It covers the following topics
Why Blockchain was invented?
What was the purpose of it?
How it is being used?
How it can be used?
What are the basics of Blockchain
Examples of using Blockchain transactions.
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Blockchain basics
1. Blockchain introduction
Goal:
- The goal of the class is to make Blockchain useful to you.
- You should be able to use it in many avenues
- Personal and Professional
- To cover all topics provided
Belavadi N Ramesh
Email: ramesh.belavadi@belavaditech.com
2. Origin of Blockchain
History
- Crash in USA housing market
- Problem of loss of capitalization
- Economy goes to depression when capitalization is lost (depression)
- To protect capitalization state of economy this was invented
- This increases more jobs, more salaries, more businesses.
- https://en.wikipedia.org/wiki/United_States_housing_bubble
- https://en.wikipedia.org/wiki/Bitcoin
For those of you not familiar with digital time stamping, it was developed back in 1991 by Stuart Haber and W.Scott
Stornetta, who is the Chief Scientist for First Digital Capital. Their work on digital time stamping was referenced three times
in Satoshi Nakamoto's white paper on Bitcoin. In Scott’s presentation he referred to his ‘aha’ moment as “letting the world
become your witness”.
3. What is capitalization and how it helps
Example of land capitalization
1 acre - 50 lacs (valuation 50 lacs)
40 sites, 1 site sold at 10 lacs (valuation 400 lacs)
10 acres - 500 lacs
400 sites - 1 site sold at 10 lacs ( valuation 4000 lacs)
Context
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=47098 (14 Lac crores money printed)
https://www.worldometers.info/world-population/india-population/ (14 crores is population)
Per head 10000Rs is printed (how much salary can you expect, how much business you can expect?)
Goal to get 50000Rs/month/person
-> Analysis (How can we arrive at 50000Rs/month with only 10000Rs/head printed, we will understand)
4. Things to understand
Blockchain tokens
o Mining vs. minting (rewards?, fees?)
o Cryptocurrency
Context: Banking, Fractional reserve lending, Inflation, Crypto currency
https://www.bitcoinmining.com/bitcoin-mining-fees/
(further slides, how banks work will be covered)
(Understand, how fees, rewards structured)
https://en.bitcoin.it/wiki/Nonce (explain mining)
5. Mining example (https://en.bitcoin.it/wiki/Proof_of_work)
Let's say the base string that we are going to do work on is "Hello, world!". Our target is to find a variation of it that SHA-256 hashes to a
value smaller than 2^240. We vary the string by adding an integer value to the end called a nonce and incrementing it each time, then
interpreting the hash result as a long integer and checking whether it's smaller than the target 2^240. Finding a match for "Hello, world!" takes
us 4251 tries.
"Hello, world!0" => 1312af178c253f84028d480a6adc1e25e81caa44c749ec81976192e2ec934c64 = 2^252.253458683
"Hello, world!1" => e9afc424b79e4f6ab42d99c81156d3a17228d6e1eef4139be78e948a9332a7d8 = 2^255.868431117
"Hello, world!2" => ae37343a357a8297591625e7134cbea22f5928be8ca2a32aa475cf05fd4266b7 = 2^255.444730341
...
"Hello, world!4248" => 6e110d98b388e77e9c6f042ac6b497cec46660deef75a55ebc7cfdf65cc0b965 =
2^254.782233115
"Hello, world!4249" => c004190b822f1669cac8dc37e761cb73652e7832fb814565702245cf26ebb9e6 =
2^255.585082774
"Hello, world!4250" => 0000c3af42fc31103f1fdc0151fa747ff87349a4714df7cc52ea464e12dcd4e9 =
2^239.61238653
6. Ledger and its importance
What is the Blockchain
o Distributed ledger
o Decentralised vs. centralised
Context
https://en.wikipedia.org/wiki/Ledger
Ledgers include:
● Sales ledger, records accounts receivable. This ledger consists of the financial transactions made by customers to the company.
● Purchase ledger records money spent for purchasing by the company.
● General ledger representing the five main[3][citation needed]
account types: assets, liabilities, income, expenses, and Capital.
https://en.wikipedia.org/wiki/Distributed_ledger
POW, POS, Nonce
https://en.wikipedia.org/wiki/Byzantine_fault
7. How blockchain works
- User (Public-key, Private-key, hashing) (Whitepaper of bitcoin)
- Miner
- Transactions
- Blocks
- Bitcoin perspective (scripts, p2sh, p2pkh)
- Merkle tree
9. Permissioned and Permission-less Blockchain
- Existing business
- Anonymous
- Hybrid (Private and Public)
- Consortium
- Sidechains
Show how sidechains sustain value of main-chain cryptos.
10. Database and Blockchain
- How to use each of them
- Strength and Weakness
- Show limited data can be stored in blockchains
- Show costs involved in transaction and increased data storage
- Give examples of real life Blockchain-Database mixed solutions
15. Review
- Role of Banks (Value creation)
- Role of Capitalization
- How Blockchain adds value
- Various usecases for benefits that can be obtained (Insurance)
- Access to funds in remote places
- New opportunities (auditing, development, ease of use, p2p)
16. Handson activity
1. Create a DASH revertible-address
2. Verify the address does not have any value in browser
3. Deposit your funds in to revertible address. Verify funds in revertable-address.
4. Receive funds from revertible address into your wallet. Verify funds in wallet-address
5. Verify funds are extracted from revertable address
17. Handson - step1
Create a revertible DASH address
curl -X POST -H "Authorization: ApiKey
eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpZCI6IjVjZWNhYTUzOWRhYzRiNDhkYWQxMzZlNyIsImlhdCI6MTU1OTAxMzk3OX0.hGuhvHO5VWU
bExMUnHk5wSKUN27trb2mijxhsYc9Aig"
-d @blue011issuemessage1.txt
https://dashrevert.belavaditech.com/blue011/issuemessage
19. Handson -step2 continued
Balance in dashrevert-address
Verify balance in dashrevert-address : 8pUwBaHuj76YYg5aLHRU3f2XnaPnoiHj6n
https://testnet-insight.dashevo.org/insight-api/addr/8pUwBaHuj76YYg5aLHRU3f2XnaPnoiHj6n
{"addrStr":"8pUwBaHuj76YYg5aLHRU3f2XnaPnoiHj6n","balance":0,"balanceSat":0,"totalReceived":0,"totalReceivedSat":0,"totalSent":0,"totalSentSa
t":0,"unconfirmedBalance":0,"unconfirmedBalanceSat":0,"unconfirmedTxApperances":0,"unconfirmedAppearances":0,"txApperances":0,"txAppearan
ces":0,"transactions":[]}
20. Handson -step3 deposit and verify
Deposit funds to 8pUwBaHuj76YYg5aLHRU3f2XnaPnoiHj6n (dashrevert-address)
Verify balance in (dashrevert-address) : 8pUwBaHuj76YYg5aLHRU3f2XnaPnoiHj6n
https://testnet-insight.dashevo.org/insight-api/addr/8pUwBaHuj76YYg5aLHRU3f2XnaPnoiHj6n
{"addrStr":"8pUwBaHuj76YYg5aLHRU3f2XnaPnoiHj6n","balance":0.00216505,"balanceSat":216505,"totalReceived":0.00216505,"totalReceivedSat":
216505,"totalSent":0,"totalSentSat":0,"unconfirmedBalance":0,"unconfirmedBalanceSat":0,"unconfirmedTxApperances":0,"unconfirmedAppearances
":0,"txApperances":1,"txAppearances":1,"transactions":["0a148b4034d94471de2a02e104710115006517cf6ca0c9093bb42bc57df06726"]}
21. Handson - step4 (receive funds)
Receive funds from revertible DASH address (dashrevert-address)
curl -X POST -H "Content-Type: application/json" -H "Authorization: ApiKey
eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpZCI6IjVjZTY4MThjNWIyMmMxMzlkZGJiZDAxNCIsImlhdCI6MTU1ODYxMDMxOX0.lPzOyj3jrbNhsv--
gOkKXKxdTA-vMJnVc2X0pMt8iZs"
-d @blue011consumemessage5.json
https://dashrevert.belavaditech.com/blue011/consumemessage
The blue011consumemessage5.json has the message in step2.
Update target to your wallet address.
My wallet-address = yVdmyRn9WKBdyK71JUPWzX2Q2aRpHqs8dz
22. Handson -step4 (verify fund received)
Output received = {
"amount": 216505,
"fromaddress": "8pUwBaHuj76YYg5aLHRU3f2XnaPnoiHj6n",
"toaddress": "yVdmyRn9WKBdyK71JUPWzX2Q2aRpHqs8dz",
"txid": "ebb130e2ac0bcffcf87ac0ab3ec987ee3bb24467bf96538062833854ab74bc86"
}
Verify balance in wallet-address : yVdmyRn9WKBdyK71JUPWzX2Q2aRpHqs8dz
23. Handson -step5 Check funds in dashrevert-address
Verify balance in dashrevert-address : 8pUwBaHuj76YYg5aLHRU3f2XnaPnoiHj6n
https://testnet-insight.dashevo.org/insight-api/addr/8pUwBaHuj76YYg5aLHRU3f2XnaPnoiHj6n
{"addrStr":"8pUwBaHuj76YYg5aLHRU3f2XnaPnoiHj6n","balance":0.00216505,"balanceSat":216505,"totalReceived":0.00216505,"totalReceivedSat":
216505,"totalSent":0,"totalSentSat":0,"unconfirmedBalance":-0.00216505,"unconfirmedBalanceSat":-216505,"unconfirmedTxApperances":1,"unconfi
rmedAppearances":1,"txApperances":1,"txAppearances":1,"transactions":["ebb130e2ac0bcffcf87ac0ab3ec987ee3bb24467bf96538062833854ab74b
c86","0a148b4034d94471de2a02e104710115006517cf6ca0c9093bb42bc57df06726"]}
24. Support slides
- Understand roles of Banks, Capitalisers
- See how blockchain can enhance value of ecosystem
- Understand its impact on salary, jobs
25. Show how 5 people work with same amount of money
- Can grow wealth by quality work
- Cannot create wealth by low-quality work
- Show here wealth creation for company or individual depends on quality of
work and not amount of money in system.
- Show how banking money can amplify above.
- Show how above can be achieved without new capitalization.
- Show how blockchain can be used here to achieve quality work.
26. Show how v-money in economy is created by capitalization
- Creating sites and layouts
- Issuing shares and coins
- Show how this increases salary and wealth creation in economy.
- Show how blockchain helps
27. Show effect of salary removing banks, capitalisation
Operation Expected Outcome Life style
By removing banks
and capitalisation
Show you can only
get 500Rs/month in
india
People have no time
to think beyond food
Live in huts
By adding banks Show you can only
get maximum
5000Rs/month india
No time to think of
buiding toilets.
Example in villages
we get
5000Rs.month
Takes 20 years to
build house
By adding
capitalisation
Show you can get
50000Rs/month in
India
City engineers Get house in 1 year
28. Performers of economy
Performer-type How he gains What he does Example
Type-A Create valuation by
capitalization
Create herds to play
in market, create
demand
This is like creating
sites in layout.
Type-B Create mechanisms
to increase value of
type-A
Get investment and
business from
type-A
This is like
improving layout,
increasing
amenities,
beautifying.
Type-C Participate in
Type-B business
Get income by
playing with type-B
business.
Setup shops, Play
taxis in type-B.
29. Efforts and gains for performers of economy
Performer type Trigger Tools Capitalisation/
Investment
Type-A Create themes,
projections
Issuers shares,
coins
Gains 1:million
gains
(example: bitcoins)
Type-B Participate in
themes,projections
Get contracts from
above
Get 1:1000 gains
(example:
sidechains)
Type-C Subscribe to above
themes and get
jobs.
Works for contracts Get 1: 10 gains
(example: retailers)
30. Using blockchain for Performers
Performer type What to do To achieve Gains
Type-A Innovate of value
appreciation to
propagate to lower
types on Blockchain
Provide tools better
than stock options.
Value token activity
Improve brand by
meaningfull value
engagement with
value creators
Type-B Create tools such
that performers in
type-C get rewards
for quality work
Ensure value
creation for type-A
using type-C quality
work
Link between value
capitalizers and
value creators using
Blockchain.
Type-C Get gains for value
creation, by quality
work
Engage in value
creation for type A,
B.
Job + Gains
Show the Blockchain opportunities on Type-B
31. Well done capitalisation and Un-done capitalisation
- A layout created and abandoned after sites sold (Ex. layouts in remote
places)
- A layout created and living ecosystem exists (Ex. Layouts in cities)
- A layout created and flourishing with business and jobs (Ex. Dubai)
The value created by capitalisers is enhanced and appreciated when more
activities and jobs created with it.
- Check how blockchain can help here to enhance value of “ecosystem”.
32. Summary of how Blockchain can add value
- Type-A (creator of ecosystem for value creation)
- Type-B (create tools to make value in ecosystem work)
- Type-C (participate in ecosystem to deliver value)
In Type-B there is lot of Blockchain opportunity to enhance value to end-users by
improving ecosystem.
33. Useful links-1
To see typical live data of DASH/Bitcoin
- https://live.blockcypher.com/dash/block/00000000000000108b55daaf385c4f3
9a0df0a0d4c7f93e98ee748f102cd735d/
Javascript libraries (bitcoin)
- https://github.com/bitcoinjs/bitcoinjs-lib/blob/master/README.md
- https://curiosity-driven.org/bitcoin-contracts
