Inside Blockchain, Bitcoin, and Cryptocurrencies

 
 
Auerbach (Verlag)
  • 1. Auflage
  • |
  • erschienen am 16. August 2019
  • |
  • 390 Seiten
 
E-Book | PDF ohne DRM | Systemvoraussetzungen
978-1-000-50770-6 (ISBN)
 

This book covers blockchain from the underlying principles to how it enables applications to survive and surf on its shoulder. Having covered the fundamentals of blockchain, the book turns to cryptocurrency. It thoroughly examines Bitcoin before presenting six other major currencies in a rounded discussion. The book then bridges between technology and finance, concentrating on how blockchain-based applications, including cryptocurrencies, have pushed hard against mainstream industries in a bid to cement their positions permanent. It discusses blockchain as underlying banking technology, crypto mining and offering, cryptocurrency as investment instruments, crypto regulations, and markets.

1. Auflage
  • Englisch
  • Milton
  • |
  • Großbritannien
Taylor & Francis Ltd
  • Für höhere Schule und Studium
21 schwarz-weiße Tabellen
  • 25,85 MB
978-1-000-50770-6 (9781000507706)
weitere Ausgaben werden ermittelt

Dr. Niaz Chowdhury is a postdoctoral researcher working with blockchain technology in the European Union funded project QualiChain. His research experience spans over a decade across three British and Irish nations in England, Scotland and Ireland. He presently holds a Research Associate position in the Open Blockchain group of Knowledge Media Institute, a small but renowned and well-regarded research lab within the Open University in England. He also completed two more postdocs before joining this position, one in the Department of Computing and Communication in the same university working for the Big Data and Smart City project MK:Smart while another at his current lab in the Data Science group. Dr. Chowdhury obtained his PhD from the School of Computing Science of the University of Glasgow in Scotland, as a recipient of the prestigious Scottish ORS Scholarship. He was also a research scholar at the School of Computer Science in Trinity College Dublin where he received Government of Ireland IRCSET Embark Initiative Scholarship. His earlier academic achievements include a bachelor and a master degree with gold medal distinction in Computer Science and Engineering from East West University, Bangladesh. Dr. Chowdhury published numerous journal articles, conference papers and book chapters on the blockchain technology, the Internet of Things, wireless networks and data science.

Contents

List of Figures...............................................................................................xix

List of Tables................................................................................................xxv

Section I BLOCKCHAIN AND BIT COIN

1 Introduction to Blockchain.....................................................................3

1.1 The Birth of Bitcoin............................................................................3

1.1.1 A Mysterious Scientist............................................................4

1.1.2 What is Bitcoin?.....................................................................4

1.1.3 Double-Spending Problem.....................................................5

1.1.4 Nakamotos Solution..............................................................6

1.2 Blockchain..........................................................................................7

1.2.1 Motivation.............................................................................7

1.2.2 Definition of Blockchain........................................................8

1.2.3 Distributed Ledger.................................................................8

1.2.4 Key Properties........................................................................9

1.3 Architectural Overview....................................................................10

1.3.1 Centralised vs Decentralised Architecture...........................10

1.3.2 Peer-to-Peer Network...........................................................11

1.3.3 Characteristics.....................................................................13

1.4 Block................................................................................................14

1.4.1 Structure..............................................................................14

1.4.2 Block Identifier and Height..................................................15

1.4.3 Genesis Block.......................................................................16

1.5 Mining.............................................................................................16

1.5.1 What is Mining?..................................................................16

1.5.2 Consensus............................................................................16

1.5.3 Incentivisation.....................................................................17

1.6 Forks................................................................................................17

1.6.1 When Does a Fork Occur?...................................................17

1.6.2 Types of Forks......................................................................18

1.7 Consensus Mechanisms....................................................................18

1.7.1 Proof of Work (PoW)...........................................................18

1.7.2 Alternative Consensus Algorithms.......................................19

1.7.3 Comparison.........................................................................20

1.8 Types of Blockchains........................................................................21

1.8.1 Public and Private Blockchains............................................21

1.8.2 Consortium, Shared Ledger, Sidechain................................21

1.8.3 Hybrid Blockchains.............................................................22

1.8.4 Comparison.........................................................................22

1.9 Applications......................................................................................23

1.10 Revisiting the Double-Spending Problem.........................................26

1.11 Summary..........................................................................................26

2 Immutability of Blockchain..................................................................27

2.1 Cryptography...................................................................................27

2.1.1 What is Cryptography and Cryptanalysis?...........................28

2.1.2 Background.........................................................................28

2.1.3 Basic Concepts.....................................................................29

2.2 Modern Cryptography......................................................................30

2.2.1 Symmetric-Key Cryptography.............................................31

2.2.2 Public-Key Cryptography....................................................33

2.3 Cryptographic Applications..............................................................36

2.3.1 TLS and SSL........................................................................36

2.3.2 Cryptographic Hash Function.............................................37

2.3.3 Digital Signature..................................................................38

2.4 Elliptic Curve Cryptography (ECC).................................................41

2.4.1 Basic Concept......................................................................41

2.4.2 Public and Private Keys....................................................... 42

2.4.3 How Does ECC Compare to RSA?......................................43

2.5 Making Blockchain Immutable....................................................... 44

2.5.1 Block and Block Header..................................................... 44

2.5.2 Timestamp.......................................................................... 44

2.5.3 Merkle Tree.........................................................................45

2.5.4 Building the Chain..............................................................45

2.6 Summary..........................................................................................48

3 Consensus Mechanisms of Blockchain..................................................49

3.1 Distributed Systems and Consensus.................................................49

3.1.1 Distributed Systems.............................................................50

3.1.2 Coordination and Agreement..............................................50

3.1.3 Consensus............................................................................51

3.2 Byzantine Generals Problem.............................................................52

3.2.1 Two Generals Paradox..........................................................52

3.2.2 Byzantine Generals Problem................................................53

3.2.3 Byzantine Fault Tolerance....................................................55

3.3 Blockchain's Consensus Mechanism.................................................56

3.3.1 Hashcash Proof of Work......................................................56

3.3.2 Proof of Work in Blockchain...............................................57

3.3.3 BFT in Blockchain...............................................................58

3.4 Solving the Double-Spending Problem.............................................59

3.5 Summary..........................................................................................60

4 Bitcoin: World's First Cryptocurrency..................................................61

4.1 What is Bitcoin?...............................................................................61

4.2 Brief History of Bitcoin....................................................................63

4.2.1 Before Bitcoin......................................................................63

4.2.2 Bitcoin Era.......................................................................... 64

4.3 Token: BTC.................................................................................... 64

4.3.1 Bitcoin Mining and Supply..................................................65

4.3.2 Units of Bitcoin................................................................... 66

4.4 Bitcoin's Blockchain........................................................................ 66

4.4.1 Block Header.......................................................................67

4.4.2 Timestamp...........................................................................67

4.4.3 Merkle Tree.........................................................................67

4.4.4 Hash Generation..................................................................68

4.4.5 Genesis Block.......................................................................68

4.5 Bitcoin Address.................................................................................69

4.5.1 Formats................................................................................71

4.5.2 Hash Generation..................................................................72

4.5.3 Address Structure.................................................................72

4.6 Transactions.....................................................................................73

4.6.1 Input and Output................................................................74

4.6.2 Redeeming Tokens.............................................................. 77

4.6.3 Multi-Signature...................................................................78

4.6.3.1 Escrow..................................................................78

4.6.3.2 Cold Storage.........................................................78

4.6.4 Generation Transaction.......................................................79

4.6.5 Storing Data........................................................................79

4.6.6 Contracts.............................................................................79

4.7 Mining.............................................................................................80

4.7.1 Method................................................................................80

4.7.2 Proof of Work......................................................................82

4.7.3 Target and Difficulty...........................................................83

4.7.4 Mining Process................................................................... 84

4.8 Split Coins and Altcoins...................................................................85

4.8.1 Split Coins...........................................................................85

4.8.1.1 Bitcoin Cash.........................................................85

4.8.1.2 Bitcoin Gold.........................................................85

4.8.1.3 Bitcoin Private.......................................................86

4.8.2 Altcoins................................................................................86

4.8.2.1 Namecoin.............................................................87

4.8.2.2 Litecoin.................................................................87

4.8.2.3 Peercoin................................................................88

4.8.2.4 Nxt........................................................................88

4.8.2.5 Dash.....................................................................88

4.9 Summary..........................................................................................89

Section II SMART CONT RACTS

5 Ethereum and Smart Contracts.............................................................93

5.1 Introduction to Smart Contracts......................................................93

5.1.1 Vending Machine Analogy..................................................94

5.1.2 Nick Szabo and Bit Gold.....................................................95

5.1.3 Turing-Completeness...........................................................96

5.2 What is Ethereum?...........................................................................96

5.3 Token: ETH.....................................................................................97

5.3.1 Pre-Mining..........................................................................97

5.3.2 Price.....................................................................................98

5.3.3 Units....................................................................................98

5.4 Architecture......................................................................................99

5.4.1 Ethereum Virtual Machine (EVM).....................................99

5.4.2 Account.............................................................................100

5.4.3 Address..............................................................................101

5.4.4 Mist...................................................................................101

5.5 Mining...........................................................................................102

5.5.1 Mining Process..................................................................102

5.5.2 Block-Generation Rate.......................................................103

5.5.3 Rewards.............................................................................103

5.6 Smart Contracts in Ethereum.........................................................103

5.6.1 Transactions.......................................................................103

5.6.2 Gas....................................................................................104

5.6.3 High-Level Languages.......................................................104

5.7 ERC Standards...............................................................................105

5.7.1 ERC-20..............................................................................105

5.7.2 ERC-223............................................................................106

5.7.3 ERC-721............................................................................106

5.7.4 Other Standards................................................................107

5.8 Comparison to Bitcoin...................................................................107

5.9 Summary........................................................................................107

6 NEO ..................................................................................................109

6.1 What is NEO?................................................................................109

6.2 Token: NEO and GAS................................................................... 110

6.2.1 Token Generation.............................................................. 110

6.2.2 Token Distribution............................................................ 111

6.3 Architecture.................................................................................... 111

6.3.1 Basic Structure................................................................... 111

6.3.2 Advanced Features............................................................. 111

6.4 Consensus Mechanism: dBFT........................................................112

6.4.1 Algorithm..........................................................................112

6.4.2 Procedure...........................................................................113

6.4.3 Transaction Validation.......................................................113

6.4.4 View Change..................................................................... 114

6.4.5 Fault Tolerance and Transaction Time............................... 114

6.5 Smart Contracts............................................................................. 114

6.6 Summary........................................................................................ 116

7 EOS ..................................................................................................117

7.1 What is EOS?................................................................................. 117

7.2 Token: EOS.................................................................................... 118

7.2.1 Initial Coin Offering.......................................................... 118

7.2.2 Transaction Fees................................................................ 119

7.2.3 Inflation............................................................................. 119

7.3 Architecture.................................................................................... 119

7.4 Consensus Mechanism: DPoS........................................................120

7.4.1 Algorithm..........................................................................120

7.4.2 Procedure...........................................................................121

7.4.3 Reward..............................................................................122

7.5 Smart Contracts.............................................................................122

7.6 EOS.IO Operating System.............................................................123

7.6.1 Schema-Defined Actions and Database..............................123

7.6.2 Separation of Authentication from Applications................124

7.6.3 Inter-Blockchain Communication.....................................124

7.7 Summary........................................................................................124

Section III FINANCIAL NET WORKS

8 Ripple ..................................................................................................127

8.1 What is Ripple?..............................................................................127

8.2 Token: XRP....................................................................................128

8.2.1 Token Generation and Distribution...................................128

8.2.2 Bridge Currency.................................................................129

8.2.3 Market Capitalisation........................................................129

8.3 Architecture....................................................................................129

8.3.1 Hawala...............................................................................130

8.3.2 XRP Ledger.......................................................................131

8.3.3 Transactions.......................................................................132

8.4 Consensus Mechanism: RPCA.......................................................133

8.4.1 Components......................................................................133

8.4.2 Consensus Process.............................................................134

8.4.3 Correctness........................................................................135

8.5 Codius and Interledger...................................................................136

8.6 Real-Time Gross Settlement System...............................................136

8.6.1 RippleNet..........................................................................137

8.6.2 xCurrent............................................................................138

8.6.3 xRapid...............................................................................139

8.6.4 xVia....................................................................................139

8.7 Partners..........................................................................................139

8.8 Summary........................................................................................141

9 Stellar ..................................................................................................143

9.1 What Is Stellar?..............................................................................143

9.2 Token: Lumens (XLM)..................................................................144

9.2.1 Generation and Distribution..............................................144

9.2.2 Price and Market Cap........................................................145

9.2.3 Role of XLM in the Protocol.............................................145

9.3 Architecture....................................................................................146

9.4 Consensus Mechanism...................................................................146

9.4.1 Quorum and Slices............................................................146

9.4.2 Agreement..........................................................................148

9.5 Applications....................................................................................148

9.5.1 Anchors..............................................................................148

9.5.2 Distributed Exchange........................................................149

9.5.3 Multi-Currency Transactions.............................................149

9.6 Partners.......................................................................................... 153

9.7 Summary........................................................................................ 153

Section IV ADVANCED LEDGERS AND APPLICATION S

10 Purpose-Built Distributed Ledgers.....................................................157

10.1 Purpose-Built Ledgers and Blockchains.......................................... 157

10.2 Internet of Things: IOTA............................................................... 159

10.2.1 Overview........................................................................... 159

10.2.2 Technical Details............................................................... 159

10.2.3 Applications....................................................................... 161

10.2.4 Alternatives: IBM Watson and Waltonchain...................... 161

10.3 Supply Chain: OriginTrail..............................................................162

10.3.1 Overview...........................................................................162

10.3.2 Technical Details...............................................................163

10.3.3 Applications.......................................................................163

10.3.4 Alternatives: VeChain and OpenChain..............................163

10.4 Connectivity: Moeco......................................................................164

10.4.1 Overview...........................................................................164

10.4.2 Technical Details...............................................................164

10.4.3 Applications.......................................................................166

10.5 Cybersecurity: Naoris.....................................................................166

10.5.1 Overview...........................................................................166

10.5.2 Technical Details...............................................................167

10.5.3 Applications.......................................................................168

10.6 Private Network: HydraChain........................................................168

10.6.1 Overview...........................................................................168

10.6.2 Technical Details...............................................................168

10.6.3 Applications.......................................................................170

10.7 Framework: Hyperledger................................................................170

10.7.1 Overview...........................................................................170

10.7.2 Technical Details...............................................................171

10.7.3 Application........................................................................173

10.8 Emerging Distributed Ledgers........................................................173

10.8.1 Medical Services: MediChain and MediLedger.................173

10.8.2 Drug Development: BlockPhrama..................................... 174

10.8.3 Quality Assurance: Ambrosus............................................ 174

10.8.4 Sharing Economy: Slock.it................................................. 174

10.8.5 Genomic Data Collection: Nebula Genomics.................... 174

10.9 Summary........................................................................................175

11 Applications of Blockchain.................................................................177

11.1 Hype or Hope?...............................................................................177

11.2 Classification..................................................................................180

11.2.1 Classifying the Domains....................................................181

11.2.2 Classifying the Categories..................................................181

11.3 Citizen Services..............................................................................182

11.3.1 e-Governance.....................................................................182

11.3.2 Healthcare.........................................................................183

11.3.3 Education..........................................................................185

11.4 Business and Financial Services......................................................186

11.4.1 Financial Services...............................................................186

11.4.2 Smart Property..................................................................187

11.4.3 Exchange and Trading.......................................................187

11.5 Online Marketplace........................................................................187

11.5.1 e-Commerce......................................................................188

11.5.2 Online Betting, Gambling and Gaming............................189

11.5.3 e-Auctions and Online Bidding.........................................189

11.6 Supply Chain, Production and Provenance..................................... 191

11.6.1 Commercial Supply Chain................................................. 191

11.6.2 Food Production................................................................ 191

11.6.3 Drug Manufacturing.........................................................192

11.7 Safety and Security.........................................

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