Core developer Jeff Garzik covers the current and future state of bitcoin.

1. The Future of Bitcoin
Jeff Garzik
CEO @ Dunvegan Space Systems
Bitcoin Core Developer @ BitPay

2. “2015 will be a make-or-break year
for Bitcoin”
- Timothy Lee, Vox.com
No — it is just the beginning.
- Me

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Bitcoin is a startup currency
Investment category: high risk

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Motivation
Universal money - The unbanked - My
discovery

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Bitcoin: today
Warning: Technobabble ahead

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Bitcoin: Do it yourself?
Not the smartest move - use BitPay

7. Bitcoin: monetary snapshot
In circulation: 14,067,000 BTC
Market cap: $3.1B @ $223/BTC
Transactions: 100,000/day
Value transferred: 811,000 BTC/day ($180M/day)
Hash power: 4.3M PetaFLOPS - 77000 x Tianhe-2
Market trading (USD): $5M/day

8. Bitcoin:community snapshot
Venture cap: $2M > $95M > $349M > $229M YTD
AngelList count: 512
Wallet count: 2M (coinbase), 3M (blockchain.info)
Reddit subscribers: 160,000
Developer repositories: 5,000+
P2P network nodes: 6,000

9. Bitcoin Core 0.10:
What’s new?
Headers first synchronization
Smart transaction fees
Unlimited P2SH script flexibility
HTTP REST API
Watch-only wallets
Consensus library

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Bitcoin: tomorrow

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The Bitcoin Pyramid - At the lowest layer today

13. The Goal
• Holy grail:
Instant, secure
payments
• Payment channels
• Open protocol
• Layer 2. Bitcoin base
• “Lightning network”,
“Impulse protocol”

14. Payment channel analysis
Trustless + multi-sig. Example use case:
Customer makes instant, secure payment to Lyft
Customer is secure against BitPay stealing funds
Lyft & BitPay are secure against Customer clawback
BitPay does not hold funds; funds go straight to Lyft.
Wallet software updates required

15. More Layer-2 services
BIP65 “CLTV” - Funds locked on-chain for X days
Semi-trusted escrow (2-of-3) - no funds held
“Internet of Chains” - side chains and more
Deploy new bitcoin features rapidly
Non-currency chains
Smart property: transfer ownership of stocks, cars, …

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Bitcoin: the not-so-near
future

17. BitSat: bitcoins in space
Blockchain on board
BTC oracles in space
Worldwide broadcast
No “Great Firewall”
Space banks, corps

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Supply chains
Real-time optimization, reconfiguration

20. TradeNet (credit: Mike Hearn)

21. Twitter: @jgarzik
Email:
JGarzik@DunveganSpace.com
JGarzik@BitPay.com
FINI