a software package that contains business logic and user data to sit in the cloud. A copy of this cloud is replicated by millions of computers around the world to keep code/ data integrity. The user interface is an open source project that communicates with the software package in the cloud. To incentivize people to replicate this software package to be maintained you pay them with a digital currency. Rick Tuinenburg
is determined by the popularity of the entire platform. Early adopters gain the most if the platform becomes a success. What makes this platform unique is that the business logic / data cannot be taken down or changed unless multiple anonymous developers around the world agree to do so. This makes it so authorities cannot take down software or data they don't like. Some use cases are: legal public records (deeds, court cases records, fictitious business names, etc) Rick Tuinenburg
Expansive to use Slow (5-1000x) Truly a global singleton Cannot fail, be stopped or censored Ubiquitous Verifiable and Auditable Atomicity Immortality Guarantees
Expansive to use Slow (5-1000x) Truly a global singleton Cannot fail, be stopped or censored Ubiquitous Verifiable and Auditable Atomicity Immortality Immutable Code Guarantees
Expansive to use Slow (5-1000x) Truly a global singleton Cannot fail, be stopped or censored Ubiquitous Verifiable and Auditable Atomicity Immortality Immutable Code Synchrony Guarantees
Expansive to use Slow (5-1000x) Truly a global singleton Cannot fail, be stopped or censored Ubiquitous Verifiable and Auditable Atomicity Immortality Immutable Code Synchrony Provenance Guarantees
Expansive to use Slow (5-1000x) Truly a global singleton Cannot fail, be stopped or censored Ubiquitous Verifiable and Auditable Atomicity Immortality Immutable Code Synchrony Provenance Permanence Guarantees
of trust. – Rather than currency, you can use the ledger for kind of applications which require trust – For e.g. Notary, writing a will, or decentralised
of trust. – Rather than currency, you can use the ledger for kind of applications which require trust – For e.g. Notary, writing a will, or decentralised I. Craiglist , Uber, Zomato …
of trust. – Rather than currency, you can use the ledger for kind of applications which require trust – For e.g. Notary, writing a will, or decentralised I. Craiglist , Uber, Zomato … II. Ebay, Amazon, Uber …
of trust. – Rather than currency, you can use the ledger for kind of applications which require trust – For e.g. Notary, writing a will, or decentralised I. Craiglist , Uber, Zomato … II. Ebay, Amazon, Uber … • The way to do it is to write programs which are called “Smart Contracts”
of trust. – Rather than currency, you can use the ledger for kind of applications which require trust – For e.g. Notary, writing a will, or decentralised I. Craiglist , Uber, Zomato … II. Ebay, Amazon, Uber … • The way to do it is to write programs which are called “Smart Contracts” • Ethereum can also be used to do normal ether transactions.
of trust. – Rather than currency, you can use the ledger for kind of applications which require trust – For e.g. Notary, writing a will, or decentralised I. Craiglist , Uber, Zomato … II. Ebay, Amazon, Uber … • The way to do it is to write programs which are called “Smart Contracts” • Ethereum can also be used to do normal ether transactions. Matchmakers
Alice does Alice bets that if she is in danger, Spiderman will protect her. Spiderman morally wants to help everybody, if he can. Because with great power comes great responsibility.
Alice does Alice bets that if she is in danger, Spiderman will protect her. Spiderman morally wants to help everybody, if he can. Because with great power comes great responsibility. Alice does not trust Bob, and needs to ensure that they both hold their end of bargains after the bet is done.
Alice does Alice bets that if she is in danger, Spiderman will protect her. Spiderman morally wants to help everybody, if he can. Because with great power comes great responsibility. Alice does not trust Bob, and needs to ensure that they both hold their end of bargains after the bet is done. Spiderman is unaware of this bet, and just webbing his way around.
?? $$$ Msg • Contract = Code + State • Turing Complete • Self-Executing and enforcing are submitted as transactions in blockchain. - Can send eth to other accounts
?? $$$ Msg • Contract = Code + State • Turing Complete • Self-Executing and enforcing are submitted as transactions in blockchain. - Can send eth to other accounts - Read/write from storage
?? $$$ Msg • Contract = Code + State • Turing Complete • Self-Executing and enforcing are submitted as transactions in blockchain. - Can send eth to other accounts - Read/write from storage - Invoke function calls to other contracts
?? $$$ Msg • Contract = Code + State • Turing Complete • Self-Executing and enforcing are submitted as transactions in blockchain. - Can send eth to other accounts - Read/write from storage - Invoke function calls to other contracts - Create other contracts
address) • value (amount of ETH to send) • data (readable by contract code) • gasprice (amount of ether per unit gas) • startgas (maximum gas consumable) • v, r, s (ECDSA signature values)
the blockchain – nonce: previous nonce + 1 – to: empty – value: value sent to the new contract – data: contains the code of the contract – gasprice (amount of ether per unit gas) – startgas (maximum gas consumable) – v, r, s (ECDSA signature values) • If tx is successful – Returns the address of the new contract
to the blockchain – nonce: previous nonce + 1 – to: contract address – value: value sent to the new contract – data: data supposed to be read by the contract – gasprice (amount of ether per unit gas) – startgas (maximum gas consumable) – v, r, s (ECDSA signature values) • If tx is successful – Returns outputs from the contract (if applicable)
1.1 Ethereum’s state consists of key value mapping addresses to account objects Address Object 0x123456… X 0x1a2b3f… Y 0xab123d… Z Bitcoin's state consists of key value mapping of addresses to account balance
1.1 Ethereum’s state consists of key value mapping addresses to account objects Address Object 0x123456… X 0x1a2b3f… Y 0xab123d… Z Bitcoin's state consists of key value mapping of addresses to account balance Blockchain != Blockchain State
transaction if success Rolls back the transaction, if it fails Ethereum State Transition 1 Syntax checking transaction. 2 Computing preamble transaction fee.
transaction if success Rolls back the transaction, if it fails Ethereum State Transition 1 Syntax checking transaction. 2 Computing preamble transaction fee. 3 Initialise the gas payment.
transaction if success Rolls back the transaction, if it fails Ethereum State Transition 1 Syntax checking transaction. 2 Computing preamble transaction fee. 3 Initialise the gas payment. 4 Transfer the amount from sender to receiver.
transaction if success Rolls back the transaction, if it fails Ethereum State Transition 1 Syntax checking transaction. 2 Computing preamble transaction fee. 3 Initialise the gas payment. 4 Transfer the amount from sender to receiver. 5 Throw error, when sender account does not have sufficient ether, and roll back transaction.
transaction if success Rolls back the transaction, if it fails Ethereum State Transition 1 Syntax checking transaction. 2 Computing preamble transaction fee. 3 Initialise the gas payment. 4 Transfer the amount from sender to receiver. 5 Throw error, when sender account does not have sufficient ether, and roll back transaction. 6 For any other error, send the gas fee to sender
every transaction and stores the entire state P6 P5 P4 P3 P2 P1 This is a new block! I’m a leader This is a new block! This is a new block! This is a new block! This is a new block! This is a new block!
or not a program will run infinitely – A malicious miner can DoS attack full nodes by including lots of computation in their txs • Full nodes attacked when verifying the block uint i = 1; while (i++ > 0) { donothing(); }
of ether per unit gas • startgas: maximum gas consumable – If startgas is less than needed • Out of gas exception, revert the state as if the TX has never happened • Sender still pays all the gas • TX fee = gasprice * consumedgas • Gas limit: similar to block size limit in Bitcoin – Total gas spent by all transactions in a block < Gas Limit
execution is done correctly, is not tampered • Integrity of code and data • Optional properties – Confidentiality of code and data – Verifiability of execution – Availability for the programs running inside Security Property
execution is done correctly, is not tampered • Integrity of code and data • Optional properties – Confidentiality of code and data – Verifiability of execution – Availability for the programs running inside Security Property Servers secured by trusted hardware. (Intel SGX)
before participating. • Use oracles (external trusted third parties) • Use network (miners are ready to do your work for a good incentive) • Cryptography 1. Commitments 2. Digital signatures 3. Merkle trees and authenticated data structures Technical aspects of smart contract
? Need tools like Oyente • Can define your secure ethereum client based on yellow paper • Can define programming languages like rust for smart contracts.
? Need tools like Oyente • Can define your secure ethereum client based on yellow paper • Can define programming languages like rust for smart contracts. • Scaling Issues ?
? Need tools like Oyente • Can define your secure ethereum client based on yellow paper • Can define programming languages like rust for smart contracts. • Scaling Issues ? • Sharding
? Need tools like Oyente • Can define your secure ethereum client based on yellow paper • Can define programming languages like rust for smart contracts. • Scaling Issues ? • Sharding • State channels
? Need tools like Oyente • Can define your secure ethereum client based on yellow paper • Can define programming languages like rust for smart contracts. • Scaling Issues ? • Sharding • State channels • Privacy Issues (Ring signatures, ZK-SNARKS and Hawk)
? Need tools like Oyente • Can define your secure ethereum client based on yellow paper • Can define programming languages like rust for smart contracts. • Scaling Issues ? • Sharding • State channels • Privacy Issues (Ring signatures, ZK-SNARKS and Hawk) • Ethereum Virtual machine and improvement in language models
? Need tools like Oyente • Can define your secure ethereum client based on yellow paper • Can define programming languages like rust for smart contracts. • Scaling Issues ? • Sharding • State channels • Privacy Issues (Ring signatures, ZK-SNARKS and Hawk) • Ethereum Virtual machine and improvement in language models • Proof of work/stake model for x86_64 which is gpu and asic resistant
? Need tools like Oyente • Can define your secure ethereum client based on yellow paper • Can define programming languages like rust for smart contracts. • Scaling Issues ? • Sharding • State channels • Privacy Issues (Ring signatures, ZK-SNARKS and Hawk) • Ethereum Virtual machine and improvement in language models • Proof of work/stake model for x86_64 which is gpu and asic resistant • Defining decentralised pools and exchanges and relays (eg. Smart pool and BTC relay)
• Transaction in blockchain = mining reward + mining fee + private cost function • Multi-Agents are involved like miners, type of transactions etc. • Can we define a model to calculate the costs for a particular contract or at least provide some guarantee.
• Transaction in blockchain = mining reward + mining fee + private cost function • Multi-Agents are involved like miners, type of transactions etc. • Can we define a model to calculate the costs for a particular contract or at least provide some guarantee. • Can do various studies of economics in crypto-regime
• Transaction in blockchain = mining reward + mining fee + private cost function • Multi-Agents are involved like miners, type of transactions etc. • Can we define a model to calculate the costs for a particular contract or at least provide some guarantee. • Can do various studies of economics in crypto-regime • Behavioural economic models
• Transaction in blockchain = mining reward + mining fee + private cost function • Multi-Agents are involved like miners, type of transactions etc. • Can we define a model to calculate the costs for a particular contract or at least provide some guarantee. • Can do various studies of economics in crypto-regime • Behavioural economic models • Selfish Agents
• Transaction in blockchain = mining reward + mining fee + private cost function • Multi-Agents are involved like miners, type of transactions etc. • Can we define a model to calculate the costs for a particular contract or at least provide some guarantee. • Can do various studies of economics in crypto-regime • Behavioural economic models • Selfish Agents • Coordinated choices
• Transaction in blockchain = mining reward + mining fee + private cost function • Multi-Agents are involved like miners, type of transactions etc. • Can we define a model to calculate the costs for a particular contract or at least provide some guarantee. • Can do various studies of economics in crypto-regime • Behavioural economic models • Selfish Agents • Coordinated choices • How a blackmail would happen, what would be protocols for heist, Can there be a morality check on contracts
• Transaction in blockchain = mining reward + mining fee + private cost function • Multi-Agents are involved like miners, type of transactions etc. • Can we define a model to calculate the costs for a particular contract or at least provide some guarantee. • Can do various studies of economics in crypto-regime • Behavioural economic models • Selfish Agents • Coordinated choices • How a blackmail would happen, what would be protocols for heist, Can there be a morality check on contracts https://github.com/ethereum/research/wiki/Problems
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