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Blockchain (Cryptocurrency (First cryptocurrency- Bitcoin 2009 (Mt.Gox,…
Blockchain
Cryptocurrency
First cryptocurrency- Bitcoin 2009
Mt.Gox, CoinCheck affairs
fall in price
Bubble on December 2017
Possibility of ETF
Ethereum
performance - Smart Contract
Ripple
performance - International Remittance
SBI holdings
Others
most - very cheap
each ones have whitepaper
exchanges
crypto/fiat
cyber attacked - Stolen
Bad impression to people
Exchanges' fault (not Blockchain system)
crypto/crypto
payment
Amazon, some shops
cost cheaper
Users
terrorists, crypto-geeks, people in poor nations
Fiat refuge
venture
High tax (in Japan)
Bitcoin FX - leverage exchange
Blocks
Record Value
Bitcoin addresses
One chain
Hard-fork
ex. BTC/BCH, ETH/ETC
Timestamp in 10 minutes
exquisite length-setting to avoid 51% attack
ex. IF 30 mins-60 mins: some miners may plan attack
IF 3 mins-5 mins: too short to calculate correctly
the proof of time of transaction
Blocksize: Up to 1MB/block (about 2000 of transaction)
Prioritize Long and good chain
principle of majority decision
Chain Flyer
Each Block
Block Hedder
kind of table of contents
Version Number
Hash Value of the Former block
Roothash of all transactions in the block
The time of the creation of the block
Level of Difficulty of making a block
nance
Transaction Counter
Numbers of transaction in the block
Blocksize
The size of the block
Transaction
Version Number
indicates the system version
Input
Bitcoin Address
Output Conter
Output
Bitcoin Address
Locktime
Setting of designation of the time of Transaction
Input Counter
Magic number
Network Identification number
Satoshi Nakamoto
Unidentified person
Founder - whitepaper
complain to existing bank and money system in Genesis Block
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
Just after economic downturn precipitated by the Lehman Brothers bankruptcy in 2008
"Bitcoin: A Peer to Peer Electronic Cash System"
Money not rely on nations
Human Psycology
Hash Value
How to Keep Certainty - Miners' Psycology
Proof-of-Work
Keep clear information
super computers
huge amount of electric energy consumption
Rewards will be half amount in every 4 years
Proof-of-Useful-Work
No Injustice mechanism
code, crypto
public key
private key (cryptography)
irreversible
often used to deal with information threat
51% attack
Possible cyber attack
Byzantine General Problem
an approach to solve this
To be honest to get reward has more merit
than to be a betrayer
Invisible Hand
Mega-Trend
IoT, cloud service
Blockchain2.0
P2P transactions
Smart Contract
Business
Used in some applications
ex.
tipping to athletes
24 hours working - non-stop infrastructure
Decentralized