Users use private key to manage address and transfer bitcoin need verify with all nodes.
Anonymous vs Pseudonymous (BitCoin, public chain)
Bitcoin miner income includes new added bitcoin and transaction fee, miners record transaction and gain bitcoins.
Mining needs to compute random number (nonce) and it likes gambling.
Block Chain is a kind of distributed System which solved the Byzantine General Problem.
BitCoin bring economy idea to algorithm, giving money to nodes to prevent people do bad things.
BitCoin satisfy AP in CAP theorem and will be consistent eventually.
Computing power is larger than 51% network and it’s absolute unsafe, less than 45% is relative safe.
POW (proof of work, computing power) vs POS (proof of stake, money)
Wet code is for human and dry code is for machine.
Block Chain works as database (manage address) but also have computing power (record transaction data).
Bitcoin script: not Turning complete, have no loop statement.
Smart Contract: public trust network
Ethereum: contain loop, almost Turing complete, a platform to use Block Chain to build applications.
White paper like business plan, yellow paper like descriptive documentation.
Use gas to calculate (add, subtract), which will break infinite (“dead”) loop.
Programming: Ethereum Virtual Machine (EVM), Solidity (JS like), Serpent (Python like)
Block Chain: A trusted computing machine and database. Another weapon works as a decentralized server and transfer value. (contract is like a class in Solidity)
Parallel write: clients make request (JSON RPC call) to consensus node which will decide to execute which request.
different price contracts: 99, 100, 123, 156, 567, 897
Finance: data correction (two banks have different data)
IoT: share economy (rent, lease, share lock with smart contract), supply chain, logistic, patent and copyright (music, art) management.
Two issues for Block Chain: privacy and scalability.
Homomorphic encryption to solve privacy issue in public chain, or use private chain.
Block Chain is a kind of replicated state machine, there are applications like: Alarm Clock (execute scheduled task), RANDAO (generate random number).
IPFS and Swarm to resolve storage issue.
There is a trend to overuse economic encouragement, it should try to figure out in algorithm perspective.
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BitCoin and Block Chain
How the Byzantine General Sacked the Castle: A Look Into Blockchain
How does Bitcoin force consensus among Byzantine generals?
How does Ethereum work, anyway?