1 - Blockchain Foundations
Blockchain | 17 Mar 2019
Consensys developer program
History of blockchain
1990s Stuart Haber / Scott Stornetta
How to keep the past data secure and keep digital information safe and resistant to tampering
- 1991 - First paper outlined the use of a chain of cryptographically secured blocks to preserve the integrity of past information and protect it.
- 1993 - Spam countermeasures
- 2008 - Bitcoin is born
“Bitcoin: A Peer-to-Peer Electornic Cash System”
- 2014 - Ethereum
Currency transactions and can run computations.
Distributed world computer running on a blockchain.
“Ethereum Virtual Machine” (EVM)
- 2015-2017 - Financial interest in Bitcoin / Blockchain
From Bitcoin white paper
"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”
Triple Entry Accounting
In addition to standard entries in both books of transaction credit / transaction debit it includes additional entry of recording a transaction on distributed blockchain (similar to auditing).
Book of transactions
If you want to confirm that transaction took place you have to look into books of 2 businesses - credit to one and debit to another. Here comes the concept of double entry accounting.
Keeping copies of ledgers across the internet with specific rules to manipulate them.
Consensus: Consensus mechanisms ensure that the distributed ledgers of a blockchain stay synchronized.
Is a set of linearly connected information-containing blocks secured with cryptography.
Nodes: the computers that run the blockchain software.
Ethereum - free to download blockchain, can be programmed. These applications run across al the nodes of the blockchain - these applications are DApps - Decentralized Applications.
Tokenization - provides a set of instructions for creating digital representation of everything from physical objects to ideas.
Ether (ETH) is the token for Ethereum. Ether allows a user to pay for transactions on the Ethereum blockchain.