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Introduction to Blockchain

Koshik Raj
February 02, 2019

Introduction to Blockchain

Koshik Raj

February 02, 2019
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  1. ➔ Several cypherpunks attempted to implement cryptocurrencies in 1990s. ◆

    Bit gold, DigiCash Satoshi Nakamoto Published the idea in a paper: "Bitcoin: A Peer-to-Peer Electronic Cash System" on Oct 2008. ➔ The Bitcoin implementation wanted to achieve decentralized accounting system Background
  2. Trust issues ➔ We approach trusted third party for certainty

    ➔ This has led to the centralization of power Alice Bob
  3. ➔ Cyber attacks on major institutions. ◆ Sony pictures, JP

    Morgan Chase data breach. ◆ Target customer confidential data breach. ➔ Expensive transaction fee. ➔ Subprime mortgage crisis in 2008. Centralization concerns
  4. Distributed Ledger Technology (DLT) ➔ Each node holds a copy

    of the ledger ➔ Blockchain + P2P+ Consensus algorithm = DLT
  5. Consensus mechanism ➔ Algorithm to reach a global truth ➔

    Consensus mechanism solves the byzantine generals’ problem. ➔ Bitcoin’s proof-of-work is the first and well known consensus algorithm
  6. Blockchain 1.0 ➔ Many cryptocurrencies were evolved after Bitcoin ➔

    Few projects tried to: ◆ facilitate Bitcoin ◆ Solve inefficiencies
  7. Blockchain 2.0 ➔ Post 2014, several blockchain platforms paved a

    way for decentralized applications (DApps) ➔ These platforms enabled turing complete scripting capabilities
  8. Enterprise blockchain ➔ Blockchain platforms created to cater the enterprise

    use cases to provide: ◆ High performance ◆ Resilient ◆ Privacy ➔ Numerous permissioned blockchain platforms were proposed
  9. Limitations ➔ Difficult to achieve high throughput in decentralized systems

    vs vs Decentralization User experience Scalability ➔ Usability of applications are challenging for the end users.
  10. DApp popularity ➔ DApp popularity continues even after ICO fad

    ➔ Blockchain platforms boost the growth of DApps ➔ Over 2500 apps are built on Ethereum, EOS, Steem, POA Source: www.stateofthedapps.com
  11. Can I get in? ➔ 2017 had an 100 %

    increase in the job posting ➔ One of the highest paid jobs in the software industry Source: burning-class.com
  12. “Keep calm and learn blockchain” Contact me: Koshik Raj linkedIn:

    koshikraj GitHub: koshikraj twitter: rajkoshik [email protected] www.koshik.me