15. Blockchain solves the issue of multiparty contention without
having to involve a human.
16. Blockchain solves the issue of multiparty contention without
having to involve a human.
Trust is no longer needed to contentiously interact with a
third-party.
17. Blockchain solves the issue of multiparty contention without
having to involve a human.
Trust is no longer needed to contentiously interact with a
third-party.
This is the first ever instance of a technology which can do
such a thing.
18. Blockchain solves the issue of multiparty contention without
having to involve a human.
Trust is no longer needed to contentiously interact with a
third-party.
This is the first ever instance of a technology which can do
such a thing.
Practically speaking, we have just commoditized the rarest and
most delicate of all intangible assets: trust.
20. A Blockchain is...
A Byzantine-Fault-Tolerant decentralised
singleton fixed-function state-transition
system
21.
22. Itâs a type of Computing Machine
Slow
Code runs 5-100x slower that natively compiled
Expensive to use
Basic computation, memory and storage costs are ~1950s levels
Not always immediately decisive
(Trans-)Actions can sometimes be reorganised
24. Actually, it is.
A Shared Singleton
One single computer among many
Cannot Break, Shut down or be Corrupted
Resistant to attack or coercion
Ubiquitous
No special or costly hardware required for access
Verifiable & Auditable
All transactions recorded, archived and replayable. Always.
31. Walled Gardens
Interoperability Difficult
Reliability, standards, trust, security collude to make it a nightmare
Increased Barriers
For integrating multi-party, multi-domain systems
Cumbersome
Servers are expensive to set up and maintain;
Blockchain always-on, always ready
32. Not to mention Security
Auditability
All results are readily auditable from their inputs
Security
Fewer servers and databases to hack
Authenticity
All interactions are cryptographically signed:
Unauthorised Interactions are Impossible
33. Ethereum
Platform for Reduced-trust Computing
for
identity management
smart contracts
interoperable infrastructure
permissions management
auditability
37. What does it provide?
Pooled security
all constituent chains of our community guaranteed
Trust-free transactions
constituent chains can send transactions to each other
38. How does it work?
Relay-chain
the top-level which coordinates consensus and
transaction delivery between constituents
Parachains
constituent chains which gather and process
transactions
39. Basics of the Relay-chain
No functionality
no external transactions, no smart contracts
Fees levied
fees paid for voting/movement of tokens between
parachains
40. Polkadotâs Relay-chain ensures that
transactions between the constituent
parachains get delivered and that
they are all operating correctly.
Parachains can take any form of
globally-coherent consensus system;
potentially even another relay-chain.
Enterprise-friendly encrypted, private,
proof-of-authority chains are
supported.
Bridges can exist to ferry
transactions between the relay chain
and existing, independent chains like
Ethereum.
Extensible, Scalable
and Flexible
41. Open parachains can be tightly integrated
into Polkadot, using Polkadotâs validators
to ensure their correct operation. They are
the easiest and cheapest form of
integration.
Closed parachains can be weakly
integrated into Polkadot, giving them the
freedom to manage validation internally
e.g. using a set of recognised authorities.
Bridged chains can be integrated into
Polkadot too. Bridges add complexity and
cost to integration, but allow the chain to
exercise its own means of consensus.
Polkadot network
Consortium parachain (EWF)
Authorities manage
parachain validation, access
controls &c.
Transactions and
inter-chain consensus
