How do they agree?
Mining
The Blockchain
- Distributed
- Time-stamped
- Public & Verifiable
- Persistent
What's the fuzz about?
- Contracts
- Shares & dividend payments
- Intellectual property
- Voting
- Distributed web apps
- Smart contracts
- ...
Proof of Work
- First transaction: Block reward
- Add a random number
- Proof of Work: HASH(Block) < Difficulty
Proof of Stake
- First transaction: Block reward
- Add timestamp in seconds
- Proof of Stake: HASH(Block) * Stake > Difficulty
My coins
- Bitcoin: The original
- Peercoin: PoS
- Ethereum: Programmable Blockchain
In depth topics
- Pegged side-chains
- Distributed Autonomous Organisations (DAO)
- Distributed web apps (Dapps)
- M-of-N oracles
- Multi-step contracts
- Blockchain as a Service
References
- http://www.ybrikman.com/writing/2014/04/24/bitcoin-by-analogy/