Blockchain, Bitcoin, Ethereum

Global consensus... or on the path to Skynet? 😈

8 April 2016

Madarasi Hargita

PΓ©ter SzilΓ‘gyi

Ethereum Core Developer

These are the slides of my talk from the 10th Computer Science (student) Meetup held on the Hargita Mountains. It used Vinay Gupta: Programmable Blockchains in Context as the inspirational material. This slide deck is a translation of the original Hungarian version.

Act I – 1970 IBM

Birth of modern computing

The world of big iron

Gigantic corporations paid exorbitant amounts to store their most valuable data.

Birth of a distorted reality... whaaat? πŸ˜•

Forcing reality into spreadsheets

Half a century's painful legacy...

Act II – 1990 Tim Berners-Lee

Birth of the web – The network is the computer ~Sun Microsystems

Organic formation of computer networks

Invention of the Internet of Things

Where worlds collide πŸ’₯

database vs. network

Databases working together

Our machines? Expensive paper simulators...

Let's connect the databases! (uhm, no...)

Link'em up and they'll just workβ„’

Unusable long-term instability

Let's centralize our collaborations! (oh my...)

Orchestration by a trusted third party

Delegating our social-, professional and financial interactions. But infrastructure too!

Protocols, protocols, protocols...

Collaboration above personal interests

Stagnation for 3 decades! Skype, Slack, WhatsApp?

Act III – 2008 Blockchain

Bitcoin – 7 billion dollar "accident" – Central Bank of the Internet

Academic experiment for global consensus

Why financial application? Understandable, acceptable

Soul of Bitcoin – Blockchain technology

shared state
Validation, new
shared state
To infinity... and beyond!

Block time stability – Gold mining!? αƒš(ΰ² _ΰ²  αƒš)

Wizard ⇔ Node | Potion ⇔ Transaction | Chest ⇔ Block | Mining ⇔ Hashing | Gold decoration ⇔ 00..0 hash prefix | Uniqueness ⇔ Adds previous hash

From a gamer's perspective πŸ˜‹

Need a solution to prevent multiple chests from emerging...

Bitcoin clones, colored coins

Bitcoin became an enormous success

Billion dollar question: Could they be merged into a single network?

2015 Ethereum – Turing complete network

Ethereum – network is the database – network is the computer

Worlds first and only global computer

But what can it actually do?! πŸ˜…

Example – Crowdfunding

Gathering funds from complete strangers

Tiny programmed contract (this one β‡’)

Limitations and current development – Web 3.0

Global throughput not high enough (20-25 tps)

Too expensive for massive data storage

No real time interaction (15s latency)

Thank you

PΓ©ter SzilΓ‘gyi

Ethereum Core Developer

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