Bitcoin the hype, the myth and the truth

28 16 0
  • Loading ...
1/28 trang

Thông tin tài liệu

Ngày đăng: 25/04/2018, 16:46

Bitcoin: The Hype, The Myth and The Truth ~ A Technical Overview about How Bitcoin works ~ ~ Part - 30/10/2017 ~ Index ● What is Bitcoin? Bitcoin Ecosystem Bitcoin Fundamental Bitcoin Transaction Double-spending problem The Blockchain Concept Bitcoin Network The Next Part Disclaimer The purpose of this Seminar is to explain How Bitcoin works, not to encourage you to buy Bitcoin What is Bitcoin? ● Bitcoin is the world's first decentralized digital currency, as the system works without a central repository or single administrator ● It is commonly referred to with terms like digital cash, virtual currency, electronic currency, or cryptocurrency ● The vision about Bitcoin was shared by a person (or a group?) under the name Nakamoto Satoshi, with the famous whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System”, released on 31/10/2008 What is Bitcoin? I've been working on a new What is needed is an electronic payment system based on electronic cash system that's cryptographic proof instead of trust, allowing any two willing fully peer-to-peer, with no parties to transact directly with each other without the need trusted third party for a trusted third party Nakamoto Satoshi - 01/11/2008 Nakamoto Satoshi - 31/10/2008 Bitcoin P2P e-cash paper - The Cryptography Mailing List Bitcoin: A Peer-to-Peer Electronic Cash System What is Bitcoin? I've developed a new open source P2P e-cash system called Bitcoin It's completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust Nakamoto Satoshi - 11/02/2009 Bitcoin open source implementation of P2P currency - The Cryptography Mailing List What is Bitcoin? - The TruthThe identity of Bitcoin’s father, Nakamoto Satoshi, is still the Myth From middle 2010, Nakamoto Satoshi handed over control of the source code repository and network alert key as well as transferred several related domains to various prominent members of the bitcoin community, and stopped his involvement in the project ● Nakamoto Satoshi is said to own about million Bitcoins, which give him about 20 billions USD (with the price at the time of writing this Slide: bitcoin ~ 20,000 USD) What is Bitcoin? - The Truth ● There will be only 21,000,000 bitcoin in supply The current Circulating Supply is 16.6 million ● ● New Bitcoins are created when a “block” is “mined” A new “block” is expected to be “mined” after every 10 minutes (expected blocks generated in a day: 144) ● The number of Bitcoin reward is halved after every 210,000 blocks (~ years) It went down from 50 (2009) -> 25 (28/11/2012) -> 12.5 (2016-07-09) -> 6.25 (~ 2020) ● The last Bitcoin will be created in ~ 2140 What is Bitcoin? - The Truth ● You can spend up to 0.00000001 (one hundred millionth) Bitcoin Each of these bitcoin units is called a satoshi A satoshi is the smallest unit in a bitcoin ● ● ● Bitcoin can be sent very fast, nearly real time? → Wrong Bitcoin can be sent without any fee? → Wrong Bitcoin is totally anonymous? → Wrong Bitcoin Ecosystem ● ● ● ● ● ● Bitcoin Client: Bitcoin Core, Bitcoin XT, Bitcoin Classic, Bitcoin Unlimited, BTC1, btcd Bitcoin Wallets: Bitcoin Core, Bitcoin.com, Electrum, Bitgo, Xapo, Blockchain, Jaxx Bitcoin Exchanges: Bitfinex, Bitflyer, Bithump, LocalBitcoins, Kraken, Coinbase Bitcoin Mining: Bitmain, Bitcoin.com, Bitfury, Bixin.com, Genesis Mining, ViaBTC, F2Pool, Slush … Bitcoin Payment Processors: BitPay, Coinbase, BitPagos, Blockchain Bitcoin News and Data: https://news.bitcoin.com/ , https://www.coindesk.com/ , https://cointelegraph.com 10 Bitcoin Fundamental ● Bitcoin Private Key ○ ○ ● The private key allows the bitcoins that belongs to the paired address to be spent The private key can not be recovered when you lose it Revealing the private key will lead to losing Bitcoin Digital Signature ○ ○ We use private key to sign a “Digital Signature” Everyone in the Bitcoin network can use the public key to decrypt the “Digital Signature” to verify the private key ownership 14 Bitcoin Fundamental Signing Signature Digital Signature Private Key Public Key Digital Signature Signature Verifying Algorithm Message: I’m Thang I have 10 bitcoins I want to send bitcoins to Tien Hash Hashed Message:a1b2c3d Hashed Message 4e5f6… Verifying Signature How does Bitcoin use private & public key to verify message 15 Bitcoin Transaction ● ● A transaction is a transfer of Bitcoin value that is broadcast to the network A transaction typically references previous transaction outputs as new transaction inputs and dedicates all input Bitcoin values to new outputs ● When you send Bitcoin, you actually spend your Unspent Transaction Outputs (UTXO) , to generate one or more other UTXO ● Check Bitcoin Transaction ○ ○ https://blockchain.info https://blockchair.com 16 Bitcoin Transaction 17 Double spending problem ● Double-spending is the result of successfully spending some money more than once Bitcoin solves the “double-spending” problem by inventing the blockchain and proof-of-work concept 18 Blockchain ● Blockchain is the chain of blocks (actually, the keyword blockchain was not mentioned in the Bitcoin Whitepaper, but only used after that) ● ● ● A newly created transaction must be verified to create valid UTXO Verified transactions are aggregated into a block Each block has a unique hash id A valid block contains the hash id of the previous block 19 Blockchain Block n Block n + Block n + Block n + Block Header Block Header Block Header Block Header - Block Hash - Block Hash - Block Hash - Block Hash - Previous Block Hash - Previous Block Hash - Previous Block Hash - Previous Block Hash … … … … Transactions Transactions Transactions Transactions The block hash is generated based on the previous block hash, as well as the transactions data inside the block It means that, every single change with transactions will lead to the change of the block hash, which will then lead to the change of the child block 20 Blockchain ● ● The block is not easy to generated It require a proof-of-work A proof-of-work is a piece of data which is difficult (costly, time-consuming) to produce but easy for others to verify ● The difficulty of this work is adjustable and it is adjusted after every 2016 blocks to limit the rate at which new blocks can be generated by the network to one every 10 minutes ● Due to the very low probability of successful generation, this makes it unpredictable which worker computer in the network will be able to generate the next block 21 Blockchain ● ● ● Currently, Bitcoin has block size limit It is 1MB* Latest block height 492211, with more than 266.5 millions confirmed transactions Total Bitcoin blockchain size: 163.92 GB It will take much time to download the full blockchain and verify each block ● ● Average transaction per block ~ 2000 Average transaction per second ~ 3.3 22 Bitcoin Network ● ● Any computer that connects to the Bitcoin network is called a node Nodes that fully enforce all of the rules of Bitcoin are called full nodes ○ ○ ○ ○ ○ ● Blocks may only create a certain number of bitcoins Transactions must have correct signatures for the bitcoins being spent Transactions/blocks must be in the correct data format Within a single block chain, a transaction output cannot be double-spent Full nodes maintain a complete and up-to-date copy of the blockchain They download every block and transaction and check them against Bitcoin's core consensus rules independently with other nodes 23 Bitcoin Network ● SPV (Simple Payment Verification) Node, or Lightweight Node, or Thin Client: maintain only a subset of the blockchain and verify transactions using a method called simplified payment verification SPV Nodes download only the block headers, and not download the transactions included in each block ● Mining Node: compete to create a new block Some mining nodes are also full nodes, while others are lightweight nodes participating in pool mining and depending on a pool server to maintain a full node 24 Bitcoin Network 25 The Next Part ● ● ● ● ● ● The Block and the Chain in depth Proof-of-work Algorithm Bitcoin Mining Bitcoin problems and weakness - The Truth about 51% Attack Bitcoin Soft fork vs Hard fork Bitcoin Scaling: On-chain vs Off-chain 26 References ● ● ● ● ● ● ● ● ● ● Bitcoin whitepaper: https://bitcoin.org/bitcoin.pdf http://nakamotoinstitute.org/ Bitcoin wiki: https://en.bitcoin.it/wiki/Main_Page Bitcoin forum: https://bitcointalk.org/ Bitcoin Reddit: https://www.reddit.com/r/Bitcoin/ and https://www.reddit.com/r/btc/ Bitcoin Price: https://coinmarketcap.com/ https://www.coindesk.com/ Mastering Bitcoin: https://github.com/bitcoinbook/bitcoinbook Wikipedia https://en.wikipedia.org/wiki/Bitcoin https://bitinfocharts.com/ 27 Thank you for listening! 28 ... 11/02/2009 Bitcoin open source implementation of P2P currency - The Cryptography Mailing List What is Bitcoin? - The Truth ● The identity of Bitcoin s father, Nakamoto Satoshi, is still the Myth From... key - bitcoin address ○ The private key allows the bitcoins that belongs to the paired address to be spent 13 Bitcoin Fundamental ● Bitcoin Private Key ○ ○ ● The private key allows the bitcoins... is Bitcoin? - The Truth ● You can spend up to 0.00000001 (one hundred millionth) Bitcoin Each of these bitcoin units is called a satoshi A satoshi is the smallest unit in a bitcoin ● ● ● Bitcoin
- Xem thêm -

Xem thêm: Bitcoin the hype, the myth and the truth , Bitcoin the hype, the myth and the truth

Gợi ý tài liệu liên quan cho bạn

Nhận lời giải ngay chưa đến 10 phút Đăng bài tập ngay