Snakes Into Snake Oil

What Blockchains Are And Why They’re Terrible

Illuminated By Monitor Light

Jez Higgins

Did I want my name associated on the internet with the words Blockchain and Cryptocurrency?

  • What Blockchains Are

  • Why They’re Terrible

Snakes Into Snake Oil

shape of the chain
shape of the chain

append only

shape of the chain

append only
guarantees provenance

shape of the chain

append only
guarantees provenance

distributed database

shape of the chain

append only
guarantees provenance

distributed database
no central authority

Building A Blockchain

linked list
reverse linked list
  • the block before me is block 742

  • and its hash is 0x371291a…​

hash linked list
tree
merkle tree
shape of the chain
bitcoin coffee prague
peer to peer network
sending transaction
transaction one node
transaction more nodes
transaction and so on
transactions all a bit different
settle down everyone
new block propagation
competing blocks
stable
n plus 1
another n plus 1
another n plus 2
shape of a block
magical
bitchair
  • The Block Reward

  • Transaction Fees

shape of the chain
bitcoin logo
bitcoin and others logo
bitcoin and others logo

Or create your own
at
http://build-a-co.in/

  • Proof-of-work

  • Proof-of-stake

  • Proof-of-authority

{
  "hash": "5a425...",
  "ver": 1,
  "vin_sz": 2,
  "vout_sz": 1,
  "lock_time": 0,
  "size": 404,
  "in": [{
    "prev_out": {
      "hash": "3be4a...",
      "n": 0,
    },
    "scriptSig": "30440..."
  }, {
    "prev_out": {
      "hash": "7508e6...",
      "n": 0,
    },
    "scriptSig": "3f3a4...",
  }],
  "out": [{
    "value": "10.12287097",
    "scriptPubKey":"OP_DUP OP_HASH160 69e02...
        OP_EQUALVERIFY OP_CHECKSIG"
  }]
}
  function store(string key, string payload)
                          external permittedOnly {
    bytes32 previous_key = moveExisting(key);
    bytes32 null_key;

    Payload storage newPayload = registry[key];
    newPayload.payload = payload;
    newPayload.previous_key = previous_key;

    if (previous_key == null_key)
      emit Registration(msg.sender, key, payload);
    else
      emit Update(msg.sender, key, payload);
  }

That’s what blockchains are

Snakes Into Snake Oil

What Blockchains Are And Why They’re Terrible

Illuminated By Monitor Light

Jez Higgins

…​ continues after these messages…​

Snakes Into Snake Oil

What Blockchains Are And Why They’re Terrible

Illuminated By Monitor Light

Jez Higgins

Why They’re Terrible

hacked exchanges
bitpay compromise
bitcoin dump 2013
forgotten pin
walletrecovery
walletrecovery

… typed his recovery words into Notepad to print them out, and promptly had his Bitcoin stolen due to a keylogger …

walletrecovery

… printed out his seed words but was missing several due to incorrectly set page margins …

walletrecovery

A customer stored his recovery word card in his jeans. The card was destroyed when the jeans had been laundered, which he only discovered months later when updating his wallet firmware.

bitcoin coffee prague
locksmith
locksmith no customers

Since that point over four years ago and at the time of writing, we have not had one customer ask to pay in BitCoin, Dash or any other cryptocurrency.

locksmith again

While none of our customers has actually paid a locksmithing invoice with Bitcoin we have had lots of interested people wanting to discuss the subject in depth.

howells again
volumes are fake
price bump
howells bitcoin is rubbish
elon musk dogecoin
dogecoin price hike
bitcoin miners
another n plus 2
ethereum classic
nicehash

NiceHash does not support 51% attacks and we believe such deliberate and harmful actions should be taken very seriously.

NiceHash does not support 51% attacks and we believe such deliberate and harmful actions should be taken very seriously.

NiceHash is giving everyone with smaller and less secure blockchain projects the option to make them more secure by leasing hash power. If you think your network is under attack , you can mitigate such attacks and further secure the network by using NiceHash!
If you want to keep your PoW-based blockchain safe, we highly recommend you periodically lease hash power through NiceHash hash power marketplace. Such activity will always result in making your blockchain more secure.

Cryptocurrencies are not currencies

They are …​

  • …​ difficult to get hold of

  • …​ difficult to keep hold of

  • …​ even more difficult to spend

  • …​ probably going to get lost or stolen or just fade away or jam up

Applications on built on Ethereum run exactly as programmed.

parity multi sig
parity multi sig 2
dao logo

Which party will control the House after the 2018 U.S. Midterm Election?

Which party will control the House after the 2018 U.S. Midterm Election?

augur pool

Without any possibility of downtime …​ or third-party interference

cryptokitty
blockchains will revolutionize
bill of lading
monalisa
edent
blockchain whisky
hr
zero percent

And that’s Why They’re Terrible

A glimmer of hope

The ARCHANGEL project proposes to delivery long-term sustainability of digital archives through new technologies that will ensure both the accessibility to and integrity of digial archives

tna
chh resignation letter
OAIS

THANKS

Jez UK

Jez Higgins

@jezhiggins