Inside Blockchain #2 (parte 2) - Talent Garden Poste Italiane (23/04/18)

Secondo Talk presso Talent Garden Poste Italiane al secondo appuntamento del meetup "Inside Blockchain"
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Transcript

1. Bitcoin path to world domination Federico Tenga COO at Chainside federico@chainside.net
2. Why money?
3. Because it’s scalable Meat Fish Wood Iron Apples Meat - 2 0.25 0.2 10 Fish 0.5 - 3 2 8 Wood 4 0.33 - 0.8 6 Iron 5 0.5 1.25 - 20 Apples 0.1 0.125 0.166 0.05 - Barter prices Money n-1 prices Meat 4 Fish 5 Wood 7 Iron - Apples 0.5 −
4. What’s wrong with Bitcoin payments today?
5. Collectible as intermediate commodities
6. Metal coins
7. Credit notes A Jiaozi credit note, the world first paper money. Sichuan region, Song Dynasty (960–1279 CE)
8. Modern fiat currency
9. What makes a good money? • Store of value • Medium of exchange • Unit of account
10. Store of value Gold supply 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 1900 1904 1908 1912 1916 1920 1924 1928 1932 1936 1940 1944 1948 1952 1956 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008
11. Store of value -00 5,000,000.00 10,000,000.00 15,000,000.00 20,000,000.00 0 105000 210000 315000 420000 525000 630000 735000 840000 945000 1050000 1155000 1260000 1365000 1470000 1575000 1680000 1785000 1890000 1995000 2100000 2205000 2310000 2415000 2520000 2625000 2730000 2835000 Bitcoin supply model
12. Medium of exchange • Cost of carrying/ storing (weight/value ratio, durability) • Cost of validating a transaction (time, energy)
13. What’s wrong with Bitcoin payments today?
14. Payments are slow 0 5 10 15 20 25 30 18/10/2017 18/11/2017 18/12/2017 18/01/2018 18/02/2018 18/03/2018 Median Confirmation Time minutes
15. Verification is expensive 0 20 40 60 80 100 120 140 160 180 5/14 7/14 9/14 11/14 1/15 3/15 5/15 7/15 9/15 11/15 1/16 3/16 5/16 7/16 9/16 11/16 1/17 3/17 5/17 7/17 9/17 11/17 1/18 3/18 GIGABYTES Blockchain Size
16. Payments are expensive 0 5 10 15 20 25 30 35 40 07/16 08/16 09/16 10/16 11/16 12/16 01/17 02/17 03/17 04/17 05/17 06/17 07/17 08/17 09/17 10/17 11/17 12/17 01/18 02/18 03/18 04/18 Average Transaction Fee USD
17. Bitcoin is an amazing protocol, but it has one major weakness
18. Bitcoin is an amazing protocol, but it has one major weakness THE BLOCKCHAIN
19. Bitcoin is an amazing protocol, but it has one major weakness THE BLOCKCHAIN So let’s get rid of the blockchain
20. What’s wrong with the blockchain?
21. What’s wrong with the blockchain? • Everything must be verified by everyone, not really scalable
22. What’s wrong with the blockchain? • Everything must be verified by everyone, not really scalable • It has to be slow to allow proper coordination among a large network
23. What’s wrong with the blockchain? • Everything must be verified by everyone, not really scalable • It has to be slow to allow proper coordination among a large network • Past history has to be stored forever
24. What’s wrong with the blockchain? • Everything must be verified by everyone, not really scalable • It has to be slow to allow proper coordination among a large network • Past history has to be stored forever • Not even p2p, more like peer-to-everyone else
25. Blockchain scalability problem SCALE CONSENSUS DECENTRALIZED Scale: ability to handle the demand of any competing system Consesus: collective decision making process to update the state of the system Decentrilized: no single point of failure PICK TWO
26. Solution: work on two layers SCALE CONSENSUS DECENTRALIZED Blockhain layer
27. Solution: work on two layers SCALE CONSENSUS DECENTRALIZED SCALE CONSENSUS DECENTRALIZED Blockhain layer Second layer
28. Off-chain payment channels 1 BTC <Alice PubKey> OP_CHECKSIG 1 BTC <Bob PubKey> OP_CHECKSIG
29. Off-chain payment channels 1 BTC <Alice PubKey> OP_CHECKSIG 1 BTC <Bob PubKey> OP_CHECKSIG 2 BTC OP_2 <Alice PubKey> <Bob PubKey> OP_2 OP_CHECKMULTISIG
30. Off-chain payment channels 2 BTC OP_2 <Alice PubKey> <Bob PubKey> OP_2 OP_CHECKMULTISIG
31. Off-chain payment channels 2 BTC OP_2 <Alice PubKey> <Bob PubKey> OP_2 OP_CHECKMULTISIG Alice 1 BTC Bob 1 BTC
32. Off-chain payment channels 2 BTC OP_2 <Alice PubKey> <Bob PubKey> OP_2 OP_CHECKMULTISIG Alice 1 BTC Bob 1 BTC Alice 1.3 BTC Bob 0.7 BTC
33. Off-chain payment channels 2 BTC OP_2 <Alice PubKey> <Bob PubKey> OP_2 OP_CHECKMULTISIG Alice 1 BTC Bob 1 BTC Alice 1.3 BTC Bob 0.7 BTC Alice 1.5 BTC Bob 0.5 BTC
34. Off-chain payment channels 2 BTC OP_2 <Alice PubKey> <Bob PubKey> OP_2 OP_CHECKMULTISIG Alice 1 BTC Bob 1 BTC Alice 1.3 BTC Bob 0.7 BTC Alice 1.5 BTC Bob 0.5 BTC Alice 0.9 BTC Bob 1.1 BTC
35. Off-chain payment channels 2 BTC OP_2 <Alice PubKey> <Bob PubKey> OP_2 OP_CHECKMULTISIG Alice 1 BTC Bob 1 BTC Alice 1.3 BTC Bob 0.7 BTC Alice 1.5 BTC Bob 0.5 BTC Alice 0.9 BTC Bob 1.1 BTC 0.9 BTC <Alice PubKey> OP_CHECKSIG 1.1 BTC <Bob PubKey> OP_CHECKSIG
36. A network of channels ALICE BOB CAROL DAVE LUKE TED PETER
37. A network of channels ALICE BOB CAROL DAVE LUKE TED PETER
38. A network of channels ALICE BOB CAROL DAVE LUKE TED PETER
39. A network of channels ALICE BOB CAROL DAVE LUKE TED PETER
40. A network of channels ALICE BOB CAROL DAVE LUKE TED PETER
41. A network of channels ALICE BOB CAROL DAVE LUKE TED PETER
42. Bad unit of account 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% Bitcoin Price Volatility
43. Keys to Bitcoin success
44. Keys to Bitcoin success • Social scalability
45. Keys to Bitcoin success • Social scalability • Trust minimization
46. Keys to Bitcoin success • Social scalability • Trust minimization • Censorship-resistance
47. Keys to Bitcoin success • Social scalability • Trust minimization • Censorship-resistance • Intolerant minority vs indifferent majority
48. Keys to Bitcoin success • Social scalability • Trust minimization • Censorship-resistance • Intolerant minority vs indifferent majority • Possibility to add extra features (eg privacy)
49. Digital gold and digital silver
51. Federico Tenga COO at Chainside federico@chainside.net www.chainside.net