Cryptocurrency 101

A primer to understand technology behind cryptocurrency

Transcript

2. Disclaimer: A 101 talk by a true non-expert. Absolutely not one. If you hear opinions, all are mine. Form your own. Subject to Risk. Not Endorsing anything.
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6. “We want it. We lose it. It’s hard to come by and harder to make it” -- Sanders, 2018
9. Ledger Book - Trip Expenses Alice Pays Bob 50$ Bob Pays Charlie 20$ Bob Pays David 30$ Alice Pays David 30$
10. Ledger Book - Trip Expenses Alice Pays Bob 50$ Bob Pays Charlie 20$ Bob Pays David 30$ Alice Pays David 30$ Account Balances Alice - 100$ Bob - 50$
11. Ledger Book - Trip Expenses Alice Pays Bob 50$ Bob Pays Charlie 20$ Bob Pays David 30$ Alice Pays David 30$ Account Balances Alice - 50$ Bob - 50$
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19. Ledger Book - Trip Expenses Alice Pays Bob 50$ Bob Pays Charlie 20$ Bob Pays David 30$ Alice Pays David 30$
20. Ledger Book - Trip Expenses Alice Pays Bob 50$ Bob Pays Charlie 20$ Bob Pays David 30$ Alice Pays David 30$ Charlie Pays Alice 1,000,000$
21. Ledger Book - Trip Expenses Alice Pays Bob 50$ Bob Pays Charlie 20$ Bob Pays David 30$ Alice Pays David 3$
22. Ledger Book - Trip Expenses Alice Pays Bob 50$ [Alice’s signature] Bob Pays Charlie 20$ [Bob’s signature] Bob Pays David 30$ [Bob’s signature] Alice Pays David 30$ [Alice’s signature] Charlie Pays Alice 1,000,000$
23. Ledger Book - Trip Expenses Alice Pays Bob 50$ [Alice’s signature] Bob Pays Charlie 20$ [Bob’s signature] Bob Pays David 30$ [Bob’s signature] Alice Pays David 30$ [Alice’s signature]
24. Ledger Book - Trip Expenses Alice Pays Bob 50$ [Alice’s signature] Bob Pays Charlie 20$ [Bob’s signature] Bob Pays David 30$ [Bob’s signature] Alice Pays David 30$ [Alice’s signature] Alice Pays David 30$ [Alice’s signature] Alice Pays David 30$ [Alice’s signature] Alice Pays David 30$ [Alice’s signature]
25. Ledger Book - Trip Expenses t0: Alice Pays Bob 50$ [Alice’s signature] t1: Bob Pays Charlie 20$ [Bob’s signature] t7: Bob Pays David 30$ [Bob’s signature] t14: Alice Pays David 30$ [Alice’s signature]
26. Ledger Book - Trip Expenses t0: Alice Pays Bob 50$ [Alice’s signature] t1: Bob Pays Charlie 20$ [Bob’s signature] t7: Bob Pays David 30$ [Bob’s signature] t14: Alice Pays David 30$ [Alice’s signature] Account Balances Alice - 50$ Bob - 50$
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28. Ledger Book - Trip Expenses Alice has 100$ Bob has 100$ Charlie has 100$ t0: Alice Pays Bob 50$ [Alice’s signature] t1: Bob Pays Charlie 20$ [Bob’s signature] t7: Bob Pays David 30$ [Bob’s signature] t14: Alice Pays David 30$ [Alice’s signature]
29. ⇔
30. Ledger Book - Trip Expenses Alice has 100$ Bob has 100$ Charlie has 100$ t0: Alice Pays Bob 50$ [Alice’s signature] t1: Bob Pays Charlie 20$ [Bob’s signature] t7: Bob Pays David 30$ [Bob’s signature] t14: Alice Pays David 30$ [Alice’s signature]
31. Ledger Book - Trip Expenses - Alice’s Copy Alice has 100$ Bob has 100$ Charlie has 100$ t0: Alice Pays Bob 50$ [Alice’s signature] t1: Bob Pays Charlie 20$ [Bob’s signature] t7: Bob Pays David 30$ [Bob’s signature] t14: Alice Pays David 30$ [Alice’s signature] Ledger Book - Trip Expenses - Bob’s Copy Alice has 100$ Bob has 100$ Charlie has 100$ t0: Alice Pays Bob 50$ [Alice’s signature] t1: Bob Pays Charlie 20$ [Bob’s signature] t7: Bob Pays David 30$ [Bob’s signature] t14: Alice Pays David 30$ [Alice’s signature] Ledger Book - Trip Expenses - Charlie’s Copy Alice has 100$ Bob has 100$ Charlie has 100$ t0: Alice Pays Bob 50$ [Alice’s signature] t1: Bob Pays Charlie 20$ [Bob’s signature] t7: Bob Pays David 30$ [Bob’s signature] t14: Alice Pays David 30$ [Alice’s signature] Ledger Book - Trip Expenses - David’s Copy Alice has 100$ Bob has 100$ Charlie has 100$ t0: Alice Pays Bob 50$ [Alice’s signature] t1: Bob Pays Charlie 20$ [Bob’s signature] t7: Bob Pays David 30$ [Bob’s signature] t14: Alice Pays David 30$ [Alice’s signature]
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33. Bunch of Transactions Hash Proof of Work Bunch of Transactions Hash Proof of Work Bunch of Transactions Hash Proof of Work Bunch of Transactions Hash Proof of Work Proof of Work Get a Special Number to get a hash that starts with X zeros
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47. CBlock(hash=0000000000790ab3, ver=1, hashPrevBlock=0000000000606865, hashMerkleR oot=618eba, nTime=1281891957, nBits=1c00800e, nNonce=28192719, vtx=2) CTransaction(hash=012cd8, ver=1, vin.size=1, vout.size=1, nLockTime=0) CTxIn(COutPoint(000000, -1), coinbase 040e80001c028f00) CTxOut(nValue=50.51000000, scriptPubKey=0x4F4BA55D1580F8C3A8A2C7) CTransaction(hash=1d5e51, ver=1, vin.size=1, vout.size=2, nLockTime=0) CTxIn(COutPoint(237fe8, 0), scriptSig=0xA87C02384E1F184B79C6AC) CTxOut(nValue=92233720368.54275808, scriptPubKey=OP_DUP OP_HASH160 0xB7A7) CTxOut(nValue=92233720368.54275808, scriptPubKey=OP_DUP OP_HASH160 0x1512) vMerkleTree: 012cd8 1d5e51 618eba • • •
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53. Web / Exchanges Mobile Hardware Offline $ $ $$ $$$$$$
54. Simple Thumb Rule: If you don’t hold the keys, you don’t “actually” own the assets
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