The document discusses the past, present, and future of Bitcoin. It provides statistics on Bitcoin usage today, including the number of bitcoins in circulation, market capitalization, transaction volume, and community growth. It outlines upcoming developments like payment channels and the "Lightning network" that could enable instant, secure payments. It also speculates on future applications of blockchain technology like decentralized identity, smart contracts, supply chain optimization, and using Bitcoin in space.

1. The Next Frontier of Bitcoin
Jeff Garzik
CEO @ Dunvegan Space Systems
Bitcoin Core Developer @ BitPay
JGarzik@DSS.co / @jgarzik

2. “2015 will be a make-or-break year for Bitcoin”
- Timothy Lee, Vox.com
No — it is just the beginning.
- Me

3. Text
Bitcoin is a startup currency
Investment category: high risk

4. Text
Motivation
Universal money - The unbanked - My discovery

5. Text
Bitcoin: today
Warning: Technobabble ahead

6. Text
Bitcoin: Do it yourself?
Not the smartest move - use BitPay

7. Bitcoin: monetary snapshot
In circulation: 14,368,050 BTC
Market cap: $4.0B @ $285/BTC
Transactions: 200,000/day
Value transferred: 1.7M BTC/day (~$480M/day)
Hash power: 4.5M PetaFLOPS - 77000 x Tianhe-2
Market trading (USD): $55M/day

8. Bitcoin:community snapshot
Venture cap: $2M > $95M > $349M > $357M YTD
AngelList count: 512
Wallet count: 2M (coinbase), 3M (blockchain.info)
Reddit subscribers: 160,000
Developer repositories: 5,000+
P2P network nodes: 6,000

9. Bitcoin Core 0.10:
What’s new?
Headers first synchronization
Smart transaction fees
Unlimited P2SH script flexibility
HTTP REST API
Watch-only wallets
Consensus library

10. Text
Bitcoin: tomorrow

11. Text
The Bitcoin Pyramid - At the lowest layer today

13. The Goal
• Holy grail:
Instant, secure
payments
• Payment channels
• Open protocol
• Layer 2. Bitcoin base
• “Lightning network”,
“Impulse protocol”

14. Payment channel analysis
Trustless + multi-sig. Example use case:
Customer makes instant, secure payment to Lyft
Customer is secure against BitPay stealing funds
Lyft & BitPay are secure against Customer clawback
BitPay does not hold funds; funds go straight to Lyft.
Wallet software updates required

15. More Layer-2 services
BIP65 “CLTV” - Funds locked on-chain for X days
Semi-trusted escrow (2-of-3) - no funds held
“Internet of Chains” - side chains and more
Deploy new bitcoin features rapidly
Non-currency chains
Smart property: transfer ownership of stocks, cars, …

16. Identity & Smart Contracts
In a decentralized world, “identity” becomes key nexus
Decentralized markets demand [anonymous] identity,
reputation.
Smart contracts: Digitize every fact, then trigger action
ID+SC: Completes the decentralized landscape

17. Text
Bitcoin: the not-so-near future

18. BitSat: bitcoins in space
Cloud computing
Blockchain on board
BTC oracles in space
Worldwide broadcast
No “Great Firewall”
Space banks, corps

20. Text
Supply chains
Real-time optimization, reconfiguration

21. TradeNet (credit: Mike Hearn)

22. Twitter: @jgarzik
Email:
JGarzik@DSS.co
JGarzik@BitPay.com
FINI