laurent hardy

ETHEREUM

THE WORLD COMPUTER

the vision about a world computer

The Humans Who DREAM OF cOMPANIES THAT WON’T NEED US

source: FastCompany

> ETHEREUM | the world computer

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> ETHEREUM | the world computer

smart contracts are propagated to every nodes of the network, in the same way transactions are

from bitcoin to ethereum

core components

  1. cryptographic identities

  2. consensus mechanism

  3. blockchain architecture

> ETHEREUM | USEFUL PROPERTIES FROM BITCOIN

properties

  1. pseudoanonous

  2. democratic

  3. immutable

  4. Censorship resistant

  5. distributed

> ETHEREUM | USEFUL PROPERTIES FROM BITCOIN

  1. Ether (to pay for computation) and TOKENS (TO align incentives)

  2. Turing complete scripting language

  3. Account based (vs UTXO based in bitcoin)

  4. Consensus mechanism will shift to PoS

  5. Block produced each 15 seconds

  6. Externally owned account + contract account

> ETHEREUM | HIGH LEVEL DESCRIPTION

monetary policy

Bitcoin is capped

Ethereum is uncapped

> ETHEREUM | HIGH LEVEL DESCRIPTION

> ETHEREUM | HIGH LEVEL DESCRIPTION

today

4.25

12.5

17M

> ETHEREUM | HIGH LEVEL DESCRIPTION

2015

72.049.306 ETHER

> ETHEREUM | HIGH LEVEL DESCRIPTION

2018

103.042.415 ETHER

> ETHEREUM | HIGH LEVEL DESCRIPTION

> ETHEREUM | HIGH LEVEL DESCRIPTION

elements of the ethereum architecture

blockchain + consensus mechanism

ethereum virtual machine (EVM)

smart contract developing platform

> ETHEREUM | elements

> ETHEREUM | elements | SMART CONTRACT

> ETHEREUM | elements | SMART CONTRACT

  1. The state of a smart contract includes its balance, discreet values, information stored, etc

  2. a smart contract will always do what it is supposed to do

  3. No central authority to enforce it

  4. No relationship between the prose, the code, and the parameters

  5. Examples of Smart Contract: escrow, database, functions library, complex authentication (multi–sig)

Every node on the Ethereum blockchain network has a copy of the smart contract …

> ETHEREUM | elements | SMART CONTRACT

… but the outside world doesn't know about it!

solidity

> ETHEREUM | elements | SMART CONTRACT

> ETHEREUM | elements | evm (ewasm)

each node has an Ethereum Virtual Machine to process transactions

fee = (startGas — remainingGas) × gas price

> ETHEREUM | elements | EVM

Proof-of-Work

Proof-of-Stake

> ETHEREUM | elements | consensus

web 3.0

the next internet

web 3.0

blockchain

dApp & DAO

file storage

communication

domain name

> ETHEREUM | web 3.0

dApp

decentralised application

> ETHEREUM | web 3.0 | dapp

> ETHEREUM | web 3.0 | dapp

token economy

mechanism design

cryptoeconomics

token design

token engineering

DAO

decentralised autonomous organisation

> ETHEREUM | web 3.0 | dao

> ETHEREUM | web 3.0 | dao

token economy

mechanism design

cryptoeconomics

token design

token engineering

governance

> ETHEREUM | web 3.0 | dao

buy DAO tokens with Ether

get tokens from funded products

THE DAO IS CODE. |

>20.000 participants

~\(\Xi\)12m (~$150m)

~14% of Ethereum market cap

Vitalik put 1500 ETH in it

> ETHEREUM | web 3.0 | dao

stablecoin

useful for adoption
(means of exchange)

prediction

market

useful for adoption

curated

registry

useful for adoption

zk–starks

useful for privacy

governance

useful for

participation

off–chain

txs

useful for

scalability

identity

useful for adoption

> ETHEREUM | web 3.0

big problems with blockchain infrastructures

privacy

consensus safety

smart contract safety

scalability

> ETHEREUM | BIG PROBLEMS

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

> ETHEREUM | BIG PROBLEMS | SCALABILITY

DECENTRALISATION

SECURITY

SCALABILITY

> ETHEREUM | BIG PROBLEMS | SCALABILITY TRILEMMA

The trilemma claims that blockchain systems can only at most have two of the following three properties

ethereum 2.0

> ETHEREUM | BIG PROBLEMS | SCALABILITY

Feedback is welcome.

Thanks.

Ethereum | ISDI GMDB

By Laurent Hardy

Ethereum | ISDI GMDB

An overview of the Ethereum blockchain. We go over the differences with Bitcoin, its vision, key features, and specific components. We take a look at what Web3 might look like and how and who is building it. Moving forward, scalability is going to be a big problem and we see how it can be solved.

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