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Blockchain, Bitcoin and Ethereum's Smart Contract
- 1. TECHNICAL SEMINAR PRESENTATION DEPARTMENT OF COMPUTER SCIENCE AND ENGINEERING SRI VENKATESHWARA COLLEGE OF ENGINEERING VIDYANAGAR, BANGALORE - 562157 TOPIC Blockchain, Bitcoin and Ethereum’s Smart Contract Presentation by Prashant Shahi 1VE14CS086 Under Guidance of Mrs. Kulkarni Varsha
- 2. OVERVIEW 1. Introduction of Blockchain, Bitcoin and Ethereum 2. Centralized Systems and their Limitations 3. Blockchain in detail 4. Smart Contracts 5. List of some popular Dapps 6. Conclusion 7. References
- 3. • Blockchain is a technology that is decentralized in nature and holds a digital ledger which consists of continuously growing list of records, called blocks, which are linked or chained and secured. • The integrity and the chronological order of the blockchain are enforced with Cryptography.
- 4. • Bitcoin is the peer-to-peer electronic cash system introduced by an anonymous developer called Satoshi Nakamoto. • Bitcoin is the first one to implement the blockchain and also, deploying decentralized digital currency.
- 5. • Ethereum is an open-source, public and blockchain-based distributed platform introduced by Russian cryptocurrency researcher and programmer called Vitalik Buterin. • Ether is a fundamental cryptocurrency under Ethereum. • Ethereum uses “Smart Contracts”, which makes it a highly programmable. Potential for this is immensible.
- 6. • Over the last couple of decades, computers provided the process of record keeping and ledger maintenance great convenience and speed. • But the sensitive information stored are corruptible and not secure enough. Stored data can be manipulated either by a hacker or the administrator itself. • Central administrator is controller of data flow and user access. The above shows how Centralized and Decentralized systems works. Centralized Decentralized
- 7. “To understand the power of blockchain systems, and the things they can do, it is important to distinguish between three things namely the Bitcoin currency, the specific blockchain that underpins it and the idea of blockchain in general.” — The Trust Machine, THE ECONOMIST, Oct. 31, 2015
- 8. PHONE • The idea of a phone network • A specific phone network (e.g. Jio, Airtel, Tata Docomo, etc) • A specific use of the phone network (e.g. SMS, Call, Fax, Internet Services, etc) BLOCKCHAIN • The idea of blockchain • The specific blockchain that underlies Bitcoin, other coin offering or Smart Contracts to create Dapps • Bitcoin, other cryptocurrencies or Dapps
- 9. • Each Block is chained to the hash of the previous block. • The first Block is called Genesis Block. It is the only block with previous hash value as zero. • In data section, blockchain can have any type of data. But it is recommended not to have megabyte worth of data stored in blockchain at one block. Template for Blockchain ledger
- 10. • Applications built using Ethereum Blockchain through smart contract are called Dapps (Decentralized Applications). • Imagine automatically sending money from one person to another but only when certain set of conditions are met. • Think of those numerous applications that act as a third party to connect you with others based on some set logic (eg. Ola, MakeMyTrip, FlipKart, RedBus, etc), these centralized systems can be built in a decentralized manner on Ethereum. • It will eliminate the huge price between what clients pay and what service providers get.
- 11. A simple solidity Smart Contract example to simulate cryptocurrency
- 12. Decentraland - A virtual world owned by creators. Lets user create their own land. EthKudos - Provides opportunity of gratifying the team collaboration. Each member rewards people who helped him or her, encouraging and recognizing team cooperation between members. Livepeer - An open platform for decentralized live video broadcasting and streaming. Axie Infinity – An addictive game about collecting, raising and battling fantasy creatures, on the Ethereum platform.
- 13. Hence, Blockchain eliminates the need of trust between two parties. Since, the source code is public, operations are transparent and can be verified by any programmer or developer. Bitcoin, being the first blockchain implementation for cryptocurrency also solved the problem of double-spending. Whereas Ethereum introduced the cryptocurrency Ether and other possible tokens as well as Smart Contract which made Decentralized Application possible. Smart contracts can be designed to operate along side existing platform. There is also lot of potential for Blockchain even in field other than cryptocurrency.
- 14. 1. Bitcoin by Satoshi Nakamoto - bitcoin.org/bitcoin.pdf 2. Ethereum by Vitalik Buterin - ethereum.org/pdfs/EthereumWhitePaper.pdf 3. Solidity - solidity.readthedocs.io/en/v0.4.21/introduction-to- smart-contracts.html 4. List of Popular Dapps - stateofthedapps.com 5. Centralized versus Decentralized blockchain - recordskeeper.co/blog/centralized-vs-decentralized-blockchain 6. Smart Contracts - bitsonblocks.net/2016/02/01/a-gentle- introduction-to-smart-contracts 7. Blockchain, Bitcoin and Ethereum’s Smart Contract - en.wikipedia.org 8. Blockchain, The Trust machine - economist.com/news/leaders/21677198-technology-behind- bitcoin-could-transform-how-economy-works-trust-machine