Ebay without Ebay - Bitcoin smart contracts presentation by Oleg Andreev
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Ebay without Ebay - by Oleg Andreev February 13, 2014 @ Paris Bitcoin Startups #1 --- About the author : Oleg Andreev - Software designer Web : http://oleganza.com/ Twitter : @oleganza E-mail : oleganza@gmail.com Paris, France --- Uploadé par Bitcoinomie - L'actualité du Bitcoin et des monnaies virtuelles, en France et dans le monde. Web : http://www.bitcoinomie.fr Twitter : @Bitcoinomie
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Ebay without Ebay - Bitcoin smart contracts presentation by Oleg Andreev
- 1. Ebay without Ebay Oleg Andreev @oleganza oleganza@gmail.com ! February 13, 2014
- 2. Bitcoin is:
- 6. Bitcoin is:
- 7. Bitcoin is: Everyone sees everything
- 8. Bitcoin is: Everyone sees everything Everyone executes code
- 9. Bitcoin is: Everyone sees everything Everyone executes code Everyone validates txs
- 10. Every teenager:
- 11. Every teenager: 2001: can make a webpage
- 12. Every teenager: 2001: can make a webpage 2010: can make a mobile app
- 13. Every teenager: 2001: can make a webpage 2010: can make a mobile app 2014: can make a contract
- 14. Alice Bob
- 15. Alice Bob iPod
- 24. Alice Bob
- 38. 1 transaction 2 inputs locked by 2 keys $200 $200 2 AlicePubKey BobPubKey 2 CHECKMULTISIG
- 42. Signatures required $200 $200 Keys used Alice Public Key 2 AlicePubKey BobPubKey 2 CHECKMULTISIG
- 43. Signatures required $200 $200 Keys used Alice Public Key 2 AlicePubKey BobPubKey 2 CHECKMULTISIG Bob’s Public Key
- 44. Alice and Bob must agree on how money is being spent $200 $200 2 AlicePubKey BobPubKey 2 CHECKMULTISIG
- 45. To unlock money both signatures must be present 0 (SigA) (SigB) $200 $200
- 46. To unlock money both signatures must be present Back to Alice 0 (SigA) (SigB) $200 $200
- 47. To unlock money both signatures must be present Back to Alice 0 (SigA) (SigB) Back to Bob $200 $200
- 49. Alice has both signatures and sends the unlock transaction 0 SigA SigB $200 $200
- 51. $200 $200 Alice Problem: Alice can unlock $200 any time she wants, but Bob cannot. iPod SigA SigB Bob $100
- 54. MAD
- 56. Mutually
- 57. Mutually Assured
- 59. Before starting business, Alice and Bob sign transaction that destroys all funds 0 SigA SigB 000000000000000 lock time: +30 days
- 60. Before starting business, Alice and Bob sign transaction that destroys all funds 0 SigA SigB 000000000000000 lock time: +30 days Cool off period
- 63. Payment + Unlock in one transaction
- 70. Alice pays and unlocks at the same time 0 SigA SigB $100 $300
- 71. Bob is motivated to unlock $300 to not allow Alice to destroy his $200 0 SigA SigB 0 SigA SigB $100 $300 000000000000000 lock time: +30 days
- 72. Once one tx is in blockchain, another one becomes invalid 0 SigA SigB 0 SigA SigB $100 $300 000000000000000 lock time: +30 days
- 73. Once one tx is in blockchain, another one becomes invalid 0 SigA SigB $100 $300
- 74. Protocol:
- 75. Protocol: Alice and Bob choose keys.
- 76. Protocol: Alice and Bob choose keys. They lock money with 2-of-2 multisig script.
- 77. Protocol: Alice and Bob choose keys. They lock money with 2-of-2 multisig script. They sign a +30d timelocked destruction tx.
- 78. Protocol: Alice and Bob choose keys. They lock money with 2-of-2 multisig script. They sign a +30d timelocked destruction tx. Bob sends the product.
- 79. Protocol: Alice and Bob choose keys. They lock money with 2-of-2 multisig script. They sign a +30d timelocked destruction tx. Bob sends the product. Alice pays and unlocks money.
- 80. Protocol: Alice and Bob choose keys. They lock money with 2-of-2 multisig script. They sign a +30d timelocked destruction tx. Bob sends the product. Alice pays and unlocks money. If money is not unlocked in time, either party can destroy money.
- 81. Use cases:
- 83. Use cases: Anonymous markets Freelance contracts
- 84. Use cases: Anonymous markets Freelance contracts Autonomous agents