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Decentralizing Everything with Blockchain
Blockchains use distributed ledgers to allow transactions to be recorded across a network without a central authority. This document discusses how blockchains can be used to decentralize systems using cryptocurrencies and smart contracts. It also describes how initial coin offerings (ICOs) have raised over $1.3 billion in 2017 by selling tokens that can provide rights to participate in blockchain activities or share company profits. However, blockchains still face challenges to widespread adoption including difficulties in understanding, using, and securing the technology that require improvements in applications, security and user interfaces.
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Decentralizing Everything with Blockchain
- 1. Decentralizing Everything with Blockchain DavidPaluy Sep 2017
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- 3. Alice wants tosend Bob $100
- 4. Alice asks Trent(Bank) to send $100 to Bob
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- 6. Momentum accounting ortriple-entry bookkeeping “...changes in balances are the recognized events” 1989
- 7. Alice sends Bob$100 Shared Ledger
- 8. Distributed Ledger (SharedLedger) Distributed Ledger is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites.
- 9. Distributed Ledger (SharedLedger) There is NO central administrator or centralised data storage
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- 11. Blockchain - Databaseand transaction processing
- 12. Bitcoin The first realimplementation of the Blockchain technology
- 13. decentralized platform thatruns smart contracts Ethereum
- 14. Smart Contract -Programmable Money Each transaction may have a set of rules (smart contract) that govern what and how money is delivered.
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- 17. ERC-20 Token Standard Basicstandard for new Tokens on Ethereum network
- 18. ICO - InitialCoin Offering In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for other cryptocurrencies (Bitcoin and/or Ether)
- 19. ICO ~= IPO ICOshave raised more than $1.3 billion so far in 2017 Coindesk, Aug 2017
- 20. What exactly arethese tokens? “Tokens give the holder a right to participate in a given blockchain activity”
- 21. Token benefits 1. Tokencan be an alternative to traditional equity-based financings 2. Token can be bought by anyone 3. Liquidity improvement 4. A new business model: better-than-free 5. Instant custody without intermediaries
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- 25. Token buyers arebuying Private Keys
- 26. Tokens = Equity Ifadvertised, as a way to share in the profits of the company
- 27. Blockchain Hurdle 1. Difficultto understand 2. Difficult to use 3. More difficult to use securely 4. Cultural change 5. Trusting mathematics protocol is never been acceptable 6. Users should trust themselves to keep their keys secured
- 28. Blockchain needs ● Betterapplications ● Better security ● Better user interface
- 29. Blockchain will transformthe technology tomorrow