The Blockchain and the New Architecture of Trust (Kevin Werbach 2018)

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  • Blockchain originates in 1979 as Merkle trees and due to its expired patent was reintroduced by Satoshi.
  • Types of trust architecture:
    • Peer-to-peer
    • Leviathan
    • Intermediary
    • Blockchain
  • 2 guards puzzle: one leads to riches, other leads to death, one will tell the truth, one will lie.
    • Answer is to ask which door the other guard suggests and go to the opposite.
  • Byzantine generals' problem is where the generals do not know if the previous messenger has successfully delivered the message.
  • Vili’s paradox: blockchain can never become huge due to its governance paradox.
  • Bitcoin
    • 51-percent-attack is the highest computing power that can fork the longest chain.
    • Merge mining or pegged sidechains is other coins to piggyback bitcoin for validation.
    • 1,000 accounts hold 40% while another 100 accounts hold 17%.
  • Howey test to determine if something constitute to a security:
    • The contribution of money
    • To a common enterprise
    • With the expectation of profits
    • Derived from the efforts of others
  • Terms
    • Anti-money laundering (AML)
    • Know your client (KYC)
    • Peer-to-peer (P2P)
    • Decentralised applications (Dapps)
    • Proof of stake (POS)
    • Proof of work (POW)
    • Inter Planetary File System (IPFS)
    • Byzantine fault-tolerant (BFT)
    • Unspent transaction output (UTXO)
    • Decentralised autonomous organisation (DAO)
    • General purpose technology (GPT)
    • Public key infrastructure (PKI)
    • Initial coin offering (ICO)
    • Application-specific integrated circuits (ASICs)
    • Delaware blockchain initiative (DBI)
  • Common coins
    • Ethereum (ETH)
    • Ethereum Classic (ETC)
    • Anonymity: Monero (XMR), Dash, ZCash (ZEC)
    • Blockchain of Asia: NEO, Qtum
    • Brave browser: Basic Attention Token (BAT), 20 accounts hold ⅔ of the token.
    • Open-source distributed ledger for IoT: IOTA


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