SCOTTCOIN
NETWORK
TRANSACTIONS
MINING
NETWORK
PEER-TO-PEER NETWORKS
- Establishing and maintaining a network of nodes without any central control and no existing trust
- Napster solved this about 17 years ago
- Like iTunes but...
- Free as in beer
- Dubious legality
- Featured less U2
DISCOVERY
1. Start with a hard-coded list of peers
2. Connect to a random subset of known peers
3. Ask connected peers for their known peers
4. GOTO 2
PROPAGATION
1. Listen for incoming data from connected peers
2. If you're seen a piece of data before, ignore it
3. If not, broadcast it to all connected peers
4. GOTO 1
TRUST
1. Maintain a reputation score for each connected peer
2. Increment for each valid broadcast received
3. Decrement for each invalid broadcast received
4. If reputation falls below threshold, blacklist peer
THERE ARE NO GOOD "TRUST" PICTURES ON GOOGLE
NETWORK
- Discovery of peers
- Propagation of data
- Trust in a trust-less world TM
TRANSACTIONS
WHAT IS A COIN?
SEQUENCE
SEQUENCE
THE COIN IS A LIE
OWNERSHIP
OBLIGATORY IMAGE OF PADLOCKS WHILST TALKING PUBLIC/PRIVATE KEY CRYPTO
MYTH
Coins are created during some kind of cryptographic voodoo ceremony which occurs during mining
FACT
Coins are created by mutual agreement of users.
The validation code run by nodes treats the first transaction in a block as an exception.
The inputs of the first transaction are not validated.
TRANSACTIONS
- Coins are tokens
- ScottCoins don't exist
- Crypto isn't magic
MINING
WITH JENNY
IMAGE STOLEN, BUT THEN THE SONG WAS AWFUL, SO IT'S MORALLY LEGIT
BLOCKS
-
Blocks group together individual transactions
- Blocks aren't conceptually important to blockchains
- Transactions could be mined individually
- An elegant hack to increase the transactions rate
CONSENSUS
SEQUENCE
CONSENSUS
PREVENTS
DOUBLE-SPENDING
MYTH
Proof of work is some kind of cryptographic witch-hunt to provide ultimate validation of a block
FACT
Proof of work could be any problem which is hard to compute but easy to verify.
It exists to artificially slow down the block creation time.
This permits time for the unreliable and slow network to come to a consensus.
MINING
- Blocks don't matter
- Mining allows consensus
- Consensus prevents double-spending
CREDITS
ANDY & RICHARD
Jaime & James
ROB
SCOTTCOIN
<FIN>
SCOTTCOIN
ScottCoin
By Chris Price
ScottCoin
- 988
