WTF IS A
BLOCKCHAIN ?
It's a
bunch of data
distributed,
public,
secure,
It's a
distributed,
SSOT
public,
secure,
It's a
P2P network
That means there's no admin
#anarchy
In the BTC Blockchain
data
=
ownership of money
WTF IS A
BLOCK ?
It's a list of transactions
(and a few extras)
WTF IS A
CHAIN ?
It's a list of blocks
(with no extras)
WTF IS A
TRANSACTION ?
Alice sends 1 BTC to Bob
There is no "balance"
Only unspent transactions
WTF IS A
BTC CLIENT ?
Wallet
Miner
Blockchain
Routing Node
Wallet
Miner
Blockchain
Routing Node
Wallet
Miner
Blockchain
Routing Node
Wallet
Miner
Blockchain
Routing Node
Private Keys
+
Public Addresses
Private Key
Magic
Cryptography
Box
Public
Anonymous
Addresses
Deterministic Wallets
Multiple, hierarchical private keys
Wallet
Miner
Blockchain
Routing Node
So, this is a block:
block = [
Headers,
T1,
T2,
T3,
...,
T2000,
]Max Block Size
=
1MB
Mining
1. Collect new transactions
2. Play a math game
3. Get block accepted into the network
Mining
while hash > GOAL {
block.nonce += 1
hash = SHA256(SHA256(block))
}Mining is a Race
The Prize:
Fixed value (currently 12.5 BTC)
+
Transactions fees
Complex Transactions
Advanced
Features
Timelocked
Transactions
Multisig Addresses
aka: joint accounts
Pay to Script
aka: programming!
IF
IF
2
ELSE
<30 days> CHECKSEQUENCEVERIFY DROP
<Abdul the Lawyer's Pubkey> CHECKSIGVERIFY
1
ENDIF
<Mohammed's Pubkey> <Saeed's Pubkey> <Zaira's Pubkey> 3 CHECKMULTISIG
ELSE
<90 days> CHECKSEQUENCEVERIFY DROP
<Abdul the Lawyer's Pubkey> CHECKSIG
ENDIFWTF is a Blockchain
By Miguel Palhas
