Introduction to IOTA (Facebook Devc Nairobi)

Slides on my presentation on the IOTA blockchain

Transcript

1. Introduction to Blockchain on IOTA Developer Circles, University of Nairobi 29/08/2020 • Developer Circles
2. Facebook company Peter Okwara Software Developer, IOTA & TMEA @peterokwara
3. Facebook company 3 1. Blockchain generations and history 2. IOTA 3. IOTA Network Architecture 4. Permissioned blockchains vs Permissionless blockchains 5. Use cases 6. Appendix Agenda
4. Facebook company Blockchain Generations and History
5. Facebook company • Bitcoin is the first true cryptocurrency. • Was created by Satoshi Nakamoto. • A currency that exists without a middleman. • Bitcoins are artifically scarce. • Only a limited amount of Bitcoins can be mined. Generation 1: Cryptocurrencies
6. Facebook company 1. A good example of this is Ethereum. 2. World computer 3. Blockchain to be suitable for a wide variety of applications eg • Decentralized Finance (DeFi) • Crowd Ownership • Elections • Games Generation 2: Smart Contracts
7. Facebook company 1. Problems with 1st and 2nd generations • Downward compatibility of smart contracts • Long transaction confirmation time • Huge energy costs in running a node 2. Focus on M2M (Machine to Machine) economy Third generation: Internet Of Things
8. Facebook company 1. Founded by 4 people, Dominik Schiener, David Sønstebø, Sergey Ivancheglo, Serguei Popov 2. Operations and development is done by IOTA Foundation an NGO located in Germany 3. Different from the other generations of blockchains by using a Direct Acrylic Graph 4. Does not require mining 5. Zero transaction fee 6. Unlimited number of transactions IOTA
9. Facebook company IOTA Network Architecture
10. Facebook company 1. The IOTA Network supports two main functionalities • Perfoming decentralized payments without any need of a third party • Sharing of any type of data, which helps in traceability, data integrity and immutability of the shared information. Access management is also provided as a feature, in which you can limit unaothorised people from accessing the data within the blockchain 2. Interatction with the network is possible by use of the IOTA protocol that operates in a client-server fashion. This can be done on go, javascript, python. IOTA Network Architecture
11. Facebook company Permissioned Blockchains vs Permissionless Blockchains
12. Facebook company 1. The IOTA Network is pemissionless in nature, meaning that anyone can fetch the information stored in the blockchain, without any necessary validation 2. The IOTA Network can also be set up to be a Permissioned Blockchain by setting up a private network in which the nodes and people can communicate to. 3. Setting up a Permissioned Blockchain can also be done by using Masked Authenticated Messaging (encrypting data in the blockchain) Permissioned Blockchains vs Permissionless Blockchains
13. Facebook company Use Cases
14. Facebook company 25/10/ 2019 Developer Circles 14 • Takes about 5 seconds to confirm transactions on IOTA • This makes it suitable for payments, remittance and mobile applications/games that require fast transaction times. Payments
15. Facebook company 25/10/ 2019 Developer Circles 15 Trade and Logistics • Important trade documents such as Exportation permits and Certificated can be stored on IOTA Blockchain and accessible by relevant authorities. • This provides immutability, data integrity on the data stored.
16. Facebook company 25/10/ 2019 Developer Circles 16 • Sensor data such as temperature or location can be stored on the IOTA Blockchain. • Electronic devices can make payments on behalf of humans. Internet of Things
17. Facebook company Appendix 25/10/2019 Developer Circles 17 • IOTA Developer Handbook https://docs.iota.org/docs/getting- started/0.1/references/quickstart-dev- handbook • IOT1 Academy https://iotone.academy/ • IOTA Use cases https://files.iota.org/comms/IOTA_Use_Cases. pdf
18. Thank you