Introduction: who we are

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Sterre de Lange
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1 - since

2 Introduction: who we are Founded in April 2012 Started as a bitcoin broker buying and selling bitcoins through ideal (Dutch Payment system) 10 FTE (without VC / external funding) Various new services: Exchange {BL3P.eu} Merchant solution - Mollie BitAnalysis {Compliance} / Consultancy {OM-wallet} Applied [Side] Chains - {ownchain developers platform} 2

3 bitonic.nl 3

4 DEVELOPERS PLATFORM $ K H

5 Blockchain

6 Blockchain? > Bitcoin Gartner Hype Cycle Gartner Hype Cycle Blockchain technology Blockchain technology Visibility Bitcoin Bitcoin Technology Trigger Peak of Inflated Expectations Trough of Disillusionment Slope of Enlightenment Plateau of Productivity Maturity 6

7 When to use a blockchain? Not designed for high speed or large storage A blockchain is decentralised Overlooked in many "flashy" implementations A blockchain can provide a solution when: A database is required And many people need to write to that database And the parties involved don t trust each other And there is no single common trusted party 7

8 Blockchain? -> Bitcoin What is a blockchain? A distributed database where everyone agrees on the data What is Bitcoin? A digital currency (cryptocurrency) Bitcoin s blockchain is a distributed ledger where everyone agrees on the order of transactions Introduced blockchain technology 8

9 Traditional bank vs. Bitcoin Bank Bitcoin central server 9

10 Traditional bank vs. Bitcoin Bank Bitcoin central server Balances Centrally stored on bank server Internally managed Transactions Transactions checked by P2P-network (nodes) Chained (inputs and outputs) Bank accounts Names Based on personal information Bitcoin ses Identities Based on Public-key Cryptography Consensus mechanism Clearing Oversight by DNB, EBA, etc. Consensus mechanism Proof-of-work Verifiable cryptography/mathematics 10

11 Transactions are sent all over the network Decentralised So who determines whether a transaction is valid? N2 N6 N4 Tx1 N1 N3 N5 N7 N14 N15 1 BTC N8 N9 Nx Nxx N12 N10 N11 N17 N13 N16 Borderless Anyone can directly and instantly (P2P!) transact with anyone in the world 11

12 Proof of work 12

13 Proof of work Immutable What ensures transaction history cannot be changed? 12

14 Proof of work Immutable What ensures transaction history cannot be changed? 12

15 Proven (mathematical) concepts ECDSA [elliptic curve) Prof. Dr. Bas Edixhoven Professor in Mathematics Universiteit Leiden P2P Prof. Dr. Christoph Sorge Professor in Computer Sience Universität Paderborn Mining / hashing Nicolas T. Courtois Professor in Cryptography University College London ` ~20 year old widely known and tested concepts combined: Bitcoin 13

16 Music industry

17 Current situation - royalty payments in music industry 15

18 Micropayments Hard to do using traditional payment methods Limited by amounts, fees, speed Bitcoin/cryptocurrencies enable micropayments Bitcoins are divisible up to the 8th decimal You can send bitcoin = fractions of eurocents* *Will require some more development on micropayment solutions 16

19 Smart contracts 17

20 New flow of payments 18

21 Example smart contract (Imogen Heap - Ethereum) 19

22 What services are involved? 20

23 Conclusion Blockchains are great But they won t solve all your problems Peer-to-peer payments & smart contracts are here now Use them! Transparency is key What other way to verify immutability? 21

24 End

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