Chris derose counterparty blockchain
IBM, also known as International Businesses Machines Corporation, has announced their plans to adopt the blockchain technology and focus on the active development of decentralized systems. Since the beginning of the blockchain hype train in , IBM has consistently funded and supported the development of blockchain-based technologies in collaboration with other major corporations and financial institutions. As the interest towards the blockchain technology from leading banks and financial establishments continue to rise, IBM plans to dedicate a significant portion of its resources and capital for the development of business transactions on a private blockchain network. The IBM development team believes that the blockchain technology will grant corporations advantages over traditional databases in markets including securities trading, trade finance, retail banking, and maintenance of public records. DeRose emphasized the genuine denotation of the blockchain technology and its actual purpose in a decentralized network.
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Ending the bitcoin vs blockchain debate
The debate has been running for a while but the past month has seen a serious uptick. The question being asked is:. Is there any value in a blockchain without a cryptocurrency? So much hot air. One thing Chris does well is boil it down to the question: is the blockchain an economic or a computer science innovation?
The implication is that if blockchains are a purely economic innovation, there is no point to blockchains without cryptocurrencies. So let me state my position at the start:. The bitcoin blockchain was both an economic and a computer science innovation. This definition allows the world wide web to be considered as an innovation, even though it did little more than combine hypertext with a twist on some existing Internet protocols.
To paraphrase The Teacher , there is little new under the sun. Fintech-heads laugh at public blockchains because they are slow, expensive and unsuitable for traditional finance. Well, keep laughing everybody, because I believe you are both right. The bitcoin transactional model is simple but powerful. Every bitcoin transaction has a set of inputs and a set of outputs. Because of this last rule, the network requires a mechanism for reaching consensus about which transactions are valid, and this is what the blockchain does.
If two transactions attempt to spend the same output, then only one of those transactions will ultimately be accepted. A blockchain acts as a unified mechanism to detect and prevent these conflicts across the network. In theory, the chain could contain a series of individual transactions, but by grouping transactions into blocks, we gain a number of efficiencies that make the scheme more practical.
So what is the purpose of a cryptocurrency in all this? It comes down to the question of who decides on the blocks which form the chain. Bitcoin is decentralized and has no authority that can make this decision, so it needs to find some other way of reaching consensus. We might like to use a democratic approach, in which nodes in the network vote on blocks, and the majority wins.
Unfortunately, as any Internet poll can demonstrate, representative democracy is not possible online, because of the problem of impersonation also known as a Sybil attack. One person can take over a million computers and decide how they vote, thus seizing control of the network consensus. Nobody else will even know this has happened.
To create a block, you must solve a difficult but pointless mathematical problem that demands a lot of computation and therefore electricity and money. You also need some luck, since you are in competition with many other block miners around the world.
The answer is in the block reward. The successful miner of a block controls the coinbase transaction that awards them 25 bitcoins this sum halves every four years.
Miners also collect a little extra from fees that are attached to transactions, although for now these fees play a minor role. Therefore there is no way to secure an open blockchain against impersonation attacks. Therefore anybody can monopolize the network consensus and render the whole thing useless. A database is a repository of structured information, grouped into spreadsheet-like entities called tables.
A simple example of such a table is a list of bank accounts, in which each row contains an account number along with the balance of that account. Unfortunately you do not have an overdraft facility so one of these operations is set up to fail. The processes for mortgage payments and ATM withdrawals run on separate systems, both of which access this single account database.
The first operation will execute successfully, and the second will abort because your account has insufficient funds. But what happens if the two processes happen to start at the same time? Concurrency control keeps our data especially financial sane and secure, and it comes in many forms. Concurrency preserves consistency by locking or freezing parts of a database while they are in use by one transaction, to prevent other transactions from operating on the same information in a conflicting way.
However this is not practical in most real-world applications. A good concurrency control scheme permits parallel operations by locking as little data as possible for as short a time as possible. In the example above, only the database row corresponding to your account would be locked, and only for the split second in which a final check and deduction took place.
A conflicting transaction operating in parallel would simply have to wait until this lock is released. One popular concurrency control technique is called multiversion concurrency control , or MVCC for short. In MVCC, each transaction sees a consistent snapshot of the data at a certain point in time, even if part of that data is in the process of being updated by a second simultaneous transaction. This snapshot isolation property ensures, for example, that a statement showing our total balance across several accounts will always be correct, even if some funds are in the process of moving from one account to another.
Modifying a database row in MVCC marks the current version of that row for deletion, while applying the modification to a copy of that row with an updated timestamp.
Each transaction knows exactly when it started, and only sees versions of rows whose timestamp predates that time. Old versions of rows can be removed from storage once there are no ongoing transactions which might need to access them. If two transactions attempt to delete the same row version, then only one of these transactions will ultimately be accepted.
Multiversion concurrency control acts as a unified mechanism to detect and prevent these conflicts within a database. There are a number of good reasons to replicate a database, such as:. When it comes to reading data from databases, replication is an ideal technique, because all of the replicas contain the same information.
However things get stickier when it comes to write operations, because we need to decide where those write operations are performed, and how they get transferred to other copies of the database. This keeps all the database copies more or less instantly in sync. Unfortunately, if write operations are frequent, master-slave replication brings us right back to the problem that replication was designed to solve.
The master database becomes a bottleneck in terms of reliability, throughput and latency, since every write operation is performed on it alone. A more complex strategy is called multi-master replication, in which writes can be performed on any of the database copies, rather than on a single master.
In this case, the copies share updates with each other in a peer-to-peer fashion in order to remain in sync. This sounds simple in theory, but multi-master replication introduces a new problem because conflicts can arise. What if two copies of a database update the same row at the same time, then attempt to exchange these updates with each other?
Both databases will notice that a conflicting update has taken place, and have to apply some agreed strategy for resolving these conflicts. Well, yes, I imagine that would be very nice indeed. And I believe that this is precisely what blockchains do. If two transactions attempt to spend the same output , then only one of those transactions will ultimately be accepted.
If two transactions attempt to delete the same row version , then only one of these transactions will ultimately be accepted. These sentences are identical except for the bold terms. From the perspective of a blockchain node, the current set of unspent bitcoin transaction outputs forms a database, in which each row is a single unspent output.
This is similar to the database of bank accounts we described earlier, with the minor difference that the balance of each account can be split across multiple rows, each of which is marked with the same account number.
A bitcoin transaction spends one or more of these outputs and creates one or more new outputs as a result. This is exactly like a database transaction which deletes one or more row versions, and creates one or more new rows as a result recall that in MVCC that there is no such thing as modifying a row in place.
The bitcoin blockchain ensures that a single output cannot be spent by more than one transaction. This is equivalent to ensuring that a single row version cannot be deleted by more than one database transaction. There are plenty of other technologies such as Paxos , Raft and Two-phase commit which perform the job very nicely. But I do believe that blockchains have a sweet spot, which can be characterized as applications where:.
All of these criteria are fulfilled by financial applications. The financial world is already used to delays of up to 3 days! In terms of preventing conflicts, it has contracts and regulations in place to detect fraud, and the consequences can be severe. And the amount of data involved in each transaction is pretty small — think of the bank account example above.
Big wow. Things only get truly interesting when we consider the additional features that blockchains provide. A bitcoin transaction does much more than just point to some previous transaction outputs and create some new ones in their place.
Even the simplest bitcoin transaction serves two additional purposes. First, the rules regarding valid transactions contain some of the application logic for our account database. Translated into database application logic, this is a rule which states that database transactions with the exception of coinbases are not permitted to increase the total quantity of bitcoin in the database.
This kind of constraint goes beyond regular database stored procedures because it cannot be circumvented under any circumstances. Second, recall that each bitcoin transaction output encodes the conditions under which it can be spent.
For regular bitcoin outputs, this condition is based on public key cryptography. If we consider this output to be a database row, what we have is a database with per-row permissions which are based on public key cryptography. This I believe is a genuine novelty in database technology. And again, it just so happens that both of these features are incredibly useful for financial applications.
We like the fact that our database ensures, at the lowest possible level, that money cannot be created out of thin air. And we like having an incontrovertible audit trail demonstrating that every transaction was authorized by the holder of the funds which it moved. As discussed in detail here , we may also like performing safe atomic peer-to-peer exchange transactions delivery-versus-payment in finance-talk , without even knowing the identity of our counterparty.
Of course, none of this is a coincidence, because bitcoin itself is a beautiful peer-to-peer financial application. Still, none of the above characteristics of a blockchain are dependent on the token at all. This leaves us with a blockchain as a way to achieve consensus and security in a peer-to-peer financial application for any class of asset. Only one little question though: Who does the mining to generate this consensus?
S3 E8: American HODL on 6.15 BTC & Eternal Riches
Speakers list agenda. Bitcoin is grounded on what is called the Blockchain. In in the few short years since Bitcoin came to life in , people are beginning to realise across the world that the underlying technology which makes this new cryptocurrency so compelling is also capable of transforming our world in unique ways. The Blockchain is fundamentally a new paradigm for organizing activity with less friction and more efficiency, and at much greater scale than current paradigms. The Blockchain is so much more than an isolated technology using advanced forms of cryptography and a dencentralised ledger system. Since we as human began to organise ourselves into communities some 10,, years ago, we have struggled to find ways to live together in larger and larger groups. The problem is…all these old ways of organizing ourselves simply don't fit in the complexity of the new global world we live in.
Bitcoin Takeover Podcast
Warning: this show contains critical thinking and real conversations with real bitcoiners. Both the host and the guests are not afraid of being critical, they constantly express the unpopular opinions that others don't even dare to utter, but in the end still conclude that Bitcoin is still the best money system humanity has ever had. It's going to take over the world, but we must ensure we use all the best practices of sovereignty and self custody. If you do proceed in spite of this warning, you will have a lot to learn from genuine people who use Bitcoin all around the world. While Bitcoin's financial, social and political takeover happens, you can learn more about it on the Bitcoin Takeover Podcast! In this episode, we talk about keeping it real. Lucas Ontivero is Nopara's first employee at Wasabi wallet.
Today we take a nostalgic look at some of the most special, hilarious, and funniest moments in the history of bitcoin and cryptocurrencies. February - When R0ger Ver one of the first bitcoin investors, known as "Bitcoin Jesus" first researched bitcoin, he was so excited about bitcoin and the opportunities it offered that he couldn't sleep for a week and ended up hospitalized. June - Peter Schiff discusses bitcoin with Donald Norman on his first blog. Some things never change and Peter still stands by his beliefs November - Amir Taaki answers the phone while explaining bitcoin to a banker.
Chris DeRose - Counterparty Community Director
Where communities thrive Join over 1. People Repo info. Per Omon. What you think are XCP biggest leaks now and most difficult things to do to move coin forward? Adam Krellenstein.
S9 E3: Joshua Scigala on the Philosophy of Anarcho-Capitalism
Pardee School of Global Studies at Boston University, said that digital currencies like Bitcoin could drastically change the way displaced populations send money back home. Grimes made the argument in a Dec. The CFLP recently hosted a panel that explored bitcoin and the blockchain and how they might fit into the broader world of formal and informal remittance flows. You can read the entire article here. The panel referred to in the article took place on Nov.
Fortunately, the platform works on the same principles as Bitcoin. The system became subject of heavy press coverage — in particular, The New York Times described numerous cases on the base of it. Cryptocurrency society has accepted Ethereum as a long-awaited rival of Bitcoin with its conceptual problems and futile disputes of developers. But popularity of Ethereum has drawn disfavour from some bitcoin supporters.
Completely yes. Since commerce orders are executed routinely once the commerce rules have been met, traders will not be capable to hesitate or query the macd poloniex purchase bitcoin with vanilla mastercard. There was a research done by Charles Schwab, one of the largest brokerages on the planet, they discovered the Grayscale Bitcoin Trust is the fifth-hottest inventory in millennials? Now you may get entry to your assets and trade cryptocurrnecy together with your cell phone. Chris DeRose is the community director of the Counterparty Foundation.
What's up party people! Chris DeRose here, community director of the Counterparty Foundation , and today we're going to discuss This gem is designed to abstract communications with the counterpartyd api server in an ActiveRecord-esque object model. But note that we also support calling the api methods directly via the documented api calls in the offical docs. Below you'll see some examples to get you started, but feel free to peruse the specs for yet more examples.
What's up party people! Chris DeRose here, community director of the Counterparty Foundation , and today we're going to discuss This gem is designed to abstract communications with the counterpartyd api server in an ActiveRecord-esque object model.