Inside Blockchain, Bitcoin, and Cryptocurrencies
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portes grátis
Inside Blockchain, Bitcoin, and Cryptocurrencies
Chowdhury, Niaz
Taylor & Francis Ltd
09/2019
362
Dura
Inglês
9781138618152
15 a 20 dias
Descrição não disponível.
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.........................................................................193 11.7.1 Cybersecurity.....................................................................193 11.7.2 Physical Safety, Security and Tracking...............................194 11.8 Smart City......................................................................................195 11.8.1 Smart Home......................................................................195 11.8.2 Smart Transportation.........................................................196 11.8.3 Smart Grid.........................................................................196 11.8.4 Citizen Engagement...........................................................197 11.8.5 Quality Control.................................................................197 11.9 Summary........................................................................................198 Section V CRYPTO CURREN CY 12 Evolution of Money: From Barter to Bitcoin.......................................201 12.1 Money............................................................................................201 12.1.1 Functions of Money...........................................................202 12.1.2 Properties...........................................................................202 12.1.3 Money Supply....................................................................203 12.1.4 Central Bank.................................................................... 204 12.2 Origin and Early Forms................................................................. 204 12.2.1 Barter: The Origin of Money?........................................... 204 12.2.2 Commodity and Representative Money............................ 206 12.2.3 Coinage.............................................................................207 12.2.4 Banknotes..........................................................................209 12.3 Fiat Money.....................................................................................212 12.3.1 Gold Standard...................................................................212 12.3.2 US Dollar Standard...........................................................212 12.3.3 Nixon Shock and Creation of Fiat Money..........................213 12.4 Digital Money................................................................................213 12.4.1 Centralised Digital Money.................................................213 12.4.2 Decentralised Digital Money.............................................214 12.5 Cryptocurrency.............................................................................. 215 12.6 Summary........................................................................................217 13 Cryptocurrency Mining......................................................................219 13.1 Mining........................................................................................... 219 13.1.1 Evolution of Mining......................................................... 220 13.1.2 Mining Process................................................................. 220 13.1.3 Difficulty...........................................................................221 13.1.4 Rewards.............................................................................221 13.2 Hash Rate.......................................................................................221 13.2.1 Understanding Hash Rate..................................................221 13.2.2 Calculating Hash Rate...................................................... 222 13.2.3 Hash Rate and Profits....................................................... 222 13.3 Mining Hardware.......................................................................... 222 13.3.1 Non-Specialised Hardware............................................... 222 13.3.2 Specialised Hardware (ASICs)...........................................224 13.3.3 Profitability Factors............................................................225 13.4 Pooled Mining................................................................................225 13.4.1 Pooled Mining Basics.........................................................225 13.4.2 Mining Pools.................................................................... 226 13.4.3 Reward Sharing................................................................ 228 13.5 Mining Nations............................................................................. 228 13.6 Criticism of PoW Mining...............................................................229 13.7 Summary........................................................................................231 14 Cryptocurrency Wallet........................................................................233 14.1 Wallet.............................................................................................233 14.1.1 Private Key and Address.................................................... 234 14.1.2 Transferring Funds........................................................... 234 14.2 Types of Wallets.............................................................................235 14.2.1 Web Wallet........................................................................236 14.2.2 Software Wallet.................................................................236 14.2.3 External Storage Media......................................................238 14.2.4 Paper Wallet.......................................................................238 14.2.5 Hardware Wallet................................................................239 14.2.6 Brain Wallet.......................................................................240 14.3 Special Wallets...............................................................................241 14.3.1 Multi-Signature Wallet......................................................241 14.3.2 Cold-Storage Wallet...........................................................241 14.3.3 Receive-Only Wallet..........................................................242 14.4 Deterministic Wallet......................................................................242 14.4.1 Type-1 Wallet....................................................................242 14.4.2 Type-2 Wallet....................................................................243 14.4.3 HD Wallet........................................................................ 244 14.5 Wallet Providers............................................................................ 246 14.6 Summary........................................................................................247 15 Cryptocurrency Trading and Investment............................................249 15.1 Investment......................................................................................249 15.1.1 Financial Instruments........................................................250 15.1.2 Commodities.....................................................................251 15.1.3 Currencies..........................................................................251 15.1.4 Derivatives.........................................................................252 15.1.5 Status of Cryptocurrency...................................................253 15.2 Portfolio.........................................................................................253 15.2.1 Funds.................................................................................253 15.2.2 Indices...............................................................................254 15.2.3 ETFs..................................................................................256 15.3 Exchanges and Platforms................................................................257 15.3.1 Cryptocurrency Trading Exchange....................................258 15.3.2 Derivative Trading Exchanges...........................................259 15.3.3 Investment Platforms........................................................ 260 15.4 Investment Strategy........................................................................261 15.4.1 Day Trading.......................................................................261 15.4.2 Buy and Hold....................................................................262 15.4.3 Value Investment...............................................................262 15.5 Investing in Cryptocurrencies.........................................................262 15.5.1 Self-Investment..................................................................263 15.5.2 Guided Investment........................................................... 264 15.6 Regulation and Tax Affairs.............................................................265 15.7 Summary....................................................................................... 266 16 Initial Coin Offerings (ICOs)..............................................................267 16.1 Overview........................................................................................267 16.1.1 The Creation of ICOs....................................................... 268 16.1.2 How Do ICOs Work?........................................................269 16.2 Token Creation...............................................................................269 16.2.1 Token.................................................................................269 16.2.2 Platforms............................................................................270 16.3 Understanding ICOs......................................................................271 16.3.1 ICOs vs IPOs.....................................................................271 16.3.2 Signs of Good and Bad ICOs.............................................272 16.3.3 Advantages and Disadvantages..........................................273 16.4 ICOs in Number............................................................................274 16.4.1 Amount Raised..................................................................274 16.4.2 Breakdown by Industry......................................................274 16.4.3 Biggest Winners and Losers...............................................275 16.5 Scams and Criticisms.....................................................................275 16.6 Summary........................................................................................277 Section VI SOCIO -ECONO MIC LANDSCAPE 17 Economic Outlook of Cryptocurrency................................................281 17.1 Classification..................................................................................281 17.1.1 Currency............................................................................282 17.1.2 Commodity.......................................................................283 17.1.3 Stock................................................................................. 284 17.2 Price of Bitcoin.............................................................................. 284 17.3 Volatility of Bitcoin........................................................................285 17.4 Historic Price Predictions...............................................................287 17.5 Price Movement of Major Cryptocurrencies...................................287 17.5.1 ETH..................................................................................288 17.5.2 XRP...................................................................................288 17.5.3 XLM..................................................................................289 17.5.4 NEO..................................................................................289 17.5.5 EOS...................................................................................289 17.6 Reception.......................................................................................290 17.6.1 Acceptance by Merchants..................................................290 17.6.2 Acceptance by Investors.....................................................291 17.6.3 Acceptance by Governments..............................................292 17.7 Summary........................................................................................293 18 Crime, Criminals and Cryptocurrencies.............................................295 18.1 Criminal Activities.........................................................................295 18.2 Deep Web.......................................................................................296 18.2.1 Darknet and Dark Web.....................................................297 18.2.2 Onion Routing and Tor.....................................................297 18.2.3 Bitcoin: The Missing Piece.................................................298 18.3 Darknet-Based Crimes...................................................................299 18.3.1 Silk Road...........................................................................299 18.3.2 Post-Silk Road Markets......................................................301 18.3.3 Assassination Markets....................................................... 304 18.3.4 Cybercrimes...................................................................... 306 18.4 Financial Crimes........................................................................... 308 18.4.1 Money Laundering........................................................... 308 18.4.2 Market Manipulation........................................................310 18.5 Fraudulent Activities.......................................................................310 18.5.1 False Claims....................................................................... 311 18.5.2 Scams.................................................................................312 18.6 Prevention......................................................................................312 18.6.1 Regulation.........................................................................313 18.6.2 Cooperation....................................................................... 314 18.6.3 Participation...................................................................... 315 18.7 Summary........................................................................................316 19 Regulations, Laws and Practices.........................................................317 19.1 Legality of Blockchain and Cryptocurrency................................... 317 19.2 Regulatory Issues............................................................................ 318 19.2.1 Misuse of Pre-Mining and ICOs........................................ 319 19.2.2 Crackdowns on Mining and Trading................................. 319 19.3 Current Landscape.........................................................................320 19.3.1 Challenges.........................................................................320 19.3.2 Areas..................................................................................321 19.3.3 Blockchain-Friendly Nations.............................................322 19.4 Regulations for Blockchain Technology and Cryptocurrency.........323 19.4.1 The Americas.....................................................................323 19.4.2 Europe...............................................................................324 19.4.3 Asia....................................................................................326 19.4.4 Australia and Africa...........................................................327 19.5 Summary........................................................................................328 20 Criticism, Scepticism and Support......................................................329 20.1 Before It All Started........................................................................329 20.2 Early Days of Bitcoin......................................................................330 20.3 Bitcoin Grabs Attention..................................................................331 20.4 Beginning of the Bull Run.............................................................332 20.5 Crazy Price Hike............................................................................334 20.6 To Invest or Not to Invest?.............................................................335 20.7 $10K and Counting........................................................................337 20.8 Nosedive.........................................................................................338 20.9 Summary....................................................................................... 344 Bibliography.................................................................................................345 Index............................................................................................................355
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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.........................................................................193 11.7.1 Cybersecurity.....................................................................193 11.7.2 Physical Safety, Security and Tracking...............................194 11.8 Smart City......................................................................................195 11.8.1 Smart Home......................................................................195 11.8.2 Smart Transportation.........................................................196 11.8.3 Smart Grid.........................................................................196 11.8.4 Citizen Engagement...........................................................197 11.8.5 Quality Control.................................................................197 11.9 Summary........................................................................................198 Section V CRYPTO CURREN CY 12 Evolution of Money: From Barter to Bitcoin.......................................201 12.1 Money............................................................................................201 12.1.1 Functions of Money...........................................................202 12.1.2 Properties...........................................................................202 12.1.3 Money Supply....................................................................203 12.1.4 Central Bank.................................................................... 204 12.2 Origin and Early Forms................................................................. 204 12.2.1 Barter: The Origin of Money?........................................... 204 12.2.2 Commodity and Representative Money............................ 206 12.2.3 Coinage.............................................................................207 12.2.4 Banknotes..........................................................................209 12.3 Fiat Money.....................................................................................212 12.3.1 Gold Standard...................................................................212 12.3.2 US Dollar Standard...........................................................212 12.3.3 Nixon Shock and Creation of Fiat Money..........................213 12.4 Digital Money................................................................................213 12.4.1 Centralised Digital Money.................................................213 12.4.2 Decentralised Digital Money.............................................214 12.5 Cryptocurrency.............................................................................. 215 12.6 Summary........................................................................................217 13 Cryptocurrency Mining......................................................................219 13.1 Mining........................................................................................... 219 13.1.1 Evolution of Mining......................................................... 220 13.1.2 Mining Process................................................................. 220 13.1.3 Difficulty...........................................................................221 13.1.4 Rewards.............................................................................221 13.2 Hash Rate.......................................................................................221 13.2.1 Understanding Hash Rate..................................................221 13.2.2 Calculating Hash Rate...................................................... 222 13.2.3 Hash Rate and Profits....................................................... 222 13.3 Mining Hardware.......................................................................... 222 13.3.1 Non-Specialised Hardware............................................... 222 13.3.2 Specialised Hardware (ASICs)...........................................224 13.3.3 Profitability Factors............................................................225 13.4 Pooled Mining................................................................................225 13.4.1 Pooled Mining Basics.........................................................225 13.4.2 Mining Pools.................................................................... 226 13.4.3 Reward Sharing................................................................ 228 13.5 Mining Nations............................................................................. 228 13.6 Criticism of PoW Mining...............................................................229 13.7 Summary........................................................................................231 14 Cryptocurrency Wallet........................................................................233 14.1 Wallet.............................................................................................233 14.1.1 Private Key and Address.................................................... 234 14.1.2 Transferring Funds........................................................... 234 14.2 Types of Wallets.............................................................................235 14.2.1 Web Wallet........................................................................236 14.2.2 Software Wallet.................................................................236 14.2.3 External Storage Media......................................................238 14.2.4 Paper Wallet.......................................................................238 14.2.5 Hardware Wallet................................................................239 14.2.6 Brain Wallet.......................................................................240 14.3 Special Wallets...............................................................................241 14.3.1 Multi-Signature Wallet......................................................241 14.3.2 Cold-Storage Wallet...........................................................241 14.3.3 Receive-Only Wallet..........................................................242 14.4 Deterministic Wallet......................................................................242 14.4.1 Type-1 Wallet....................................................................242 14.4.2 Type-2 Wallet....................................................................243 14.4.3 HD Wallet........................................................................ 244 14.5 Wallet Providers............................................................................ 246 14.6 Summary........................................................................................247 15 Cryptocurrency Trading and Investment............................................249 15.1 Investment......................................................................................249 15.1.1 Financial Instruments........................................................250 15.1.2 Commodities.....................................................................251 15.1.3 Currencies..........................................................................251 15.1.4 Derivatives.........................................................................252 15.1.5 Status of Cryptocurrency...................................................253 15.2 Portfolio.........................................................................................253 15.2.1 Funds.................................................................................253 15.2.2 Indices...............................................................................254 15.2.3 ETFs..................................................................................256 15.3 Exchanges and Platforms................................................................257 15.3.1 Cryptocurrency Trading Exchange....................................258 15.3.2 Derivative Trading Exchanges...........................................259 15.3.3 Investment Platforms........................................................ 260 15.4 Investment Strategy........................................................................261 15.4.1 Day Trading.......................................................................261 15.4.2 Buy and Hold....................................................................262 15.4.3 Value Investment...............................................................262 15.5 Investing in Cryptocurrencies.........................................................262 15.5.1 Self-Investment..................................................................263 15.5.2 Guided Investment........................................................... 264 15.6 Regulation and Tax Affairs.............................................................265 15.7 Summary....................................................................................... 266 16 Initial Coin Offerings (ICOs)..............................................................267 16.1 Overview........................................................................................267 16.1.1 The Creation of ICOs....................................................... 268 16.1.2 How Do ICOs Work?........................................................269 16.2 Token Creation...............................................................................269 16.2.1 Token.................................................................................269 16.2.2 Platforms............................................................................270 16.3 Understanding ICOs......................................................................271 16.3.1 ICOs vs IPOs.....................................................................271 16.3.2 Signs of Good and Bad ICOs.............................................272 16.3.3 Advantages and Disadvantages..........................................273 16.4 ICOs in Number............................................................................274 16.4.1 Amount Raised..................................................................274 16.4.2 Breakdown by Industry......................................................274 16.4.3 Biggest Winners and Losers...............................................275 16.5 Scams and Criticisms.....................................................................275 16.6 Summary........................................................................................277 Section VI SOCIO -ECONO MIC LANDSCAPE 17 Economic Outlook of Cryptocurrency................................................281 17.1 Classification..................................................................................281 17.1.1 Currency............................................................................282 17.1.2 Commodity.......................................................................283 17.1.3 Stock................................................................................. 284 17.2 Price of Bitcoin.............................................................................. 284 17.3 Volatility of Bitcoin........................................................................285 17.4 Historic Price Predictions...............................................................287 17.5 Price Movement of Major Cryptocurrencies...................................287 17.5.1 ETH..................................................................................288 17.5.2 XRP...................................................................................288 17.5.3 XLM..................................................................................289 17.5.4 NEO..................................................................................289 17.5.5 EOS...................................................................................289 17.6 Reception.......................................................................................290 17.6.1 Acceptance by Merchants..................................................290 17.6.2 Acceptance by Investors.....................................................291 17.6.3 Acceptance by Governments..............................................292 17.7 Summary........................................................................................293 18 Crime, Criminals and Cryptocurrencies.............................................295 18.1 Criminal Activities.........................................................................295 18.2 Deep Web.......................................................................................296 18.2.1 Darknet and Dark Web.....................................................297 18.2.2 Onion Routing and Tor.....................................................297 18.2.3 Bitcoin: The Missing Piece.................................................298 18.3 Darknet-Based Crimes...................................................................299 18.3.1 Silk Road...........................................................................299 18.3.2 Post-Silk Road Markets......................................................301 18.3.3 Assassination Markets....................................................... 304 18.3.4 Cybercrimes...................................................................... 306 18.4 Financial Crimes........................................................................... 308 18.4.1 Money Laundering........................................................... 308 18.4.2 Market Manipulation........................................................310 18.5 Fraudulent Activities.......................................................................310 18.5.1 False Claims....................................................................... 311 18.5.2 Scams.................................................................................312 18.6 Prevention......................................................................................312 18.6.1 Regulation.........................................................................313 18.6.2 Cooperation....................................................................... 314 18.6.3 Participation...................................................................... 315 18.7 Summary........................................................................................316 19 Regulations, Laws and Practices.........................................................317 19.1 Legality of Blockchain and Cryptocurrency................................... 317 19.2 Regulatory Issues............................................................................ 318 19.2.1 Misuse of Pre-Mining and ICOs........................................ 319 19.2.2 Crackdowns on Mining and Trading................................. 319 19.3 Current Landscape.........................................................................320 19.3.1 Challenges.........................................................................320 19.3.2 Areas..................................................................................321 19.3.3 Blockchain-Friendly Nations.............................................322 19.4 Regulations for Blockchain Technology and Cryptocurrency.........323 19.4.1 The Americas.....................................................................323 19.4.2 Europe...............................................................................324 19.4.3 Asia....................................................................................326 19.4.4 Australia and Africa...........................................................327 19.5 Summary........................................................................................328 20 Criticism, Scepticism and Support......................................................329 20.1 Before It All Started........................................................................329 20.2 Early Days of Bitcoin......................................................................330 20.3 Bitcoin Grabs Attention..................................................................331 20.4 Beginning of the Bull Run.............................................................332 20.5 Crazy Price Hike............................................................................334 20.6 To Invest or Not to Invest?.............................................................335 20.7 $10K and Counting........................................................................337 20.8 Nosedive.........................................................................................338 20.9 Summary....................................................................................... 344 Bibliography.................................................................................................345 Index............................................................................................................355
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