopt patient centricity: they make cli-ents much more deeply informed and involved in the delivery of healthcare services.

They strive to expand the role of healthcare providers beyond “expertise sources” and, eventually, they want to turn them into advanced patient care coordinators.

By uniting the two concepts - customer centricity and well-coordinated care - firms aim to reduce the cost of healthcare delivery while adding to

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its quality. And what they need to make it work is a storage system that would make data protected and publicly available.

Blockchain is ideal for such purposes: it can store the ever-changing, chronologically-added data and provide the kind of security to comply with advanced medical data protection standards.

And, it allows removing middlemen.

One of the major pain points in the healthcare industry, the issue most healthcare firms fail to address, is the time it takes to process a medical claim. It takes 2 to 4 weeks for electronic claims to be settled, and 4 to 8 week - for paper ones.

Using Blockchain, firms can reduce the processing time to just 15 minutes.

Instead of involving intermediaries (to execute patient-firm contracts), they can have a logic developed and put on the network that is able to receive claims, process them in real time and, then, immediately, transmit payments to healthcare providers.

Those are called “smart contracts” and adopting them, as well as remov-ing third-parties from the equation, would allow healthcare companies to cut administrative costs, by a lot. It would also help increase the efficiency of claims processing.

Additionally, Blockchain can affect medical tourism - the practice of seek-ing affordable, quality medical care abroad, which has become a growing trend among Americans. According to Patients Beyond Borders, the num-

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https://www.patientsbeyondborders.com/medical-tourism-statistics-facts



ber of US citizens who pursued a cross-border healthcare option exceed-ed one million last year, and the demand for it is expected to grow.

The problem with medical traveling, however, is that foreign clinics might not be familiar with a patient’s cumulative medical data; their entire med-ical history. So, they either have to conduct comprehensive testing, which takes lots of time, or make their judgments based on current symptoms, without analyzing the “whole picture”.

Blockchain can become a sort of secure cloud storage for medical histo-ries and resolve the issue.

The last industry we’d like to discuss today, which also seems ripe for Blockchain disruption, is music distribution.

No other content is pirated more than music.

The industry is in the constant turmoil - labels have feuds with stream-ing services, streaming services - with file-sharing sites, while artists, who themselves produce the content, are at odds with everyone else in the distribution network.

Blockchain can change the way songs are sold. It can eliminate third-par-ties from the distribution process - labels etc. who feed off of artists’ toil - and, instead, enable direct payments from fans to producers.

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Each record published on the network can have its own ID and timestamp to prevent pirates from copying and sharing it. It could also include meta-data - ownership and copyright details - to ensure the right people are re-warded each time the content is downloaded.

The payment procedure would become disintermediated, too, due to smart contracts we’ve mentioned earlier. Music fans can pay artists immediately upon listening to songs using cryptocurrency platformst that support mi-cropayments.

Not only could this benefit a songwriter; it can potentially bring new music to music lovers. All the amateur producers, who aren’t backed by major re-cord labels, will get a chance to share their tracks across the globe and get fairly compensated. This would motivate aspiring musicians to produce more records.

At present, Blockchain is not used heavily in the music industry, not like in finance where major banks are investing in the technology. But there are firms, like Pledgemusic and Peertracks, who try persistently to use the Blockchain ledger to power this new way of music sharing. And who knows - maybe soon it’ll become the standard for all of us?

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Conclusion

Blockchain holds vast promise for businesses, societies and all of us indi-vidually. It could enable unbanked people to participate in wealth creation, create a new, robust and immutable system for sharing intellectual prop-erty, and eliminate intermediaries from every kind of transaction out there. Suddenly, there would be no Uber - just you paying a driver, and no Airbnb - just you renting rooms via a self-executing smart-contract.

But let’s hold our predictions for now. Let’s experiment with the technology and see where it leads us.

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How Companies Can Leverage Private Blockchains to Improve Efficiency and Streamline Business Processes

Blockchain - the technology underpinning Bitcoin and Ethereum - is widely associated with decentralization. It is seen by many as a means to elimi-nate banks (and other intermediaries) from transactions. And it’s believed to, one day, reshape completely the way our financial system works.

However, there’s much more to blockchains than one might think. The technology, famous for providing anonymity and protection for the com-mon folk, can be of value for corporations as well. Although, in a slightly different fashion.

Today, we are going to talk about private blockchains and how, when ap-plied properly, they can streamline business processes and save money for companies in various industries.

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What Types of Blockchains are There?

As of now, all existing blockchains can be divided into three categories:• Public• Consortium• Private

The key distinction between these networks lies in the way they are gov-erned. Or rather, whom they are governed by.

Public blockchains (the likes of Bitcoin and Ethereum) are essentially ev-eryone’s to control. They put out no entry restrictions. They permit every-body, save for those not connected to the web, to access and even man-age the networks, provided that the validators deposit some internal or external resources into securing them.

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What public chains prohibit, however, is one’s complete authority. No sin-gle entity can write to such a network’s history unless the nodes, who par-ticipate in the consensus process, decide the entry is valid.

The security, which public chains are most praised for, is achieved by clev-er application of crypto economics. They use algorithms such as Proof of Work and Proof of Stake to prevent malicious activities and offer financial incentives for miners (validators) willing to establish the protection.

They concern themselves above all with providing transparency and ano-nymity. They regard efficiency (and scalability) as features of secondary importance.

Consortium and private blockchains have a slightly different focus. They’re designed not to expose to the whole world the record of transactions which they store. And they are managed, much more effectively than their public counterparts, by a limited number of nodes.

Consortium and private blockchains are only different in one way. The for-mer are governed by a group of corporations (say a consortium of banks), while the latter are maintained by a single firm. The purpose of these chains, unlike that of public ones, is not to reinvent the existing business processes, but to complement them.

Financial institutions and large-scale corporations alike can exchange as-sets using the blockchains technology, thus not having to pay an inter-mediary and having these transactions settled within seconds. They also might monitor the private peer-to-peer networks in real time, whenever they need to.

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Here are Some of the Benefits Corporations Can Get From Using Private Blockchains:

1. They are resilient

Blockchains are distributed record-keeping systems that have no siglepoint of failure. The nodes of a private chain are not dependent on acentral computer running it. Therefore, the chances of a system sud-denly shutting down, due to an unforeseen error, are fairly negligible.

2. They are controlled

Those professing anonymity on public networks would rather toleratechaos, which stems out of lack of regulation, than risk their privacy.Banks, on the other hand, will accept no shadiness. They need a cleargovernance model (not a rulership of some unknown miners) and anability to change the protocol and revert transactions if that is ever nec-essary.

3. They are “members only” and thus efficient

As we’ve stated earlier, there’s no way to enforce who can transact onpublic blockchains; they are designed explicitly to let everyone in. But alarge number of nodes, which are all far apart, hinder substantially thenetwork’s agility. Private chains have a limited number of participants.Their capacity (i.e transaction throughput) is, therefore, much greaterthan that on public networks.

4. They have no native cryptocurrencies

Despite all the fanfare paid to cryptocoins over the last few years, they

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are still a shady asset. Their value is volatile, and banks, and other in-stitutions that are subject to strict regulations want nothing to do with them. Corporations, too, won’t allow digital currencies to be listed on their balance sheets. And, fortunately, it’s not necessary to deal with them; not when a company is using a private chain. Instead, closed ledgers can be designed around issuance and movements of conven-tional assets. They can become an advanced tool - a way to modernize a firm’s existing business processes.

5. They are secure

Miners (or validators) aren’t anonymous on private blockchains. Theyare pre-selected by an organization(s) and, therefore, highly trusted.There’s little to no possibility of someone acting maliciously on a com-pany-owned network and a 51% attack, which public blockchains dreadthe most, is completely out of the question.

6. They are cheaper

The transaction fees on Bitcoin are now at an all-time high (close to$20). And since there are way more transactions being submitted tothe network than it can actually process, there are always long queuesand, consequently, an overall slowness. Private blockchains have buta few nodes validating blocks. Their flow of transactions is controlledand steady. Such networks are therefore quicker and much cheaper touse than their public counterparts.

7. They abide by regulations

You may have heard from some reputable sources, such as the Daily

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Mail, that Bitcoin was repeatedly used for criminal purposes. Crooks laundered money through it or bought guns and all of that was possi-ble due to the network being unregulated. Well, that isn’t the case with private blockchains. Those can be built in full compliance to AML (An-ti-Money Laundering), KYC (Know Your Customer) and HIPAA (Health Insurance Portability and Accountability Act) laws.

Conclusion

Not to let down blockchain enthusiasts, but the technology, at least from a major bank’s perspective, isn’t all that revolutionary. They see it as an addition to their toolsets; as new and improved, more versatile databases.

Some might argue that private chains defeat the purpose of the decen-tralized ledger technology, as they all have a centralized entity controlling them. But we believe that both private and public blockchains can be a force for good. The former can benefit individuals, by protecting them granting anonymity, and the latter can save money for companies.

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http://www.dailymail.co.uk/indiahome/article-3552796/Bitcoin-India-s-currency-choice-drug-trafficking-illegal-arms-prostitution.html



Privacy and Security on Blockchains: What Protection Measures The Networks are Adopting to Secure their Users

Decentralization of everything, the great new idea of which the web can’t stop babbling, might still seem a bit utopian if you inspect it closely.

Yes, blockchains are likely to reshape our economy, or a huge part of it, and benefit considerably those who are currently unbanked.

They might also facilitate the creation of rating/reputation systems that are not controlled by any single entity and thus allow people (say Uber drivers who’d like to work for Lyft) to switch employers without having to establish their credibility anew.

They might give users complete control over their assets; protect them, to a degree, from being robbed and provide tools to sustain privacy even when a state-level actor - a bank or a government - is after their identity.

But before these things start to happen the issues of privacy and security, which are currently pressing on blockchains, must be dealt with.

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Here we’ll discuss how some major networks are trying to tackle the prob-lems of safety and dispense advice to those using decentralized ledgers as to how to keep their assets protected at all times.

The concept we should introduce first before we proceed to talk about security is that of digital wallets.

In layman’s terms, a wallet is a software program in which public and pri-vate keys are stored. After accessing it, one could manage the crypto as-sets it contains, and carry out, seamlessly, all sorts of transactions.

Currently, there are four types of digital wallets in the blockchain ecosys-tem - desktop, web, mobile, and hardware ones. And to protect them, us-ers encrypt the wallets with long, complicated passwords.

So, what might go wrong?

In 2011, a member of bitcointalk forum (someone “allinvain”) wrote a pan-icky post - a cry for help - to his fellow forum members after finding out

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https://bitcointalk.org/index.php?topic=16457.0

https://bitcointalk.org/index.php?topic=16457.0



that he’d been hacked and robbed of 25,000 BTC.

Evidently, the attacker had managed to gain access to allinvein’s PC and had, somehow, emptied out his digital wallet. He (or she) had either sent the transaction directly from the victim’s machine or copied the wallet.dat file and ran it from his (or her) own computer.

Another noteworthy theft was reported on the Bitcoin subreddit. The user, asoltys, was fairly careful with his blockchain.info wallet, so it came as an utter shock to him to discover, one day, that 160 bitcoins had been stolen from it.

The vulnerability that made the theft possible lay with blockchain.info mo-bile app; it had to do with the user’s rooting his Android phone.

Generally, when one attempts to enter their blockchain.info wallet (from a desktop computer) they are asked to type in two passwords - a long one (16-20 digits) to access the entire wallet, and a shorter one (typically 8 digits) to get ahold of private keys.

However, since typing lengthy passwords is tiresome on a smartphone, the wallet app will often have it memorized, and only require you to enter the second one.

Therefore, if someone hacks into your phone, the one that’s been root-ed, they might find out where the main password is stored and decrypt it. Afterward, they can crack the second PIN code (hackers often use GPU or cloud-based computing clusters to brute force an 8 digit password promptly) and gain complete control over your wallet.

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https://blockchain.info/



A few smart contracts on Ethereum, the second largest blockchain in the world, were attacked as well.

Ethereum isn’t just a cryptocurrency. It is also a platform on which one could build decentralized apps.

The software that’s hosted on the network, therefore, must be designed impeccably: its code must contain zero vulnerabilities. Or else, it’s bound to fall prey to clever attackers.

Here are some famous (or should we say infamous) instances of hacking on the Ethereum network:

1. The DAO hack. One of the first major ICOs had a bug in its smart con-tract, of which attackers took advantage. Nearly $50m worth of ether wasstolen and, though the assets were eventually returned to the DAO tokenholders (the blockchain developers performed a hard-fork), the hack led toa network split.

2. The Parity hack. The second biggest hack in the history of Ethereumhappened a few months ago and resulted in a 153,037 ETH loss (~$32mat the time of theft). The vulnerability, which hackers managed to exploit,lay in the source code which Parity, a wallet “vendor” on Ethereum, hadbeen giving out to users who wanted to create a personal multi-sig wallet.

We won’t be delving deeply into the technical aspects of the robbery; we’ll just say that, in a nutshell, bad actors sent two transactions to the affect-ed contracts - one to obtain ownership of the wallets and another to drain them; they were able to do so due to a tiny flaw in the multi-sigs’ code.

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What happened next, however, was even more amazing. A group of white cap hackers promptly emptied out the rest of the wallets to prevent fur-ther damage. They saved over $75m worth of ether and then returned the funds to the rightful owners once the vulnerability was removed.

The weak spot, according to the Parity blog, had been fixed; the new, im-proved version of their implementation of a multi-sig wallet was deployed after June 20.

But on November 8, just a few months later, it, too, got hacked due to a bug in the multi-sig’s code.This time, the loss of funds amounted to ~$155m worth of Ether.

Both Parity and Ethereum itself have yet to make a decision as to how to return the funds to rightful owners. Most likely, we’ll see another fork.

But, as of now, things are still a bit unclear.

How Can Developers Improve Blockchain Security?

ZKP protocols

Since security on public networks depends largely on whether private data is accessed by a malicious actor or not, some major blockchains are plan-ning to adopt something known as zero knowledge proof (ZKP) protocols.

To understand what ZKP is, imagine this: you’re at a bar, your phone has

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https://www.reddit.com/r/ethereum/comments/6obofq/a_modified_version_of_a_common_multisig_had_a/

https://www.reddit.com/r/ethereum/comments/6obofq/a_modified_version_of_a_common_multisig_had_a/

https://www.reddit.com/r/ethereum/comments/6qrjr5/the_whg_has_returned_100_of_the_rescued_funds_to/

https://www.reddit.com/r/ethereum/comments/6qrjr5/the_whg_has_returned_100_of_the_rescued_funds_to/

https://perfectial.com

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just died; you’re standing alone, sipping at a cocktail, when, suddenly, a guy shows up from nowhere and starts talking, anxiously, about how your close friend has gotten in some serious trouble.

He invites you to walk a few blocks with him, to the place where she’s currently at, so you can rescue her together. And says persuasively that there’s no time left for stalling.

You realize you’ve never met the guy, but, again, your phone is shut off, there’s no way of finding out whether he’s telling the truth and, frankly, you are worried.

So, what do you do?

Well, you could interrogate him. Ask specific and complicated questions - the ones only a person who has really seen her would be able to answer - and keep requesting more info, again and again, until it’s clear to you that he’s not lying.

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In this equation you are the verifier whose making a prover, the other participant in the interaction, jump through hoops to convince you of the validity of his claims. He can’t transmit a memory of meeting your friend from his head to yours - he’s no telepath - so answering correctly to your questions, which you’re making up on the spot, is the only way to make you believe him. This is, essentially, how ZKP works.

In the world of blockchains, a prover isn’t incapable of disclosing sensitive information; he’s just not willing to. He wants to indicate, for example, that a certain transaction has taken place and keep in secret the transaction details. He wants to establish privacy and thus ensure security.

Such level of confidentiality is precisely what Zcash, along with some oth-er blockchain applications, is meant to provide. And after ZKP is adopted widely, experts say, the amount of malicious activities on distributed net-works will drastically drop.

Formal verification

The smallest bug in an otherwise perfectly written smart contract can still lead to substantial losses - the Parity incident has proved that vividly.

Therefore, having a system on blockchains that checks if a piece of soft-ware does what it claims to do, and scans whether its code is buggy, would potentially prevent a great deal of smart contract hacking.

The idea behind this concept comes from math, and it is called formal verifi-cation.

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Blockchain networks, huge and small ones, are now thinking to launch a piece of code that can formally verify, with mathematical proof, that other pieces of code satisfy predefined fairness properties.

Tezos, for example, a project that has recently raised over $200m via an ICO, is a smart contract technology that’s meant to facilitate formal verifi-cation.

And if it succeeds in doing so - if it creates a system that will prevent software with poorly written code from ever being deployed - that might become a game changer for the entire blockchain world.

Summing up

Decentralization has its flaws; the complete security and privacy are yet to be achieved. It doesn’t mean, however, that blockchains are unsafe: substantial prog-ress has been made already in the security area and clever developers keep on improving the technology on a regular basis.

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The losses, which are, of course, no insignificant ones, still don’t approach even closely the amounts of money that have been stolen from centralized value storages such as banks and centralized exchanges. And, if anything, the trust in blockchains has now even grown.

Ethereum, which used to be perceived as Bitcoin’s less celebrated cousin, could soon be worth more than Silicon Valley. So there’s every reason for blockchain enthusiasts to be optimistic.

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Ethereum’s Big Switch Explained: Why the Blockchain is Ditching Proof of Work and Adopting Proof of Stake Instead

We’ve reviewed how blockchains work in general. Now, let’s delve deeper into the process of mining.

In this chapter, we’ll introduce briefly the concepts of Proof of Work (PoW) and Proof of Stake (PoS). We’ll talk about why Ethereum, the second larg-est blockchain, is planning to switch the former for the latter and share some forecasts as to the outcomes this decision might lead to.

Byzantine Generals’ Problem

Among his many breakthrough accomplishments, Satoshi, the mysteri-ous founder of Bitcoin, is praised for coming up with a solution to what’s known as Byzantine Generals’ Problem.

The issue is basically this.

Suppose there’s a war. There’s an army that has a city encircled, but due

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to exhaustion of resources, the army’s generals are undecided whether it’s smarter to attack or to retreat. Suppose, also, that it’s the 15th century and the commanders, who are located in camps far apart, have no way of communicating effectively save for sending messengers.

How could these generals (let’s say there are 20 of them) reach a consen-sus?

Obviously, they’ll have to vote. If the majority (at least 51%) decides to move forward with a strategy (of attacking, or of retreating), the whole army will have to get behind their choice. That’s only fair and logical.

But then they’ll face another problem: how to ensure that no general in-volved in making a decision votes the wrong way on purpose, just to con-fuse things?

Well, in the world of blockchains, the generals are miners. And choosing a war strategy for them is agreeing on a set of rules, a certain view of the history of digital events that are posted on the network.

The way that Bitcoin enables reaching a distributed consensus and pun-ishes, or rather discourages, bad actors for acting dishonestly is by using the Proof of Work (PoW) algorithm.

What is Proof of Work (PoW)?

Initially, PoW was proposed as a means to protect network connections and systems from the denial of service (DoS) attacks. One of its first im-plementations was hashcash - the technology that is still being used to

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secure the mining process on Bitcoin and was engineered by Adam Back, one of Bitcoin co-developers.

Essentially, PoW is just a piece data that’s both hard to produce, comput-ing wise, and easy to verify on the receiving end.

The PoW principle was first used to deter spam emails. A person had to solve a puzzle of some kind, i.e put effort, before sending an email, and then they had to attach a solution they’d come up with to the letter’s head-er so that the recipient could recognize it.

The main gist of the idea was making it difficult and time-consuming for a spammer to send bulk, trashy ads. All the emails without a proof of work were easily identifiable as spam, and, therefore, recipients never opened them.

On Bitcoin, Proof of Work is a miner’s responsibility. Whenever a new block with transactions appears on the network, validators start to compete in solving a mathematical problem (generating Proof of Work) attached to it.

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The winner, a miner who manages to figure out the cryptographic nonce first, gets to write to the blockchain’s history and is then rewarded by the network with a certain amount of crypto coins.

The blockchain adjusts the difficulty of these mathematical problems so that it takes a miner roughly 10 minutes to find a solution. Hence, we get the universal 10 minute block time on the Bitcoin blockchain.

What are the drawbacks of using Proof ofWork?

The fairly high level of security provided by PoW comes with a cost. Some, including Ethereum’s founder Vitalik Buterin, consider the algorithm to be too wasteful and costly.

Here are some of the most typical concerns people have about Proof of Work:

• Millions of hashes that are generated by miners around the world donot really solve anything. The immense work and resources put intosecuring blockchains are not, in any way, useful to society. And after acomputational problem is solved, miners proceed to solve the next one,throwing their previous efforts on the floor. From the environmentalstandpoint, server farms with powerful mining equipment that utilizevast amounts of electricity to do basically nothing, are not beneficial toour world.

• The process of resolving computational problems is complex and com-

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https://digiconomist.net/bitcoin-energy-consumption

https://digiconomist.net/bitcoin-energy-consumption



petitive and those with the most advanced mining hardware have an edge over those who don’t. This creates an arms race among miners, and makes the validators’ community more exclusive (there’s isn’t a whole lot of people willing to buy up equipment and manage substantial amounts of computing power). And exclusivity goes against the idea of decentralization - the key principle behind the blockchain technology.

• This leads to the most talked about PoW related concern that is thepossibility of a 51% attack. While a mining pool that has a centralizedcontrol over the network can still play it fair, nothing would stop it fromattacking a blockchain, invalidate legitimate transactions and doublespend cryptocoins.

To avoid facing these potential issues ever, the creators of Ethereum - the second largest blockchain in the world - are planning to switch from PoW to Proof of Stake (PoS).

What is Proof of Stake?

Proof of Stake takes labor work out of the mining process. Instead of time and electricity - the external resources validators are used to putting into generating PoW - the algorithm enables miners with most coins (internal resources) to write to a blockchain’s history. The underlying principle be-hind PoS is that the more invested a validator is in the network (the bigger stake they possess), the less likely they are to attack it, and, therefore, the more validating rights they should be given.

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The only cryptographic calculations involved in PoS are those establishing if a miner owns a needed amount of cryptocurrency. On Ethereum, accord-ing to its developers, a person who has 5% of all ether will be able to mine 5% of all the transactions happening on the blockchain.

The system will decide whose turn it is to commit a block pseudo-random-ly, weighing the selection toward miners with the most coins. And it will allow more people to participate in the validating process: there would no longer be a need to purchase expensive hardware to mine.

What benefits can PoS bring to Ethereum?

Essentially, where PoW falls short, PoS is expected to thrive.

The issue of unnecessary energy wasting will be forgotten about, as no mining, in its traditional form, will take place.

No competition in solving computational puzzles will mean no demand for advanced mining hardware. Hence, more people will be encouraged

36



to participate in the validation process.

Despite reducing energy costs, by a lot, PoS will make attacks on the blockchain even more expensive. If anyone decides to buy up 51% of ether to try to alter transaction blocks, they’ll have to pay millions of dollars to get the coins (due to limited supply and increased demand ether price will be increased drastically) and then risk losing their mon-ey by destabilizing the very blockchain they’ve put their funds in. It’s hard to imagine a sane person doing that.

Сonclusion

Besides assuming that a miner won’t risk their money to hack the block-chain, PoS offers a scenario of how malicious activities can be diffused, if they do occur. If a chain takeover happens, Ethereum community can simply hard fork the network and destroy the attacking miners’ depositst, no matter how much coins, i.e. mining power, they might possess.

It would take some healing, a few days probably before the blockchain gets on tracks again. But, in the long run, no one except the offenders will suffer substantial losses. Conversely, the honest validators will end up richer as the crunch in supply of ether caused by the fork, will make the coins’ cost rise even more.

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The Dark Side of The Blockchain:What You Should Know AboutICOs The Ethereum Bubble

Not too long ago people were mocked for being enthusiastic about crypto-currencies. There were popular comedy sketches, such as this one, show-ing looney guys being obsessed with Bitcoin.

There were numerous articles titled “Why cryptocurrencies are a scam” or something along those lines. And there was general reluctance to take the Blockchain and everything that comes out of it seriously.

Now, things have changed.

The market capitalization of the cryptocurrency sector has exceeded $100b and Etherium, Bitcoin’s more flexible relative and the hottest thing in the world of blockchains, is rising in price at a frenetic, $100/week pace.

The Ethereum boom has to do with the popularity of ICOs, Initial Coin Of-ferings, that the network’s signature technology - smart contracts - has made easy to produce.

And since ICOs have gained such a momentum, we feel it’s appropriate we explain in detail what they are.

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https://www.youtube.com/watch?v=YuOBzWF0Aws

http://www.investopedia.com/news/cryptocurrency-market-capitalization-rises-again/

http://www.investopedia.com/news/cryptocurrency-market-capitalization-rises-again/



This chapter will discuss why people are jumping on the ICO bandwagon so feverishly, and explain why investing in them might not be very wise an idea.

What are ICOs?

Initial Coin Offerings (ICOs) or Initial Public Coin Offerings (IPCOs) are smart contracts that help cryptosphere startups raise money for their ven-tures. They receive funds from investors automatically (in Ether, a curren-cy used on the Ethereum network) and, in exchange, send out whatever tokens (or coins) a startup has to offer.

For the most part, these tokens hold no value of their own and are merely a promise of future profits for investors.

ICOs eliminate traditional fund gathering regulations and are extremely easy to set up. There is even a template, ERC-20, that allows people to cre-ate ICOs in minutes, without any coding knowledge required.

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https://en.wikipedia.org/wiki/Initial_coin_offering



So, how are ICOs causing the Ethereum’s price bubble?

Some of the most recent ICOs have raised ridiculous amounts of money - hundreds of millions of dollars - in terms of several hours or sometimesminutes. Investors keep pouring funds into them, hoping to get a huge in-terest quickly, and that creates a buying pressure and inflates the ICO hypeeven more as no one wants to miss out on what seems to be such a hugeopportunity.

However, the only way to get into an ICO is buying up Ether and sending it to a smart contract. And Ether, still being a baby-cryptocurrency, has a very low supply.

So what we get in result is an ever-growing number of ICOs (roughly one new ICO is created every week), a peaking demand, and a shortage of Ether - the only currency that allows buying into ERC-20 contracts. Hence, the price of Ethereum skyrockets.

Though no expert can really tell how this situation is going to play out - there hasn’t been a precedent for it earlier - most seem to agree that Ethe-reum is in a bubble and that it’s going to pop, sooner or later.

What is wrong with investing in Ethereum’s ICOs?

Investing, itself, isn’t a problem. After all, there are risks involved in any

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http://mashable.com/2017/07/05/tezos-ico-cryptocurrency-startup/#_b5Iz.UcXZqr



type of startup funding. What’s alarming about ICOs, however, is that lots of the startups offering ERC-20 contracts have not even developed a tangi-ble product. They’re being greedy raising 10, 30 or sometimes $100m and having nothing to offer in return except an untested idea.

Of course, there is a starting point for everything. We’re not saying you should only invest in finished products. But if you compare ICOs to tradi-tional funding (i.e., startups getting $0.5m-$1m of seed money, renting an office, hiring a few experts, building an MVP and then starting to fish for further investments) these contracts really do look fishy.

What can cause the Etherium bubble to burst?

Though experts seem pretty positive about the Etherium’s fall, no one knows exactly what will cause it. In our opinion the following downfall scenarios make the most sense:

1. SEC comes after ERC-20 contracts

If regulators tighten the guidelines for startup funding on the network, it might prohibit everyone, save accredited investors, from participating in ICOs. If that happens, the demand for Ether will drop significantly.

Also, SEC might classify a lot of ICOs as unlisted securities. And that would be even worse, as afterward, they’d probably dig deeper into the cryptoworld processes, and penalize other blockchains, besides Ethere-um, for having “loose” security standards.

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2. More ICOs turn out buggy

One of the first big ICOs on the Ethereum network, the DAO (decentralized autonomous organization), turned out to be flawed.

Slock.it, the DAO creators, wanted to make a decentralized way of han-dling business, a modern, blockchain-powered business model that’d suit both enterprises and nonprofit organizations. They had no actual manage-ment structure at the time, their project’s code was open source and the investments they’d raised for it amounted to millions of dollars ($168m to be precise).

In June of 2016, however, the DAO was hacked: its ICO had a bug in it and the attackers wasted no time to exploit it. They stole a substantial part of the DAO’s funding (approximately $50m), forced Ethereum’s core devel-opers to fork the coins, and brought the public to the realization that the network wasn’t as immutable as everyone had thought it was.

Should something like that happen again, it might lead to a full blown Ethe-

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https://www.coindesk.com/understanding-dao-hack-journalists/



reum crash: no serious investor would ever entrust a buggy network with their money again.

3. Another network split happens

After the DAO fiasco, the Ethereum network got fragmented. A decision was made by the Ethereum community to hard fork the network’s code, and thus produce a new version of it, and to move the stolen funds to a new smart contract to return them to the DAO token holders.

However, not everyone on Ethereum was happy with that idea. There were a number of the network’s members, Ethereum purists if we may so call them, who rejected the fork aggressively on the grounds of sustaining Ethereum’s immutability (the principle that Ethereum, as all blockchains, cannot be changed).

The unforked network that they’d preferred to stay on was named Ethere-um classic, as opposed Ethereum - the updated version.

And if the Ethereum’s creators have to pull another network split, which is very likely since Ethereum is moving to proof-of-stake, it will surely put a stop to the whole ICO frenzy.

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https://en.wikipedia.org/wiki/Proof-of-stake



Summing up

We want you to take out these four key points from the info written above, so that you always stay on the safe side:

• There is certainly an Ethereum bubble. It will pop. We don’t know whenand nobody else does.

• The price of Ether will keep growing unless startups stop churning outICOs (which we don’t see happening)

• Despite ICOs being risky in general, some people have managed to usethem very successfully as speculative vehicles. So If you’re feeling par-ticularly lucky, you might try gambling with these contracts too. If not,we recommend staying away from the ICO craze.

We see three probable causes for Ethereum’s bubble to finally burst: SEC intervention, new bugs in major ICOs, or another network split. It will only take one them to make the network’s house of cards collapse.

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How Smart Contracts Work and What Industries They are Most Likely to Affect: a Jargonless Explanation

Amazon disrupted the retail industry. Uber rendered taxies obsolete and Airbnb, the world’s leading online property marketplace, replaced hotels.

Now, the original disruptors might find themselves in danger too. There’s a new technology emerging - the blockchain-powered smart contracts - that has a potential to take over what is now their place.

What are Smart Contracts?

Smart contracts are something many in the tech world have been dream-ing of since the nineties. Nick Szabo, the computer scientist who first de-scribed the concept in 1996 (and also coined the phrase), defined them as:

“Computerised transaction protocols that execute the terms of a contract. The general objectives are to satisfy common contractual conditions (such as payment terms, liens, confidentiality, and even enforcement), mi-nimise exceptions both malicious and accidental, and minimise the need

45



for trusted intermediaries. Related economic goals include lowering fraud loss, arbitrations and enforcement costs, and other transaction costs.”20 years later, the technology he had envisioned was brought to life. The programmable contracts which, following Nick’s idea, combine procedures of advanced contract law with the protocols used in online commerce, can now be implemented easily on the distributed ledger systems otherwise known as blockchains.

How do Smart Contracts Work?

Essentially, smart contracts are blocks of code that can self-execute cer-tain functions, with certain parameters, when predefined criteria are met. They are activated, usually, by someone sending a transaction to their ad-dress on a blockchain and, as of now, they are being utilized primarily on the network called Ethereum.

To explain clearly how a smart contract functions, people often compare it to a vending machine.

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That familiar box in your office, which resembles a fridge, is programmed to take your money and disperse a product once you push an appropriate button. To get the machine going, you feed it cash and, afterward, an in-ternal detection algorithm, which these boxes all have installed in them, determines whether the bills (or coins) you’ve put into the money slot are fake or not.

Vending machines, being an old and familiar technology, are impressive to no one. But it’s the core principle they operate by, their ability to “execute simple agreements”, that was an inspiration behind Nick Szabo’s smart contract idea.

Why is the Hype About Smart Contracts Peaking Now ?

The advent of blockchains (the secure, decentralized recordkeeping sys-tems) made possible the implementation of smart contracts: the key problem that had hindered their adoption earlier - scaling trust - was finally resolved.

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We’ll explain.

You don’t give vending machines a second thought because the transac-tions they run are insignificant. It’s a matter of few bucks to get a coke or candy.

But what if products behind the glass cost three thousand dollars instead of three. Would you give them a little consideration then? I’m sure most of us would go as far as researching who developed the machine and put it in the corridor, and, also, we’d surely seek a guarantee to be compensated fairly should the machine break down.

Well, now imagine that the vending machine isn’t a physical entity, which you can at least see in front of you, but a script on a blockchain that prom-ises to run a certain set of functions upon receiving funds.

It might have in its core a basic if then logic, the flow of functions you’ve grown familiar with over the years, but since the stakes in the transaction are immensely high, you’d still feel uneasy about sending your money to a program you really don’t know much about.

That is why a complex system of intermediaries - banks and financial insti-tutions - charge considerable fees for ensuring trust: the need to validate parties and settle transactions in the digital world is utterly pressing.

Blockchains, however, are tamper-proof. They can reduce the need for trusted third-parties as, in fact, they are immutable and can provide secu-rity far superior to that offered by banks.

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How are Smart Contracts Executed on Ethereum?

Smart contracts are meant to be Turing complete.

Without getting too technical, let’s just say that these programs, ideally, should be capable of computing everything that can be computed, as long as the code has access to unlimited resources and there’s no shortage of time. Besides doing conditional logic (if then), they should be able to loop through, as many times as necessary, in order to complete the instructions drafted in code.

Due to this property, smart contracts can be created simple or infinitely complex, depending on the number of operations they are programmed to execute. What one should be aware of, however, is that each function a contract completes comes with a fee. A gas fee.

Gas, on Ethereum, is the unit by which the degree of difficulty of compu-tational efforts is estimated. A certain contract’s operation, for example, might cost 2 gas (which, in turn, translates to a certain amount of ether) whilst another might require as much as 5 gas. The more complicated the smart contract’s instruction is, the more gas you’ll have to pay to have it executed.

The reason gas exists in the first place is that the price of ether might fluctuate. Depending on these shifts, miners can adjust the ether to gas exchange rate as they see fit; but the price per an operation in gas, on Ethe-reum, is set to remain unchanged.

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Another key feature that distinguishes Ethereum from, say, Bitcoin, is that it doesn’t use unspent outputs. Instead, it maintains a shared state of ac-count balances. This eliminates tracking and compiling of transaction outputs and enables smart-contracts to move balances across different accounts.

What are Some Smart Contract Applications?

ICOs

Currently, the most popular use case for smart contracts are Initial Coin Offerings. They are means by which startups raise funds for their ventures, avoiding conventional investing regulations, and, nowadays, they are pro-duced at a crazy rate (roughly one new ICO a week) on the Ethereum block-chain.

Ethereum itself was initially an ICO back in 2013. Its founders had acquired nearly $25 million prior to launching a public facing blockchain in 2015.

The network, as we’ve mentioned, introduced a new way of using block-chains, which up to that point had been perceived merely as platforms to

50



run cryptocurrencies on. It enabled smart contracts which were character-ized by the following properties:

• Automatic execution based on a logic programmed into a contract;

• Multisignature functionality: two or more parties could approve or rejecta transaction execution independently; (this one wasn’t new as multisig wallets had been available on Bitcoin too)

Now let’s look at the industries that haven’t yet been disrupted by smart contracts, but, in our opinion, are very likely to be in the not-too-distant future.

1. Mortgages

It takes a long time to process a mortgage loan. We’ve grown to expect that. There are initiation, funding, and servicing; a lot of financial and prop-erty data has to be verified and no one in their right mind would want to undermine the process’ security by being sloppy and rushing things.

With smart contracts, however, the inefficiency and systemic issues which add on costs and cause delays in mortgage processing can be avoided. By means of automation and redesign, by providing shared access to verified virtual doc-uments and external sources, such as Land Registry, smart contracts can bring benefits to both mortgage loaning companies and their clients.

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The firms in the US retail industry alone, according to the research by Cap-gemini, can reduce expenses by at least $3b once they automate, at least partially, the processes associated with mortgage loans. And the clients, on whom these savings would be passed, might end up paying $480-$960 less each time they take a loan.

2. Clearing and Settlement

Leveraged loan market can benefit from the adoption of smart contacts too; the technology can help financial firms streamline clearing and settle-ment activity.

On average, leveraged loans are settled within 10-20 days, which is too long and therefore hinders the market’s liquidity and jeopardizes its growth.

Smart contracts might help companies reduce the delays and cut opera-tional costs of the settlement procedures. They can enable firms to auto-mate buyer/seller confirmation, FACTA, KYC, AML and assignment agree-ment - the processes that, nowadays, cost too much and take too long for firms to execute efficiently.

52

http://ebooks.capgemini-consulting.com/infographics/Smart_Contracts.pdf

http://ebooks.capgemini-consulting.com/infographics/Smart_Contracts.pdf



Conclusion

Companies that plan on seizing the promising and transformative oppor-tunity that are smart contracts should conduct extensive research before implementing an action strategy; the misleading hype, which circles the term nowadays, might hamper the efforts to craft a pragmatic and well balanced long-term plan.

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Internet of Blockchains: How Networks of Distributed Ledgers Will Enable Scalability and Cross-Chain Value Exchange

If you are into blockchain and have been for a while, you might have heard of “networks of decentralized ledgers”.

You might’ve not researched them thoroughly as the technical complexity of the subject might have scared you off.

But what you shouldn’t have done, however, is overlook the concept signif-icance.

There is currently a number of projects in the blockchain space that are aiming to introduce multi-chain and multi-protocol communication.

A need for this existed for years, but it’s only now that startups such as Cosmos and Polkadot seem to have a real shot at bringing decentralized networks together. In this article, we’ll discuss the ways they are planning to go about it.

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https://perfectial.com/blog/blockchain-transforms-finance-healthcare-music-industry/



What’s wrong with having one blockchain?

Back in 2014, when people were excited about Ethereum’s then-new Turing completeness, the platform was widely perceived as the all-encompass-ing blockchain that would take care of it all: transactions, smart contracts, and decentralized applications.

Then the infamous DAO attack happened and one of Ethereum’s weak-nesses - the possibility of the network’s basic failing in terms of gover-nance - was vividly exposed.

Besides that, the network’s “guidelines” restricted developers. One couldn’t alter rules, implement changes and test them out quickly on Ethereum - there was always the need to maintain consensus. And such an environ-ment, many agreed, was not conducive to innovation.

Having a multitude of blockchains, on the other hand, which could all serve different purposes, was suddenly considered beneficial. And the only thing lacking, the industry leaders felt, was the functionality to make blockchain networks interoperable.

So, what is an “Internet of Blockchain”?

Let’s start with Cosmos - out of the two technologies we’ll describe here, its internet of blockchains concept is, in our opinion, much easier to com-prehend.

As you might have figured out, the project wants not to launch a new block-

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https://www.coindesk.com/understanding-dao-hack-journalists/



chain but an entire network of them, all interoperable. This network will consist of:

Zones - Proof of Stake blockchains based on Tendermint - the general purpose blockchain engine which, too, was created by Cosmos’ develop-ers;

The hub - a blockchain that functions as a central ledger on the network and coordinates efficiently the communication between zones.

Initially, there will only be one hub. But the tech is open-source (under the APACHE2 license) so new hubs, with multiple zones plugged into them, will surely occur in the future.

Cosmos’ native tokens are called Atoms. They will grant rights to those who stake them to write to the network’s history. To those who don’t - they will give license to vote or to share the bond with other validators and thus earn a reward later.

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Also, atom tokens will be used to pay transaction fees on Cosmos, sort of like ether coins are used ton Ethereum.

To ensure efficiency and speediness on Cosmos, there will just be a 100 people writing to its history at first. As the technology advances, however, the number of validators is expected to grow too.

According to the project’s white paper, the network will reach out to (and interact with) existing chains such as Bitcoin and Ethereum, too, through so-called bridges that are essentially 2-way pegs.

The Cosmos developers’ ambition is to encourage those enthusiastic about building interesting blockchain tech by giving them space to exper-iment; by providing a standardized way to manufacture individual block-chains quickly. These chains, all connected to the Cosmos hub, won’t have to sacrifice sovereignty. They’ll be able to talk to one another and there-fore scale together.

It’s still early days, but the idea really does seem promising.

Now, let’s talk about Polkadot - the project in many ways similar to Cos-mos but with a few distinctive features.

The first thing worth mentioning is its original terminology:

Sub-chains, which are called zones on Cosmos, are referred to as para-chains on Polkadot. The blockchain that glues sub-chains together (simi-larly to the Hub on Cosmos) is named the relayer chain.

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https://cosmos.network/whitepaper

https://polkadot.io/



Polkadot’s native token is called dot. And since the network, just as Cos-mos, will operate on the Proof of Stake consensus model, a bunch of dot will have to be deposited by validators before they are given any validating rights.

One of the main differences between Cosmos and Polkadot is how the projects approach sovereignty. The prior, as we’ve mentioned, will give their sub-chains complete autonomy in terms of maintaining consensus, while the latter will require every chain to be plugged into the Polkadot security model.

There’s an argument to be made for both of these visions: Cosmos will allow for more flexibility, for sure, but Polkadot, with its unwasteful pro-tection, will permit developers to focus on building functionality and not worry about establishing security.

Another advantage Polkadot is seeking to provide, and Cosmos isn’t, is the ability to transfer data. It aims to enable smart contracts on different chains to interact and call functions of one another without third-party involvement.

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The technology, too, will allow reaching out to Ethereum, Bitcoin, etc. through parachain bridges.

There will be 4 roles for actors on the Polkadot network: Validators, Colla-tors, Nominators, and Fishermen.

• Validators will ensusure the network security; they will commit blocksto the blockchains’ history.

• Nominators, or those holding Dots but refusing to stake them, will del-egate their bonds to Validators (and get rewards for that)

• Collators will function similarly to full nodes on Bitcoin; they will gathertransactions from various parachains and group them into proof of va-lidity blocks which they will then submit to Validators

• Fishermen will try to spot bad actors on Polkadot and have them weed-ed out from the network.

Summing up

We can’t tell for certain which project will be more successful or how the advent and adoption of “networks of blockchains” will affect the block-chain world in general. The experts’ forecasts tend to be extremely opti-mistic but, since it’s still early days, their opinions might change.

What is inspiring though, is that both Cosmos and Polkadot can eventually work together. Cosmos zones can tap into the Polkadot security and con-sensus model and, if that happens, the projects can, conjointly, stimulate innovation in the blockchain space.

I guess we’re ought to wait and see.

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