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Lecture

Blockchain Fundamentals: Structure and Transactions

Description

This lecture covers the fundamental concepts of blockchain technology, including the decision-making process of whether to use a blockchain or a database, the structure of blockchain blocks, the key idea of Proof-of-Work, the assumptions underlying blockchain security, and the differences between UTXO and account-based transactions. It also delves into Bitcoin transactions, scripting, limitations, and Ethereum smart contracts, discussing gas, execution time, and applications like trustless insurance and decentralized naming. The lecture concludes with a look at the issues and limitations of smart contracts, proposing solutions such as keeping secrets off-chain and permissionless innovation.

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Ontological neighbourhood

Computer engineering

Computer security: Blockchain

Related concepts (32)

Bitcoin

Bitcoin (abbreviation: BTC or XBT; sign: ₿) is a decentralized digital currency. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009, when its implementation was released as open-source software. The word "bitcoin" was defined in a white paper published on October 31, 2008.

Smart contract

A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control or document events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need for trusted intermediators, arbitration costs, and fraud losses, as well as the reduction of malicious and accidental exceptions. Smart contracts are commonly associated with cryptocurrencies, and the smart contracts introduced by Ethereum are generally considered a fundamental building block for decentralized finance (DeFi) and NFT applications.

Database

In computing, a database is an organized collection of data (also known as a data store) stored and accessed electronically through the use of a database management system. Small databases can be stored on a , while large databases are hosted on computer clusters or cloud storage. The design of databases spans formal techniques and practical considerations, including data modeling, efficient data representation and storage, query languages, security and privacy of sensitive data, and distributed computing issues, including supporting concurrent access and fault tolerance.

Relational database

A relational database is a (most commonly digital) database based on the relational model of data, as proposed by E. F. Codd in 1970. A system used to maintain relational databases is a relational database management system (RDBMS). Many relational database systems are equipped with the option of using SQL (Structured Query Language) for querying and updating the database. The term "relational database" was first defined by E. F. Codd at IBM in 1970. Codd introduced the term in his research paper "A Relational Model of Data for Large Shared Data Banks".

Ethereum

Ethereum is a decentralized blockchain with smart contract functionality. Ether (Abbreviation: ETH; sign: Ξ) is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. It is open-source software. Ethereum was conceived in 2013 by programmer Vitalik Buterin. Additional founders of Ethereum included Gavin Wood, Charles Hoskinson, Anthony Di Iorio and Joseph Lubin. In 2014, development work began and was crowdfunded, and the network went live on 30 July 2015.

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