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Cryptocurrencies overview

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Cryptocurrencies overview

  1. 1. Cryptocurrencies Technological differences By: Hector-Hugo Franco-Penya
  2. 2. BTC variants Technological differences https://en.wikipedia.org/wiki/Bitcoin#/media/File:Bitcoin_logo.svg https://www.cuteedge.com/wp-content/uploads/2017/06/btc-savings3-300x300.jpghttp://www.luckybit.eu/s/img/emotionheader.png?1449569116.940px.374px
  3. 3. BITCOIN a transaction TAKE 1.1 from A SEND 1 to B Memo: “Non censorable message” Transaction fee 0.1 Signed by: A
  4. 4. Block chain solve double spending • 2 valid individual transactions • Send all my credit to A • Send all my credit to B • Only 1 transaction can be valid
  5. 5. BITCOIN A block HASH problem solution problem SOLVED BY A A get all transaction fee + new credit LOTS OF COMPUTERS trying to mine = great security
  6. 6. Block chain solve double spending • Two blocks created simultaneously? • Computing cost to solve problem (proof of work) Too slow to solve problems: Aborted wins
  7. 7. Bit torrent file distribution (ledge) https://en.wikipedia.org/wiki/BitTorrent http://www.intertechrecords.com/image/artist/no.government-200.jpg
  8. 8. Digital signature • Algorithm produces 2 keys- locks. • What one key encrypts/locks the other decrypts/unlocks. • 1 public  to send private messages to the owner. • 1 private  to sign transactions.
  9. 9. Multi signature • Multi-signature account: • Multiple keys associated to 1 account, a valid transaction requires some signatures. • Enables: DISTRIBUTED EXCHANGE https://images-na.ssl-images-amazon.com/images/I/51jrgJ%2BGqqL._SX450_.jpg
  10. 10. BTC failure • Speed • 1 block / 10 minutes • Scalability •  1MB / block • max transactions • Decentralization = Mining pools • Anonymity http://blogs.harvard.edu/vrm/files/2016/01/BrokenBitcoin.png
  11. 11. BTC failure: Decentralization / mining pools • 5 mining pools take over 50% power • Hack this 5 = Hack network. (now 4) • Most of them in China. https://blockchain.info/pools
  12. 12. Anonymity • Bitcoin  no names, but traceable. • Mixing: A and B wants to mix Take 1 from A Take 1 from B Put 1 on C Put 1 on D Signed by: A & B A B C D https://sobernation.com/wp-content/uploads/2011/10/Anonymity.jpg Target of crime?
  13. 13. https://sobernation.com/wp-content/uploads/2011/10/Anonymity.jpg Anonymity: Advanced methods Ring signature (requires servers) • DASH • MONERO* (compulsory) • BYTECOIN • FANTOINCOIN Zero-proof • Zcoin • Zcash (also total amount) • Soon: • Ethereum • Pivx (ring  zero)
  14. 14. A Persistent Public Billboard: BTC message • Domain Name DNS: • NameCoin (NMC) 2011 • Bit-torrent server. • Emercoin (EMC) 2013 • Vtorrent (VTR) 2014 . • Social media: • Self publishing media (new netfilix) : Decent (DCT) 2017 • SMART CONTRACTS: https://w2.eff.org/images/no_censorship_button.jpg
  15. 15. http://etheresante.com/wp-content/uploads/2017/04/photomania-ee67aa4a9e4e9a155be50d86cbea02af.jpg Smart contracts / scripts • Over bitcoin: OMNI 2013 do not slow transactions. • NXT 2013: non-Turing. • Burst 2014 & Ethereum 2015: Turing, transaction valid if contract/script is valid. , can slow transactions. • Byteball 2017 Declarative (like sql) non-Turing (no block-chain) • NEO 2017 • Enable: DIGITAL Assets: shares, commodities (gold), …
  16. 16. Smart contracts / scripts ISSUES • Slow serves processing transaction • Omnilayer • Make contracts expensive, as all nodes have to compute them. • Lisk http://etheresante.com/wp-content/uploads/2017/04/photomania-ee67aa4a9e4e9a155be50d86cbea02af.jpg
  17. 17. Smart contracts / scripts: Lisk side chains https://blog.lisk.io/what-is-lisk-and-what-it-isnt-e7b6b6188211 Allow programmers to build their own cryptocurrency chained to lisk, using lisk or their own coin Issue: requires your own servers, lisk miners do not protect side chains.
  18. 18. Treasury & services • Keep a % of transaction fees to pay developers. • Less miners  less security & more services • BitShares (BTS) 2013 • Burstcoin (BUST) 2014 • Einsteinium (EMC2) 2014  philanthropic projects • Master nodes for ring signatures: Dash 2014. http://www.chinadaily.com.cn/hkedition/attachement/jpg/site1/20141031/00221917e13e15bd167801.jpg
  19. 19. Consensus algorithms 1. Proof-of-work 2. Proof-of-stake 3. Delegate-proof-of-stake 4. Proof-of-Importance 5. Proof-of-Stake-Velocity 6. Utilizing the Computational Power 7. Trading Computer Power 8. Proof-of-Capacity 9. Private Networks 10. On Reducing Electricity problem solution SOLVED BY A
  20. 20. Consensus: Proof-of-work • Bitcoin • 1 transaction = 2.7 days house hold power America. • Specialized hardware & cheap electricity. • Litecoin (LTC) • No hardware advantage. http://laoblogger.com/images/mining-clipart-black-and-white-2.jpg
  21. 21. Consensus: Proof-of-stake : In greed we trust • More capital = more likely to make next block. • Issue: miners, both forks, for free. (Ethereum POW) • Solution: Collateral • Examples: • Peercoin (PPC) 2012, • NXT (NXT) 2013, • Blackcoin (BLK) 2014 http://boxmining.com/wp-content/uploads/2017/05/proof-of-work-vs-proof-of-stake.jpg
  22. 22. Consensus: Delegated-proof-of-stake • Users choose to delegate the power to create a new node. • BitShares 2013 first • Lisk (LSK) 2016. •  VERY FAST!
  23. 23. Consensus: Proof-of-Importance “Consuming is good” • Nem (XEM) 2015, number of transactions made from their wallet, aiming to promote nodes to carry out transactions. The more transactions the more healthy economy. http://buysellgraphic.com/images/graphic_preview/large/money_circle_24761.jpg
  24. 24. Consensus: Proof-of-Stake-Velocity • Reddcoin (RDD) rewarding computers sharing the file-block-chain.  facilitates users to incorporate new nodes to the network. https://en.wikipedia.org/wiki/BitTorrent
  25. 25. Consensus: POW + useful work • Find PRIME numbers (good for cryptography) • Primecoin (XPM) 2013 • Riecoin (RIC) 2014 (better test)
  26. 26. Consensus: Trading computation • Gridcoin 2013:  rewards donors with coin. No consensus. • MaidSafeCoin (MAID) (? On development) Trade computer resources, not only to maintain the cryptocurrency but also as service.
  27. 27. Consensus: Proof-of-capacity • Algorithm requires Hard disk. • Burstcoin (BUST) 2014 • Fairer distribution • Low electricity
  28. 28. • Increasingly more decentralize BITCOIN
  29. 29. Consensus: Private networks • Private company maintains the network. • No need for miners • No need to verify problems. • No reward for building a block. • Ripple (XRP) 2012 • Stellar Lumens (XLM) 2014
  30. 30. Consensus: On Reducing Electricity •The best solution - reward  - miners Is a million miners > than a thousand? •“VIRES IN NUMERIS”? https://www.citi.io/wp-content/uploads/2015/02/344-7.jpg
  31. 31. https://www.cuteedge.com/wp-content/uploads/2017/06/btc-savings3-300x300.jpg Block chain free cryptocurrencies
  32. 32. DAG: Direct Acyclic Graph: http://cryptowiki.net/index.php?title=Blockchain-free_cryptocurrencies • Link transaction to previous • Transactions can be linked if both valid (double spending) • Scalable
  33. 33. DAG: Direct Acyclic Graph: http://cryptowiki.net/index.php?title=Blockchain-free_cryptocurrencies • Yellow transaction is valid if all red transactions are valid • No blocks • No new credit • No miners • No pools  BTC security problem • Smart contracts – declarative – non-Turing Examples: • IOTA 2016 • Byteball / Blackball 2017 (anonymous transactions)
  34. 34. SAFE: Secure Access For Everyone 201? • Provides servers = can replace the whole INTERNET. • Messaging, apps, email, social networks, data storage and video conferencing. • Attack requires 75% of nodes. • Truly exchange/mine hard disk and bandwidth for coin. (unlike gridcoin) Coin value Current owner Previous owner 10 A B 10 A B 5 A B 1 B C No ledge  synchronized table of coins and owners.
  35. 35. Exchange markets https://ak2.picdn.net/shutterstock/videos/1299583/thumb/11.jpg https://www.cuteedge.com/wp-content/uploads/2017/06/btc-savings3-300x300.jpg
  36. 36. Exchange Markets Centralized • Give me the assets and I will exchange them. Like a bank • Most are centralized Take 0.25% • 2010-2014 security De-centralized • Internal assets • External assets • Fiat (Dollar, Euro…)
  37. 37. Decentralized internal assets exchange • E.g. • Exchange internal Ethereum assets, operates inside Ethereum. • Takes 0.25% https://etherboost.github.io/images/etherdelta_logo.svg
  38. 38. Decentralized external • E.g. Open ledger • Multi signatures  BTC, Ether, etc becomes internal token. • Several servers have to sign a transaction to take currency out of the exchange wallet. https://cointelegraph.com/storage/uploads/view/bb768539b6b5c78bc358b0ee1721054e.png
  39. 39. Decentralized external & internal • E.g. & open ledger • BitShares provides a block chain for storing transactions . • Non-Turing contracts. Optimize for building an exchange. • Design exchange: (Unlike Ethereum) • Could handle NASDAQ traffic • Orders processed in a second. (delegate proof of stake) • Basic token: Dollar & Euro (price stability) & BTC (send btc for >1c to BitShares account) • Allows recurrent payments (like a bank) https://cointelegraph.com/storage/uploads/view/bb768539b6b5c78bc358b0ee1721054e.png
  40. 40. Decentralized external & internal • E.g. & open ledger • Also has internal tokens (like Ethereum). • Nicknames for accounts. • Free exchange: • No % taken for exchange. • Free is the cost of placing order in the block chain (less than 1cent) • Cheap & secure. • BitShares 2013 also NXT 2013 https://cointelegraph.com/storage/uploads/view/bb768539b6b5c78bc358b0ee1721054e.png
  41. 41. Decentralized Fiat exchange • Collateral to block online. • Arbitrator • Bank transfer peer to peer
  42. 42. Future of a single world decent currency Scalability Anonymity Speed Decentralized Tokens Other Bitcoin Block limit Low Low (SegWit) 10min/block Mining pools Omni layer Ethereum Not optimized for ICOs in dev Good 13-17s/block Mining pools Yes BitShares Nasdaq traffic in dev 0.7s/block, ~cards ?? Yes Free exchange market Byteball No block chain blackballs ? completely Yes SAFE ? ? ? Yes Virtual servers
  43. 43. Further details Thanks for your attention

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