El Internet

del Dinero

laurent hardy

@donhylo

Andreas Antonopoulos

@aantonop

@donhylo

WHO I AM

2009  Bio Engineer

2010   Water & Energy Nexus

2012   MSc Renewable Energy Systems Technology

2012   Complex Adaptive Systems

2016   Ethereum Madrid

2018   Cryptoeconomics.hub 

@donhylo

blockchain 101 the Origins 

@donhylo

blockchain 101 the Origins 

@donhylo

blockchain 101 how different is it?

ID

money

trust the bank

account + access

BITCOIN How banking works

@donhylo

Bitcoin has no barrier to entry

@donhylo

blockchain 101 how transactions are validated

TO AVOID DOUBLE SPEND ATTACK

in Traditional Banking

with Centralised Data Bases

in Crypto

with a pair of Public and Private Key

BITCOIN HOW BANKING WORKs

@donhylo

alice
[0x171]

$10

0

source: Karl Floersh, cryptoeconomics.study

nonces = {
    0x171: 0,
}
nonces = {
    0x171: 1,
}
balances = {
    0X171: 50,
    0x3f3: 0,
}
balances = {
    0X171: 40,
    0x3f3: 10,
}

BITCOIN HOW BANKING WORKs

@donhylo

alice
[0x171]

$10

0

source: Karl Floersh, cryptoeconomics.study

nonces = {
    0x171: 0,
}
nonces = {
    0x171: 1,
}
balances = {
    0X171: 50,
    0x3f3: 0,
}
balances = {
    0X171: 40,
    0x3f3: 10,
}

$20

1

$20

1

nonces = {
    0x171: 2,
}
balances = {
    0X171: 20,
    0x3f3: 10,
    0xbad: 20,
}

private key

address

BITCOIN How Bitcoin works

@donhylo

BITCOIN HOW bitcoin WORKs | utxo

@donhylo

alice
[0x171]

$49

source: Karl Floersh, cryptoeconomics.study

$49

output
is_spent

$100

value: 100
owner: 0x171
0
{
{
{
    inputs: [0],
    outputs: [
        {value: 49, owner: 0x3f3},
        {value: 49, owner: 0x8t6},
        {value: 2,  owner: 0x171},
    ],
    sigs: [ ]
}
value: 49
owner: 0x3f3
value: 49
owner: 0x8t6
value: 2
owner: 0x171
0
0
0

1

{
{
{
{
{
{

BITCOIN HOW bitcoin WORKs | utxo

@donhylo

jing
[0x8t6]

$35

source: Karl Floersh, cryptoeconomics.study

output
is_spent

$49

value: 100
owner: 0x171
{
{
{
    inputs: [2],
    outputs: [
        {value: 35, owner: 0xUt2},
        {value: 14, owner: 0x8t6},
    ],
    sigs: [ ]
}
value: 49
owner: 0x3f3
value: 49
owner: 0x8t6
value: 2
owner: 0x171
0
0
0

1

{
{
{
{
{
{

1

value: 14
owner: 0x8t6
0
{
{
value: 35
owner: 0xUt2
0
{
{

BITCOIN How Bitcoin works | double spend attack

@donhylo

alice
[0x171]
node a
node b

source: Karl Floersh, cryptoeconomics.study

$10

$10

$10

$10

@donhylo

blockchain 101 so what is a blockchain

BITCOIN TEMPER-EVIDENT DATABASE

previous block hash

merkle root

difficulty target

timestamp

nonce

previous block hash

merkle root

difficulty target

timestamp

nonce

previous block hash

merkle root

difficulty target

timestamp

nonce

block11

block6

block7

block8 

block9

block10

@donhylo

blockchain 101 how the network reaches consensus

E(R_i) \varpropto H_i * T

Bitcoins are incentives, or a mean to an end

expected value

block reward

hash power for the participant

number of tokens rewarded each block

@donhylo

BITCOIN Mining & consensus

@donhylo

mining is a colloquial term

of a distributed network

a consensus algorithm

to reach consensus

run by anonymous PARTICIPANTS

for proof-of-work

BITCOIN Mining & consensus

on the state of the blockchain

who use their computation power

in exchange for a reward in bitcoin

BITCOIN Mining & consensus

Proof-of-Work

Proof-of-Stake

Delegated-Proof-of-Stake

Proof-of-Authority

Proof-of-Weight

Byzantine Fault Tolerance

Directed Acyclic Graphs

@donhylo

ethereum

blockchain 101 

@donhylo

@donhylo

ETHEREUM the world computer

[output]
[output]
[output]

ETHEREUM Elements | Gas 

@donhylo

fee = (startGas — remainingGas) × gas price

ETHEREUM Elements | consensus

@donhylo

Proof-of-Work

Proof-of-Stake

@donhylo

ETHEREUM Big problems | Scalability

Bitcoin 3 tx/s
Ethereum 10 tx/s
PayPal 200 tx/s
Credit Card 5,000 tx/s
IoT 50,000–70,000 tx/s
Twitter 200,000 tx/s

@donhylo

blockchain 101 En qué momento estamos?

@donhylo

+ 25 %

+ 1.000 %

M2 – Oferta de Dinero en Estados Unidos

precio del Bitcoin

blockchain 101 En qué momento estamos?

@donhylo

blockchain 101 En qué momento estamos?

A self-hosted wallet should be verified in order to be used with exchanges

Stablecoins might be considered unregistered securities

US banks can use public blockchain and stablecoins as a settlement layer in the US

@donhylo

Decentralised finance

collateral

dai

$300

$180

@donhylo

MAKER DAO

@donhylo

source: DefiPulse

@donhylo

Collateral

ETH, BTC, etc

Loan

stablecoin

Yield Farming

Governance

Smart Contract

Smart Wallet

Debit Card

APY

Feedback is welcome.

Thanks.

Blockchain for people in a hurry

By Laurent Hardy

Blockchain for people in a hurry

Quick, self-explanatory introduction to blockchain technologies

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