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cryptocurrencies, smart contracts, etc.: revolutionary tech?

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the it and our next speaker is the so called and I'd I don't think I need to the introduce him because there is a huge crowd of people who probably came to 0 this whole just to listen to this talk maybe even came to the point where it is in the so the founder of the best the on the around the robot uses the other half you all my god there's so many people I think I've never stood in front of this many people before in my life thank you thank you thank you all for being here i'm zoo go and I'm the thunder the catch and of the we a long time ago I worked on DigiCash which was the 1st cryptocurrency in 1986 for David Johns are who is 1 of the 1st half cryptographers who make cryptography into an open and public science instead of an arbitrary secret but within 3 years ago I got an opportunity to create the cash with a bunch of other scientists and where the cash is a combination of Bitcoin technology with encryption but this talk is not mostly about that it's not about the cash it's about half of what I've been doing in learning in the last 3 years as I travel the world on and talk to people who are using the cash building all these related technologies always of other coins in the cerium in smart contracts and all that other stuff so I so this talk is a brief survey of 50 different weird things that I've learned in the last couple years and it's very
own very much just this is just my opinions and other biases and there's a whole bunch of important stuff that's not included in this talk because the and blind spots I'm so don't take it is objective truths
and my main questions that I hope to tell you my opinion about is is all of this cryptocurrency technology and blockchain inferior no that is it just is it just hype for the real thing is a is a really revolutionary or what and is a revolutionary for good offered evil
look real quick the was a revelation when it or institution Okamoto came up with it in 2008 a bitcoin as you probably mostly no is this amazing technique to maintain a global consistent ledger that everyone on the planet can simultaneously agreed roughly to the last few hours of the contents of this letter and it uses this concept of proof of work which enables mining which is 1 of the things that helps prevent this lecture from being fragmented center for people believe different things or getting rolled back a reverted and then the whole point of it of using all that but through technology is just to be digital cash electronic digital cash and without relying on the central party a slow point at so you have this letter and then all you do is keep track of who owns how many coins in larger and that's an awesome breakthrough was a computer science and cryptography breakthrough when it came out on in a lot to me personally because I had struggled for at least a decade to invent such a thing and failed and so I had concluded that it was probably impossible and so wanted her she did it was quite the revelation that it has led to everything else In this talk of there's a pet that typical pattern I think that from new inventions take about 5 years to get traction and really become mature enough for people to rely on them and and get more or then of fringe degree of usage and then they typically take another 5 years after that so about 10 years total before they become before they reach their potential and start helping sir providing value in larger larger amounts to larger and larger larger numbers of people so Bitcoin is passed the 1st 5 years the market has reached maturity and has proven that people actually use it for things and then in 2013 of italic during came up with the concept of the theory of theory and that is the can is its own world computer so at the corners of a worldwide ledger this theory and is a World Wide Computer and this just 1 computer and everyone has to line up and take turns submitting a program so it's in fact a timesharing machine if anybody knows what those or of it's the world time sharing service and I the way it works briefly his theory on is that ends all the miners or validators that in in Bitcoin all those nodes are just making sure the ledgers kept up to date and is an internally consistent and a serial all those nodes are doing is running the programs that the users have submitted and they're and they're all agreeing on the result of the program and that's how everyone can rely on the propensity it runs correctly but that's very inefficient as that both the coin is here and have the exact same scaling limitation or floor which is that the sort of 1 bucket of service 1 on 1 and what were the the yeah there's there's a then be quite case there is 1 in which the total amount of transactions which is about 3 transactions per 2nd of averaged over like a day on any serious cases 1 sort of number of programs that we can run on a on the theory of universal shared time-sharing system and it doesn't scale up so if you get Our twice as many people who want to make transactions or who want to run programs out there in the either half of them just ordered to do it or in the case of a coin be the price goes up the price doubles or whatever until the whoever can't afford it doesn't it to do it in the other half would pay more to get it the fundamental problem then is blockchain which are not gonna talk which were about in this talk it's that it's that a few years ago a a bunch of like bankers and are industrial enterprise companies said do this because of his weird and revolutionary and scary the on identity with a 10 foot pole but let's take this component out of it which we call watching and use that for businesses and of the I actually think it's a good idea for some things but it'll probably be 5 years since 2014 so probably a couple more years before we find out if it's really a good idea of and and in the meantime I really news that in 2017 a lot of the same banks and enterprises have decided that the coin is cool after all and if you're in the school after all they're actually gonna use that to forget about watching the way too much else to talk about in this talk a cryptography is super awesome so my favorite things and the ladies and of David Chalmers them now that I mentioned and defeat and he know perverse tissue and all these other people on were it was that they acted as active as they courageously arrested control of that in the Nason science of cryptography and made a part of our communal public knowledge our of our heritage instead of the military secrets and in almost all of the Cryptography that but underlies the whole Internet and every computer in every database in every cell phone everything today of grew out of this this flourishing starting in the seventies and in indeed fact is that Bitcoin any inferior model with only 2 of the concepts 2 of them building blocks from cryptography digital signatures and secure hash functions the so at for 1 thing it's really awesome that you can invent a whole new thing using just digital signatures and secure hash functions and effort this thing it's a really good question as to what else you can and then if you start using some of the other of primitives from cryptography like encryption and your knowledge for its which is part of this you catch project to do that to use encryption zero-knowledge proofs in our inner cryptocurrency OK this is completely other different kind of technology that came out in 2015 colliding network and by the way I'm talking just as a 1 have lots of questions of a the lighting network is a new idea that was just and discovered in 2015 as our attempt to overcome the scaling limitation in Bitcoin and the idea of it is but it if you have a ledger which can't scale so as you have more and more people who wanna make transactions they exceeded the capacity of that leisure holding transactions then will use that led to recall word on deposits it which can then be leveraged to buy this other off chain protocol called lighting network at that 1 and scale it can do zillions of transactions at very small amounts microtransactions on and the reason that works say in a decentralized way without relying on any third-party is that if there is a conflict and disagreement over who got the microfilaments that can be resolved by and reference to the central non-scalable shared larger the what about the no OK
so when we started coming up with this stuff we don't don't start reading but but
but you were just a reading establishing unique we work would people coming up with these kind of ideas like pseudo she's original paper said this is a way to make decentralized digital cash so he had a clear idea about what the purpose was arm and people who invented these other technologies may have had imaginations about what people would use it for on but what you have what have the people actually use it for so far I think it's really useful to learned from real world experience and what people are using it for as of today may be surprising the the most important
by monetary if you measure importance my money the most important use of all of these is on gambling could of or or maybe it's investment for long term or maybe it's of funding on funding you start ups by using this kind these coins as a funding mechanism so the top line here is people who buy and sell coins including the coin theory means catch on exchanges and it's pretty mind-boggling distance this just really blew up during 2017 but right now as of the end of 2017 there's half a trillion dollars worth of money which is a pretty unreliable sort of potentially illusory measure it's it's like take take all the coins of all kinds all the coins all the user in all those occassion whatever and then multiply by how much someone paid today for 1 of those coins and add all those numbers up comes up 500 billion dollars would did I don't know how meaningful that number is but it's absolutely clear that the larger a people around the world who were spending a risking or investing a whole lot of money in just they're hoping that the price will go up and I think in my opinion that's both good and bad or it could be both good and bad but you'll have to form your own opinion steadily bid and the other big thing that happened in 2017 it was people discovered they could use these coins as a way to find the new project of the new start up from so they have a business or technology or both and then they invented you going to go with it in the next cell those coined the newly generated coins that they just invented to virus and 5 billion dollars worth of such coins have been sold in 2017 from innumerable new projects like hundreds I guess of few projects of some of the biggest ones ovaries hundreds of millions of dollars each other like for 1 particular project of what's really interesting I can be both good and bad in different ways I definitely think it's good and bad it's both good and bad in different ways in my opinion on if the thing I like best about it is that there is a combination of a scientific breakthrough because bitcoin turned out to work when remember I said this is a great breakthrough wasn't just for me
but for all of the computer scientists like like Bitcoin basically did a thing that computer scientists had been confidently telling 1 another in rigorous proofs was impossible of N so that broke open this whole field of of things that were previously believed to be impossible and now with the quantity theory and we know that a lot of those things are actually possible so there's this sudden frontier of new technologies that were previously thought to be
impossible they're and suspected to be possible and it's combined with 5 billion dollars worth of money now in the hands of the the inventors were scammers were whatever but at least at least some of that 5 billion is going to be finding people to try to implement deploy these new possibilities course by my by my rule of thumb it might take 5 years before we find out for sure whether any of them actually all we know which of the new possibilities really work I'm sure some of them well but we'll probably will up I also wonder what will happen to the like the market and the money in the interim of 5 years that's a long time for those buyers who bought those points of a Bitcoin was actually used at the beginning of 2017 for retail purchases but not for very much there was about a billion dollars in 2017 of people buying stuff with Bitcoin on the internet mainly mined gains from steam I think but I but have he that was already not big but it was something it was growing so that was good in my opinion but but now it's dead because of the aforementioned scaling problem now the the cost of sending a bitcoin transaction is skyrocketed from something on the order of 10 cents or a dollar maybe at the beginning of 20 17 on inout skyrocketed to at least 10 dollars and on a bad day it might cost me 40 dollars or something to make a bitcoin transaction it doesn't matter how much Bitcoin you transferring so if you're transferring a million dollars worth of a coin 100 dollars with because it's still going to cost you 10 or 20 or 40 dollars for that transaction out well that totally kills the use case of buying steam games over Bitcoin so the Our so that billion dollars a year may falter legs 0 next year for all I know but unless someone very rapidly solves the scaling problem of OK the next thing is crypto kitties behold this is this is surprising and hilarious to me it turns out that if you give people a world computer that can compute any computation and they've screw around with it for like 2 years trying to figure out what works they sold 5 billion dollars worth of investments in their new start ups and then at the end of the game with collectible cute kittens kitties uh the you can collect and own and by himself In each each key is unique and then you can breed to piece together to make kittens and the world computers crunching away like the act of making sure that your kittens are the real correct the offspring of the pairing so that nobody can counterfeit kittens and so far in this large 1 month ago like 3 weeks or something ago and so far apparently about 20 million dollars worth of cute kittens have been treated around and I think this is a harbinger of things to come I think next year we will see more and more gains on these networks so except the scaling problem has also been hit a theory on next year like it because this year momentarily already the theory and pipes were clogged with crypto keys and so people couldn't get their important ICL funding through and they were complaining and that's gonna happen a lot more next year the From analyzing stock markets this was what Bitcoin was supposedly for originally with the Silk Road all that and so it may have been important to Bitcoin at some point and went to 2013 or whatever of but nowadays it doesn't seem that important to me actually because I have a hundred million dollars a year is just my estimate there's it's hard to tell the different like researchers screen stock market websites and try to sum up what they see but of course not everything is shown on the is is visible that way and and then what law-enforcement bust these markets and you find out from a court cases and what they learned that this is a very rough estimate but basically on 700 billion dollars a year is a very very rough estimate for totally illegal drugs around the whole world that's 1 of about 1 per cent of the global economy is maybe illegal drugs that's also extremely roughed is known as an account either but online drug markets are a teeny tiny fraction of that and there are also a teeny tiny fraction of speculation and ICO funding and I wouldn't be surprised of crypto kitties are more important than . underground drugs on on the internet next year what's next
year follow yet so but so every time I talk to people from my industry they blow my mind by establishing this new technological invention they thought of like prediction markets tell the future and like replacing rubra with an Asturian program and all these things and amounting to try to summarize I came in and I have the time and brainpower to tell how many of these ideas or even plausible and we'd 5 years and see how many of them have actually worked on but I do know very much about what some of the problems are the 1st I keep telling in this talk is Scaling Scaling Scaling and it's it's completely changed what people can and do use bitcoin for during 20 spending and I guess it's going to completely change what people can use by Syrian Foreign 2018 so I guess maybe no 1 will be able to afford to our trade the cryptic it is at a certain point although I guess you can prove you still have it so what's interesting like if you trade crypto Katie's and once the theory of fills up and nobody can afford 2 make a theory transaction for such a low value thing is trading complexities I guess you just keep years after that school but I decided that but the other thing is I safety is a huge ongoing problem it the total amount of Bitcoin that's probably been lost or stolen here's another number that nobody really knows how to measure but this is an estimate the total amount of decline that's probably been lost or stolen ever since it was invented is about 10 billion dollars worth of that point today and the total amount of the speaker that's been lost or stolen in 1 2 years or however many years it's been running is 1 billion dollars worth of user lost stolen and a lot of that it's almost even worse with ESA is then with coin because you can lose or get or make available your money by a coding error in the script descriptor writing run the theory of so I think this is a pressing issue that's likely to get even worse next year and a lot of those numerous projects they're trying to improve on the state of the art innovate technologically or aiming to improve on 1 of these 2 things yeah yeah like I said earlier ethical Seymour gaming if we can afford it may be you people switch to other coins that have less loaded networks or somebody will make a breakthrough in scaling
the here is a snapshot of marketplace for treating this is the thing that up all those people who were trading 500 Bill and dollars worth of treating our look at all the long and uh there's a whole bunch of different going this 1 here all of these well is like 4 this is just the 1st 14 lines of liking 900 lines website because they're literally hundreds and hundreds of points of various kinds of that 1 with a red circle slash in the middle there that's not even a call and it's actually a Ponzi scheme and like I don't just mean it's a bad investment it's literally a Ponzi scheme where they'd actually take your money and put in your pocket and light you about what you got and put in their pocket I mean but anyway but a lot I think of basically all the rest of them are more or less legitimate technology projects with interesting users and enthusiastic communities and these are my
5 these are the 5 thousand most interested in and I wanted to tell you something about it of what they have in common is that they have really active and sort impassioned user communities and developers the improving on on the queen I guess you know about and hour 1 thing that I love about it is that it's super-stable they have now as of 2017 they've conclusively demonstrated that they would change that the bitcoin protocol will not get changed in the backward incompatible way and so it's extremely stable and predictable now that it has this very broad widespread and very committed impassioned of users who it's basically like a cult the school was also from any other ones actually have really impassioned user communities as well and the so they tend to be separate communities because you know people tend to clump together between some of them there is like and the t ime I tried I try to set the example the the cash community that we have a much more porous Community boundary and world were all members of the other communities as well because we love them to in world as friends here but not everyone is like that of the 300 billion is that is again that's that's somewhat mysterious number about the total numbers of coins that exists multiplied by the current price of a coin which is some kind of estimate how important it is to somebody which people I guess and here is the next biggest from that same measure and if you're in a super important because it's got the developer can you like than the the network effect of developers because developers you're inventing new stuff that they're making a new game or they wanna make a new app that they're going to sell all the access to or whatever or they're just packing in their bedroom and they want to see what they can do and right some scripts and share them with other people almost all those people go to work on the theory and because that's it's not inviting and easier than working on the other systems 1 and that's really important history of of like the computer industry tells us that the network effect developers to super important for the long-term what's going to be the most important technology in the most widely used is that we a surrealist like Microsoft and so like the World Wide Web for example so the selective report about a theory of OK but going catches interesting case it is now Spring out of nothing here on this year and what it is is a tough for work of Bitcoin so they they copied the decline codebase but they also copied a coin ledger right arm so everybody who at that moment on to coin then in the next moment they also owns they still on this because the they also own the same amount of liquid cash couldn't because they copy the ledger sense and then and then they they made some tweaks but the important thing about it is that they're they're refuge from the Bitcoin civil war that's raged for the last like 4 years of between the liberals who wanted to upgrade the protocol the the coin protocol and conservatives he wanted to become protocol stable the Conservatives won on Bitcoin and of all the people who wanted to change the crime protocol have started migrating on mass altogether in the heading for Bitcoin cash sort of annoyed when this happened because he had the could have had a currency catches i and this was the we lodged in a year ago in if the cache is just as good as Bitcoin caches ad which is never get that the scaling up and sending more transactions like you can send a few more transactions than the contend but not a lot more of however what we didn't have was giving every current bitcoin holders some of our coins city so when the quite catch launched this a few months ago they both had done social moment that and the people who had lost in the in the social battle of needed somewhere to go and to be together and they gave everyone 3 coins if they would come there so that was really interesting how successful it was a now it's more important than 1 are the cash and less important than the quantity theory and if you believe that number is a measure of importance the but when arrow is a really important going it's 1 of the older ones and I love it because the matter community really values privacy on and it's a very community oriented like anti-corporate decentralized from sigh guys and the community and I really don't like to talk shit about other points because I that doesn't do anybody any good and I really want more and better on the and better invention and sharing and creation and value creation but I do have to say I have a problem with mineral which is the technology is just not good enough for security and I can go into the details right now because the it's complicated In the sides but basically manner was invented before certain breakthroughs in cryptography that we were able to use in the cash and so In the cash we can use we can leverage encryption we can make it so that In order for an attacker to extract private information about the uses the attacker has to literal you break encryption like crack yes sir the the curve cryptography on because as it is something which would but also enable them to destroy the whole Internet all the computers in world for take over all the computers in the world and and the catch isn't quite there like we've we've deployed encryption in z catch on which is a victory in very proud of it but it's not ubiquitous enough and good enough in z cash on so we have a lot of work to do but it's possible to make much more of a reliable sick privacy technology than Monroe currently has something is really good about narrow is that they have this active in on enthusiastic about community also called and that's great because they come they encourage and support researchers to improve it an online Bitcoin Mineiro is not averse to backwards incompatible upgrades and improvements so they will hopefully continue to improve the technology and Circassian I'd say too much about we launched it no more than a year ago it's based on a bunch of like hardcore science from its it includes backwards compatible cleartext transactions and that's the worst thing about its security as contrasted with Monroe where there's no backwards compatible could transactions so you have to kind of lead all the way 2 on the higher tech transactions and the cash we decided to try to make it easy to get bitcoin users to get on board it by giving them a bitcoin like starting point of that's a good thing for the cash adoption and usage but it's a bad thing for the cash prize and the thing I wanna say about the catch is that really not to be satisfied if by the end of like a sit 2018 people still call it a privacy calling because it's like when Netscape added encryption to the web browser it didn't make the privacy Browser make a good for browsing but privacy web but no it's just encryption is a necessity for the web but you can have you can use the web for anything that's important without encryption and similarly I don't think you can really use decentralized networks world computers or the cryptocurrencies for anything it's important or anything other than speculation on if you don't have encryption or something similarly strong to protect privacy and so he had fact 1 of the things that were probably gonna be focusing on the z cash development team are in 2018 is the scaling question arms yeah you know have a little bit of time to go into that so I told you a little bit about lightning right
and it's a beautiful idea I'm just telling us understand and a lot of the makers of lightning are here so if I told the tell you wrong things then they should come up at the microphone at right away and don't unit which is in 15 minutes it but from my understanding of the fundamental was a couple of potential fundamental problems that prevent lady from being a scaling solution and so remember the 1st step and lightning is the you take here Bitcoin you committed to to be leveraged for being able to do off chain lighting payments will currently costly at least 10 20 dollars to do that stuff so if you only have 10 dollars worth of Bitcoin histories lighting right now I'm missing something so that doesn't seem like a complete scaly solution for like the entire world and I think is most people don't have 10 dollars worth of a kind never could have no matter what and but maybe there's a solution that someone who is already thinking about that and understand it so I hope is that 5 years to deflate but that's 1 possibility and were what I wanna do with the caches watch that carefully because the Lightning people have done a lot of really solid engineering may have multiple teams working on it and they just finalize the 1 . 0 specification agenda up testing and there is a button somewhere in this building you'll poke the button it sends a micro payment or the Bitcoin test now and to demonstrate that lighting actually works over the quintessence but I don't think it could work on the main that because you minus could use have to put in like 20 bucks into year button in the network work anyway so Lanier word is a really great possibility then there is the on
the Bitcoin cash approach that resulted in that like 4 year long civil war this finally over thank God it was just will just make the box bigger and tune up the parameters like increase the capacity of the network and on there are a lot of detail arguments that I'm not sure how to evaluate about whether that's good or bad or indifferent and but 1 thing I'm really sure is that it's not the result of a whole lot more scaling I don't think I mean so far the cash and becoming cash have roughly quadrupled the capacity but if we get 4 times as many users in 22 years ago in 2017 and will be back to where we started and I really don't know if you can just keep doubling every year what happened so that's that that's a possibility it might work but I would tend to try to wait and see both scientific and empirical validation of how it works in practice on the was a 3rd thing I'll Ethereum is working on this concept called sharding and I the theory of people because for like 4 years now ever since I 1st heard about a theory and like before it even like the 1st moment it was being designed I've always said that also but way too complicated ambitious to actually works and then they would go ahead and do it and they will actually work and so there'd I would be amazed and then it would iterate again they would say within this next thing I would say that's brilliant and I love that that on that you'll never before it off and then they would pull that off so the next thing that they're doing which I don't think they can ever really succeed at is taking a Ethereum and making it so it's still a single world computer but it parallelizes the computations to like thousands of like all the networks and then next the computations back together again of a in time for you to receive your newly bred capacity so that's what they're working of culture sharding and I don't know with lightning sharding and just turning up the parameters I don't know that he will learn a lot in the next year from people's attempts to do that all 3 of them and so that's what we're doing is he catches sort of watching those like clocks trying to figure out what's going work what we should copy or if we need to come over the 4th idea ourselves to make the catch more widely usable work and what was the time taken this
August is my last slide of the so I've been traveling the world I I like to say on an imaginary coin salesman management traveling the world telling people about the virtues is the catch on this really nice giving this talk which is mostly not about the virtues is detached from but but these are not the most important countries in the world there are several important continent of billions of people that are alive and agent on this slide but there's a 6 interesting ones the top 3 are the most important if you believe in total amount of coins bought and sold that day is being a measure of importance so from Japan buys and sells more crypto coins everyday than any other country does 10 minutes for questions I shall might stop before Tennessee goes and start coming up with your questions and I think it would be cool if the 1st question came from a woman so if you're a woman and you have a she should hurry to the sold so there is this perfect storm of things happening in Japan which is that the government has this very simple and reasonable regulatory framework which makes it apparent to all the businesses and industry on the inside and all the people who might want to gamble their savings that I am the Gama considers cryptocurrencies to be a legitimate normal real things I think it's actually because of Mount box you know which is the biggest cryptocurrencies change ever and it was really bad with although bitcoins disappeared in real close close arising counted 10 we open them the bitcoins were gone and it was like the most because there were the disappeared in that thing was headquartered in Japan so and that was what 5 years I'm so maybe in addition to technologies being turned into products or in conceptions being turned into products also takes 5 years for disastrous to be turned into laws but as of this year so the governor Japan pass was explaining what the businesses and people would be required to do around cryptocurrencies and just the fact that the laws exist as a encouraged people to buy and sell them at high rates of speed as Japan's loss of our country you this is the 2nd most important country that's a lot of time talking to United States regulators and law enforcement and people like that and at the origin only have their hearts in the right place like they want to do not discourage the development of potentially valuable technology and they would protect consumers from being robbed our or scheme and and so forth but on the other hand it takes them for fuckin ever to get anything done and and there are literally dozens like 60 years be different agencies in United States better that potentially or empowered to regulate and oversee different kinds of financial and technological thing so nobody even knows which agency is actually got the authority to make which kind of rules about stuff and they're making progress over the last couple of years the heading in the right direction but and the fact that they seem to be you have the hearts in the right place from the perspective of entrepreneurs and be heading in the right direction from the perspective of entrepreneurs has encouraged the industry and United States it'll come valley and the and people in our states are buying lots and lots of declines in other coins every day and South Korea's really fun interesting case at 1 of the biggest of markets in terms of of people buying it and it's really mainstream and South Korea like I think more so than almost anywhere else in the like half maybe you of all people are aware of the coin is a thing that they might consider buying and on the these major like the the the chat out that every single career person uses all day long it the company behind that chat AP aspartic at the currency exchange and the gaming no service like steam that that half of Koreans are playing games on every day that has plunged some cryptocurrency service so there's a lot going on in the industry in the community but the Korean government succouring army can't seem to make up its mind the other day that prime Minister South Korea was publicly ringing is and saying that I'm all this coins stuff might lead the nation's youth into corruption or maybe lead them to drugs and I wasn't sure what I thought that was flipped but what he's worried about but of the at chain is initially cases using up the idea of it so there's always a stuff going on like the government of Venezuela just announced that the was thrown cryptocurrency but they don't appear to know what 1 is and of again but I wanna
save some more time for questions so my original questions at the time was is this all and media and craziness into lips or what my answer is is definitely not just hype the stuff away a lot of hype their loaf it's like 50 per cent or 99 per cent of the money that's currently at state is going to disappear off leave but in the future or 10 % or whatever those of a lot of hype but there's definitely a lot of things going on here which are not due to real things that were previously impossible and now definitely possible and on demonstrated to be valuable to people on is then used for good or ill why didn't actually say anything about that you have to make your own mind you try to give to solve empirical facts about things of observed on but from my personal conviction of this kind of technology is inherently empowering and my conviction is that we you empower people them using it for good and to help each other and that each other up is going to outweigh then using it in order to oppress smaller groups were of harm each other do dual that's just what I think this that's my beliefs about humanity so I think in the long run it that the large-scale these technologies reduce very very good and very powerful and destructive of this wasn't look at how the few thank you so much we have a lot of time for questions so step up to the microphones and of OK microphone 6 OK so high things will talk here verse 6 here all of are and so since the cruise missiles calls you talk to normal people at the family table and try to explain uh cryptocurrencies which is all time I will how would you explain going 2 people to invest into cryptos um so what's the motivation um for them what works is not of speculation so which appears as a motivation from normal people to buy cryptocurrencies that the question I think the only good reason right now is just speculation which excluded so I try not to give investment advice I guess if somebody we're going my family at christmas were demanding investment advice I would tell them not to invest more than they can afford to lose it thank you the patents on from microphone be by sex work taught them how is your view on this child in this parent-child chain approach that some cryptocurrency sitting at the moment of solving the problem it's 1 of those things that goes into that slide called new technology that I don't know yet Maryland on evaluate is a lot of those has a lot of different ideas that people way smarter than me seem to think or great ideas and I am very our In empirically oriented so wait and see if they can get it running 1st thanks yeah and and now we have a question from the internet from someone was watching the stream right now thank you come in 1 of your slides you set that only a tiny fraction of transactions actually use the legal stuff of that as this the number come from on what is
the source that's a good question on this estimate of drug of illegal drugs is from there's a couple of studies 1 was by the RAND Corporation and on 1 was by some academic researchers to I can't remember right I'm sorry and I'm mostly what they were doing was just visiting . net websites and on counting up the androgen for sale what price on which reached the expected underestimated and so therefore I double the number of contact with the slide it's professor so that kind of estimate nobody knows but at least I'm honest about it sorry makes the font number 4 that's what that little totally means is that it it's really uncertain before the thank you for talk and what they were thinking about proof of states solid so that those 2 proved with work that's a good 1 proof of status is really interesting our concept this on use very promising it's to switch you know how coin users prefer work where your computer is doing some unforgeable space-based paying a cost in a way that it can prove to everyone else that pay cost as proof of work and the cost in this case is the cost of computing bazillion shot 56 actions on in the consciousness that's a different thing that is more friendly to GP use instead of a sex but whatever it's still the whole point is just to prove you paid a cost and then that is the basis of where we don't think anyone will buy attack the network by of thanks so much cost that they can outweigh all of the other miners mobile network that's the whole concept of river work which was the breakthrough really institutions paper and others as concept state which is that we can replace that why instead of proving of showing that you did something costly you could verifiably lock up some of your money some of your crypto money In order to show that you're In order to limit how much someone could attack the net by doing this because they have a walkable which of crypto and there's a really neat thing about a state which is that and you can confiscate redistribute the money if they are if you can verify that they were liner attacking the networks that interesting about but basically it is boils down to another 1 of those technologies that I'm not sure about yet there or a lot of smaller points that have deployed troops mistake but but they're not big enough and important enough for people to attack them referred to be stressed but tested yet so I'm not convinced by the empiricism of that observation and on a lot of good scientific research on previous state which looks pretty promising so I consider a really promising I think for the future but that helped thank you until the next as microphone 1 hello from IIT question regarding the usability of cryptocurrencies as real currencies for everyday use of you have seen with bitcoins it's insanely well below anything the volatile it's insanely expensive to do transactions and all things that make a currency useless equally useless if they are birth nothing you can't use a guarantee if it's too yeah uh if it's duality you can't use it either what would be needed from a technical standpoint to make cryptocurrencies at every day currency that actually can be used to doing real stuff well I don't know if the volatility in the value is the most important factor it might be but I can't imagine if we could solve all the problems which we know about like safety like getting if you x is the number 1 thing right it like if you ever tried to help some random newbie is not a total geek use the cryptocurrency for anything it's just hell ridiculous and so we can only go blaming economics the could that's the should the UX is obvious stumbling block arm and then there's the scale problem we just talked about where are currency by necessity is only useful and valuable win like everyone else you know is also using and so they would have to bootstrap to get to that scale but being on the current account you could support and if we did so that's another obvious final someone what we can only when economics we can supply the fundamental behavior in the 1st place OK then yes is an economics question and mining since my very vague sensors that on you can fix you can people will be willing to spend money in order to gain of value despite the volatility and other questions because either you could hold your money and there's a lot of ways this thank you i it until there was a huge Hey look women In here you're late act I had write that way you know where the heart of women the internet and I felt questions about the fate and what had some internet simulation and at the end of questions that are limited to 1 and the to search of where you're saying about you UX being super important and I found even during the course of this conference it's been challenging talking to people with a really strong technical focus the importance that he lacks in actually you know adopting using technology useful and until what would your persuasive argument to technically minded people be for like you know if you had you hard south of most of of of of empirical of where did you hear the resources you know want Marlins cycle of the guys here at MIT was way here at the top once and he said on the strategy for the 1st sort of error of the cypherpunk project was will make tools that are really good for us to use this step we will make everyone else be like us that is the only you right that was what we were doing back then wasn't it yet so I I'm media by was part of that of mental part of so empirically what we learned last you know 15 years is that you x is king and network effects positive network effects OK so that's why Facebook a super duper important and I diaspora for is not this is a universal again at thank you so now we will have to take that question from the internet it we'll be right and a mile voice it might be from of Montgomery now that thing to come to with questions of trust 1 how can you make a cryptocurrency private and traceable at the same time the 2nd 1 do you think digital currencies might be all plots and what happens then this questions the first one alludes to my least favorite treat that I ever made where I said we could make the catch private untraceable lots of I forget exactly how I put it but on if you read the whole thread instead of just the tweet was about i was saying that some the this will probably work at least as long as the criminals whom I was complaining about the time want to cash out to the yard because the way our whole financial system works both with paper cash and bank transfers and swift and everything else in credit cards everything else is that the arm the gateway between the different networks is controlled by financial institutions and as the Financial Solutions job to spy on and report on their customers on behalf of their local governments but anyway so basically I guess my argument is the catch and the calling art not really different or really much worse for that kind of regulation than the whole rest of the current system is if that makes sense and the other question was will Government outlaw proliferative really good question and on we've already gotten empirical evidence about that because some have like
on China has outlawed armed various uses of cryptocurrencies are Korea has outlawed like 2 out of 3 users of the currency but has allowed the 3rd arm as well as we have laws but the police go around extorting miners and stealing their money from Russia like every other day they put out another announcement from a different part of the Russian government saying they will lower will not outlaw cryptocurrencies from in at the same time other countries like Japan as the leading example but a lot of other countries big and small are making completely different sorts of policy so that's pretty interesting patchwork of different policies on my prediction for the United States is that there no way again a lot of differences in the states and it's 1 of most important countries a by this measure of and they're heading towards instead legitimizing the more and more the bet so microphone along the you don't tell us anything about this ceremony maybe or say something about that thanks for saying that because I forgot to mention that there's a ceremony training session happening today at some point I guess it'll be on schedule as a self-organized of it but the ceremonies as will really complicated thing we are trying to explain where the kind of krypton because your knowledge proofs using the cash you required to generate the certain public like cryptographic value and you wanna make sure it was generated in a correct way so that nobody could insert a back door into cryptographic value and so the ceremonies a process of multiple people who were all like preventing each other from entering back door so the more people like an attacker would have to compromise on all of the participants and white surreptitiously back to all the computers at once in order to get a back door into the cryptographic value and we are we did this in more than a year ago 1st for the 1st release of the cash for currently in the process of doing it again with a lot more people cause the 1st around for performance computational cost of cost reasons we could only handle 6 people in the 1st ceremony and right now we're doing the ceremony which should be able to handle any it with people like practically and look at least 200 maybe and of if I had more than 100 people like shell of an offer to help them we could probably do that too but um but but also the new ceremony is not just for C. catches for it's useful for this kind of efficient general-purpose zero-knowledge proofs for any other cryptocurrency or even for non cryptocurrencies for proving the correctness of you're right need some kind of future government ID system or of proving that some kind of server computed correctly on your data so you it's just general-purpose her knowledge fruits which are really powerful interesting mutual and if you look at the schedule and sort of in women's but they're supposed to be a 0 knowledge ceremony that to so that you can participate in the current 2nd generation ceremony Innisville terrific at 6 30 days it's right after the stock right after this talk thank you and you're not responsible for another 50 meters along line somewhere it's still probably for the ceremony responsible for 1 for the line to the ceremony for I didn't understand sorry whether it's taken of book and can therefore being responsible for something so I'm happy to not know what it was responsible for a lot of things going on in the putting it versions responsible for a lot of things are including its ring working myself on the pick microphone of detector ok i it seems like centralized 1st goes away knowing and and social networks and then in payment systems that are in a very entrenched position you have these are young and no 1 that works like implies a math and government things do decentralized protocols and systems have sufficient advantages that they are going take that are really stupid requested that over shorter and 1 I mean so the pessimistic thing like I'm a veteran of trying to produce decentralized privacy preserving user protecting things that turn out not to be as appealing as the centralized users vulnerable making alternative of so in the pessimistic the answer is no surer like assume is as soon as Bitcoin in the theorem the cash turn out to be a real threat than like Facebook or just make facebook . everyone that but there is a better answer which is that those centralized systems they do they have the ability to scale lossily high and fast and scale in terms of the network effect seems to be the most important thing but they also have like a self limiting factor like Facebook can get much bigger than that it's right because I how because different countries different people or different other social networks are willing to join the sum of the same like religions and nations by nations receiver also a very high scale and a lot of value for having everyone be part of the same nation but there also kind of like self-limiting might devices can get much bigger than it is matter our trust them anyway and so I kind of hope is that decentralized things can break that ceiling can be here than that because everyone can be willing to rely on a decentralized network even when they only willing to share a nation or religion or a language or in social network or whatever I hope that in the next it's been told that the arc consistency ignoring the microphone number 2 while they were bonds of sorry the phone numbers from what I have now done a number so that I have had that in any useful applications for society for crypt of currency so far besides maybe donating to organizations like WikiLeaks votes blocked which can be done at like publications that can be done by traditional currencies yeah well I think that during 1 is a good useful for example and that's still ongoing there are a lot of organizations that maybe not because they're being targeted by national on the powerful major national government before other reasons they can't accept like a power in their country or whatever and I've also seen on in the more as the hell of Venezuela how both the fiat currency and the government in the mating system are all in operable on people can use cryptocurrencies to transfer money across the border in Venezuela but that's of limited scope and value right now but it's more than nothing so I like your question goes empirical her empirical users on Kentucky's make people happier but as I said this probably more than not thinking of yeah I tried some of the art he through was that they were overlooking the worst posters that I face so people at the microphone number 6 3rd jumping and waving their family who were where as a shouting or who where they have in 5 this is just how long it will the 5 is
popular in stays 5 yeah at the time and think of the dual and so my question was concerning and why shouldn't use to make a contract on the theorem or any other block chain and compacted class at ya um the contract and not on the block chain I mean I have all these adventures and a code of of writing the conflict which are most of the time not legal experts just something that can review marginal them so we have to think on they shouldn't have called them smart contracts material mission called contracts which it is called the programs because we know what those are like right and so the point in my opinion the point has varied crowd anyway so maybe you can use programs to accomplish some of the same things that you would have used a contract for 1 or maybe not as a lot of caveats but that's my starting point thanks to the bookcase is so there is an acrobatic number in the microphone number the light in the that while you could you please explain a bit and about Helsinki the were what do you do the case shots are of very sophisticated cryptographic keys so it's hard for me to understand myself much less explain on there's be 1 component of it I think is helpful for people out which is the notion of a zero-knowledge proof by by my metaphor which is the bomb if the if you're colorblind and I have to be alert balls this one's redder ones 3 and I wanna prove to you that there are different from each other but not by telling you this is the red 1 so this is a weird case but bear with me so as zeros proof is a weird concept because it means you can prove something to someone without giving them any other information other than that the thing you said is true this can like and the truth teller and it's impossible for me to lie sort of so but you wanted not expose any other information so the with the example I might want to prove to you that I have 2 different colored balls but I don't want to give you information about which ones the red 1 yeah and the way you can accomplish that is I can give you the balls I can ask you to hold the behind your back in slot them back and forth yeah or don't Swaffham them but you're choosing whether or not to soften you not telling me and then you reveal them to me and then I just tell you whether or not you swap from but don't tell you that's the red 1 because the thing I don't wanna give away so when I do that so you bring it over my recognize a use what on and then you think yourself as well you might they might both be green and he's just throwing me and he just guessed right so they're all we do is we do it again you all the mind Iraq again and often were don't you bring about again in this and I tell you know the in Newton's so you think yourself or maybe guest lights up you keep doing it over over C do it like a hundred times in around and every time you do it I correctly tell you whether or not you swap them but I never say that's the 1 at the end of this year commenced there must be 2 different colors we've gotten your information about which one's the right 1 so that's a very simple metaphor that shows the concept of a 0 knowledge proved there still it's 15 of ideas have which I don't understand it to explains it is not the way think you have high high right the fact plane series on our website see the cash such blog and goats the not explained as I'm not as much more technical this how is that the question that this is not the place but we have people next to the microphone number 3 would Don solids them down and they just stand there in silence and I the sentence and that's the right thing and asked the last question for this talk and 0 yeah things we talk I actually have a bunch of questions and discuss 2 and so forth but what about the following questions in this talk talking about centralization and what you think about the growing inequality so basically you have a few people most of the bitcoins also other points and you are able to decide which you know if it is going to fluctuate how much and it's a huge effect yeah and the 2nd 1 I recently read in the news that you started working together with JP Morgan so am I mean I'm confused of what was would I why would you do that and but you think that the financial it will eventually destroy most cryptocurrencies because they can but it does with the 1st the 2nd question is why would I why would we work with a few Morgan & what we have we have been able to help them make this block chain that they could potentially use for the enterprise blockchain use cases in the financial industry I so that might be valuable to them or their customers and it was also really helpful for persuading on people from that world like the regulators and the you know the start-ups in the enterprises over in USA on the I could point to if you Morgan as an example of how privacy is important for business but is is important for commerce is be allowed people don't learn from arguments or theory they only learn from example was really useful for me to be able to that instead of having to go around what had been previously was go around saying privacy is going to be important for normal older mainstream taxpaying commerce on and after we did that it would if you more and I got to name-drop JP Morgan and say for example this is what they the most valuable bank in the world is working with our technology because privacy is necessary for commerce and that 1 a lot further with that crowd from any other credit use any said don't I think the financial issues story cryptocurrencies because they can no I don't think they can so no I don't think they can't on the 1st of the questions was was that is a good 1 I inequality 0 yeah that's a really good 1 half and 1 half time 1 and it's a really important question and hopefully future technologies something something but it's definitely true there is a lot of inequality thank you very thank you and thank you know how what decision to
assist you your thank
you thank you
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Metadaten

Formale Metadaten

Titel cryptocurrencies, smart contracts, etc.: revolutionary tech?
Untertitel short answer: Yes!
Serientitel 34th Chaos Communication Congress
Autor Zooko
Lizenz CC-Namensnennung 4.0 International:
Sie dürfen das Werk bzw. den Inhalt zu jedem legalen Zweck nutzen, verändern und in unveränderter oder veränderter Form vervielfältigen, verbreiten und öffentlich zugänglich machen, sofern Sie den Namen des Autors/Rechteinhabers in der von ihm festgelegten Weise nennen.
DOI 10.5446/34900
Herausgeber Chaos Computer Club e.V.
Erscheinungsjahr 2017
Sprache Englisch

Inhaltliche Metadaten

Fachgebiet Informatik
Abstract Bitcoin arrived eight years ago, and has now spawned a dazzling array of follow-on technologies, including smart contracts, censorship-resistant computation, trustless databases (“blockchains”) and more. This talk attempts to highlight a few of the most significant developments in both technology and in society's response to it, including some nation-state governments banning cryptocurrencies and/or launching their own cryptocurrencies.
Schlagwörter Ethics, Society & Politics

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