Merged Mining, SatoshiLabs (Bern)

Transcript

1. Merged Mining, SatoshiLabs Ondrej Sika <ondrej@ondrejsika.com> Slush Pool (mining.bitcoin.cz) 19. 8. 2015, Bitcoin Meetups Bern, Switzerland
2. Ondrej Sika - Work on mining pool (backend) - Bitcoin, Python/Twisted Slush pool - First mining pool, founded 2011 - Creator of stratum mining protocol - 20 000 miners, 5% network hashrate
3. Mining, why? - trustless timestamping - distribution of coins
4. Block - keep transaction information - some additional data - header - transactions
5. Block Header - version - hashPrevBlock - hashMerkelRoot - time - bits (difficulty) - nonce
6. Blockchain
7. Proof of Work ”A proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements” "Hello, world!0" => 1312af178c253f84... "Hello, world!1" => e9afc424b79e4f6a... "Hello, world!2" => ae37343a357a8297... . . "Hello, world!4248" => 6e110d98b388e... "Hello, world!4249" => c004190b822f1... "Hello, world!4250" => 0000c3af42fc3...
8. Merged Mining, why? - miners - mining multiple coins with one hashrate - altcoin - better security of blockchain
9. Namecoin - fork of Bitcoin - first altcoin - additional value - decentralized DNS Why Namecoin? - same algorythm as bitcoin - most profitable mining
10. Auxiliary POW ”This is the way that merged mining can exist; it is the relationship between two blockchains for one to trust the other’s work as their own and accept AuxPOW blocks.”
11. Bitcoin Coinbase - Input of first transaction in block - 100 Bytes for free use - block height - flags - merged mining prefix - namecoin prevhash - ...
12. Principle of Aux POW
13. SatoshiLabs - Trezor - MyTrezor - Slush Pool - CoinMap 2.0
14. Trezor - first hardware wallet - utimate security - hierarchic deterministic wallet (bip32, bip44) - multiple coins
15. MyTrezor - web client for Trezor - multiple accounts - for Bitcoin and Bitcoin Testnet only
16. Other trezor wallets - electrum, electrum ltc Mobile wallets - mycelium
17. Coinmap 2.0 - http://coinmap.org - places where you can pay by Bitcoin - Bitcoin ATM, ...
18. Thanks & Questions ondrej@ondrejsika.com http://ondrejsika.com @ondrejsika Sources: http://url.os1.cz/bitcoin-bern-2015/