The basics of Bitcoin and Blockchain

1.
the basics
Torii Speakers Corner
Uri Nativ
June 2017

2. bitcoin is a revolution
(not only a technology one)
Max Keiser poetry slam on fraud and financial terrorism

3. what is money?
fiat money - not backed by gold or anything with real value
(no promise to be exchanged with gold)
the value of fiat money lies solely in the faith of those using it

4. what is________ ?

5. Satoshi Nakamoto

6. Satoshi Nakamoto
?

7. what is________ ?
ledgerledger
ledger
ledger
ledger
ledger
ledger
a distributed
public ledger

8. https://blockexplorer.com

9. public-key cryptography
private Public

10. trapdoor function
easy
hard
easy given
secret

11. the________ ledger
From To Amount
19adfe1… 1abe443… 5.0
13983ede… 14a883e… 4.0
1823eea6… 13deb6a… 1.0
123fea6… 14a883e… 6.0
15bc56a… 11d3d3a… 1.0
182828ff… 14ab123… 3.0
14a883e… 188ffa88… 10.0
1998deba.. 132fe3f… 4.0

12. the________ ledger
From To Amount
19adfe1… 1abe443… 5.0
13983ede… 14a883e… 4.0
1823eea6… 13deb6a… 1.0
123fea6… 14a883e… 6.0
15bc56a… 11d3d3a… 1.0
182828ff… 14ab123… 3.0
14a883e… 188ffa88… 10.0
1998deba.. 132fe3f… 4.0

13. Impossible to
change historic
data
From To Amo
19adfe1… 1abe443… 5.
13983ede… 14a883e… 4.
1823eea6… 13deb6a… 1.
123fea6… 14a883e… 6.
15bc56a… 11d3d3a… 1.
182828ff… 14ab123… 3.
14a883e… 188ffa88… 10
the________ ledger

14. the blockchain

15. timestamped
chained
signed
JUN, 28 2017
09:21:37
Data + block-1 hash
0000000DKJ5POX
4X668MNX996IJH
IUGDSJKHD09809
the blockchain

16. the blockchain
a change in a previous block will
invalidate all following blocks

17. the blockchain
a change in a previous block will
invalidate all following blocks

18. the blockchain
since each participant has a copy each can
detect tampering in the blockchain

19. mining

20. digital signature

21. proof of work

22. let's race!
0 ≤ X ≤ 20
The 3rd digit after the dot of √x equals 1
Find X

23. block is solved in average
every 10m

24. https://anders.com/blockchain/

25. longest blockchain wins

26. miners incentive

27. immediate?

28. scaleable?

29. should i buy bitcoins?
Don't Buy Bitcoin. It's Going To Crash!!!

30. should i buy bitcoins?
Don't Buy Bitcoin. It's Going To Crash!!!