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New Business Models enabled by Blockchain

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A broad-ranging introduction into Blockchain, the Mental Models to use to think about its implications (Blockchain as a Database, as a City and as a Continent); and a technical introduction into the key ingredients to build a blockchain as well as dApps.

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New Business Models enabled by Blockchain

  1. 1. www.slash.co Prepared for Startup Jungle - Blockchain event 15 September 2018 New Business Models Enabled by Blockchain 1
  2. 2. www.startupjungle.org Learning Community 2
  3. 3. 3
  4. 4. Blockchain Mental Models Blockchain as a Database Blockchain as a City Blockchain as a New Continent Blockchains and Examples 4
  5. 5. 5 Cha r 1 - Blo c as a Database 5
  6. 6. Blockchain = ‘Database’ 6
  7. 7. 7
  8. 8. Each database entry = ● time-stamped ● cryptographically secured ● linked to previous entry / ‘block’ 8
  9. 9. 4 ke n i s B c ha ● Decentralized (no single controller) ● Trustless (encrypted and immutable) ● Incentives (for entire user base & network) ● Programmable (embed logic) 9
  10. 10. 1. Decentralized 10
  11. 11. 11
  12. 12. 2. Trustless 12
  13. 13. Con s P ot s Network of X untrusted computers / nodes 1 “reliable” decision process (this minimizes the trust required from any single node) 13
  14. 14. “Tru l ” No n Nod , En y ed Im u b 14
  15. 15. 3. Programmable 15
  16. 16. 16
  17. 17. Smart Contracts = securely automate workflows with assets 17
  18. 18. 4. Incentives 18
  19. 19. Exa l : As e s’ ov IP Tokenize any assets (real estate, money, company equity, credits, etc) 19
  20. 20. 20 20
  21. 21. 21
  22. 22. 22 Cha r 2 - Blo c as a City 22
  23. 23. Not just 1 blockchain But many blockchains 23
  24. 24. 24
  25. 25. Think of blockchains like Cities 25
  26. 26. Each City is different Each City is like an ecosystem of services Layered on top of each other 26
  27. 27. Phnom Penh Singapore London Tokyo etc 27
  28. 28. 28
  29. 29. Each Blockchain is different Each Blockchain is like an ecosystem of services Layered on top of each other 29
  30. 30. 30
  31. 31. Pop Blo c Pro l Transactions in last 24h 31
  32. 32. Why care? What do users want? 32
  33. 33. Users want Security “Web scale” / performance Usability Reliable service / governance 33
  34. 34. For example Transactions/Second (TPS) Visa Card 24000 TPS EOS only 300 TPS (1% of Visa) 34
  35. 35. Blockchain is still young Like the Internet in 1994? 35
  36. 36. Yet, some say Blockchain is the Future of Internet 36
  37. 37. 37 Cha r 3 - Blo c as a Continent 37
  38. 38. The consumer Internet (“the Web”) is 25+ years old and changing fast 38
  39. 39. Evo on T eb Web 1.0 (~1990-2000) “Read-only” Web Directories Static content/websites Limited media Web 2.0 (~2000-2015) “Social” Web Search & keyword-based Dynamic & rich content Social, user-driven Web 3.0 (~2015- ??) “Semantic” Web Machine-readable / ‘Smart’ Personalized, decentralized Execute files in Web TBD if Open!? 39
  40. 40. 40
  41. 41. Blockchain seems like the first NATIVE business model for the internet 41
  42. 42. 2 reasons 42
  43. 43. 1. Customer-centric 43
  44. 44. Blockchain sees 3rd party applications as its customers 44
  45. 45. Consider how Blockchain movement is an evolution (upgrade?) from the Open Source movement 45
  46. 46. Ope S ce M en (re y i d en n ~1998) ● Open license & free software ● Code collection & libraries (without service, users or data) ● Weak long-term incentives (no business model) ● “Weekend developers” vs Enterprise Contributors (asymmetry in power) 46
  47. 47. “But it’s not because I can run MySQL database for free ... … that I can get a billion users and all the data Facebook has” 47
  48. 48. From Open Source ... Libraries & Code No “instance” No users No data No incentive … to Blockchain Live “Services” “Instantiated” Community of users Data Programmable Incentives 48
  49. 49. From Open Source ... ● Blueprints (of roads, power grids, schools), no City ● Take blueprint and build your own City from scratch ● Deploy your new Service and work to get actual people in there … to Blockchain ● Participate in existing City ● Road system already exists(a service deployed by someone else) ● Build your Service on top of others. Easier to deploy Services. ● If City successful, Incentive to Participate! ● Same open & collaborative properties as Open Source. Bac C t a l ... 49
  50. 50. For Blockchain the kind of applications you can contribute is fundamentally different 50
  51. 51. The question becomes: “How is what I am contributing as Service going to impact the ecology of this symbiotic ecosystem?” 51
  52. 52. 2. Community-approach 52
  53. 53. How un n r u t? 53
  54. 54. Centralized Go direct to user Platform for Community Community adds ‘Services’ 54
  55. 55. Centralized Go direct to user Platform for Community/Devs Community adds ‘Services’ 55
  56. 56. This community-approach opens up marketplace for innovation and experiments 56
  57. 57. Cha r 4 - Blo c and Examples 57
  58. 58. 58
  59. 59. 59
  60. 60. BUT 90%+ of Blockchain startups are bullsh*t (not sustainable businesses ) 60
  61. 61. Blockchain + IoT AI Mixed Reality Robotics 3D Printing 61
  62. 62. Cro r Pay t w .Rip .co 62
  63. 63. Tra (eB l Lad ) w .wa l.co 63
  64. 64. Re l E te w .fa c .ci 64
  65. 65. Lux Pr e n w .ev d e .i 65
  66. 66. Mus al w .uj ic.co 66
  67. 67. an B c h i ... 67
  68. 68. 68
  69. 69. First local community initiatives … Khmer Crypto Foundation Blockchain Warriors A Small World Slash and Startup Jungle :) 69
  70. 70. Regulation will follow soon? Early 2019 TBD 70
  71. 71. Blockchain Technical Introduction 71 Prepared for Startup Jungle - Blockchain event 15 September 2018 www.slash.co
  72. 72. BLOCKCHAIN 4 ingredients Step by Step Consensus 72
  73. 73. 73 Blo c 4 ingredients 73
  74. 74. 74 Pe r Pe t o k Decentralised Distributed Shared database Node 74
  75. 75. 75 Consistent output One way function Digital fingerprint Has c o aaf4c61d dcc5e8a2 dabede0f 3b482cd9 aea9434d hello # 75
  76. 76. 76 Public / Private Key Pair Private - Sign Public - Verify En y i n K 76
  77. 77. 77 Proof of Work Proof of Stake Proof of Authority Con s Me h m 77
  78. 78. 78 Blo c Step by Step 78
  79. 79. Computers Server Client Centralised Computing Centralised Decision Tra on 79
  80. 80. Computers (Nodes) Miners (Full Nodes) Users (Partial Nodes) Distributed Computing Decentralised Decision Pe r Pe 80
  81. 81. Computers (Nodes) Miners (Full Nodes) Users (Partial Nodes) Alice wants to send 1 coin to Bob Tra c o Alice Bob TRANSACTION Sender: Alice Recipient: Bob Amount: 1 81
  82. 82. Computers (Nodes) Miners (Full Nodes) Users (Partial Nodes) Alice needs to sign the transaction with her private key En y i n TRANSACTION Sender: Alice Recipient: Bob Amount: 1 Ali Alice Private Key Alice Bob 82
  83. 83. Computers (Nodes) Miners (Full Nodes) Users (Partial Nodes) Alice shares her private key so everyone can verify her signature En y i n TRANSACTION Sender: Alice Recipient: Bob Amount: 1 Ali Alice Private Key Alice Public Key Alice Bob 83
  84. 84. Computers (Nodes) Miners (Full Nodes) Users (Partial Nodes) Alice sends the signed transaction to the network Bro s i g Alice Bob 84
  85. 85. Computers (Nodes) Miners (Full Nodes) Users (Partial Nodes) Miners add the new transaction to their list of transaction to validate Bro s i g Alice Bob Transactions 85
  86. 86. To validate transactions, miners need to solve a complex mathematical problem Min Transactions aaf4c61d dcc5e8a2 dabede0f 3b482cd9 aea9434d # 00000000 000008a2 dabede0f 3b482cd9 aea9434d #c41975d1 dae1cc69 b16ad889 2b8c7716 4e84ca39Nonce Block hash than starts with N zeros 86
  87. 87. By solving the mathematical problem, the miner has created a block Blo 00000000 000008a2 dabede0f 3b482cd9 aea9434d Pending transactions Timestamp Difficulty target Nonce Previous block hash Reward 1 Bitcoin 87
  88. 88. And can append it to the previous one to create a (block) chain BloPending transactions Timestamp Difficulty target Nonce Previous block hash 00000000 000008a2 dabede0f 3b482cd9 aea9434d 00000000 00000ede 0f3b482c d9aea943 8a2dab4d 00000000 0000082c d9aea943 4d8a2dab ede0f3b4 88
  89. 89. Computers (Nodes) Miners (Full Nodes) Users (Partial Nodes) The miner broadcast the new block to the rest of the network Bro s 89
  90. 90. 90 Blo c Consensus 90
  91. 91. Mining a block rewards me 1BTC. Why should I accept someone else’s block? 91
  92. 92. 92
  93. 93. 93 Miners always try to mine blocks with the longest & valid chain they have. It should be difficult to mine a block. Rul 1 Rul 2 93
  94. 94. Do b S en g (1) Someone tries to spend the same coin 2 times, at the same time. 94
  95. 95. Do b S en g (2) Someone sends you a coin. Then he revert the transaction by creating another block to replace the one where your transaction was validated. 95
  96. 96. https://www.codementor.io/learn/blockchain/tutorials https://medium.com/slash-digital/if-you-still-dont-understand-bitcoin-38d376e551af https://medium.com/@coriacetic/the-four-layers-of-the-blockchain-dc1376efa10f http://www.usv.com/blog/fat-protocols https://richtopia.com/emerging-technologies/review-6-major-blockchain-protocols https://www.youtube.com/watch?v=Er_-MW8i9KE Use l s 96
  97. 97. Decentralized APP (DAPP) What is it? Tools and frameworks for DAPP Public vs Private Blockchain 97
  98. 98. 98 Blo c What is DAPP? 98
  99. 99. Dec r i d A li on ● Open Source ● Decentralized ● Incentivized ● Protocol An application that is run by many users on a decentralized network (not controlled by any single entity) 99
  100. 100. Ad a t of DA ● Inherent Security ● Cryptocurrency Integration ● Resistance To Corporate Intervention ● Potential For Innovation 100
  101. 101. Top A P 101
  102. 102. Top A P la r 102
  103. 103. Blo c Centralized vs Decentralized APP 103
  104. 104. Pro m g i C t iz s De t iz AP Decentralized APP ● Database: Blockchain, BigchainDB, Mediachain, ... ● Deployment: (IPFS, Ethereum SWARM, FileCoin). ● Frontend: HTML, JS, CSS ● Backend: Smart Contract -> Blockchain ● Browser: Metamask, Mist, uPort, ... ● Framework: Truffle, Embark, Blockstack, ... ● DNS or ENS (Ethereum Name Service) Centralized Web APP ● Database: MySQL, PostgreSQL, MongoDB, ... ● Deployment: DigitalOcean, Amazon EC2, … ● Frontend: HTML, JS, CSS ● Backend: API -> Database ● Browser: Google Chrome, Firefox, … ● Framework: Symfony, Laravel, Rails, ... ● DNS (Domain Name System) 104
  105. 105. 10 5 Blo c Tools & Frameworks for DAPP 105
  106. 106. To l & Fra r or DA 106
  107. 107. To l & Fra r or DA Sma n c & Sol y ● Speed and accuracy ● Trust ● Security ● Savings 107
  108. 108. To l & Fra r or DA Tru l ● Automated contract testing ● Configurable build pipeline ● Generators (new contracts and tests) ● Instant rebuilding of assets ● Console ● External script runner ● Contract compilation and deployment Development environment, testing framework and asset pipeline for Ethereum 108
  109. 109. 10 9 To l & Fra r or DA Web3.j ● web3-eth: Ethereum Blockchain & Smart Contracts ● web3-shh: Whisper Protocol to communicate p2p. ● web3-bzz: Swarm Protocol, decentralized file storage. ● web3-utils: useful helper functions for DAPP developers. Ethereum JavaScript API 109
  110. 110. To l & Fra r or DA Met k ● Don’t need to download 10+GB blockchain ● Store your ETH in a chrome extension ● Easy to set up ● Safe ● Not only a wallet, but also works on DAPP. METAMASK Brings Ethereum to your browser 110
  111. 111. To l & Fra r or DA IP ● Peer-2-Peer Transfer ● Content Addressing (Unique Identifier) ● No Duplication ● Tamper Proof ● Fast browsing of data Open-source, peer-to-peer distributed hypermedia protocol 111
  112. 112. Blo c Public vs Private Blockchain 112
  113. 113. 11 3 Pub v P iv B oc h Sim it ● Peer-to-peer network ● Consensus ● Immutability 113
  114. 114. Pub v P iv B oc h - Dif n e Public Blockchain ● Anyone can join ● Incentivize participants to join. Private Blockchain ● Need invitation ● No incentive 114
  115. 115. Pub v P iv B oc h - Pro & Con Public Blockchain Pros ● Users protected from developers ● Network effects Cons ● Limited scalability ● Limited privacy ● Storage constraints Private Blockchain Pros ● Rule changing ● Known validators ● Transaction speed is high ● Cheaper transactions ● Well-connected nodes ● Privacy Cons ● Lack of decentralized power ● Trust ● Higher probability of going down 115
  116. 116. Pub v P iv B oc h - Pla r Public Blockchain Private Blockchain 116
  117. 117. THANK YOU
  118. 118. CONTACT US hello@slash.co

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