Ethereum @ descon 2016
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Ethereum is a blockchain app platform that allows for the creation of smart contracts and decentralized applications (dapps). It uses the Ethereum Virtual Machine (EVM) which can execute scripts using Solidity, a JavaScript-like programming language. Developers can build apps that utilize cryptocurrencies like Ether to pay for computations on the blockchain. Ethereum also introduced the concept of distributed autonomous organizations (DAOs) that operate autonomously using rules encoded as smart contracts.
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Ethereum @ descon 2016
- 2. Blockchain ★ Addresses (Accounts) ○ createKey() -> (privateKey, pubKey) ○ verifySignature(pubKey, makeSignature(privateKey, data)) -> True ★ Blocks ○ Every ~15s ○ Transactions ○ Prevent double spending ○ Mining ■ Difficulty ■ hash(serialized(transactions)+nonce) -> N bits, 00000....difficulty...101011011101 ■ rewards coins ■ limited supply of coins ○ P2P (every node has the full blockchain containing the history of all transactions) ■ Simplified wallet apps which only have private key for making transaction, delegating transaction processing to blockchain access service provider
- 3. Bitcoin ★ Limited transaction language
- 4. Ethereum ★ smart contracts ○ pay transaction and computation with ethers ○ apps with state stored on blockchain ○ solidity - looks like javascript, turing complete transaction language ○ ethereum virtual machine (EVM) ○ mining epoch (GPU, no ASIC) ○ apps ■ alternative cryptocurrences ■ dapps
- 5. Ethereum ★ pros-cons of transaction languages ★ DAOs ★ market capitalization ○ btc: $~9B $600/btc ○ eth: $~0.9B $11/eth
- 6. Demo ★ Geth ★ Ethereum wallet ★ Mining pool, etherminer on GPU ★ Create, use contract
- 7. Q/A