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bitcoinjs-nyc-html5

Bitcoin and Ethereum Talk at Conde Nast

On Github jeffscottward / bitcoinjs-nyc-html5

Bitcoin.js and the Blockchain

Web 3.0 is here

By Jeff Ward

@jeffscottward

@jeffscottward.github.io

Digital Currencies

Digital currencies have been around for a while.

Each is an attempt to use money natively on the internet, either for general use or for a specific domain.

Otherwise payment processors are necessary for each transaction as a trusted 3rd party for transaction disputes.

3rd Party Payment Processors

Digital Currency Examples

Main takeaway

These are all forms of centralization of currency and processing to the benefit of the issuing/processing company.

Which means ultimately they can be seized by the government, or hacked by attackers at any point.

Centralization is bad!

Cryptocurrency Definition

A cryptocurrency is a type of digital token that relies on cryptography for chaining together digital signatures of token transfers through peer-to-peer networking, which is secured by decentralization of consensus and trust.

wat?

Bitcoin in 3 Minutes

Bitcoin in 3 Minutes

Corrections to Video

  • MT-GOX was hacked and shut down after losing $500 million.
  • Current price is currently about $475
  • Top price was $1,200 in November 2013
  • The algorithm governing bitcoin has reached the first halving point, so now 25 bitcoins are issued every 10 minutes
  • 13+ Million bitcoins have been mined as of today

What is bitcoin?

What is bitcoin?

  • Bitcoin is a crytopgrahiclly secure, binary style, distributed application, for transactions on the web.
  • Bitcoin is meant to mimic how BitTorent shares files, but for transaction information, through a Peer-To-Peer network
  • TLDR; Email for Money

Email for Money

Much like email, where users would have an address and a password

Bitcoin users have:

  • Address (public key)
  • Password (private key)

These keys are generated from an Elliptic Curve Digital Signature Algorithm aka ECDSA, that is applied against any large random number that is provided as an input.

Bitaddress.org

Bitaddress.org

How are transactions secured?

Transactions are secured by hashing the the entirety of a previous transaction with the intended new owners public key and the previous owners private key.

What is the block chain?

  • The blockchain is a public ledger for all bitcoin transactions that have taken place. You can think of this a distributed database.
  • Bitcoin "miners" secure the network by collecting transactions around the network and hashing them with timestamps into groups or "blocks".
  • Each wallet is required to have a copy of the blockchain (can be provided by a 3rd party API)

BitcoinJS - Wallet Generator App

Wallet Generator App
  • Generate A Large Random Seed Number
  • Generate Public & Private Keys
  • Create Transactions
  • Sign Transactions to Inputs & Outputs
  • and Serialize those Transactions
  • So essentially BitcoinJS deals with the "Front-End" of Bitcoin
  • Bitcoin mining-nodes would be considered "Back-End"
  • Small data manipulation library that feels like Underscore

Bitcoin Based Alternative Currencies

DogeCoin Community

DogeCoin Community

CoinYe

CoinYe

Bitcoin Nodes in Space!

  • Free electricity from solar power for mining
  • No laws governing its use
  • Futuristic Tax haven (heaven)

What about Web 3.0?

  • Bitcoin is only a binary style application.
  • Coins can be spent or unspent. 0's or 1's.
  • What if we implemented a programming language on the blockchain that can be evaluated in the virtual environment of any of the transaction mining nodes of the network?
  • This is the dream of Ethereum ( and other platforms ).
  • Ethereum and others implement "Smart Contracts" or a binding agreements ( just like paper contracts ) that are written in code as an application, and stored on a blockchain. The results of which, are written to the same blockchain.

Ethereum

Automation for:

  • Insurance Policies
  • Last Will and Testament
  • Marriage Contracts
  • Crowdfunding
  • Voter Registration
  • Corporate Governance
  • Decentralized Dropbox
  • Decentralized Stock Exchanges
  • Distributed Autonomous Corporations
  • SKYNET...

Ethereum and JavaScript

Links

BitcoinJS: http://bitcoinjs.org

BitcoinJS Bower Package: https://github.com/jeffscottward/bitcoinjs-bower-pkg

Khan Academy Bitcoin Course: http://goo.gl/MMwahv

Bitcoin Protocol Specification: https://en.bitcoin.it/wiki/Protocol_specification

Bitcoin WhitePaper: https://bitcoin.org/bitcoin.pdf

CoinDesk: http://CoinDesk.com

Brainwallet: https://brainwallet.github.io

Ethereum: http://ethereum.org

Ethereum WhitePaper: https://www.ethereum.org/pdfs/EthereumWhitePaper.pdf

EtherScripter: http://etherscripter.com

Mintchalk: http://mintchalk.com

Building the Decetralized Web: http://goo.gl/KIgXDg

THANKS!

See you at the bar!