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Decentralizing Everything with BlockchainDavid PaluySep 2017
Double Entry Bookkeeping
Alice wants to send Bob $100
Alice asks Trent (Bank) to send $100 to Bob
Double Entry Bookkeeping
-$100+$100
Momentum accounting or triple-entry bookkeeping
“...changes in balances are the recognized events”
1989
Alice sends Bob $100
Shared Ledger
Distributed Ledger (Shared Ledger)
Distributed Ledger is a consensus of replicated, shared, and synchronized digital data
geographically spread across multiple sites.
Distributed Ledger (Shared Ledger)
There is NO central administrator or centralised data storage
Blockchain
Blockchain - Database and transaction processing
Bitcoin
The first real implementationof the Blockchain technology
decentralized platform that runs smart contracts
Ethereum
Smart Contract - Programmable Money
Each transaction may have a set of rules (smart contract) that govern what and how money is delivered.
dApp ~= App
ERC-20 Token Standard
Basic standard for new Tokens on Ethereum network
ICO - Initial Coin Offering
In an ICO campaign, a percentage of the cryptocurrencyis sold to early backers of the project in exchange forother cryptocurrencies (Bitcoin and/or Ether)
ICO ~= IPO
ICOs have raised more than $1.3 billion so far in 2017
Coindesk, Aug 2017
What exactly are these tokens?
“Tokens give the holder a right to participate in a given blockchain activity”
Token benefits
1. Token can be an alternative to traditional equity-based financings2. Token can be bought by anyone3. Liquidity improvement4. A new business model: better-than-free5. Instant custody without intermediaries
Is it Legit?
ICO Whitepaper
Token buyers are buying Private Keys
Tokens = Equity
If advertised, as a way to share in the profits of the company
Blockchain Hurdle
1. Difficult to understand2. Difficult to use3. More difficult to use securely4. Cultural change5. Trusting mathematics protocol is never been acceptable6. Users should trust themselves to keep their keys secured
Blockchain needs
● Better applications● Better security● Better user interface
Blockchain will transform the technology tomorrow