Jerome de Tychey - Building Web3.0 with Ethereum - Codemotion Berlin 2018
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Jérôme de Tychey is the director of ConsenSys Solutions in France, which focuses on providing blockchain solutions, education, incubating startups, and developing infrastructure in the Ethereum ecosystem. ConsenSys has a significant presence globally with approximately 1200 staff across 30 countries and is actively engaged in various projects and partnerships, including events and collaborations with governmental organizations. The document outlines the fundamentals of blockchain technology, Ethereum's unique features such as smart contracts, and the growing adoption of decentralized applications (dApps).
Jerome de Tychey - Building Web3.0 with Ethereum - Codemotion Berlin 2018
- 2. Jérôme de Tychey :-D Who am I ? ● Director of ConsenSys Solutions in France ● Find me on social media @jdetychey ● email: jerome@consensys.net ● Background in economics (game theory and growth model) ● President of Asseth
- 3. ConsenSys is involved in 6 main activities SOLUTIONS Consult and deliver production ready blockchain solutions for the Enterprise and Government markets EDUCATION Educate developers and entrepreneurs about Ethereum through training programs STARTUP STUDIO Incubate new companies developing decentralized applications on the Ethereum blockchain 3 INFRASTRUCTURE Help grow the ecosystem by building and maintaining core developer tools and clients CAPITAL Provides token services, crypto asset management and venture capital ECOSYSTEM DEVELOPMENT Drive development of ecosystem through focus groups Enterprise Ethereum Alliance Blockchain for Social Impact 1 2 3 4 5 6 ConsenSys in Numbers: ~1200 staff in ~30 countries ~40 projects incubated Offices in SF, Toronto, Toronto, London, Paris, Bucharest, Dubai, Cape Town, Singapore, Melbourne, Tokyo, Berlin...
- 4. ConsenSys is involved in 6 main activities SOLUTIONS Consult and deliver production ready blockchain solutions for the Enterprise and Government markets EDUCATION Educate developers and entrepreneurs about Ethereum through training programs STARTUP STUDIO Incubate new companies developing decentralized applications on the Ethereum blockchain 4 INFRASTRUCTURE Help grow the ecosystem by building and maintaining core developer tools and clients CAPITAL Provides token services, crypto asset management and venture capital ECOSYSTEM DEVELOPMENT Drive development of ecosystem through focus groups Enterprise Ethereum Alliance Blockchain for Social Impact 1 2 3 4 5 6 ConsenSys in Numbers: ~1200 staff in ~30 countries ~40 projects incubated Offices in SF, Toronto, Toronto, London, Paris, Bucharest, Dubai, Cape Town, Singapore, Melbourne, Tokyo, Berlin... !YES WE ARE HIRING! https://consensys.net/open-roles/
- 5. Hooray! France: We are now > Fifty!
- 6. ConsenSys in Paris and Upcoming Events Ethereum Community Conference, in Paris, 5th, 6th et 7th March 2019 ● 2000 attendees, 400 speakers ● Followed by ETHParis hackathon ● => Blockchain Week in Paris !! <= ● Have a glimpse at 2018 edition: https://ethcc.io ● Team expansion from 7 to 50 ● 20 engineers working on the delivery of Enterprise clients in the financial sector ● Engaged by an European music festival organizer to promote transparency in its payment system ● Operator of EU Blockchain Observatory & Forum ● Engaged by the French ministry of finance to help define Gov Blockchain strategy ● Engaged by a French startup in IoT for retail to design a blockchain powered reward system ● Various regulation & education related achievements October 2018 March 2019
- 8. A subtil equilibrium between game theory (microeconomics), peer 2 peer networking, and cryptography Things to keep in mind when talking about blockchain ● New modifications are appended to the Ledger by grouping them in a block that point to the last block, hence the term “blockchain”: a chain of blocks; ● the state of Ledger is constructed by aggregating the chained blocks of modifications, therefore keeping track of the whole history of modifications; ● a Peer (aka node) of the Network keeps a copy of the ledger; ● Replication guarantees availability and non tempering of the information written in the ledger; ● the accounting unit allows the emergence of a consensus on the state of the ledger through incentivization mechanisms; ● the accounting unit is sometimes considered as a currency, an asset, or a commodity. Network Ledger Blockchain Accounting Unit (Token)
- 9. Network, Ledger and Accounting unit, 3 intertwined pillars Essential notions Blockchain Network Accounting unit (token)Ledger The nodes (peers) replicate the same ledger The ledger notably tracks accounts of the user via a public key infrastructure Appending a modification to the ledger relies on transferring tokens from one user to another The accounting unit (token) incitivizes peers to come to consensus as they value the unit
- 10. The protocol relies on a elegant mix of hashing function, public-private cryptographic key pair, and incentivization Essential notions Hashing Incentives Public keys Incentivization mechanisms bring consensus among a large number of nodes and guarantee the resilience of the network Public keys are the entries or accounts of the ledger, they also allow strong authentication Functions that take data of arbitrary size as input and output a data of fixed size. They are one way and the output looks random. Hash functions play a role consensus generation and in keeping integrity of the ledger Blockchain
- 11. The term blockchain reflect the structure of the ledger Blockchain as a chain of blocks Users can modify the ledger by broadcasting in the network a transaction containing their modification, transactions are grouped in a block that points to the latest known block. Blocks of transactions are pointing to one another thus forming a chain Inclusion in a block comes along with tamper-proof sealing and timestamping
- 12. The term blockchain reflect the structure of the ledger Blockchain as a chain of blocks The Nonce if the proof of validity of the block The (native) Timestamp facilitates lot of applications Users can send transactions to the P2P network. Transactions (Txi) are selected by miners The reference to the previous block’s hash makes the blockchain immutable The Merkle tree structure (hashing transactions, hash of hash etc…) allows efficient and secure verification of content in a large body of data
- 13. Major innovation of blockchain technology lies in applications of new consensus algorithms Consensus, why this block and not another ? Leader selection ● Proof of Work (Meritocraty). The right to be the leader relies on the computing work that has been done. This work is both difficult to achieve and easy to attest when done. The work done is usually wasted from one block to another. When successful, workers are rewarded in tokens ● Proof of Stake (Capitalism). Users can put their tokens at stakes and commit to coherence of new blocks. Leaders are regularly chosen at random where chances of being chosen reflect the stakes ● RAFT (Democracy). Leader is designated for a term that can end prematurely if the node goes offline ● Proof of Authority (Monarchy), a list of leaders is established with a priority order ● ... ● one node has to be the leader ● the leader creates the next block and broadcast it Different forms of consensus reflect fault tolerance and resilience to byzantine behaviours of the peers Incentivization mechanism reward good behaviour and sometimes punish bad behaviour
- 14. A Glimpse at an Ethereum’s block 3,930,000 https://etherscan.io/block/3930000
- 15. Ethereum, what is it? a world computer!
- 16. The Ethereum Virtual Machine (EVM) ● Ethereum is a blockchain, therefore it has the 3 pillars: ○ network of nodes… ○ ... replicating the same ledger…. ○ ... and accounting with an accounting unit (ether) ● What’s special about Ethereum ? ○ Transaction can contain code ○ The nodes host a virtual machine called the EVM ● The EVM is turing complete ● But, the EVM has a pay as you go mechanism for code execution ● The EVM executes Opcode that are fundamental instructions such as ADD, SUB, SSTORE... A runtime environment for smartcontract
- 17. Neither smart nor contracts but immutable tamper-proof self executing contracts Smart Contracts - Softwares deployed in the Ethereum Blockchain Smart contracts Smart contracts are code stored on the blockchain and self-executed, using the trust and security of the blockchain network. They provide an application logic that runs in a distributed fashion on the Ethereum blockchain and operates using the power of the Turing-complete Ethereum Virtual Machine (see next slide). It allows users to program anything (sky is the limit!) and therefore enhance or completely redesign business processes and services. Dapps and DAOs Collections of integrated smart contracts and traditional web technologies realize a new breed of decentralized applications (dapps) and a create a vision for decentralized autonomous organizations (DAOs) Ethereum pioneered token standards allowing businesses to create their own tokens representing assets or utilities and still interact with the Ethereum blockchain via smart contracts (e.g., ERC20, ERC223, ERC721) Contract Offer Consideration Acceptance <smart contract> contract OfferContract { uint public acceptance_rate = 50; mapping (address => uint) tradeAccount; mapping (address => uint) coinAccount; address public owner; function Consideration() { owner = msg.sender; } modifier onlyOwner { if (msg.sender != owner) sign; } function setAccept(uint rate) onlyOwner { acceptance_rate = rate; } } </smart contract>
- 18. The Gas, aka the evanescent state of Ether ● Each Opcode has a price (hence “pay as you go” mechanism) expressed in Gas ● Gas is like a sub-accounting unit in Ethereum ● A transaction in Ethereum consume more or less Gas as it requests more or less Opcodes ○ No opcode? Alice sends 1 ether to Bob: 21 000 Gas ● Before broadcasting a transaction, a user selects: ○ a GasLimit: how much EVM usage he/she is willing to request for the transaction (usually estimated by the user’s client) ○ a GasPrice: how much ether he/she is willing to pay per Gas ● Miners pick pending transactions to build a block and (tend to) prioritize transactions with high GasPrice ● Miners cash in the transaction fees GasUsed * GasPrice ● Ether is therefore both programmable money and money to program ○ One can argue that it’s a commodity for super secure cloud computing The Gas is the smart pay as you go mechanism for code execution in the EVM
- 19. Ethereum: blockchain as a deterministic transitioning protocol Each block represent a new state for the EVM The Ethereum Virtual Machine (EVM) is the runtime environment for smart contracts in Ethereum. The EVM is a Turing complete virtual machine All nodes in the network execute the exact same sequence of bytecodes in the exact same order and in the same way. Every transaction contents are bytecodes ; this set of instructions will allow the EVM to transition to a new state. You can program anything a normal program could do: variables (integers, strings, lists, mappings), functions, loops, storage manipulation, etc. All nodes in the network receive and process every blocks and therefore every transactions. This can be seen as if Ethereum was a computer shared between every nodes in the network where the blockchain protocol ensures a consensus so all nodes can synchronize their actions.
- 21. But! The node number has remained quite steady over the last 18 months EIP 908: Incentives for running full Ethereum nodes Adoption, where are we?
- 22. Ethereum has the largest developer community, for now? Adoption, where are we? ● Ethereum: ~390,000 dev based on Github active repo ● 16k active repos with 270k commits ● 1M DL of Truffle, 300k finished cryptozombies in June, 25k instance of Ethernaut lvl1
- 23. The diversity of the dapps is astonishing but the # users is arguably low (14 users per Dapp, +2 vs 4 months ago… yes that’s 16% rise) Adoption, where are we? Dappradar.com Total Dapps: 1078 +70% vs June 24H Tx: 60,729 +10% vs June 24H Users: 14K +16% vs June 24H Vol: 14,900 ETH +24% vs June Smartcontracts: 2256 +82% vs June
- 24. State of the Dapp list more Dapps… Adoption, where are we?
- 25. The killer app sofar : creating your own token Let there be tokens, the ERC20 Standard ● Facilitate integration and interoperability of dapps in the Ethereum ecosystem ● The ERC20 Token Standard as a common set of rules for ethereum-based tokens to adhere to. ● As a result, almost all of the major tokens on the ethereum blockchain today, including those sold in initial coin offerings (ICOs), are ERC-20 compliant. ● A smart contract running on top of the ethereum blockchain, i.e. a set of code (functions) with an associated database ○ The code describes the behavior of the token ○ The database is basically a table with rows and columns tracking who owns how many tokens.
- 26. Bringing Securities to the Blockchain Let there be tokens, the ERC20 Standard ● ICObench: 4665 ICOs (+286 last month) ● 95% done on Ethereum ● ICObench: 2017: 6.1Bn$ ; 2018: 10,4Bn$ But... ● Etherscan: 130016 ERC20 Contracts ?! ● Etherescan 740 are ranked from 242$ to 1.170Bn$ market cap ● Alethio 823 ranked by volume ● How come no one is really tracking that? ○ permissionless and global Amount raised and # of ICOs (ICObench)
- 27. Bringing Securities to the Blockchain DEX! (30k ETH volume daily last week) https://dex.watch/
- 29. The Web 3.0 Abstracted Stack Killing the Server by Redesigning Data Structures
- 30. BRAVE ● Reconnect users and publishers in transparent system to guarantee privacy and authenticity ● Browse Safer - Protect your privacy ○ Popular sites often host multiple ads and tracker per site ○ Trackers profile locations, behaviour and others browsing ● Browse Faster - Deliver faster load time ○ Browse the web up x 8 faster as you don’t have the trackers and the blockers anymore ● Be Rewarded through “Brave Reward” ○ Give reward to your favorite publisher / content creators through a blockchain based tokens process => Basic Attention Token ● More qualitative content ○ As a matter of fact, the content you dispose is more personalised and more relevant for you. The privacy preserving, chromium based, ads opt-i,n ethereum powered browser
- 31. BOUNTIES NETWORK https://bounties.network/ Changing the way we collaborate.
- 32. IPFS + Ethereum Name System + Metamask Hosting in the decentralized file storage on a decentralized name system
- 33. IPFS + Ethereum Name System + Metamask https://chateaud.eth
- 34. Rainbow token! Let’s play around https://rainbowtoken.herokuapp.com
- 35. Jérôme de Tychey ConsenSys Paris Hub jerome@consensys.net @jdetychey Merci!