Invaluable Insights on Bitcoin and Blockchain Technology

Blockchain Workspace www.blockchainworkspace.com !1
Invaluable bitcoin
@henkvancann
@henkvancann and @bcworkspace
Bitcoin is money, bitcoin is blockchain, bitcoin is philosophy, politics, freedom, …

.
What is going on with the bitcoin PRICE?!
What does the bitcoin rate towards FIAT mean? A perspective.
https://www.reddit.com/r/Bitcoin/comments/88mj0d/lesson_why_bitcoins_fiat_price_is_irrelevant/
https://steemit.com/bitcoin/@jrcornel/my-favorite-chart-of-bitcoin
There are many perspectives, Google is your friend.
Chart with events:
https://99bitcoins.com/price-chart-history/

.
HODL: keep your crypto coins
Personal view:
1. Relevant On- and off boarding / Timing of Entering - Exiting
2. The bigger the market cap the less vulnerable for financial manipulation by the current financial FIAT system.
3. Short term: only relevant for speculation, Medium term: +/- 30%!!, Long term: up!

Blockchain - trustworthy proofs
Example SHA-256 HASH:
ca978112ca1bbdcafac231b39a23dc4da786eff8147c4e72b9807785afee48bb
Famous HASH:
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
+ =
Repeat of essence of public blockchains (DATA + FUNC):
DATA
Encryption {key}
Timestamping and consensus {stamp}
Verification {check}
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f Genesis block #0 (Jan 3, 2009, 10 leading zeros)
Expert question: What is the accidental part of the blockchain discovery? -> Answer: The (later customized ‘op_return’) data field of a
transaction.
FUNC : smart contracts -> lex cryptographia
“Lex Cryptographia is a plan for addressing trust and recourse problems in online commerce in a way that does not depend on
unreliable, inaccessible, non-existent, or contradictory government law systems. By combining the concepts of insurance, surety, smart
contracts, and third party arbitration where necessary, it is possible to greatly reduce the risk of non-performance.”

Blockchain - Hash calculation
http://www.xorbin.com/tools/sha256-hash-calculator

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Tip: Understand the inner working of the technology you use

Blockchain Workspace www.blockchainworkspace.com
Hiding, puzzling & colliding?
Source: Princeton University / Coursera: Introduction to Crypto and Cryptocurrencies
Important facts to be reminded of:
 
Many hashes MD5, SHA-1, SHA-256, Scrypt, … (why is that important? : diversity, dedicated goals)
Open Source (why is that important?)
Data versus Functions (why vital to understand the difference?)
The (open source) Hash-functions have nothing to do with the (open source) smart contracting functions on the blockchain.

Lightning Network: speed enhancements & more sustainable
Simply explained : https://www.youtube.com/watch?v=rrr_zPmEiME

Our human brain disappoints us?!…
We need a privacy layer to build openness for all on top!
https://medium.com/@ianedws/roadmap-to-bitcoin-developments-f7af59b6d122
MimbleWimble & GRIN: hide transaction parties
MAST increases privacy by keeping hidden unused parts of smart contracts, thus tying less information to public keys. SC’s to be split into
their individual parts; This has several benefits in terms of privacy, transaction size and allowing for larger smart contracts.

• Consensus fork
• Code fork
• Soft fork (miners)
• Hard fork
• User Activated Soft fork
• More?
Types of forks
Consensus forks happen many times, once a week. Harmless they are automatically dealt with by the bitcoin protocol.
Code fork are sometimes pointless
Hard fork are potentially dangerous for bitcoin and the overall impression of the vast majority of people concerning bitcoin and public
blockchains.
https://www.coindesk.com/short-guide-bitcoin-forks-explained/
https://99bitcoins.com/bitcoin-fork-segwit-vs-bitcoin-unlimited-explained-simply/

RSK : smart contracting on bitcoin
sidechain technology
a token called SBTC (smart bitcoin), which is pegged to BTC at a 1:1 ratio.
Solidity and the RSK virtual machine is fully compatible with Ethereum’s
merge mine on RSK with very little performance impact to Bitcoin mining.

Blockchain Workspace www.blockchainworkspace.com !X
Drivechain and blind merged mining
http://www.truthcoin.info/blog/blind-merged-mining/
Sidechains have many potential benefits, including:
•Protect Bitcoin from competition from altcoins and spinoffs. Safely allow competing implementations (of sidechains).
•Protect Bitcoin from hard fork campaigns. (Such campaigns represent an existential threat to Bitcoin, as well as an avenue for developer
corruption.)
•Help with review, by making it much easier for reviewers to ignore bad ideas.
•Provide an avenue for good-but-confusing ideas to prove their value safely.
Regular "Merged-Mining" (MM) allows miners to reuse their hashing work to secure other chains (for example, as in Namecoin).
However, traditional MM has two drawbacks:
Miners must run a full node of the other chain. (This is because [while miners can effortlessly create the block] miners will not create a
valid payment to themselves, unless the block that they MM is a valid one. Therefore, miners must assemble a valid block first, then MM
it.)

Down to earth
Lex Cryptographia
"While blockchain-based systems can be designed to ignore the law, they depend on new #intermediaries for support, who are
susceptible to #regulation" @yaoeo and @awrigh01 in #blockchain and the #law https://www.amazon.com/Blockchain-Law-Rule-
Primavera-Filippi/dp/0674976428
“#Blockchain technology present some risks. They implement their own internal system of rules, which often ignore or by-pass
traditional systems of control. Blockchains can only be governed by rules of code. @yaoeo and @awrigh01 in #Blockchain and the
#Law https://www.amazon.com/Blockchain-Law-Rule-Primavera-Filippi/dp/0674976428

Risky developments: key management loosened
What happened? Why do we have this lengthy process?
Safer and more sure that we’ll still have our crypto currencies in a year.
https://99bitcoins.com/trezor-t-model-review/
Even better would be a mandatory Restore of the seed before the device works.

Blockchain Workspace www.blockchainworkspace.com
Thank You
@henkvancann
@henkvancann

Never ever forget…
Bitcoin will be constantly
innovating
@henkvancann and @bcworkspace

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