A Gentle Introduction to Blockchain & Cryptocurrency
- 1. Blockchain A Gentle introduction into Blockchain and Cryptocurrency Men’s Club 7/1/21
- 2. What is Blockchain? ● A new kind of Database
- 3. Duncan has $30 Bruce has $10 Jack has $10 Richard has $20 Duncan has $24 Bruce has $15 Jack has $18 Richard has $10 Traditional Databases
- 4. Traditional Databases ● Centralized ● Single Source of Truth ● It’s right… Trust us Who owns your account?
- 6. Duncan has $30 Bruce has $10 Jack has $10 Richard has $20 Duncan pays Bruce $5 Jack pays Duncan $10 Richard pays Bruce $5 Traditional Ledger
- 8. Blockchain ● Decentralized, Transactional database ● Backed by digital signatures via public/private key encryption
- 10. Bitcoin ● Simple and Secure ● Slow and Expensive ● Block time: 10 minutes ● Market cap: ~$650 Billion ● Circulation (24hrs): $40 Billion ● 1 BTC = $33,000
- 11. Ethereum ● Fast and Efficient ● Not as secure? ● Block time: 15 seconds ● Native support Smart Contracts ● Market cap $250 Billion ● Volume (24 hrs): $30 Million
- 12. Use Cases
- 13. Use Cases ● Cryptocurrency ○ “Anon#1 (Duncan) pays Anon#8 (Jack) $100” ● Zero Knowledge Proofs ○ “Sub Tap reserves reserves table #3 for Anon#12312 (Duncan)” ● Self-Sovereign Identity ○ “GA gov’t says Anon #12312 (Duncan) >21 years old”
Editor's Notes
- #3: DLT stands for… Blockchain is special kind of DLT So, what actually is dlt and blockchain?
- #4: Let’s say we’re playing poker and we want to keep track of how much money we each have In a traditional database, we would list names and assign a value Then after we play poker, we would update those values The database keeps a record of what everyone has at this current moment.
- #5: In one location managed by one party How do I verify information? Ask google. In order for you to believe the information, you must trust the database… there’s no verification of the data aside from it being there.
- #7: On a ledger, we only track the CHANGES, so we have a running list of IOUs
- #9: DLT can be seen as an intersection of several areas of SW Engineering, so we can take several approaches to tackling SW Quality … We can treat DLT as generic SW and apply general SQA standards… We can treat DLT as Open-Source Software and… We can come from a perspective of Software Maturity and use CMM Or we can analyze some of the specificities in DLT … Because other projects/ some of the lectures go into the first 3 in depth, For the purpose of this presentation we are going to focus only on the Blockchain specific approaches
- #14: Finally, most importantly, our SQA is affected by the specific use case of DLT As a general rule of thumb, as the use case becomes more complex, the SQA efforts become more complex as well.