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Blockchains, the web and standardization: the big opportunity
Arvind Narayanan Princeton University @random_walker
conversation starter
Blockchains, the web and standardization: the big opportunity - - PowerPoint PPT Presentation
Blockchains, the web and standardization: the big opportunity - - PowerPoint PPT Presentation
Blockchains, the web and standardization: the big opportunity conversation starter Keynote Arvind Narayanan Princeton University @random_walker Standardization: is it too soon? Are Bitcoin and other blockchains sound? Academic research on
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Are Bitcoin and other blockchains sound?
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Academic research on Bitcoin
- No fundamental problems
(so far)
- Various known concerns
– e.g. selfish mining
- Works better in practice
than in theory
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Papers mentioning "Bitcoin" (Google scholar)
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Caveat: endpoint security
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Human-crypto interaction is an unsolved problem!
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Bitcoin vs. Ethereum
Fundamental concerns:
– Incentive misalignment – Security of contracts
500 1000 1500 2000 2500 3000 3500 2008 2009 2010 2011 2012 2013 2014 2015
Papers mentioning Bitcoin / Ethereum
Bitcoin Ethereum
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Can standardization enable new applications?
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Standards enable new applications
- Document
timestamping
- Contracts
- Provenance
– IP – Assets
- IoT
- Identity
Do this on the blockchain.
- Done. Here’s the proof.
✓
The power of the blockchain + the reach of the web
Untrusted server Standardization targets
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Aside: how efficient proofs work
Publish X to the blockchain.
- Done. Here’s the proof.
✓
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Aside: how efficient proofs work
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What is @<user>’s public key? Here’s the answer. You can verify it yourself.
✓
Standards as a way to avoid human-crypto interaction.
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A more complicated proof: domain names
What’s the IP address of example.bit? Here’s a record that maps example.bit to XX.YY.ZZ. Here’s a proof that no future record concerns example.bit.
✓ Standardize a small set of proofs? Standardize a language for proofs?
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Verifiers could even be offline
Here’s a proof that I’m authorized to drive you for 24 hours starting … Who are you?
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Standards as a means to keep clients thin and dumb.
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Which blockchain? It matters.
Do this on the blockchain.
- Done. Here’s the proof.
✓
Untrusted server Depends on the blockchain.
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Example: public vs. private blockchains
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Private blockchains (permissioned ledgers)
- Append-only log using hash pointers / Merkle trees
- Cryptographic identity
– Proof of work – Nakamoto consensus – Currency + Byzantine consensus
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Blockchain as stone soup
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Which blockchain? It matters.
Do this on the blockchain.
- Done. Here’s the proof.
✓
Untrusted server Depends on the blockchain.
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Different ledgers have vastly different security properties. When you link / combine them, what happens to security?
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A note of caution: seeking tech solutions to social problems
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Seeking tech solutions to social problems
Standardization processes can serve as a check!
- An opportunity for introspection
- A point of regulation
- Imparts legibility
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Takeaways / points for discussion
Standardization can enable new applications!
– Power of the blockchain + reach of the web. – A way to avoid human-crypto interaction. – A way to keep clients thin and dumb.
Which blockchain? It matters. Standardization process is a chance to stop and think about social problems & tech.
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