Blockchain Alexander Prenta 9/27/2018

Summary Part 1: Introduction to blockchain A brief history of blockchain What is blockchain and how does it work? Inherent value Part 2: Blockchain as a Platform EVM (The world computer) Examples of unique projects and value propositions Quiz

Blockchain: A brief history After the internet, multiple attempts of creating digital currencies that solved the “double spend” problem came and went with no success. In 2008, “Satoshi Nakamoto” published a whitepaper in an online forum titled “Bitcoin- A Peer to Peer Electronic Cash System”. Based on technology A year later the technology is built and the bitcoin network is distributed to the public. Fast forward to the present, blockchain research and development has grown exponentially, with thousands of projects developing unique block chain solutions to problems across multiple industries

What is blockchain? An immutable, distributed ledger that can store information about and/or facilitate transactions on a trustless, decentralized network with finality. Immutable - Cannot be altered Distributed - The ledger is available and free to view by anyone Trustless – Parties can transact without a trust based system, such as a third party verifier. Decentralized – No governing authority, allowing for censorship resistance, and greater security than single point of failure centralized authorities (banks, big data centers etc.) Finality – ledger acts as a single shared source of information to verify ownership of an asset and/or completion of a transaction

How does it work? Use Case Car Ownership Example

Inherent Value use ibm blockchain for dummies shortcomings of current systems

Part 2: Blockchain as a Platform

Ethereum Platform A Virtual Machine or “World Computer”. A platform for decentralized applications Enables Smart Contracts Native Token “Ether” not a currency, but “gas” used to pay for transactions on the network. Incentivizes users to participate in the network. Currently the most decentralized network/highest number of nodes, largest developer network

About Smart Contracts

OmiseGo (FinTech)

Golem Users can rent or offer processing power over the network. Useful for users that do not have e expensive hardware Expanding into machine learning and AI

Brave

Moving Forward Technology is still young Decentralized blockchains face scalability problems Ease of use still needs improvement Regulatory uncertainty

Quiz Time Blockchain is only used to transact cryptocurrency. True False

Quiz Time What following characteristics are required in a blockchain? A) Distributed B) Immutable C)Trustless D) Decentralized E) It Depends

Quiz Time Which is not a component of the “scalability trilemma” ? Decentralization Privacy Security Complexity