Blockchain for Dummies: Research Notes from my Independent Study
I was cleaning up the desktop on my computer today and I came across the research I did for my blockchain independent study last winter. I thought I would share the powerpoint and the resources I found for those of you looking to learn a little bit about blockchain technology. Enjoy!
A Quick Powerpoint Overview of Blockchain
SLIDE 1: The Million Dollar Question...
SLIDE 2: A blockchain is a data structure made up of blocks of transactions that are connected together in a chain. Through cryptography, mathematical magic, these blocks are securely chained together and a person is unable to tamper with the encrypted data.
SLIDE 3: On the left is a typical centralized database. Here the data is maintained and private to one entity. If this entity shuts down or is hacked, the data is ls lost. On the right is a decentralized blockchain network. Here all the nodes, or entities help maintain the ledger and hold on to a copy. Thus if a few go down or are malicious, the majority will be able to ensure the longevity of the blockchain since the blockchain is distributed among all.
SLIDE 4: When a transaction is submitted, it is broadcast out to a group of miners within the network (there are different algorithms to determine what subset). They all start trying to "solve the puzzle" to verify the transaction. If a particular miner think's they have solved it, that solution is then broadcast back to the group of miners, who then verify if the solution is correct. The miner who solved the puzzle gets a reward (currently 12.5 BTC) and appends a new transaction block to the blockchain.
SLIDE 5: There are three different types of blockchains: public, private, and consortium. Public: Anyone can be a node and thus help maintain and has the chance to append the ledger. Also anyone can send valid transactions and transaction history is viewable by anyone. Private: Access to the blockchain is limited to one entity. Thus only that entity can view, append, and write to the blockchain. Consortium: Best of both private and public. Essentially a permissioned blockchain allowing developers to regulate certain aspects of the blockchain such as write and append privileges and allowing certain aspects to be public such as read/receive privileges.
SLIDE 6: A few use cases of blockchain technology. Everledger: authentication for diamonds through a traceable transaction history on blockchain. Bitcoin: the first and most valuable cryptocurrency. ShoCard: a company that uses blockchain and mobile app technology to create a verifiable identification application allowing people to securely carry with them their identification credentials such as passport, birth certificate, driver’s license, etc.
SLIDE 7: Why YOU should be interested in blockchain technology.
LIST OF RESOURCES
New Sites
Tutorials and Classes
- CS251 Cryptocurrency and Bitcoin Stanford
- Prinecton Bitcoin/Blockchain class on Coursera
- Khan Academy Blockchain Videos
Research/Scholarly Websites
Different Blockchains
Basic Understanding Made Easy
- Great Visual Video MIT
- Nice Diagram explaining overview of blockchain
- Article That Simplifies Blockchain so it may be easily understood
Consensus Mechanisms
Smart Contracts
P2P Network
Permissionless vs. Permissioned Blockchains
Lisk vs. Ethereum
Various Links
- Ethereum White Paper
- Coding Smart Contracts on Ethereum
- MultiSig Alternative Implementation
- Blockchain Use Cases
- Blockchain Glossary
- Blockchain Blog
- “No need for a middlemen or a clearinghouse”
- ICO's
- Importance of UI for the blockchain user experience
- Tech Crunch Bitcoin and Blockchain Mini Series
Some Cool Companies, Projects, Platforms
Conclusion
I know some of the links may seem repetitive; there was one week where I became obsessed with permissioned vs. permissionless blockchains so that is why there are 7 links there. This is by no means a complete guide to blockchain. However, after reading through this article, you'll hopefully get a very basic idea of what blockchain is and why it is SO COOL!