Ethereum

The Infinite Machine: How an Army of Crypto-Hackers Is Building the Next Internet With Ethereum

by Camila Russo  · 13 Jul 2020  · 349pp  · 102,827 words

functions of Namecoin, Mastercoin, colored coins and other such projects that I’m calling “cryptocurrency 2.0.” Here is the whitepaper: http://vbuterin.com/ethereum.html Essentially, it generalizes all financial contracts and agents into an entity called a “contract” which can automatically send and receive transactions, maintain an arbitrarily

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named after mathematician Alan Turing. Turing-complete machines are able to run any computer code. Bitcoin has a scripting language that supports some computation, but Ethereum’s Turing-complete language is designed to support anything a programmer could dream of, and still run in a decentralized way. “The problem with

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-in Turing-complete programming language, allowing anyone to write smart contracts and decentralized applications. Some of the applications that could be created on top of Ethereum, Vitalik wrote, are digital currencies, hedging contracts, a domain-name system, a reputation system, a shareholder-run corporation where decisions on where to move

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the world more efficient and fairer. The possibilities would be infinite. “Other cryptocurrencies aim to add complexity and increase the number of ‘features,’” he wrote. Ethereum, on the other hand, takes features away. The protocol does not “support” multisignature transactions, multiple inputs and outputs, hash codes, lock times or many

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they discussed different structures, the main ones being seriously considered were a for-profit company supporting and building the application layer for an open source Ethereum protocol developed under a nonprofit foundation, or a nonprofit foundation to support development of the open source network, while the wider community would build

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design, shooting promotional videos, and running communications with the community, writing blog posts, engaging in social media, and coordinating meetups. Vitalik, Anthony, and other Ethereum team members based outside of Switzerland would sometimes pop in for a few days, so sleeping arrangements constantly changed. Most of the time, though, three

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Market Supervisory Authority, or Finma. They held calls and meetings several times a week. Once they had explained Bitcoin, they were able to explain Ethereum, the world computer capable of supporting decentralized applications that run on the platform’s native cryptocurrency, called ether. From there they could start talking about

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following Terms and Conditions (‘Terms’) govern the sale of the cryptographic fuel—Ether (‘ETH’)—that is required to run distributed applications on the Ethereum open source software platform (‘Ethereum Platform’) to purchasers of ETH (‘Purchasers’ collectively, and ‘Purchaser’ individually),” the document started. Further down it stated that “the Genesis Sale constitutes

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Purchaser’s jurisdiction.” In an effort to further dispel any connection between ether and money or investments, the terms also said that developers building the Ethereum platform are volunteers who will receive “gifts of ETH in acknowledgement of their dedication.” The sale terms and conditions and the purchase agreement were

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code for the platform, building applications, and maintaining the computers used to validate transactions and computation steps. They’ll argue that even if the Ethereum Foundation disappeared, Ethereum would continue running. The team had lengthy arguments over whether they should exclude US buyers to avoid any issues with the SEC, but Vitalik

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announced when mining would begin and published the software beforehand. In the case of Bitcoin, the total supply of coins is created by miners. Ethereum and other projects that premine their coins are criticized because control of the cryptocurrency’s supply is potentially more centralized among “insiders” who participated in

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to become the Bloomberg Terminal of digital assets, called TradeBlock. It was around that time in mid-2014 that he started following the Ethereum project. To him, Ethereum was trying to mimic JavaScript’s programming features but for cryptocurrencies, which seemed like the obvious next step needed in technology. He was

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group of no more than a dozen developers, designers, and engineers, all heads down, building the very basic foundational infrastructure needed to later raise an Ethereum empire. Software program editors, code libraries, digital wallets, storage systems, an app store. All the pillars that most developers would take for granted had

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in Zug and rented a smaller office space almost immediately. She also started the process of winding down and reducing all legal entities under the Ethereum Foundation. These units had popped up wherever there were developers, creating more expenses and confusing paperwork. One of the biggest cuts was the London

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developers. They had been influenced by Vitalik’s penchant for T-shirts adorned with cats and unicorns. They cultivated the aesthetic, which became particular to Ethereum, featuring rainbows, cute animals, mythical creatures, and internet memes. To grossly simplify the two cultures, if Bitcoiners were typically hard-core libertarian and carnivore,

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worth 1 US dollar. The difference with BitShares was that rather than having a single asset as collateral it would use multiple cryptocurrencies on the Ethereum blockchain to be more decentralized and stable. The system would be managed by a Decentralized Autonomous Organization, or DAO, called Maker. As mentioned earlier,

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the most ambitious projects was Slock.it. Christoph Jentzsch, a German theoretical physicist, had been working on testing and checking the compatibility among the different Ethereum clients. Christoph was known for being very good at his job, obsessive and meticulous, so when he jumped into a new venture, people paid

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exchanges and security researchers. People were calling for markets to be closed, trading to be halted, and emergency code to be deployed. George Hallam, the Ethereum Foundation’s spokesman, said in a chat room with heads of different cryptocurrency exchanges, “ALL EXCHANGES: please pause ether trading as soon as possible.”

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gloat. The level of hostility spurred conspiracy theories that a prominent Bitcoin company had deployed robots made to spam social media with anti-Ethereum comments. The Ethereum Foundation started to get dragged down in the mud as some commenters said the only reason a bailout was being discussed in the first

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problem was that traders trying to buy large amounts got around the investment ceiling by sending orders in many smaller separate transactions, clogging up the Ethereum network. The congested network would prevent other transactions from going through and people would respond by resending them over and over, causing even greater

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reports suggested that Russia was turning more pro-crypto. A consortium of the country’s biggest banks developed Masterchain, a distributed ledger using a modified Ethereum protocol; some headlines suggested the country wanted to create its own national digital currency; and most outrageous of all: when the country’s Burger

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increase mining difficulty to incentivize miners to switch to proof of stake, the so-called difficulty bomb. The Byzantium fork also included the ability for Ethereum to use a privacy-enhancing function called zero-knowledge proofs, which allow users to prove they meet specific requirements, without revealing more information about

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Ming, it was a shock they would skip the “knowledge transfer” they had discussed. For almost three years she had dedicated her entire life to Ethereum, losing sleep, neglecting friends and family, wearing herself out with the constant travel, and juggling a million different delicate issues and difficult personalities. She

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venture capital model with more than $5 billion raised in ICOs. Partly as a result of that, ether was soaring and applications being built on Ethereum mushroomed, with several hundreds of developers in the space, even eclipsing programmers working on Bitcoin. Big corporations, nonprofits, and government entities were all testing

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its destruction [are] among the debris of a community blinded by numerical price increases,” he tweeted on December 26. Vitalik responded, “*All* crypto communities, ethereum included, should heed these words of warning. Need to differentiate between getting hundreds of billions of dollars of digital paper wealth sloshing around and actually

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funding, and many investors shying away from cryptocurrency startups, many teams were finding it difficult to bootstrap their projects. This included programmers working on Ethereum itself. The Ethereum Foundation has fewer than fifty contractors it pays below-market rates to develop the technology, research different solutions to make the network stronger and

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more scalable, and do administrative work. The rest of the thousands of developers working on Ethereum are doing so in independent companies, responsible for guaranteeing their own funding. One of the main roles of the foundation is to financially support this

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US citizens to diminish regulatory risk and ADA tokens were sold mostly to Japanese investors. Instead of the decentralized and disorganized approach to research in Ethereum, Cardano moved slowly and carefully with peer-reviewed, open source code. Some also believed Polkadot, built by Gavin Wood’s Parity Technologies, would compete

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Steem, Loom, Waves, Tezos, and others, vying to become the dominating decentralized applications platform, or at least the preferred platform for a specific use case. Ethereum developers and fans would scoff at most of them, pointing out how they compromise on security, decentralization, or both to increase throughput. But the question

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appears to have been decentralized for some time, perhaps from inception.” Putting aside the crowdsale, he said in the “present state of ether, the Ethereum network and its decentralized structure, current offers and sales of ether are not securities transactions.” Hinman had clarified that in his opinion, bitcoin and ether

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of millions would flow into digital wallets from anonymous users all over the world in minutes were over. For many developers who were building Ethereum itself, the Ethereum Foundation continued to be an important source of funding, which still left many teams feeling they were in a precarious situation. Preston Van Loon

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celebrated Vitalik’s deus ex machina move, these exchanges further showed exactly what venture capitalist Fred Wilson was cautioning against—that fundamental infrastructure projects for Ethereum were short on funds and that no amount of whimsical benevolence from Vitalik, using his own money, would make up for the lack of

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CEO Jamie Dimon labeled Bitcoin a “fraud,” the US bank launched its own cryptocurrency created on Quorum, an enterprise-focused version of Ethereum. Microsoft and Amazon use Ethereum for their blockchain-as-a-service platforms, which aims to help users implement distributed ledger technology. Accounting firm EY built tools to allow

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reply to “BitShares and Mastercoin—a Comparison,” BitcoinTalk, January 2, 2014, https://bitcointalk.org/index.php?topic=325425.60. 8. implementation in London: Nermin Hajdarbegovic, “Ethereum Launches ‘Cryptocurrency 2.0’ Network,” CoinDesk, January 23, 2013, https://www.coindesk.com/ethererum-launches-cryptocurrency-2-0-network. 8: The Miami House 1. email

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help: Vitalik Buterin (@VitalikButerin), “The earliest emails from @gavofyork reaching out to me in Dec 2013. Thanks a lot for Gav's crucial contributions to ethereum!,” Twitter, August 10, 2017, https://twitter.com/VitalikButerin/status/895518902817480708. 3. bigger potential was there: Vitalik Buterin, “Mastercoin: A Second-Generation Protocol on the

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release/. 3. 4:26 p.m. in Berlin: Etherscan, Block #1, https://etherscan.io/block/1. 4. someone else wrote: Ethereum/go-Ethereum chat archives, Gitter, 2015, https://gitter.im/ethereum/go-ethereum/archives/2015/07/30. 17: The Shrinking Runway 1. “anyhow,” Vitalik wrote: “We just went from $530 to sub $500

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, 2019, https://www.augur.net/whitepaper.pdf. 2. he wrote on GitHub: Vitalik Buterin, “Standardized_Contract_APIs,” GitHub, June 23, 2015, https://github.com/ethereum/wiki/wiki/Standardized_Contract_APIs/499c882f3ec123537fc2fccd57eaa29e6032fe4a. 3. with their thoughts: Alex Van de Sande, “Let's talk about the coin standard,” Reddit, 2015, https://www

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.reddit.com/r/ethereum/comments/3n8fkn/lets_talk_about_the_coin_standard/. 4. issue being discussed: Fabian Vogelsteller, “ERC: Token standard #20,” GitHub, November 19, 2015, https://github

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com/avsa/status/755764078098915328. 6. didn’t last long: Initiative for CryptoCurrencies and Contracts (@initc3org), “Heady days in Ithaca: Vitalik Buterin + IC3 Co-Directors celebrate Ethereum Hard Fork with champagne and forks,” Twitter, July 26, 2016, https://twitter.com/initc3org/status/758000698881613824/photo/1. 7. “and special interests”: “Keep the

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Original Censorship Resistant Ethereum Going,” Ethereum Classic website, 2016, https://web.archive.org/web/20160802024753/https://ethereumclassic.github.io/. 8. “lost a single dime”: Ptelepathetique Movies, “The DAO Explained (with

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Street Journal, May 23, 2017, https://www.wsj.com/articles/fidelity-ceo-bringing-blockchain-to-the-masses-harder-than-it-seemed-1495548000. 6. tokens on Ethereum: “Blockchain Venture Capital,” CoinDesk, May 16, 2014, updated November 14, 2018, https://www.coindesk.com/bitcoin-venture-capital. 25: The New IPO 1. mood

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“Cryptocurrency Investment Fund Industry Graphs and Charts,” Crypto Fund Research, https://cryptofundresearch.com/cryptocurrency-funds-overview-infographic/. 3. million, at the peak: Vitalik Buterin’s Ethereum address, Etherscan, https://etherscan.io/address/0xab5801a7d398351b8be11c439e05c5b3259aec9b#analytics. 29: The Crash 1. selling digital assets: “SEC Cyber Enforcement Actions,” US Securities and Exchange Commission,

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/2018-08-07/bitcoin-speculators-not-drug-dealers-dominate-crypto-use-now. 6. forcing it back to earth: “ICO Treasury Balances,” Diar, https://diar.co/ethereum-ico-treasury-balances/. 7. cases were dropped: Joseph Menn, “Bitcoin Foundation Hit by Resignations over New Director,” Reuters, May 16, 2014, https://www.reuters

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.com/article/us-bitcoin-foundation-resignations/bitcoin-foundation-hit-by-resignations-over-new-director-idUSBREA4F02B20140516. 30: The Party 1. and clapped along: CoinDesk, “Devcon 4—Ethereum’s Big Sing-a-long,” YouTube, uploaded October 31, 2018, https://www.youtube.com/watch?v=xC8DrG5KSLU. 2. liked responses: Vitalik Buterin (@VitalikButerin), “Just

Mastering Ethereum: Building Smart Contracts and DApps

by Andreas M. Antonopoulos and Gavin Wood Ph. D.  · 23 Dec 2018  · 960pp  · 125,049 words

in June 2016; this ultimately motivated a hard fork (codenamed DAO) at block #1,192,000, which reversed the hacked DAO contract and caused Ethereum and Ethereum Classic to split into two competing systems. DApp Decentralized application. At a minimum, it is a smart contract and a web user interface. More broadly

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other two being Whisper and Swarm. Starting in December 2013, Vitalik and Gavin refined and evolved the idea, together building the protocol layer that became Ethereum. Ethereum’s founders were thinking about a blockchain without a specific purpose, that could support a broad variety of applications by being programmed. The idea was

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all “speak” the same protocol and follow the same rules. As such, they can all be used to operate and interact with the same Ethereum network. Ethereum is an open source project, and the source code for all the major clients is available under open source licenses (e.g., LGPL v3.

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kept on disk, it will likely require more than 1 TB of disk space. These links provide up-to-date estimates of the blockchain size: Ethereum Ethereum Classic Software Requirements for Building and Running a Client (Node) This section covers Parity and Geth client software. It also assumes you are using a

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running the bash shell (command-line execution environment). Typically every blockchain will have its own version of Geth, while Parity provides support for multiple Ethereum-based blockchains (Ethereum, Ethereum Classic, Ellaism, Expanse, Musicoin) with the same client download. Tip In many of the examples in this chapter, we will be using the

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Geth, then you’ll want to make sure you grab the correct version for your blockchain using one of the following repository links: Ethereum (or https://geth.ethereum.org/) Ethereum Classic Ellaism Expanse Musicoin Ubiq Note You can also skip these instructions and install a precompiled binary for your platform of choice. The

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install -ldflags -X main.gitCommit=58a1e13e6dd7f52a1d... github.com/ethereum/go-ethereum/common/hexutil github.com/ethereum/go-ethereum/common/math github.com/ethereum/go-ethereum/crypto/sha3 github.com/ethereum/go-ethereum/rlp github.com/ethereum/go-ethereum/crypto/secp256k1 github.com/ethereum/go-ethereum/common [...] github.com/ethereum/go-ethereum/cmd/utils github.com/ethereum/go-ethereum/cmd/geth Done building. Run "build/bin/geth

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indication of the security or functionality of these wallets): Jaxx A multicurrency mobile wallet based on BIP-39 mnemonic seeds, with support for Bitcoin, Litecoin, Ethereum, Ethereum Classic, ZCash, a variety of ERC20 tokens, and many other currencies. Jaxx is available on Android and iOS, as a browser plug-in wallet,

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and multiplication on the points of an elliptic curve. Figure 4-1 is an example of an elliptic curve, similar to that used by Ethereum. Note Ethereum uses the exact same elliptic curve, called secp256k1, as Bitcoin. That makes it possible to reuse many of the elliptic curve libraries and tools

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K, using elliptic curve multiplication. The resulting public key K is defined as the point: K = (x, y) where: x = 6e145ccef1033dea239875dd00dfb4fee6e3348b84985c92f103444683bae07b y = 83b5c38e5e2b0c8529d7fa3f64d46daa1ece2d9ac14cab9477d042c84c32ccd0 In Ethereum you may see public keys represented as a serialization of 130 hexadecimal characters (65 bytes). This is adopted from a standard serialization format proposed by

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opcodes, and libraries to keccak256. See ERC59 for details. Next, let’s examine the first application of Keccak-256 in Ethereum, which is to produce Ethereum addresses from public keys. Ethereum Addresses Ethereum addresses are unique identifiers that are derived from public keys or contracts using the Keccak-256 one-way hash function. In

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very difficult to manage. The correct balance is difficult to achieve, but that’s why good wallet design is paramount. A common misconception about Ethereum is that Ethereum wallets contain ether or tokens. In fact, very strictly speaking, the wallet holds only keys. The ether or other tokens are recorded on

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how to install the latest binary release of Solidity on an Ubuntu/Debian operating system, using the apt package manager: $ sudo add-apt-repository ppa:ethereum/ethereum $ sudo apt update $ sudo apt install solc Once you have solc installed, check the version by running: $ solc --version solc, the solidity compiler commandline

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Faucet ======= Binary: 6060604052341561000f57600080fd5b60cf8061001d6000396000f300606060405260043610603e5 763ffffffff7c01000000000000000000000000000000000000000000000000000000006000350416 632e1a7d4d81146040575b005b3415604a57600080fd5b603e60043567016345785d8a00008111156 06357600080fd5b73ffffffffffffffffffffffffffffffffffffffff331681156108fc0282604051 600060405180830381858888f19350505050151560a057600080fd5b505600a165627a7a723058203 556d79355f2da19e773a9551e95f1ca7457f2b5fbbf4eacf7748ab59d2532130029 The result that solc produces is a hex-serialized binary that can be submitted to the Ethereum blockchain. The Ethereum Contract ABI In computer software, an application binary interface is an interface between two program modules; often, between the operating system and user programs

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Saving successful migration to network... ... 0x11f376bd7307edddfd40dc4a14c3f7cb84b6c921ac2465602060b67d08f9fd8a Saving artifacts... Using the Truffle console Truffle offers a JavaScript console that we can use to interact with the Ethereum network (via the local node), interact with deployed contracts, and interact with the wallet provider. In our current configuration (localnode), the node and wallet

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batch transfer overflow, Real-World Examples: PoWHC and Batch Transfer Overflow (CVE-2018–10299) vulnerability, The Vulnerability-The Vulnerability ASIC (application-specific integrated circuits), Ethash: Ethereum’s Proof-of-Work Algorithm assert functiondefined, Quick Glossary Solidity and, Error Handling (assert, require, revert) assymetric cryptography (see public key cryptography) attack surface,

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tree structure BIPs (see Bitcoin improvement proposals) Bitcoinas token, Tokens on Ethereum development culture, Ethereum’s Development Culture Ethereum blockchain compared to Bitcoin blockchain, Ethereum: A General-Purpose Blockchain Ethereum compared to, Compared to Bitcoin Ethereum definition compared to, Ethereum Clients limitations of, The Birth of Ethereum Bitcoin Core, Components of a Blockchain Bitcoin improvement proposals (BIPs),

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pattern, Preventative Techniques checksumEIP-55 and, Hex Encoding with Checksum in Capitalization (EIP-55)-Detecting an error in an EIP-55 encoded address in Ethereum address formats, Ethereum Address Formats in mnemonic code word generation, Generating mnemonic words child private keys, Hardened child key derivation Cipher Browser, Mobile (Smartphone) Wallets class

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cryplet, Computation Oracles cryptographic hash functions, Cryptographic Hash Functions-Which Hash Function Am I Using? cryptography, Cryptography-Conclusionsasymmetric (see public key cryptography) defined, Cryptography Ethereum addresses and, Ethereum Addresses-Detecting an error in an EIP-55 encoded address hash functions, Cryptographic Hash Functions-Which Hash Function Am I Using? keys and addresses

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) data storage, Data Storage decentralized message communication protocols, Decentralized Message Communications Protocols defined, Quick Glossary elements of, What Is a DApp?-Decentralized Message Communications Protocols Ethereum as platform for, From General-Purpose Blockchains to Decentralized Applications (DApps) frontend (web user interface), Frontend (Web User Interface) IPFS and, IPFS Swarm and,

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— understanding deployment scripts-Truffle migrations — understanding deployment scripts deterministic (seeded) walletsabout, Deterministic (Seeded) Wallets defined, Wallet Technology Overview hierarchical (see hierarchical deterministic wallets) development culture, Ethereum, Ethereum’s Development Culture difficulty setting, Quick Glossary Diffie, Whitfield, Public Key Cryptography and Cryptocurrency digital fingerprint, Cryptographic Hash Functions digital signatures, Keys and Addresses, Digital

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wallet choices, Choosing an Ethereum Wallet web3 and, The Third Age of the Internet Ethereum Classic (ETC)Emerald Wallet and, Choosing an Ethereum Wallet Ethereum compared to, Ethereum and Ethereum Classic origins, Ethereum Classic (ETC), The DAO Hard Fork Ethereum Improvement Proposals (see EIP entries) Ethereum Modification (EMOD), Other Notable Ethereum Forks Ethereum Name Service (see ENS) Ethereum Virtual Machine (see EVM

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) EthereumFog (ETF), Other Notable Ethereum Forks EthereumJS, Raw Transaction

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Solidity to EVM Bytecode contract deployment code, Contract Deployment Code-Contract Deployment Code defined, Quick Glossary disassembling bytecode, Disassembling the Bytecode-Disassembling the Bytecode Ethereum state updating, Ethereum State gas accounting considerations, Gas Accounting Considerations gas accounting during execution, Gas Accounting During Execution gas and, Implications of Turing Completeness, Gas-Who decides

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: Ethstickpreventative techniques, Preventative Techniques real-world example: Ethstick, Real-World Example: Ethstick vulnerability, The Vulnerability flood routing, Transaction Propagation forks, Quick Glossary, Ethereum Fork History-Other Notable Ethereum Forks(see also hard forks) DAO, The Decentralized Autonomous Organization (The DAO), The DAO Hard Fork-Timeline of the DAO Hard Fork ETC

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, Ethereum Classic (ETC), Ethereum and Ethereum Classic Ethereum and Ethereum Classic split, Ethereum and Ethereum Classic reentrancy bug, The Reentrancy Bug frameworks, Frameworks-ZeppelinOSEmbark, Embark for smart contract development, Testing Smart Contracts-Ganache: A Local Test

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Coin Offerings) IDE (Integrated Development Environment), Quick Glossary immediate-read oracles, Oracle Design Patterns immutable deployed code problem, Quick Glossary imperative programming, Introduction to Ethereum High-Level Languages implicit typecasting, Variable Typecasting index numbers, for normal/hardened derivation, Hardened child key derivation infinite loops, Implications of Turing Completeness inheritance, Contract

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and Cryptocurrency message call, Quick Glossary, Transaction/message call context message communication protocols, Decentralized Message Communications Protocols message, defined, Quick Glossary MetaMask, Choosing an Ethereum Walletand testnet ether, Getting Some Test Ether as browser wallet, MetaMask basics, Getting Started with MetaMask-Exploring the Transaction History of an Address exploring transaction

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choices, Switching Networks sending ether from, Sending Ether from MetaMask-Sending Ether from MetaMask wallet setup with, Creating a Wallet-Creating a Wallet METoken (Mastering Ethereum Token)approve & transferFrom workflow demonstration, Demonstrating the “approve & transferFrom” workflow-Demonstrating the “approve & transferFrom” workflow creation/launch example, Launching Our Own ERC20 Token-Demonstrating

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with METoken using the Truffle console sending to contract addresses, Sending ERC20 tokens to contract addresses-Sending ERC20 tokens to contract addresses Metropolis, Quick Glossary, Ethereum’s Four Stages of Development MEW (see MyEtherWallet) migrations, Truffle migrations — understanding deployment scripts-Truffle migrations — understanding deployment scripts miners, Quick Glossary, Recording on

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Disadvantages MetaMask and, Quick Glossary public testnet advantages/disadvantages, Public Testnet Advantages and Disadvantages NFTs (see nonfungible tokens) NIST (National Institute of Science and Technology), Ethereum’s Cryptographic Hash Function: Keccak-256 nodedefined, Quick Glossary transaction propagation, Transaction Propagation Node.js, Installing the Truffle framework non-fungible tokens (NFTs), Tokens

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keys generating, Generating a Public Key public testnets, Public Testnet Advantages and Disadvantages publish-subscribe oracles, Oracle Design Patterns pure function, Functions Q QR codes, Ethereum Addresses and Transactions in this Book R race conditions, Race Conditions/Front Running(see also front-running security threat; reentrancy attack) random (nondeterministic) wallets,

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(Content) synchronization (see fast synchronization) (see first synchronization) szabo, defined, Quick Glossary Szabo, Nick, What Is a Smart Contract? T Tangerine Whistle, Quick Glossary, Ethereum’s Four Stages of Development TEEs (trusted execution environments), Data Authentication terminal applications, Software Requirements for Building and Running a Client (Node) test etherobtaining, Getting

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Interface Standard-ERC777 hooks fungibility, Tokens and Fungibility gas and, Issues with ERC20 Tokens ICOs and, Tokens and ICOs intrinsicality, Tokens and Intrinsicality on Ethereum, Tokens on Ethereum-ERC721: Non-fungible Token (Deed) Standard reasons to adopt, Utility Tokens: Who Needs Them? uses of, How Tokens Are Used-How Tokens Are

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real-world examples: OpenAddressLottery and CryptoRoulette honey pots, Real-World Examples: OpenAddressLottery and CryptoRoulette Honey Pots vulnerability, The Vulnerability-The Vulnerability Universal Turing machine (UTM), Ethereum and Turing Completeness user interface, as DApp frontend, Frontend (Web User Interface) utilities, EthereumJS helpeth: A Command-Line Utilitydapp.tools, dapp.tools EthereumJS helpeth,

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specifiers, Default Visibilities-Real-World Example: Parity Multisig Wallet (First Hack) vulnerabilities, Vulnerabilities and Vyper(see also security; specific attacks/vulnerabilities) Vyper, Introduction to Ethereum High-Level Languages, Smart Contracts and Vyper-Conclusionsclass inheritance, Class Inheritance compilation, Compilation contract vulnerabilities and, Vulnerabilities and Vyper decorators, Decorators defined, Quick Glossary function

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Contract on the Blockchain Interacting with the Contract Viewing the Contract Address in a Block Explorer Funding the Contract Withdrawing from Our Contract Conclusions 3. Ethereum Clients Ethereum Networks Should I Run a Full Node? Full Node Advantages and Disadvantages Public Testnet Advantages and Disadvantages Local Blockchain Simulation Advantages and Disadvantages Running

Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts

by David Gerard  · 23 Jul 2017  · 309pp  · 54,839 words

to get bitcoins From the first bubble to the second Bitfinex: the hack, the bank block and the second bubble Chapter 9: Altcoins Litecoin Dogecoin Ethereum Buterin’s quantum quest ICOs: magic beans and bubble machines Chapter 10: Smart contracts, stupid humans Dr. Strangelove, but on the blockchain So who

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? Legal code is not computer code The oracle problem: garbage in, garbage out Immutability: make your mistakes unfixable Immutability: the enemy of good software engineering Ethereum smart contracts in practice The DAO: the steadfast iron will of unstoppable code Chapter 11: Business bafflegab, but on the Blockchain What can Blockchain do

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book, I cover the origins and history of Bitcoin to the present day, with some of the important stories, the other cryptocurrencies it spawned – particularly Ethereum – and smart contracts and the attempts to apply blockchains to business. There’s also a case study on blockchains in the music industry. I go

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world include:59 Ponzi schemes: in which early investors are paid using money from later ones. These are so attractive to crypto fans that when Ethereum took blockchains and added “smart contracts” (programs that run on the blockchain), the first thing people did was write automatic “honest” Ponzis. High-yield

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be confirmed with an unpredictable fee. Some small darknet markets allow minor cryptocurrencies like Monero. In May 2017, AlphaBay, the largest darknet market, started offering Ethereum as an option204 – because Bitcoin was failing to serve its primary consumer use case. Ransomware Ransomware combines computer malware, encryption and anonymous payment systems. Malicious

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2017 that the operator of the Dogecoin tipping bot on Reddit had stolen all the deposited Dogecoins two years earlier.294 Much sorry, many loss. Ethereum Ethereum was proposed by Vitalik Buterin (an early Bitcoiner and a co-founder of Bitcoin Magazine) and developed by Buterin, Gavin Wood, Jeffrey Wilcke and others

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ether, abbreviated ETH), which is paid to the miner whose computer runs the transaction or smart contract. This also keeps smart contracts from running forever. Ethereum has its own home-brewed Proof of Work hash295 which is designed to be ASIC-resistant, to avoid mining centralisation – it requires a few gigabytes

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called it “Web 3.0,” at another a “publishing platform.” Anything other than a cryptocurrency. To this day, drive-by editors occasionally swing by the Ethereum article in Wikipedia to remove the word “cryptocurrency.” Of course, the cryptocurrency is overwhelmingly the main use, and that the cryptocurrency will go to the

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functionality will need years of work.302 They occasionally boggle at people treating it as much more of a finished product than they do.303 Ethereum advocates talk up corporate adoption by Microsoft and other companies – it’s a popular choice of platform for business blockchain trials, and its smart

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new phrase for “buy our premined altcoin” is “ICO” (“Initial Coin Offering” or “Initial Crowdfunding Offering”). These are typically tokens running on top of the Ethereum blockchain, usually in a smart contract written to the standard ERC-20 interface.308 There’s no mining involved – you create a smart contract that

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the funded enterprise even in theory. The ideas themselves are as bad as the worst dot-com IPOs. Digix, the first token crowdsale on the Ethereum blockchain itself, is a cryptocurrency backed by gold;309 Golem offers a “decentralized” (buzzword alert!) market in computing, like Amazon Web Services except you

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apparent function. To be more specific, it should perform some specific underhanded task that will not be detected by examining the source code.”340 The Ethereum community is also running one for Solidity, to encourage security awareness.341 If you think people have trouble with loopholes and traps in conventional contracts

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mathematically proven is correct – and then a bug in a lower layer means you have a security hole anyway. And this has already happened.342 Ethereum smart contracts in practice If you suspect that spending crypto-currencies on virtual thrones for non-existent kingdoms is illegal in your jurisdiction, please avoid

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hypothetical. When blockchains came along, smart contract advocates were very interested in the blockchain’s immutability. There were some smart contract experiments on Bitcoin, but Ethereum was pretty much the first practical platform for writing and running computer programs on a blockchain. Humans are bad at tasks requiring perfection. But when

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particularly important when you have multiple smart contracts interacting with each other – massively concurrent programming, with unknown possibly-hostile programs calling into functions of yours. Ethereum ignores all of this. Its standard contract language, Solidity, is a procedural language based on the web programming language JavaScript – to make it as easy

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you can’t understand why it blew up in your face. – brockchainbrockshize, /r/ethereum354 Not content with their existing sales of Internet fairy gold, some Ethereum developers at German blockchain startup Slock.it came up with an even more complicated scheme: The DAO – a Decentralized Autonomous Organization, with “The” as part

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(unlike in real-world contracts operating in a legal system, or indeed in fraud law in general). Others argued that the market integrity of the Ethereum smart contract system required that incompetent contracts, which The DAO certainly was, had to be allowed to fail. (The proposed soft fork solution was to

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result interacted with the “dark DAO” the attacker had poured the funds into. This would have allowed a fairly obvious denial-of-service attack: flood Ethereum with costly computations that end at the dark DAO. In computer science terms, this approach could only have worked by first solving the halting problem

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), and no digital record will enforce land use for you. Supply chain provenance is a perennial proposal. Provenance, Inc. proposes putting tuna catches on the Ethereum blockchain. They claim to offer supply chain transparency to all participants, and this will reveal illegal overfishing or fishing that involves human rights abuses. The

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do not offer a better way to do this. An August 2015 blog post from Vitalik Buterin discusses “public”, “consortium” and “private” blockchains. Bitcoin and Ethereum are “public” blockchains.377 This comment chain on the post concisely summarises the innovations the private blockchain brings: Andrey Zamovskiy: Let’s just admit that

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things (e.g., Git) with no need for the sillier aspects of blockchain-style decentralisation. The examples remain instructive, particularly in comparison to Bitcoin or Ethereum: Accenture: Accenture offer the one thing customers who actually have money want from a blockchain: centralised administration and a way to edit the ledger when

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filmmakers and TV producers to fund their content and then distribute it. This involves a native ICO-style cryptocurrency token called SNGLS (running on the Ethereum blockchain), with funding and revenues administered by a smart contract called CODE.429 This is the poison pill: it runs on their token, and they

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for their unregistered security430 went out the door a bit early: User has carefully reviewed the code of the Smart Contract System located on the Ethereum blockchain at the addresses set forth under [correct cite] and fully understands and accepts the functions implemented therein; The closest they have to a

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technologist on the SingularDTV executive is Joseph Lubin of the Ethereum Foundation and ConsenSys, the company developing their smart contract. Everyone else appears to be a media industry person, which leaves SingularDTV looking very like the

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collapse, as predicted by Austrian economics, leads to a fictional Caribbean island becoming the richest place in the world because it was first to adopt Ethereum as its currency. Then an artificial intelligence takes over the world, rendering the preceding plot meaningless. To be produced and distributed worldwide through the S

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non-musical-instrument ideas, like an artificial intelligence taking over the world this century — who came up with a way to propagandise their beliefs in Ethereum and the Singularity (and crank pseudoeconomics) through the medium of science fiction television, and decided a crypto asset offering was clearly the way to collect

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to normal people who have no business going within a mile of such horrifyingly risky investments. I would not have anticipated a matching bubble in Ethereum, and especially not in utterly substanceless ICO tokens, with no basis in anything whatsoever, being traded like hotcakes because they’re the exciting new

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general class of cryptographic things that aren’t necessarily cryptocurrency, but can be traded like it, e.g. tokens in a smart contract running on Ethereum. Cryptocurrency: Bitcoin and its various copies. Cypherpunks: a mailing list for cryptography enthusiasts against the forces of oppression, i.e. any government anywhere. Heavy on

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Most of the ideas that became Bitcoin started here. DAO: see The DAO. Dapp: a “distributed application,” a fancy name for a smart contract in Ethereum. Darknet: sites only available via Tor, where you can buy illegal goods and services using a cryptocurrency. Distributed ledger technology: a euphemism for blockchain. DRM

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“that song I just bought and downloaded won’t play.” Music industry blockchain applications frequently involve a version of it, whether by name or not. Ethereum: a cryptocurrency whose value proposition is smart contracts. Arguably the first popular smart contract platform. Exchange: A site to buy or sell cryptos for actual

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hashes very fast. Used to be the favoured mining method for Bitcoin before being superseded by FPGAs and ASICs; remains the favoured mining method for Ethereum. Hal Finney: Cypherpunks mailing list participant and Bitcoin’s first beta tester. Died 2014. Some people think he was Satoshi Nakamoto. Hash: a quickly-

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famous smart contract ever, as the world’s largest crowdfunding at the time, gathering $150 million. Hacked shortly after launch, losing $50 million and splitting Ethereum into two currencies. Tor: The Onion Router, a method to browse the web anonymously. Development is substantially sponsored by the US government, both for their

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58 Economist, The 37, 66 eDonkey 45 EITC 68 Electrum wallet 66 EOS 98 ERC-20 97 ether 94 Ethereum 72, 88, 94, 106, 116, 129, 136 Ethereum Classic 110 Ethereum Foundation 109, 136 Ethereum Virtual Machine 106 F-Secure 73 Facebook 113 Fair Music: Transparency and Payment Flows in the Music Industry 128

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3 November 2016. [203] Andy Greenberg. “The Silk Road’s Dark-Web Dream is Dead”. Wired, 14 January 2016. [204] AlphaBay_mod. “AlphaBay will add Ethereum to its payment options”. Reddit /r/alphabaymarket, 18 March 2017. [205] “Extortion virus code gets cracked”. BBC News, 1 June 2006. [206] “Why the police

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. Comment on “Why does Greg Maxwell and many others from Bitcoin Core not respect Vitalik?” Reddit /r/btc, 16 August 2016. (archive) [308] Amy Castor. “Ethereum ‘Tokens’ Are All the Rage. But What Are They Anyway?” CoinDesk, 17 June 2017. [309] DigixDAO. [310] “Crowdfunding Whitepaper”. The Golem Project, November 2016. [311

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, chapter 2. “The South-Sea Bubble”. [326] https://ponzico.win/ [327] Josh Cincinnati. “PonzICO: Let’s Just Cut To The Chase”. 12 May 2017. [328] “Ethereum Account 0x1ce7986760ade2bf0f322f5ef39ce0de3bd0c82b Info”. Etherscan.io. [329] Nick Szabo. “Smart Contracts”. 1994. (archive) [330] Nick Szabo. “Towards a digital and private common law”. Unenumerated (blog), 13

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. Gian Volpicelli. “Smart Contracts Sound Boring, But They’re More Disruptive Than Bitcoin”. Motherboard, 16 February 2015. [334] Vitalik Buterin. “Thinking About Smart Contract Security”. Ethereum Blog, 19 June 2016. [335] Matt Levine. “Crossing the Rubicon and Gagging Shkreli”. Bloomberg, 5 July 2017. [336] Maxim Lott. “New tech promises government-proof

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name.” (archive) [344] Nick Szabo. “A Formal Language for Analyzing Contracts”. 2002. (archive) [345] Nicola Atzei, Massimo Bartoletti, Tiziana Cimoli. “A survey of attacks on Ethereum smart contracts”. 6th International Conference on Principles of Security and Trust (POST), European Joint Conferences on Theory and Practice of Software, April 2017. [346] Muneeb

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Mark, Vlad Zamfir, Emin Gün Sirer. “A Call for a Temporary Moratorium on The DAO”. Hacking, Distributed (blog), 27 May 2016. [357] Peter Vessenes. “More Ethereum Attacks: Race-To-Empty is the Real Deal”. Blockchain, Bitcoin and Business (blog), 9 June 2016. [358] Stephen Tual. “No DAO funds at risk following

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the Ethereum smart contract ‘recursive call’ bug discovery”. blog.slock.it, 12 June 2016. (archive) [359] Stephen Tual. “Why the DAO robber could very well return the

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just trolling) open letter purportedly from the attacker, posted to Pastebin (archive), that makes this claim explicitly. [361] Tjaden Hess, River Keefer, Emin Gün Sirer. “Ethereum’s DAO Wars Soft Fork is a Potential DoS Vector”. Hacking, Distributed (blog), 28 June 2016. [362] Stephen Tual. “Vitalik Buterin, Gavin Wood, Alex van

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, 18 January 2017. My only qualms are that it uses as references Zero Hedge and Breitbart News. [377] Vitalik Buterin. “On Public and Private Blockchains”. Ethereum Blog, 7 August 2015. [378] Izabella Kaminska. “Exposing the ‘If we call it a blockchain, perhaps it won’t be deemed a cartel?’ tactic”.

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August 2016. “Purchasing is disabled for now, sorry.” [412] e.g., Hatching Amazing. “Part 1: How we tried to buy Imogen Heap’s song on Ethereum”. 24 January 2016. (archive) [413] Everett Rosenfield. “Company leaves New York, protesting ‘BitLicense’”. CNBC, 11 June 2015. [414] andrewkeys. “Purchase Imogen Heap’s ‘Tiny Human

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’ with Ether on ConsenSys project, Ujo, the decentralized peer-to-peer music platform!” Reddit /r/ethereum, 3 October 2015. [415] “Emerging from the Silence”. Ujo Music blog, 29 August 2016. (archive) [416] Ben Ratliff. “Is Bandcamp the Holy Grail of

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: For a Blockchain Film & Television Entertainment Studio & Distribution Portal, with a Smart Contract Rights Management Platform”. SingularDTV, 22 July 2016. (archive) [432] Zach LeBeau. “An Ethereum Journey to Decentralize All Things: From the DAO to the CODE (Centrally Organized Distributed Entity)”. 11 July 2016. (archive) [433] Tim Ingham. “Spotify revenues topped

Mastering Blockchain: Unlocking the Power of Cryptocurrencies and Smart Contracts

by Lorne Lantz and Daniel Cawrey  · 8 Dec 2020  · 434pp  · 77,974 words

Ransomware SIM Swapping Summary 9. Other Blockchains What Are Blockchains Good For? Databases and Ledgers Decentralization Versus Centralization Participants Key Properties of Distributed Verifiable Ledgers Ethereum-Based Privacy Implementations Nightfall Quorum Enterprise Implementations Hyperledger Corda DAML Blockchain as a Service Banking The Royal Mint Banque de France China US Federal Reserve

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Blockchain The More Things Change Blockchains to Watch How Monero Works Mimblewimble, Beam, and Grin The Scaling Problem Sidechains Sharding STARKs DAGs Avalanche Liquid Lightning Ethereum Scaling Privacy Interoperability Tokenize Everything Summary Index Praise for Mastering Blockchain Blockchain can be a daunting and elusive subject matter, especially for those who see

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of noncustodial wallet where the private key is printed or written out and stored somewhere physically safe, offline. Examples include Walletgenerator.net (Bitcoin) and MyEtherWallet (Ethereum). Pros Great long-term cold storage method Keys are offline, so risk of online theft is minimal Cons Funds are not as readily accessible as

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trust website operator for security A desktop wallet is software that runs on a Windows, Mac, or Linux computer. Examples include Electrum (Bitcoin) and MetaMask (Ethereum). Pros User controls keys Can be used mostly offline for better security Cons No one desktop wallet is best for all cryptocurrencies Desktop security must

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funds, it won’t work because the balance of funds on each blockchain will be different. Figure 3-8. Protecting against replay attacks on Ethereum (ETH) and Ethereum Classic (ETC) Exchanges that had the resources and expertise to protect against replay attacks were not affected. However, some individuals did lose funds due

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an ideal automated fundraising apparatus for jump-starting various cryptocurrency projects. Decentralized Autonomous Organizations In an effort to further the ethos of decentralization in the Ethereum ecosystem, the concept of a decentralized autonomous organization (DAO) was proposed as a way to utilize smart contracts to replace the governance of centralized

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_messagefromreader) MethodID: 0xe4cb814b [0]: 0000000000000000000000000000000000000000000000000000000000000020 [1]: 0000000000000000000000000000000000000000000000000000000000000020 [2]: 5468697320697320612074657374206d6573736167652c206279204c6f726e65 Gas and Pricing As we’ve discussed, gas is a unit of account used in the Ethereum ecosystem to calculate how much ether miners are paid to process transactions. When a miner executes a smart contract transaction through the EVM, the miner

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ability to easily create new cryptocurrencies on top of its blockchain, known as tokens. Today, there are tens of thousands of cryptocurrencies, mostly thanks to Ethereum. The Ethereum network sparked the proliferation of the concept of “tokenize everything” via initial coin offerings (ICOs), which allow a project to raise cryptocurrency funds and

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and then executes the transaction using the details that were submitted in step 1. This confirmTransaction call occurs in block #7458500. Decentralized Exchange Contracts Before Ethereum, every cryptocurrency exchange had to be controlled and managed by a company—a centralized authority. Centralized exchanges still exist, with popular examples including Coinbase, Bitstamp

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scheme is implemented among disinterested custodians who mutually sign off on withdrawal requests. DAOs Decentralized autonomous organizations (DAOs) are projects organized via code, mostly through Ethereum smart contracts. Not controlled by a central authority, DAOs have token holders to provide governance. Because DAOs utilize blockchain-based smart contracts, there are transparent

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other implementations, including a C++ implementation called Iroha and Sawtooth, which is multilanguage. Hyperledger Fabric offers support for smart contracts, transactions, and consensus, similar to Ethereum. Many enterprise blockchain projects, including those by IBM and Oracle, are based on this framework. Corda Developed by the consortium R3, Corda focuses on institutions

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Market Infrastructure futures, Derivatives halving, Whalesimpact on market, Whales Bitcoin Cash (BCH), Contentious Hard Forks-Replay attacks Bitcoin Improvement Proposals (BIPs), Bitcoin Improvement Proposals, Understanding Ethereum Requests for Comment Bitcoin Satoshi’s Vision (SV), The Bitcoin Cash Fork “Bitcoin: A Peer-to-Peer Electronic Cash System”, The Whitepaper Bitfinex, Bitfinex BitGo

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Service (BaaS), Blockchain as a Service databases and ledgers, Databases and Ledgers decentralization versus centralization, Decentralization Versus Centralization enterprise implementations, Enterprise Implementations-DAML Ethereum-based privacy implementations, Ethereum-Based Privacy Implementations key properties of distributed verifiable ledgers, Key Properties of Distributed Verifiable Ledgers Libra, Libra-Summary permissioned ledger uses, Permissioned Ledger Uses

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agreement, Other Concepts for Consensus Byzantine fault-tolerant agreement, RippleHotStuff algorithm, Borrowing from Existing Blockchains C Cardano, Blockchains to Watch Casper algorithm (proof-of-stake), Ethereum Scaling CCXT (CryptoCurrency eXchange Trading Library), Open Source Trading Tech cell phone porting attacks, Security Fundamentals central bank digital currencies (CBDCs), Central Bank Digital Currencies

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public/private key, Bitcoin's use of, Public/private key cryptography-Generating keys use by DigiCash, DigiCash CryptoKitties, ERC-721-ERC-777causing scaling problems on Ethereum, Challenges in Developing Dapps digital cats as nonfungible tokens, Fungible and Nonfungible Tokens CryptoLocker and ransomware, CryptoLocker and Ransomware CryptoNote protocol, Monero currencies, exchanges for

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stablecoins, Stablecoins-KYC and pseudonymity traditional versus decentralized financial system, Decentralizing Finance DeFI Pulse website, DeFi Services delegated proof-of-stake, Alternative methods deposit contracts, Ethereum Scaling depth charts, Depth Chartssell wall on, Whales derivatives, Derivativesin decentralized finance, Derivatives derivatives exchanges, The Role of Exchanges desktop wallets, Wallet Type Variations DEXes

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double spend problem, Hashcashin Satoshi Nakamoto's whitepaper, The Whitepaper dumping of a cryptocurrency, Wash Trading E E-gold, E-Gold EEA (Enterprise Ethereum Alliance), The Enterprise Ethereum Alliance Elements open source project, Liquid Elliptic Curve Digital Signature Algorithm (ECDSA) encrytionsecp256k1 function, Public and Private Keys in Cryptocurrency Systems signing and validating

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ERC-721 token standard, Fungible and Nonfungible Tokens, ERC-721-ERC-777 ether, Ether and Gasdenominations of, Gas and Pricing EtherDelta redirection, EtherDelta Redirection Ethereum, The Evolution to Ethereum-Summaryblock times, Float Configuration 2 cost of storing data on, Tokenize Everything decentralized applications (dapps), Decentralized Applications (Dapps)-Challenges in Developing Dapps decentralized

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Types, Different Token Types many different token types, Fungible and Nonfungible Tokens Ethereum Classic (ETC), Forking Ethereum and the creation of Ethereum Classic Ethereum Foundation, The Ethereum Foundation Ethereum Improvement Proposals (EIPs), Understanding Ethereum Requests for Comment Ethereum Naming Service, Naming Services Ethereum Requests for Comment (ERCs), Understanding Ethereum Requests for Comment-ERC-1155ERC-1155, ERC-1155 ERC-20, ERC

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owned account (EOA) wallets, Multisignature Contracts F Fabric (Hyperledger), Hyperledger FacebookLibra Association, The Libra Association Novi wallet, Novi false stake attacks, Proof-of-Stake faucets (Ethereum testnets), Authoring a smart contract Federal Reserve (see US Federal Reserve) federated sidechains, Sidechains fiat currencies, Electronic Systems and Trustblockchain-based assets pegged to, Stablecoins

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SV, The Bitcoin Cash Fork replay attacks vulnerability, Replay attacks different types of, Understanding Forks Ethereum Classic, The Ethereum Classic Fork, Forking Ethereum and the creation of Ethereum Classic fork choice rule in Ethereum 2.0, Ethereum Scaling other Ethereum forks, Other Ethereum forks in proof-of-stake networks, Proof-of-Stake fraud risk as seen by banking

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, The Evolution of Crypto Laundering identification services, Private Keys IDEX decentralized exchange, Decentralized Exchange Contracts illiquidity, signs of, Counterparty Risk infinite recursion, Forking Ethereum and the creation of Ethereum Classic information on blockchain industry, Information Infura, Interacting with Code initial coin offerings (ICOs), Mastercoin and Smart Contracts, Tokenize Everything, Initial Coin Offerings

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-Whitepaperas example of regulatory arbitrage, Initial Coin Offerings DAOs and, Decentralized Autonomous Organizations Ethereum, Tokenize Everything founder intentions, Founder Intentions funds collected into multisignature wallets, Multisignature Contracts illegal activities in, Skirting the Laws legal, regulatory, and other problems with

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founders versus venture-funding startups, Whitepaper other terms for, Initial Coin Offerings spectrum of ICO viability, Initial Coin Offerings token economics, Token Economics use of Ethereum platform, Use Cases: ICOs whitepaper, Whitepaper intermediary trust, Electronic Systems and Trust internetdata exchange protocols, evolution of, The More Things Change dot-com crash,

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to buy and sell cryptocurrency, Evolution of the Price of Bitcoin whales, Whales market size, Order Books Mastercoin, Mastercoin and Smart Contracts, Tokenize EverythingEthereum and, Ethereum: Taking Mastercoin to the Next Level raising cryptocurrency funds to launch a project, Use Cases: ICOs Meetup.com, Information mempool, unconfirmed transactions on Bitcoin, Transaction

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, zk-SNARKs preminingissues with, Litecoin premined altcoin, Ixcoin, Altcoins prices (gas), Gas and Pricing Primecoin, Altcoins privacyand censorship resistance with dapps, Use Cases Ethereum-based privacy implementations, Ethereum-Based Privacy Implementations future developments in blockchains, Privacy information security in decentralizing finance and the web, Privacy-Ring Signaturesring signatures, Ring Signatures Zcash, Zcash

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Watch-How Monero Works Zcash, Zcash privacy-focused cryptocurrencies, Privacy-Focused CryptocurrenciesDash, Dash Monero, Monero Zcash, Zcash private blockchain networks, Privacy private blockchains, The Enterprise Ethereum Alliance private keys, Public/private key cryptography(see also public/private key cryptography) products/services, buying or selling, Evolution of the Price of Bitcoin proof

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-of-history, Alternative methods proof-of-stake, Proof-of-Stake-Proof-of-StakeByzantine fault-tolerant algorithm, HotStuff, Borrowing from Existing Blockchains Casper algorithm in Ethereum 2.0, Ethereum Scaling proof-of-stake velocity, More Altcoin Experiments proof-of-storage, Alternative methods proof-of-work, Block Generation, Proof-of-Work-Confirmationsbit gold's

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Scrutiny: Regulatory Arbitrage-Crypto-Based StablecoinsICOs as example of, Initial Coin Offerings relational databases, Databases and Ledgers replay attacks, Replay attacksprotecting against, on Ethereum and Ethereum Classic, The Ethereum Classic Fork replication systems, Databases and Ledgers REST APIsEthereum network, Interacting with Code WebSocket versus, REST Versus WebSocket ring confidential transactions, Blockchains to Watch

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, Beam, and Grin Scalable Transparent ARguments of Knowledge (STARKs), STARKs scaling blockchains, Scaling Blockchains-Other Altchain Solutions, The Scaling Problem-Ethereum ScalingAvalanche consensus mechanism, Avalanche DAG network design, DAGs Ethereum, Ethereum Scaling-Ethereum Scaling Lightning solution, Lightning, Lightning-Lightning nodes and wallets Liquid multisignature wallet, Liquid other altchain solutions, Other Altchain Solutions SegWit, SegWit

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, Introducing the Timestamp Server, Hashes SHA256 and RIPEMD160 functions, Generating keys shadow market for disinformation, Tools for fundamental analysis sharding, Other Altchain Solutions, Shardingin Ethereum 2.0, Ethereum Scaling Shavers, Trendon, Skirting the Laws Shrem, Charlie, Skirting the Laws sidechains, Other Altchain Solutions, SidechainsLiquid technology and, Liquid Optimistic Rollups and, Lightning nodes

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risk-Exchange rate sending tokens to via push and pull transactions, ERC-777 third-party auditors of, Fungible and Nonfungible Tokens Uniswap contract viewable on Ethereum, Infrastructure social media, campaigns to influence cryptocurrencies, Tools for fundamental analysis soft forks, Understanding Forks software development, changes from use of cryptcurrency and blockchain,

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and wallets transactions, Transactions-Bitcoin Transaction Securitycoinbase, The Coinbase Transaction Corda, Corda ledger difficulty of changing past transactions, Storing Data in a Chain of Blocks Ethereum versus Bitcoin, Ether and Gas events in execution of bitcoin transaction, Transactions funding, Funding transactions generating on Bitcoin, Generating transactions Libra, structure of, Transactions

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between centralized exchanges and, Infrastructure publicly viewable record of method call to Uniswap smart contract, Custody and counterparty risk-Exchange rate smart contract viewable on Ethereum, Infrastructure token listing on, Token listing Unobtainium, More Altcoin Experiments unspent transaction output (see UTXO model) US agencies and regulatory bodies regulating cryptocurrencies, FinCEN

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Skirting the Laws voting-based consensus, Alternative methods W wallets, Wallet Types: Custodial Versus Noncustodial-Wallet Type Variationscustodial versus noncustodial, Wallet Types: Custodial Versus Noncustodial Ethereum, interacting with smart contracts, Authoring a smart contract for funds deposited into exchanges, Counterparty Risk Lightning, Lightning nodes and wallets Liquid multisignature wallet, Liquid MetaMask

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, browser-based Ethereum wallet, ConsenSys multisignature, Multisignature Contracts-Multisignature Contracts necessity for using DeFi services, Wallets Novi wallet, development by Facebook, Novi private keys, Private Keys security vulnerability

Mastering Blockchain, Second Edition

by Imran Bashir  · 28 Mar 2018

Decentralized Autonomous Societies Decentralized Applications (DApps) Requirements of a Decentralized Application Operations of a DApp DApp examples KYC-Chain OpenBazaar Lazooz Platforms for decentralization Ethereum MaidSafe Lisk Summary Symmetric Cryptography Working with the OpenSSL command line Introduction Mathematics Set Group Field A finite field Order An abelian group Prime fields

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and their meaning Static nodes Starting up the private network Running Mist on private net Deploying contracts using Mist Block explorer for private net / local Ethereum block explorer Summary Development Tools and Frameworks Languages Compilers Solidity compiler (solc) Installation on Linux Installation on macOS Integrated Development Environments (IDEs) Remix Tools

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consumption Other challenges Regulation Dark side Blockchain research Smart contracts Centralization issues Limitations in cryptographic functions Consensus algorithms Scalability Code obfuscation Notable projects Zcash on Ethereum CollCo Cello Qtum Bitcoin-NG Solidus Hawk Town-Crier SETLCoin TEEChan Falcon Bletchley Casper Miscellaneous tools Solidity extension for Microsoft Visual Studio MetaMask Stratis

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blockchain technology and will be able to develop blockchain applications. This book covers all topics relevant to the blockchain technology, including cryptography, cryptocurrencies, Bitcoin, Ethereum, and various other platforms and tools used for blockchain development. It is recommended that readers have a basic understanding of computer science and basic programming

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be found at https://bitcoinmagazine.com/articles/report-suggests-global-spending-blockchain-tech-could-reach-92-billion-2021/. There are various consortiums such as Enterprise Ethereum Alliance (EEA), Hyperledger, and R3, which have been established for research and development of blockchain technology. Moreover, a large number of start-ups

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explore what is distributed ledger technology, decentralization, and smart contracts and how technology solutions can be developed and implemented using mainstream blockchain platforms such as Ethereum, and Hyperledger. We will also investigate that what challenges need to be addressed before blockchain can become a mainstream technology. Chapter 18, Scalability and

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however complex. Turing complete languages need loops and branching capability to perform complex computations. Therefore, Bitcoin's scripting language is not Turing complete, whereas Ethereum's Solidity language is. To facilitate arbitrary program development on a blockchain, Turing complete programming language is needed, and it is now a very desirable

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includes various financial assets, such as derivatives, options, swaps, and bonds. Applications that go beyond currency, finance, and markets are incorporated at this tier. Ethereum, Hyperledger, and other newer blockchain platforms are considered part of Blockchain 2.0. This generation started when ideas related to using blockchain for other purposes

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have a mechanism to execute smart contracts; however, this is a very desirable feature, and it is available on newer blockchain platforms such as Ethereum and MultiChain. Smart Contracts Blockchain technology provides a platform for running smart contracts. These are automated, autonomous programs that reside on the blockchain network

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disintermediation or partial disintermediation. The third question asks developers to determine which blockchain is suitable for a particular application. It can be Bitcoin blockchain, Ethereum blockchain, or any other blockchain that is deemed fit for the specific application. Finally, a fundamental question that needs to be addressed is how

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providing a scalable, fast, and linearly-scalable decentralized database as opposed to a traditional filesystem. BigchainDB complements decentralized processing platforms and file systems such as Ethereum and IPFS. Communication The internet (the communication layer in blockchain) is considered to be decentralized. This belief is correct to some extent, as the

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of the benefits that it can provide. Computing power and decentralization Decentralization of computing or processing power is achieved by a blockchain technology such as Ethereum, where smart contracts with embedded business logic can run on the blockchain network. Other blockchain technologies also provide similar processing-layer platforms, where business

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many platforms available for decentralization. In fact, the fundamental feature of blockchain networks is to provide decentralization. Therefore, any blockchain network such as Bitcoin, Ethereum, Hyperledger Fabric, or Quorum can be used to provide decentralization service. Many organizations around the world have introduced platforms that promise to make distributed application

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development easy, accessible, and secure. Some of these platforms are described next. Ethereum Ethereum tops the list as being the first blockchain to introduce a Turing-complete language and the concept of a virtual machine. This is in stark

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In the following section, you will be introduced to the design of SHA-256 and SHA-3. Both of these are used in Bitcoin and Ethereum, respectively. Ethereum does not use NIST Standard SHA-3, but Keccak, which is the original algorithm presented to NIST. NIST, after some modifications, such as

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≡ Is defined as ≤ Less than or equal to = Is equal to Sigma, World state ≠ Is not equal to Mu, Machine state ║...║ Length of Upsilon, Ethereum state transition function Is an element of Block level state transition function Is not an element of . Sequence concatenation For all There exists Union ᴧ

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transaction hash: 0xc63dce6747e1640abd63ee63027c3352aed8cdb92b6a02ae25225666e171009e Details regarding this transaction can be visualized from the block explorer at https://etherscan.io/, as shown in the following screenshot: Etherscan Ethereum blockchain block explorer Note the transaction hash (TxHash) at the top, later in the next chapter, and we will use this hash to see

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the beneficiary's address. At this point, we will be able to correlate the technical concepts with the preceding transfer transaction example. The Ethereum network The Ethereum network is a peer-to-peer network where nodes participate in order to maintain the blockchain and contribute to the consensus mechanism. Networks can

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between accounts and transaction execution. Operations performed between and on the accounts, represent state transitions. The state transition is achieved using what's called the Ethereum state transition function, which works as follows: Confirm the transaction validity by checking the syntax, signature validity, and nonce. The transaction fee is calculated,

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,000 Fees are charged for each computation performed by the EVM on the blockchain. A detailed fee schedule is shown in Chapter 11, Further Ethereum. The Ethereum Virtual Machine (EVM) EVM is a simple stack-based execution machine that runs bytecode instructions to transform the system state from one state to

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Chapter 13, Development Tools and Frameworks and Chapter 14, Introducing Web3. There are also various contracts that are available in the precompiled format in Ethereum blockchain to support different functions. These contracts, known as precompiled contracts or native contracts are described in the following subsections. These are not strictly

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Additionally, trading and market dynamics will be discussed. Moreover, prominent advanced supporting protocols such as Swarm and Whisper will also be introduced in this chapter. Ethereum has several programming languages built-in to support smart contract development. We will start with programming languages and will gradually discuss other relevant topics. This

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reaching a consensus about the canonical state of the blockchain. Consensus mechanism is explained in the next subsection. The consensus mechanism The consensus mechanism in Ethereum is based on the Greedy Heaviest Observed Subtree (GHOST) protocol proposed initially by Zohar and Sompolinsky in December 2013. Readers interested in it can

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another operating system may have. There is also another variant of Linux available, called EthOS (available at http://ethosdistro.com/) that is specially built for Ethereum mining and supports mining operations natively. Mining software: Finally, mining software such as Ethminer and Geth are installed. Additionally, some remote monitoring and administration

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. Type password: Repeat password: 26-11-30 2:18:55 UTC c8c92a910cfbce2e655c88d37a89b6657d1498fb APIs, tools, and DApps Web3 JavaScript API provides an interface to the Ethereum blockchain via JavaScript. It provides an object called web3 which contains other objects that expose different methods to support interaction with the blockchain. This API

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attackers. The DAO was created to serve as a decentralized platform to collect and distribute investments. Augur is another DApp that has been implemented on Ethereum, which is a decentralized prediction market. Many other decentralized applications are listed on https://www.stateofthedapps.com/. Tools Various frameworks and tools have been

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need to be decentralized in order to achieve a complete decentralized ecosystem. This includes decentralized storage and decentralized messaging. Whisper, which is being developed for Ethereum, is a decentralized messaging protocol, whereas Swarm is a decentralized storage protocol. Both of these technologies provide the basis for a fully decentralized web.

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connectivity to geth from Mist, one is using IPC and the other is RPC/HTTP based. Both commands are shown here: $ ./Ethereum Wallet --rpc ~/.ethereum/privatenet/geth.ipc $./Ethereum Wallet --rpc http://127.0.0.1:8545 If you run Mist using -rpc with the HTTP option then it will display a

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bring security, simplicity, and auditability to smart contract development. Compilers Compilers are used to convert high-level contract source code into the format that the Ethereum execution environment understands. The Solidity compiler is the most common one in use and is discussed here. Solidity compiler (solc) solc converts from a

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$ sudo apt-get install solc If PPAs are not already installed, those can be installed by running the following command: $ sudo add-apt-repository ppa:ethereum/ethereum $ sudo apt-get update In order to verify the existing version of the solc and verify that it is installed, the following command can be

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compiler commandline interface Version: 0.4.19+commit.c4cbbb05.Darwin.appleclang Installation on macOS To install solc on macOS, execute the following commands: $ brew tap ethereum/ethereum $ brew install solidity $ brew linkapps solidity solc supports a variety of functions. A few examples are shown as follows: Display contract in a binary

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documentation and coding guidelines are available online at http://solidity.readthedocs.io/en/latest/. Summary This chapter started with the introduction of development tools for Ethereum such as Remix IDE. Then we discussed some frameworks such as Truffle along with local blockchain solutions for development and testing such as Ganache,

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development environment provided on the web by Oraclize; usually, this file needs to be imported manually. Oraclize API is available at https://github.com/oraclize/ethereum-api. import "dev.oraclize.it/api.sol"; contract MyOracleContract is usingOraclize { function MyOracleContract(){ } A sample request looks like what is shown in the

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state. Hyperledger Burrow was contributed by Monax, who develop blockchain development and deployment platforms for business. Hyperledger Burrow introduces a modular blockchain platform and an Ethereum Virtual Machine (EVM) based smart contract execution environment. Burrow uses proof of stake, Byzantine fault tolerant Tendermint consensus mechanism. As a result, Burrow provides

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encrypted communication between peers. Furthermore, permissions at node level is governed by smart contracts. It also provides a higher level of performance compared to public Ethereum blockchains. Several components make up the Quorum blockchain ecosystem. These are listed in the following subsections. Transaction manager This component enables access to encrypted

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systems to interact with various other systems. This platform makes use of smart contracts written in Solidity language. It can interact with blockchains such as Ethereum or Bitcoin. The interaction can include connectivity commands, start, stop, disconnection, and creation of new blockchains. Complexity related to setup and interaction with

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specified for the node. First node setup First, the geth client needs to be started on the first node using the following command: $ geth --datadir .ethereum/privatenet/ --networkid 786 --maxpeers 5 --rpc --rpcapi web3,eth,debug,personal,net --rpcport 9001 --rpccorsdomain "*" -- port 30301 --identity "drequinox" This will give the

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Truffle deploy can be performed simply by using the following shown command; it is assumed that truffle init and other preliminaries discussed in Chapter 12, Ethereum Development Environment has already been performed: $ truffle migrate It should produce the output similar to the following screenshot: Truffle deploy Once the contract is

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in Chapter 18, Scalability and Other Challenges. Also, blockchain-specific improvement proposals such as BIPs (short for Bitcoin Improvement Proposals) and EIPs (short for Ethereum Improvement Proposals) are regularly made by developers to address various concerns in these systems. Some recent and notable improvement proposals for both of these chains

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keen interest in the formal verification and testing of smart contracts before production deployments. For this, various efforts are already underway, including Why3 for Ethereum's Solidity. Hawk is another example that has been developed to allow smart contract confidentiality. Alternatives to blockchains As the blockchain technology advanced in recent

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provides IntelliSense, autocompletion, and templates for DApps, and works within the familiar Visual Studio IDE, making it easier for developers to familiarize themselves with Ethereum development. You can download this extension from: https://marketplace.visualstudio.com/items?itemName=ConsenSys.Solidity. MetaMask This is a DApp browser that is similar to

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.NET technologies. It is also available via Microsoft Azure as BaaS. This is available at https://stratisplatform.com/. Embark This is a development framework for Ethereum which allows similar functionality to Truffle, which is discussed in Chapter 14, Introducing Web3. It allows automatic deployment of smart contracts, easier integration with JavaScript

The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze

by Laura Shin  · 22 Feb 2022  · 506pp  · 151,753 words

client (Geth) Charles Hoskinson, CEO Joe Lubin, chief operating officer (COO), founder of ConsenSys Amir Chetrit, cofounder of Colored Coins, a Bitcoin-based project Ethereum Leadership Group Taylor Gerring, director of technology Stephan Tual, community/communications, chief communications officer Staff in Zug, in the Spaceship Roxana Sureanu, executive assistant Mathias

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the attacker him- or herself, making a “haha, suckers!” gesture. (The attacker seems to have been a connoisseur of vanity addresses. On both the Ethereum Classic and Ethereum chains, on September 6 at 8:03:41 and 8:03:42 a.m. CEST, respectively, the 0xaaaaaaaaaaa address had received money from a

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last cofounder to leave the EF. ON OCTOBER 25, 2016, a week after the first hard fork to counter the DoS attacks, a new Ethereum legal entity, Ethereum Asia Pacific Ltd. (EAPL), was incorporated in Singapore.25 This was a long time coming. Ming and Vitalik had been close in the beginning

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in Bitcoin—the piece of every Bitcoin transaction that lets you run a little software program along with it—is too restrictive,” he wrote. “Enter Ethereum. Ethereum has taken what was a four function calculator of a programming language in Bitcoin and turned it into a full fledged computer.” He said

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forced the EEA to make promises about the exact wording it would use about certain topics and pay to use the now-trademarked terms “Ethereum” and “Enterprise Ethereum.” In mid-February, she was still livid. In a Skype chat, she explained, “We are handling all kinds of tradename infringement issues (not

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options for equity in the company, though they are not approved by the board until April January 25 EF files for trademark on “Enterprise Ethereum” and “Enterprise Ethereum Alliance” January 31 Nine ICOs in January raise almost $67 million MEW hits one hundred thousand visitors in January Global weekly crypto trade volume

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release/2014-111. 2. Jake Frankenfield, “Howey Test,” Investopedia, updated March 29, 2021, https://www.investopedia.com/terms/h/howey-test.asp. 3. “Foundation Ethereum (Foundation Ethereum), in Baar, CHE-292.124.800, Grienbachstrasse 55, 6340 Baar, Foundation (new registration). Certificate date: 09.07.2014,” Swiss Official Gazette of Commerce, July 17

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may raise $200 million, largest in crowdfunding,” Reuters, May 17, 2016, https://www.reuters.com/article/us-blockchain-crowdfunding-idUKKCN0Y82LI?edition-redirect=uk. 33. Ethereum address that sent 315,000 ETH into the DAO: “Transactions: For 0x198ef1ec325a96cc354c7266a038be8b5c558f67,” Etherscan, accessed March 28, 2021, https://etherscan.io/txs?a=0x198ef1ec325a96cc354c7266a038be8b5c558f67&p=31

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://www.blockchain.com/btc/tx/a04811d0f721000be7ff090a85a7363040d564071073ba26bb3214eea9ce7a1e, originally via ShapeShift API, https://shapeshift.io/txstat/1HLmLSobXDdgKDvVcxFNGHAEYaFzENJgDr, now at https://laurashin.com/cryptopians/06/10a-1HLmL., on Ethereum blockchain, see “Transaction Details,” Etherscan, June 14, 2016, https://etherscan.io/tx/0xc017561624884dff6916f1e4e6f450cd1ccefc0c922727eccb8ed791e224c0e2; DAO attacker exchanging 2 BTC for 8,306.09610816 DAO tokens

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://www.blockchain.com/btc/tx/7999c3b21a8972422cb5fef039342f549e793bf052931a5b2a5325dc7c39a15c, originally via ShapeShift API, https://shapeshift.io/txstat/1HAiPwQsBqSmFpgyBmbPpLJXuxXEeqEs6T, now at https://laurashin.com/cryptopians/06/10b-1HAiP., on Ethereum blockchain, see “Transaction Details,” Etherscan, June 14, 2016, https://etherscan.io/tx/0x099ef900a2b9959a191a67a58c81897776c66942aac0a7166760a7896c3c52a2; DAO attacker exchanging 2BTC for 8,306 DAO tokens via ShapeShift:

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://www.blockchain.com/btc/address/1C4dt6HozjP3Ea9aCdmy54sq4aNSVMDUBp, originally via ShapeShift API, https://shapeshift.io/txstat/1C4dt6HozjP3Ea9aCdmy54sq4aNSVMDUBp, now at https://laurashin.com/cryptopians/06/10c-1C4dt., on Ethereum blockchain, see “Transaction Details,” Etherscan, June 14, 2016, https://etherscan.io/tx/0x11476dd78f9495e4c6abde63f973b8b441cce7c9889715d7096ad416d7d4272e; DAO attacker exchanging 1.4 BTC for 52.02 ETH via

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.blockchain.com/btc/tx/8883a039f4b5df3e90a0aa15fc485dcbc1efbbef3bee32bfa0e985ae63c1e11a, originally via ShapeShift API, https://shapeshift.io/txstat/17yqyLree8URtSnZbZu6S5EMKjTMnzo8b7, now at https://laurashin.com/cryptopians/06/13-17yqy., on the Ethereum blockchain, see “Transaction Details,” Etherscan, June 16, 2016, https://etherscan.io/tx/0x512df37c9702e2cbfd761d4f336e6f01911a84a1b3b91f731e9675ef79b81d13. 14. DAO attacker converted 0.667 BTC into 25 ETH on

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://www.blockchain.com/btc/tx/009ab0293e8f24c76f1d7fce018dfca1059c1bef6819670d8f11c6c277531bdc, originally via ShapeShift API, https://shapeshift.io/txstat/14mMb4xdSW8hZtzboHFHVzAUhnwLf11sSK, now at https://laurashin.com/cryptopians/06/14a-14mMb., on Ethereum blockchain, see “Transaction Details,” Etherscan, June 16, 2016, https://etherscan.io/tx/0xc6a773490f9e69f4bce6dc1c887c52fb5d51917be256bbb873ef2c18014cf1a8; DAO attacker exchanges .4 BTC for 14.9258 ETH on ShapeShift,

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://www.blockchain.com/btc/tx/3b26f606cc9e381b48a1aa87585af3611cee6fcfab325c61a216a783a4866f46, originally via ShapeShift API, https://shapeshift.io/txstat/1FB1MuuCnG9ERrKqZAcsKUPgy19WReRAub, now at https://laurashin.com/cryptopians/06/14b-1FB1M., on Ethereum blockchain, see “Transaction Details,” Etherscan, June 16, 2016, https://etherscan.io/tx/0xd120cfdb68baa17e519cf1e3d18efb35432a77afe8a080961aff42d07199515b; DAO attacker converts .31304245 BTC into 1,283.55 DAO tokens

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.blockchain.com/btc/tx/e90687a4e7f3593e5dee704b801b46164509e6e887ecc0ac5a3fc8c44723a285, originally via ShapeShift API, https://shapeshift.io/txstat/1ERErQFpZUjfqmc4HR9SLovx9QxhGiZa1Q, now at https://laurashin.com/cryptopians/06/14c-1EREr., on the Ethereum blockchain, see “Transaction Details,” Etherscan, June 16, 2016, https://etherscan.io/tx/0x46de32fec895a13373c523a8e20263faf2ae5410468b3d9af41127d08dd42688. 15. DAO attacker’s first successful recursive call attack on the

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/0xa08553f20ff46a944e8c3a0a8df8bc56a2c8daea41037ba5b3f212dc07a9b47d. 27. Lefteris Karapetsas (@LefterisJP), “DTH [DAO Token Holders]: Voting request for Counter-Attack Proposals,” Reddit, July 4, 2016, https://www.reddit.com/r/ethereum/comments/4r89jq/dth_voting_request_for_counterattack_proposals. 28. [deleted user], “Come on /u/LefterisJP, you leave us hanging…,” July 4, 2016, comment on Karapetsas

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-cases-multisig-post-hard-fork-2f107380bd61. 26. DAO attacker sends 3.6 million (siphoned) ETC to a grandchild DAO in 10 transactions: “Token Address: 0x10abb5efecdc09581f8b7cb95791fe2936790b4e,” Ethereum Classic Explorer, July 23, 2016, https://etc.tokenview.com/en/address/0x10abb5efecdc09581f8b7cb95791fe2936790b4e. 27. Gian, by this point, was also a DAO curator. 28. Technically,

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.twitter.com/krakenfx/status/771081955790065665. 50. DAO attacker sends 3.6 million (siphoned) ETC to a grandchild DAO in 10 transactions: “Token Address: 0x10abb5efecdc09581f8b7cb95791fe2936790b4e,” Ethereum Classic Explorer, July 23, 2016, https://etc.tokenview.com/en/address/0x10abb5efecdc09581f8b7cb95791fe2936790b4e. 51. 3.6 million siphoned ETC moves from 0x10abb address to 0xc362: “Transaction

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Info: 0xa4031e961908b82e19911e780ec9836635dc92ce7444a97f6af8316d55850650,” Ethereum Classic Explorer, September 5, 2016, https://etc.tokenview.com/en/tx/2202824/0; 3.6 million siphoned ETC moves from 0xc362 address to 0x5e8f: “Transaction

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by two to get an average of the number of tries. 55. 0xaaaaaaaaaaa address receives ETH from 0x222222222222fc20 at 8:03:41: “Normal Address: 0xaaaaaaaaaaaf7376faade1dcd50b104e8b70f3f2,” Ethereum Classic Explorer, September 6, 2016, https://etc.tokenview.com/en/address/0xaaaaaaaaaaaf7376faade1dcd50b104e8b70f3f2; 0xaaaaaaaaaaa address receives ETH from 0x222222222222fc20 at 06:03:42 + UTC: “Transaction

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Etherscan, accessed March 31, 2021, https://etherscan.io/txs?a=0x0000000008b4c94610f112d6bae67a198ca6269d&p=3. 56. Presumed DAO attacker sends ETC to other addresses: “Normal Address: 0x085acc2d9794fc82e88b9b7b561ac3fea56406a9,” Ethereum Classic Explorer, accessed March 31, 2021, https://etc.tokenview.com/en/address/0x085acc2d9794fc82e88b9b7b561ac3fea56406a9. Chapter 9 1. Griff Green, “ExtraBalance Withdraw Contract to be Funded on

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(analytics/token transfers): “Address 0x3fff90bF314673194c3A265Ed1c0aA68f59550C4,” Etherscan, June 15, 2021, https://etherscan.io/address/0x3fff90bF314673194c3A265Ed1c0aA68f59550C4#analytics. 18. Homepage of the World’s First 100% Honest Ethereum ICO via Wayback Machine, June 27, 2017, https://web.archive.org/web/20170627123240/https://uetoken.com. 19. “SECURITIES AND EXCHANGE COMMISSION; SECURITIES EXCHANGE ACT OF

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video uploaded to YouTube by LinkTime, May 17, 2018, https://www.youtube.com/watch?v=R6bl9vClE0M&t=216s. 38. “Clarifying the Role of the Ethereum Foundation with Ethereum’s Aya Miyaguchi | EDCON Toronto 2018,” video uploaded to YouTube by LinkTime, June 19, 2018, 0:13, https://www.youtube.com/watch?v=r3GhsbhsdSg

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shareholder,” Protos, April 23, 2021, https://protos.com/bitfinex-tether-digfinex-shareholder-harborne-brexit-bankroller/. 32. 0xf0e42 address (presumed DAO attacker) attempts to spam Ethereum or commit a denial-of-service attack: “Transactions for 0xf0e42abda410cefb5b4dc4de92a3de5b309e02f2,” Etherscan, April 17, 2016, https://etherscan.io/txs?a=0xf0e42abda410cefb5b4dc4de92a3de5b309e02f2&ps=100&p=152. 33

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. 0xf0e42 address (presumed DAO attacker) sends zero ETH to random Ethereum addresses as if attempting to increase blockchain bloat: “Transactions for 0xf0e42abda410cefb5b4dc4de92a3de5b309e02f2,” Etherscan, April 30, 2016, https://etherscan.io/txs?a=0xf0e42abda410cefb5b4dc4de92a3de5b309e02f2&ps=100&p=60

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address/0x10abb5efecdc09581f8b7cb95791fe2936790b4e. 37. Presumed DAO attacker moves more than 3.6 million ETC from the Dark DAO from a child DAO to 0xc362ef: “Transaction Info,” Ethereum Classic Explorer, September 5, 2016, https://etc.tokenview.com/en/tx/0xa4031e961908b82e19911e780ec9836635dc92ce7444a97f6af8316d55850650. 38. Presumed DAO attacker moves nearly all the money from HackerOne to

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HackerTwo: “Transaction Info,” Ethereum Classic Explorer, September 5, 2016, https://etc.tokenview.com/en/tx/0x7089794758f739f54fcd17d86f947c1f94dc8ef2d6d9fc16451b3e5e7eb74cca; presumed DAO attacker moves the last roughly twenty-one ETC from HackerOne to

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2016, https://etc.tokenview.com/en/tx/0x38d8dda6ed65444762143215ff1c2742b8c16f312766415755661389b1a6198b?_ga=2.252282177.99485005.1629491395-1255823513.1608842673. 40. First transactions of BTC into 1M2aaN address: “Transaction Info,” Ethereum Classic Explorer, October 25, 2016, https://etc.tokenview.com/en/tx/0x6946cf3cfe9117cc416e6141bbb5061ea06f838e7be753effcf919430078606e, originally via ShapeShift API, https://shapeshift.io/txstat/0x7bde7ea1eff53b95262c7597050ae9e0bc6315da, now at https://laurashin

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.blockchain.com/btc/address/1M2aaNN3GTw6dy13uScodHaQ8Egr6xr6Ew?page=12. 41. Presumed DAO attacker resumes another string of cash-outs on October 25–26, 2016: “Address Info,” Ethereum Classic Explorer, https://etc.tokenview.com/en/address/0x440afde443c7bcfdb7414 aa9028e20cda74fc5d2, originally via ShapeShift API, https://shapeshift.io/txstat/0x440afde443c7bcfdb7414aa9028e20cda74fc5d2, now at https://laurashin.com/cryptopians

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Blockchain.com, October 25, 2016, https://www.blockchain.com/btc/tx/8246fcc1ec4bad0826edd3b1419030c402b2dd458c490a5eb18828a829da238a. 42. Presumed DAO attacker finishes cash-outs on October 26, 2016: “Transaction Info,” Ethereum Classic Explorer, October 26, 2016, https://etc.tokenview.com/en/tx/0xfc079d1d9c991f5e78fddf57e5601b623bd1c71fa5337bfc96aebc79823110cb, originally via ShapeShift API, https://shapeshift.io/txstat/0x01aedbcbe712ad602a53f2880c5aeb0b436ae762, now at https://laurashin

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“Summary,” Blockchain.com, October 26, 2016, https://www.blockchain.com/btc/tx/b2a1853ff1963dd29100a3901064b1eaaf6c20000bf4c85e7f6491f780ad3ff3. 43. Dexaran sends the presumed DAO attacker 1.05 ETC: “Transaction Info,” Ethereum Classic Explorer, October 28, 2016, https://etc.tokenview.com/en/address/0xc9bea9379a8fade01240ee583535fac713b71014. 44. Christian Seberino, PhD, “The Dexaran Interview,” Medium, December 20, 2017, https

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txstat/0xaa8b2834b45493f45702a56f33ce750ce41bd867, now at https://laurashin.com/cryptopians/Epilogue/46-0xaa8. 47. First presumed DAO attacker cash-out transaction on December 2, 2016: “Transaction Info,” Ethereum Classic Explorer, December 2, 2016, https://etc.tokenview.com/en/tx/0xbcc26b8d6290c6657ef6bc86361f5cfba9e46603b8fb5c9caf3ab0a9b3ee1187, originally via ShapeShift API, December 2, 2016, https://shapeshift.io/txstat/0xd9e7681e234136c6871a159c6e0ef0fc6c3240be,

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f66a327f25fe99b39fd977c58f548ce440293ece1d294be1c140a01e9a5c6a6e; first in a series of the presumed DAO attacker’s successful conversions of ETC to BTC on December 5, 2016, on ShapeShift: “Transaction Info,” Ethereum Classic Explorer, December 5, 2016, https://etc.tokenview.com/en/tx/0x91bea0f7f3196ef1cfd20f1f2937152ce166762de24cc8de7f7451b64994abd1, originally via ShapeShift API, https://shapeshift.io/txstat/0xdabd6c8c83e66e67eecec11292af849f5cd74f29, now at https://

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blockchain, see https://www.blockchain.com/btc/tx/7b8a83690b1f3d104255c801a3da61467fcc10417d51930cbf09d17f285c8016; first in a series of cash-outs from ETC to BTC on December 6: “Transaction info,” Ethereum Classic Explorer, December 6, 2016, https://etc.tokenview.com/en/tx/0xaa984428299993512555000d06170863fc09f1a801e8502688eba2cb5fa158e3, originally via ShapeShift API, https://shapeshift.io/txstat/0x6a9f6edf4984ca7da52bc2c9b763c2f972af4f5b, now at https://

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blockchain, see “Summary,” Blockchain.com, https://www.blockchain.com/btc/tx/3669c98967bebe9e2470fffba5a372a63210e1b34139d388148d171066fdd349; first in a series of thirteen successful cash-outs from ETC to BTC: Ethereum Classic Explorer, December 7, 2016, https://etc.tokenview.com/en/tx/0x7b31bae94a9e594e5d23f8c72d5804afd859f2174de745f21ded6ffe3e16b8d8, originally via ShapeShift API, https://shapeshift.io/txstat/0x32395d7c89af0be5a32118340492e9e714fbd9bd, now at https://laurashin

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, 2016, https://shapeshift.io/txstat/0x204719cb08dceca8fd575c576083948d58450d11, now at https://laurashin.com/cryptopians/Epilogue/48c-0x204. 49. Amount remaining in the Dark DAO on Ethereum Classic: “Address Info,” Ethereum Classic Explorer, https://etc.tokenview.com/en/address/0x5e8f0e63e7614c47079a41ad4c37be7def06df5a. 50. Amount remaining in one of the presumed DAO attacker’s cash-out addresses:

Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond: The Innovative Investor's Guide to Bitcoin and Beyond

by Chris Burniske and Jack Tatar  · 19 Oct 2017  · 416pp  · 106,532 words

800 cryptoassets floating on globally connected and ever-on markets. At the end of 2016, a list of the top 50 included:12 Bitcoin, Ethereum, Ripple, Litecoin, Monero, Ethereum Classic, Dash, MaidSafeCoin, NEM, Augur, Steem, Iconomi, Dogecoin, Factom, Waves, Stellar Lumens, DigixDAO, Zcash, Lisk, Xenixcoin, E-Dinar Coin, Swiscoin, GameCredits, Ardor,

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has unleashed a tidal wave of disruption and rethinking of global financial and technological systems. Countless derivations of Bitcoin have been created—systems such as Ethereum, Litecoin, Monero, and Zcash—all of which rely on blockchain technology, Satoshi’s gift to the world. At the same time, many financial and

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network value of $17 billion, accounting for nearly 70 percent of the total network value of cryptoassets. The next largest cryptoasset by network value was Ethereum’s ether at over $4 billion. Yes, the numbers have changed a lot since. Crypto moves fast. As the investment landscape for cryptoassets continues

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Labs. This has led to mistrust of the Ripple protocol from much of the cryptocurrency community. Vitalik Buterin, who would later go on to create Ethereum, wrote in February 2013 for Bitcoin Magazine: “Because of the monetary distribution, OpenCoin may well face an uphill battle convincing the community that they

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technology, and one of the largest hacks on a cryptoasset ecosystem to date. In the next chapter, we’ll look at the creation of Ethereum and the significant impact it has and will have on the future of cryptoassets. Chapter 5 Cryptocommodities and Cryptotokens Cryptocurrencies are a powerful vertical of

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asset class. First, let’s look at cryptocommodities. In some ways, cryptocommodities are more tangible in value than cryptocurrencies. For example, the largest cryptocommodity, Ethereum, is a decentralized world computer upon which globally accessible and uncensored applications can be built. It’s easy to appreciate the value of using such

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developers write quality applications (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources).12 Miners of Ethereum would be processing transactions that could transfer not just ether but also information among programs. Just as Bitcoin miners were compensated for supporting the network

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from Bitcoin’s process. Venture capital investors (VCs) often invest in ideas and development teams, having faith they will work their way toward success. Ethereum democratized that process beyond VCs. For perspective on the price of ether in this crowdsale, consider that at the start of April 2017, ether was

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certain dApp transactions. While many dApps use a cryptotoken, the native units of some dApps should be classified as a cryptocommodity layered on top of Ethereum, like Golem, which aims to be a supercomputer for compute intensive problems. The difference boils down to whether a raw digital resource is being

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Most cryptotokens are not supported by their own blockchain. Often these cryptotokens operate within applications that are built on a cryptocommodity’s blockchain, such as Ethereum. To continue with the Apple analogy: applications in Apple’s App Store don’t have to build their own operating systems, they run on Apple

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group of computer scientists who examined the workings of The DAO expressed concern that there were major security vulnerabilities that threatened its pending release on Ethereum’s network. “The current implementation can enable attacks with severe consequences,” explained Dino Mark, Vlad Zamfir, and Emin Gün Sirer.25 Subsequently, there was

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often used to upgrade a blockchain architecture, they are typically employed in situations where the community agrees entirely on the beneficial updates to the architecture. Ethereum’s situation was different, as many in the community opposed a hard fork. Contentious hard forks are dangerous, because when new software updates are

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, Gnosis, held a crowdsale in April 2017 raising money at an implied valuation north of $300 million. A GROWING WEB OF CRYPTOCOMMODITIES AND CRYPTOTOKENS While Ethereum has a robust community building on it, several similar platforms have taken note of its success. The aforementioned Dfinity, Lisk, Rootstock, Tezos, and Waves

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may use a decentralized cloud storage system like Filecoin to store large amounts of data, and another cryptocommodity for anonymized bandwidth, in addition to using Ethereum to process certain operations. For such bleeding-edge platforms, it is most important for the innovative investor to keep track of developer mindshare and

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just like Visa or MasterCard. Many other cryptoassets follow a similar model of mathematical issuance, though they differ widely in the exact rates. For example, Ethereum initially planned to issue 18 million ether each year in perpetuity. The thinking was that as the underlying base of ether grew, these 18 million

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become an increasingly small percentage of the monetary base. As a result, the rate of supply inflation would ultimately converge on 0 percent. The Ethereum team is currently rethinking that issuance strategy due to an intended change in its consensus mechanism. Choosing to change the issuance schedule of a cryptoasset

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the new privacy-focused cyptocurrency zcash (ZEC). Few cryptocurrencies have been more anticipated than this one, and rightfully so, given its strong engineering team. Ethereum’s Vitalik Buterin was an advisor and described Zcash as providing the “advantages of using a public blockchain, while still being sure that their private

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to launch another? For example, this could be similar to what happened with Vitalik Buterin in his decision to move on from Bitcoin and start Ethereum, which was something fundamentally new. Or is there something more sinister going on? If any of the developers have a questionable track record, especially

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and traditional economics, people are feeling their way toward what works. Furthermore, the issuance model of cryptoassets is always subject to change. For example, Ethereum started with one planned issuance model, but is deciding to go with another a couple years into launch.15 Such changes in the issuance model

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than eight years worth of conversation and writing on the trials and tribulations of the asset exist, plus constant improvements to its underlying code. For Ethereum, there’s clearly less information, as it was announced five years after Bitcoin’s network had been up and running. Many cryptoassets, especially in

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baseline for the innovative investor to use for other cryptoassets to ensure they are secured with a similar level of capital spend as Bitcoin and Ethereum, which are the two best secured assets in the blockchain ecosystem. BE CAREFUL WHEN DIRECTLY COMPARING HASH RATES BETWEEN CRYPTOASSETS While it may initially

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of developer activity for different cryptoassets (March 29, 2017) Data sourced from CryptoCompare Using this standardized measure for developer activity, it’s clear Bitcoin and Ethereum are two standout projects. With Dash as the baseline, Ripple developers are 80 percent more active and Monero developers 40 percent more. However, the

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market, as people were paying roughly $500,000 per repository point, though this does not mean it will stay that way. Interestingly, Bitcoin and Ethereum are very close, while Ripple and Monero seemingly have the most undervalued developers. Another good site for monitoring overall developer activity is OpenHub.15 For

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13.18 Number of transactions per day using Bitcoin’s blockchain Data sourced from Blockchain.info Figure 13.19 Number of transactions per day using Ethereum’s blockchain Data sourced from Etherscan.io Dollar Value of Transactions While the number of transactions is an important metric, it says nothing about

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Bitcoin While the strength of Bitcoin’s mining network is legendary, most other cryptoassets are less daunting. If so inclined, mining within networks such as Ethereum, Zcash, and others is still open to enthusiastic and dedicated hobbyists, and none of these networks is dominated by ASICs (yet).9 In fact,

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’s portfolio of operating companies is to provide digital currency investing options to the capital markets. Currently, it has the Bitcoin Investment Trust (BIT), the Ethereum Classic (ETC) Investment Trust, and a potential bitcoin ETF (exchange traded fund) in filing with the SEC. The BIT was the first product that

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open the door for other cryptoassets that hold true merit, like ether, to be incorporated into capital market vehicles. Grayscale has moved forward with the Ethereum Classic (ETC) Investment Trust, which operates similarly to the BIT but holds ether classic, not to be confused with the much larger asset, ether.

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blog/fat-protocols Interestingly, once these blockchain protocols are released, they take on lives of their own. While some are supported by foundations, like the Ethereum Foundation or Zcash Foundation, the protocols themselves are not companies. They don’t have income statements, cash flows, or shareholders they report to. The

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under consideration. For instance, if Bitcoin influences how remittances are handled, what impact may that have on stocks like Western Union, a remittances kingpin? If Ethereum takes off as a decentralized world computer, will that have any effect on companies with cloud computing offerings, such as Amazon, Microsoft, and Google?

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cryptoassets. It is increasingly common for these implementations to be referred to as distributed ledger technology (DLT), which differentiates them from the blockchains of Bitcoin, Ethereum, and beyond. For companies pursuing a DLT strategy, they still utilize many of the innovations put forth by the developers of public blockchains, but

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the capital raising and claims management processes of insurance companies, and into the risk models themselves. For example, Augur’s prediction platform built on Ethereum allows for markets to be created around the outcome of real-world events.18 The predictive applications for this platform in the insurance area are

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the group’s efforts to help identify specific companies that may benefit from the results. One of the more interesting recent consortiums was the Enterprise Ethereum Alliance. It went public in late February 2017, and its founding members include Accenture, BNY Mellon, CME Group, JPMorgan, Microsoft, Thomson Reuters, and UBS

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: Millennials, assisted by a cadre of impressively socially awkward Bitcoin startup VC types, are piling intellectual and financial capital into this whole cryptocurrency idea—Bitcoin, Ethereum, all of it. What “e-” in front of any noun did for techie investor excitement in the 1990s, “crypto” and “blockchain” seems to be

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the full functionality of a general purpose computer. Bitcoin was intentionally constructed not to be Turing complete to constrain complexity and prioritize security. 12. https://ethereum.org/ether. 13. Nathaniel Popper, Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Monday, Harper, 2015. 14.

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. 26. https://docs.google.com/document/d/10kTyCmGPhvZy94F7VWyS-dQ4lsBacR2dUgGTtV98C40/edit#heading=h.e437su2ytbf9. 27. https://github.com/TheDAO. 28. https://bitcoinmagazine.com/articles/the-ethereum-community-debates-soft-fork-to-blacklist-funds-in-wake-of-m-dao-heist-1466193335/. 29. http://www.forbes.com/sites/francescoppola/2016/07/21/a

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-painful-lesson-for-the-ethereum-community/#724124515714. 30. https://forum.daohub.org/t/hard-fork-implementation-update/6026. 31. https://twitter.com/Poloniex/status/757068619234803712. 32. https://blog.lawnmower

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.io/in-the-aftermath-of-the-ethereum-hard-fork-prompted-by-the-dao-hack-the-outvoted-15-are-rising-up-ea408a5eaaba#.baachmi2w. 33. https://ethereumclassic.github.io/. 34. https://youtu.be/

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com/search?q=%40brian_armstrong%20augur&src=typ. 37. https://twitter.com/vitalikbuterin/status/649698251197804545. 38. https://www.smithandcrown.com/rootstock-raises-1-million-bring-ethereum-like-smart-contracts-bitcoin/. Chapter 6 1. http://www.marketwatch.com/story/do-bitcoins-belong-in-your-retirement-portfolio-2013-08-29. 2. Eric

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/members. 22. https://www.hyperledger.org/. 23. https://www.hyperledger.org/industries. 24. http://www.coindesk.com/big-corporates-unite-for-launch-of-enterprise-ethereum-alliance/. 25. https://www.fastcompany.com/3017509/look-inside-google-garage-the-collaborative-workspace-that-thrives-on-crazy-creat. 26. https://www.irs.gov/pub

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. See Exchange traded fund Ether, 134 currency pair diversity for, 200 for investments, 61 Poloniex, 93 trading pair diversity for, 129 volatility for, 130–131 Ethereum, 19, 31, 50, 175 addresses for, 202 code repository points for, 197 as cryptocommodities, 55 forking of, 63 goal of, 24 hash rate for,

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for, 216, 300n1 start of, 56–58 transactions with, 203 venture capital and, 255 white papers for, 53, 54–55 Ethereum Classic Trust (ETC), 62, 232, 244 Ethereum Foundation, 57 Ethereum Virtual Machine (EVM), 51 Etherscan, 286 ETI. See Exchange traded instruments ETN. See Exchange traded notes ETPs. See Exchange traded products

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Evans, Ben, 248–249 Evidence Summit, 237 EVM. See Ethereum Virtual Machine Exchange rates, 84 Exchange traded fund (ETF), 79–81, 110 for bitcoin, 231–246 GBTC and, 234–235 Exchange traded instruments (ETI), 241

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280–282 Miller, Harvey, 6 Miners, 17, 26, 185–186 compensation for, 27, 37 computers as, 16 decentralization and, 189–193 developers and, 112 of Ethereum, 55 geography and, 193–194 users as, 40 Mining cryptoassets and, 211–229 history of, 211–212 Litecoin and, 193 Mining Pools, 215 Mississippi Company

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126–127 Performance of bitcoin, 85, 87–90 of portfolios, 104, 105 Platforms, 29, 55, 217 for collaboration, 159 decentralization and, 64 devaluation of, 116 Ethereum as, 58 fees for, 63 smart contracts and, 270 social media as, 110 POC. See Proof-of-Concept Policy, 271. See also Monetary policy Poloniex

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Traditional asset allocation, 76–77 Transactions, 118, 159, 298n23 bitcoin and, 122, 204, 301n24 Coinbase for, 16, 36 conditions for, 52 cryptography for, 15 Ethereum for, 203 fees for, 27 number of, 203 privacy and, 48 property and, 53 reversal of, 218 validation of, 186, 216 value of, 204 volume

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, 287 SpendBitcoins.com as, 198 Wellink, Nout, 145 Western Union, 268 W/GH. See Watts per gigahash White papers, 259 cryptoassets and, 173–174 for Ethereum, 53, 54–55 WikiLeaks, 21 Wilcox, Zooko, 49 Wilson, Fred, 224 Winklevoss, Cameron, 235–238 Winklevoss, Tyler, 235–238 Winklevoss bitcoin ETF, 135, 235

DeFi and the Future of Finance

by Campbell R. Harvey, Ashwin Ramachandran, Joey Santoro, Vitalik Buterin and Fred Ehrsam  · 23 Aug 2021  · 179pp  · 42,081 words

FIVE KEY PROBLEMS OF CENTRALIZED FINANCIAL SYSTEMS IMPLICATIONS NOTES II THE ORIGINS OF MODERN DECENTRALIZED FINANCE A BRIEF HISTORY OF FINANCE FINTECH BITCOIN AND CRYPTOCURRENCY ETHEREUM AND DeFi NOTES III DeFi INFRASTRUCTURE BLOCKCHAIN CRYPTOCURRENCY THE SMART CONTRACT PLATFORM ORACLES STABLECOINS DECENTRALIZED APPLICATIONS NOTES IV DeFi PRIMITIVES TRANSACTIONS FUNGIBLE TOKENS NON-FUNGIBLE

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special early days of 2013–14. But instead of creating a limited platform targeting a set of known existing use cases, as many others did, Ethereum introduced general-purpose programmability, allowing blockchain-based contracts that can hold digital assets and transfer them according to predefined rules, and even support applications with

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components that are not financial at all. People in the Ethereum community started working on applications such as on-chain stablecoins, prediction markets, and exchanges almost immediately, but only after more than five years did the

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developers desiring to integrate various applications can easily handle. This leads to the adoption of standard interfaces for different types of functionality. On Ethereum, these standards are called Ethereum Request for Comments (ERC). The best known of these define different types of tokens that have similar behavior. ERC-20 is the standard

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. The largest fiat-collateralized stablecoin is Tether5 (USDT) with a market capitalization of $62 billion, making it the third largest cryptocurrency behind Bitcoin and Ethereum at time of writing. Tether also has the highest trading volume of any cryptocurrency but is not audited.6 The second largest is USDC,7

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for which they would not receive payment. The gas price is determined by the market and effectively creates an auction for inclusion in the next Ethereum block. Higher gas fees signal higher demand and therefore generally receive higher priority for inclusion. A technical aside about transactions is that they are posted

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thus hiding from miners how they might profit from the transactions. FUNGIBLE TOKENS Fungible tokens are a cornerstone of the value proposition of Ethereum and DeFi. Any Ethereum developer can create a token divisible to a certain decimal granularity and with units that are all identical and interchangeable. By way of example

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say, $1. Direct Rewards and Keepers Direct rewards are positive incentives that include payments or fees associated with user actions. As we mentioned already, all Ethereum interactions begin with a transaction, and all transactions begin with an externally owned account. An EOA, whether controlled by a human user or an off

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off chain, and thus autonomous response to market conditions is either expensive (costs gas) or technically infeasible. As a result, no transaction happens automatically on Ethereum without being purposely set in motion. The classic example of a transaction that must be set in motion is when a collateralized debt position becomes

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If any condition is not met, the entire transaction is canceled and all parties retain their custodied funds. A platform that facilitates token swapping on Ethereum in a non-custodial fashion is a decentralized exchange (DEX). There are two primary mechanisms for DEX liquidity: an order-matching approach and an Automated

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a counterparty from defaulting. An uncollateralized mechanism raises the risk that a counterparty could steal funds, especially in an open and anonymous system such as Ethereum. A risk of overcollateralized positions is that the collateral becomes less valuable than the debt, leading to a foreclosure without an option for recovery. Therefore

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in traditional finance but with a crucial difference: repayment is required within the transaction and enforced by the smart contract. A thorough understanding of an Ethereum transaction is important for understanding how flash loans work. One clause in the transaction is vital: if the loan is not repaid with required interest

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the most relevant category. We examine DeFi platforms in the taxonomy of lending/credit facilities, DEXes, derivatives, and tokenization.1 We mainly focus on the Ethereum network due to its popularity, but DeFi innovations are occurring on many blockchains including Stellar and EOS.2 Polkadot3 is another platform that employs a

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primary value-add of MakerDAO is the creation of a cryptocollateralized stablecoin, pegged to USD. This means the system can run completely from within the Ethereum blockchain without relying on outside centralized institutions to back, vault, and audit the stablecoin. MakerDAO is a two-token model where a governance token MKR

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collateralization ratios for the ETH–DAI contract are higher than a traditional mortgage. In addition, no centralized institution is necessary because everything happens within the Ethereum blockchain. Let's consider a simple example. Suppose an ETH owner needs liquidity but does not want to sell her ETH because she thinks it

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every lender earns the same variable rate, and every borrower pays the same variable rate. The concept of a credit rating is irrelevant, and because Ethereum accounts are pseudonymous, enforcing repayment in the event of a loan default is virtually impossible. For this reason, all loans are overcollateralized in a collateral

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0.8*60 + 0.2*90) = 151 percent (Figure 6.2). The supply and borrow interest rates are compounded every block (approximately 15 seconds on Ethereum producing near continuous compounding) and are determined by the utilization percentage in the market. Utilization is calculated as total borrow/total supply. The utilization rate

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pays the entire pool's earned interest to a single random depositor at fixed intervals. Easy, instant access to yield or borrow liquidity on different Ethereum tokens makes Compound an important platform in DeFi (Table 6.2). Table 6.2 Problems That Compound Solves Traditional Finance Problem Compound Solution Centralized control

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offers many additional tokens to supply and borrow beyond what Compound offers. At the time of writing, Compound offers nine distinct tokens (different ERC-20 Ethereum-based assets), and Aave offers these nine plus an additional 13 not offered on Compound. Importantly, the Aave lending and variable borrowing rates are more

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Unclear collateralization of lending institutions. Transparent collateralization ratios of borrowers visible to the entire ecosystem. DECENTRALIZED EXCHANGE Uniswap The primary example of an AMM on Ethereum is Uniswap.12 We will focus our discussion on Uniswap v2. Recently, the third iteration of Uniswap was released and the v3 will be discussed

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is a bet that variable rates will not increase beyond the fixed rate received. Yield is an important protocol that supplies fixed rate products to Ethereum. It can be tightly integrated with other protocols like MakerDAO and Compound to create robust interest-bearing applications for investors. Demand for fixed income components

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in a target asset of their choosing. Inefficiency: Fixed income rates are lower due to layers of fat in traditional finance. Lean infrastructure running on Ethereum allows for more competitive rates and diverse liquidity pools due to the elimination of middlemen. Lack of interoperability: Fixed income instruments generally settle in cash

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that the investor must determine how to allocate. yTokens can settle in any Ethereum target asset and even settle synthetically into a floating-rate lending protocol to preserve returns. Opacity: Risk and uncertainty of counterparty in traditional agreements. Clear

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collateralization publicly known on Ethereum blockchain backing the investment. dYdX dYdX26 specializes in derivatives and margin trading, which currently supports a variety of cryptocurrencies in addition to ETH and BTC

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interoperability: Real-world assets such as stocks can't be easily represented directly on a blockchain Synth representations of real assets are totally compatible with Ethereum and other DeFi protocols. Opacity: Lack of transparency in traditional derivative markets. All protocol-based projects and features are transparently funded and voted upon

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coding for the single standard. Set Protocol Set Protocol34 offers the “composite token” approach to tokenization. Instead of tokenizing assets non-native to Ethereum, Set Protocol combines Ethereum tokens into composite tokens that function more like traditional exchange traded funds (ETFs). Set Protocol combines cryptoassets into Sets, which are ERC-20 tokens

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chain assets on chain approach to tokenization, specifically for BTC. Abstractly, wBTC allows BTC to be included as collateral or liquidity on all of the Ethereum-native DeFi platforms. Given that BTC has comparatively low volatility36 and is the most well-adopted cryptocurrency by market cap, this characteristic unlocks a large

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key stakeholders: users, merchants, and custodians. Users are simply the traders and DeFi participants who generate demand for the value proposition associated with wBTC, namely, Ethereum-tokenized BTC. Users can purchase wBTC from merchants by transferring BTC and performing the requisite KYC/AML, thus making the entry and exit points of

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chain trust and infrastructure. Merchants are responsible for transferring BTC to the custodians. At the point of transfer, the merchant signals to an on-chain Ethereum smart contract that the custodian has taken custody of the BTC and is approved to mint wBTC. Custodians use industry-standard security mechanisms to custody

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discounted price on a high liquidity exchange by manipulating a low liquidity oracle. Economic exploits become even trickier when considering that flash loans allow any Ethereum user to become financially equipped for a single transaction. Special care must be used when designing protocols such that they cannot be manipulated by massive

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centralizes all transaction processing to a single large machine. This centralization reduces the communication overhead (transaction/block latency) associated with a PoW blockchain such as Ethereum but results in a centralized architecture in which one machine is responsible for most of the system's processing. Some blockchains, such as Solana,17

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has been delayed for several years, but its mainnet, which will contain a basic blockchain without any smart contract support, may go live in 2021. Ethereum 2.0 has not yet finalized a functional specification for sending transactions between its horizontally scaled blockchains. Another idea with the potential to reduce scaling

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risk is the Ethereum layer-2 landscape. Layer 2 refers to a solution built on top of a blockchain that relies on cryptography and economic guarantees to maintain desired

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centralized exchanges, and we have already reviewed some that occurred on DEXs. ENVIRONMENTAL RISK The proof of work consensus mechanisms used by both Bitcoin and Ethereum require a large amount of electricity for its computing power. This is both a strength and a weakness. The computing power provides unprecedented security for

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Securities and Exchange Commission (SEC) continues to evaluate if these new assets will be regulated as securities. For example, Compound, the decentralized money market on Ethereum, recently released a governance token with no intrinsic value or rights to future cash flows. Doing so allowed Compound to avoid the SEC's securities

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Labs, 2020, https://umaproject.org/. 13. Provable, Provable Things Limited, https://provable.xyz/; Chainlink, SmartContract Chainlink Ltd, 2021, https://chain.link/. 14. Ivan Bogatyy, “Implementing Ethereum Trading Front-Runs on the Bancor Exchange in Python,” Hackernoon, August 17, 2017, https://hackernoon.com/front-running-bancor-in-150-lines-of-python-with

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https://www.zilliqa.com/; Algorand, Algorand, 2021, https://www.algorand.com/. 17. Solana, Solana Foundation, https://solana.com/. 18. See https://docs.ethhub.io/ethereum-roadmap/ethereum-2.0/eth-2.0-phases/. 19. For more on this topic, see Haseeb Qureshi, “What Explains the Rise of AMMs?” Dragonfly Research, July 2020

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public address, which usually carries the prefix “0x.” Airdrop. A free distribution of tokens into wallets. For example, Uniswap governance airdropped 400 tokens into every Ethereum address that had used its platform. Anti-money laundering (AML). A common compliance regulation designed to detect and report suspicious activity related to illegally concealing

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the collateral to borrow the desired asset. Cryptocurrency. A digital token that is cryptographically secured and transferred using blockchain technology. Leading examples are Bitcoin and Ethereum. Many different types of cryptocurrencies exist, such as stablecoin and tokens that represent digital and non-digital assets. Cryptographic hash. A one-way function that

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original message. A popular hashing algorithm is the SHA-256, which returns 256 bits or 64 hexadecimal characters. The Bitcoin blockchain uses the SHA-256. Ethereum uses the Keccak-256. Also known as a hash or message digest. dApp. A decentralized application that allows direct interactions between peers (i.e.,

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key mechanism to assure efficiency in DeFi. Gas. A fee required to execute a transaction and to execute a smart contract. The mechanism that allows Ethereum to deal with the halting problem. Geoblock. Technology that blocks users from certain countries bound by regulation that precludes the application. Governance token. The right

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that divides the work of the system into multiple pieces, retaining decentralization but increasing the throughput of the system through parallelization. Also known as sharding. Ethereum 2.0 takes this approach in combination with a proof-of-stake consensus algorithm. Impermanent loss. Applies to automated market makers (AMM), where a contract

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Also known as horizontal scaling. Divides the work of the system into multiple pieces, retaining decentralization, but increasing the throughput of the system through parallelization. Ethereum 2.0 takes this approach with the goal of reducing network congestion and increasing the number of transactions per second. Slashing. A mechanism in proof

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all transaction processing to a single large machine, which reduces the communication overhead (transaction–block latency) associated with a proof-of-work blockchain, such as Ethereum, but results in a centralized architecture in which one machine is responsible for a majority of the system's processing. Yield farming. A means to

Confessions of a Crypto Millionaire: My Unlikely Escape From Corporate America

by Dan Conway  · 8 Sep 2019  · 218pp  · 68,648 words

, who called bullshit and laid it all on the line. Contents Dedication Author’s Note Prologue Climbing the Ladder Deliverance Cypherpunks Currents Coffee and Confusion Ethereum, a New Kind of Machine Taking the Edge Off This is Bad A Not-So-Innocent Bystander The End? Refurbished Retirement Porn The Edge of

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seeking information and advice about business matters should consult resources other than this book. As a style point, throughout this book I capitalize Bitcoin and Ethereum when I refer to their blockchains. I do not capitalize bitcoin and ether when I refer to these currencies. Prologue When the Financial Times interviewed

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from corporate America. Throughout my career, escape was always on my mind, though I had limited means to achieve it. Then I discovered Bitcoin and Ethereum, technologies based on an entirely new organizing principle. A priesthood of true believers said cryptocurrencies could disrupt the banks, corporations, and other organizations that ran

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isn’t controlled by any one party, it is decentralized. Financial transactions and, theoretically, any type of complex business can be completed on the Bitcoin, Ethereum or other public blockchain ledgers. The big-picture implications of the triple-entry ledger are huge. Today, the world economy is controlled by corporations and

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I was ever going to escape, I first needed to survive and ultimately climb this ladder, no matter how badly it was shaking. Chapter Six Ethereum, a New Kind of Machine In his famous 1937 book The Modern Firm, economist Ronald Coase Noah explains why corporations have run the world economy

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t. While I was struggling to master the corporate world, which had always eluded me, a young genius named Vitalik Buterin was creating Ethereum. More on Vitalik later. Ethereum is a “Turing complete blockchain,” which means it can be programmed to do anything. Whereas Bitcoin has the functionality of a calculator and

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can transact digital money, Ethereum has the functionality of a computer and is a trustless—thus, supremely trustworthy —platform to transact any type of business. To understand this, you need

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guidelines, salary increases, and a million other things. These reports provide trust to managers to verify that their departments are creating economic value, as promised. Ethereum’s killer app is the smart contract, an unalterable, ironclad agreement between two or more parties that is validated by the blockchain. If something happens

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We decided we wouldn’t touch it. Chapter Thirteen The Edge of a Cliff Even while I was working long hours on our deregulation campaign, Ethereum was a continual presence on my mind. I found it ironic to be working for a centralized company trying to eliminate centralized regulations by pulling

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structure while I was obsessed with a technology that functioned in the exact opposite manner. The only way to change the rules or manipulate the Ethereum blockchain was through transparent consensus. No oily lobbying or campaign contributions could foul things up for everyone else The concept of blockchain had made its

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who did made a clear distinction between private business blockchains (good) that were centralized in key ways, and the public blockchains (bad) like Bitcoin and Ethereum which weren’t controlled by any one person or group. The latter were considered a little dangerous, according to those wise enough to avoid edgy

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offered a solution before the puzzle was fully described. Of course, he was right. Vitalik’s genius would be critically important for the development of Ethereum, which was completely cutting-edge technology, attempting to do things that were previously considered either impossible or damn near so. He’d be the one

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. Once the smartest developers became obsessed with the product and started using it in new and unexpected ways, it dominated the web graphics market. Now Ethereum was pulling in the most talented blockchain developers. They were working on hundreds of dApps. They were all decentralized. Once these dApps were released into

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and that successful projects would cause the value of ETH to rise exponentially. The problem was that the DAO was years, maybe decades, too early. Ethereum was still experimental technology. By comparison, the DAO was nearly science fiction. It aimed to run an entire corporation with governance, long-term planning, and

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about blockchain in nervous corridors of power, among the disenfranchised and among the awake. Rebellions can be messy — the Bitcoin blockchain has been supplanted by Ethereum as the most decentralized network, the one less likely to ever be controlled by server farms. But all blockchains are a step in the right

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direction. Next week, at the Ethereum Devcon2 in Shanghai, thousands of developers from every corner of the world will gather. More than one hundred dApps will be showcased, discussed, and considered

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of building on that audience and establishing my reputation in the community. I wrote about how blockchain could prevent fraud and embezzlement (“Organized Crime Hates Ethereum”), cut the bullshit and bring back integrity (“Your Sourpuss Grandpa Will Love Blockchain”), simplify and verify medical records (“Presidential Health on the Blockchain”), and prevent

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blockchain luminaries, including Andreas Antonopoulos, the well-known cryptocurrency evangelist who’d written the definitive book on Bitcoin and was now working on one for Ethereum. I interfaced with the executives at the powerful and mysterious OKCoin, a Chinese-based BitGo client and the largest digital exchange in the world by

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of his company. For an ETH freak like me, ConsenSys was the hippest, edgiest, most profoundly cool company in the world. They called themselves an Ethereum Production Studio, and they ran the company as a holacracy, meaning it was structured as a flat organization, unlike a traditional corporation. Its founder, Joseph

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with him as he talked to this group of squares in suits and ties. He was sweating and effusive, sharing the gospel, telling them how Ethereum would change everything, doling out proof points like a street-corner preacher: warehouses full of developers in the Philippines, a major recording artist interested in

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about Guangdong Province’s leadership in some bullshit state-sponsored attempt by the Chinese government to monopolize blockchain. I wanted to hear how fully decentralized Ethereum was going to take over the world. Finally Andrew had to leave, but before he did, I got my two minutes. I confessed my

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world: Microsoft, J.P. Morgan, and British Petroleum. Over a day-long webcast conference at the J.P. Morgan office, they expressed their belief in Ethereum and sketched out working groups to aid development and interoperability with private chains. This is the thing Andrew Keys had hinted at in San Jose

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. The markets were responding. Blockchain might actually work, and Ethereum might actually be the winning platform. There was a flurry of mainstream press. Most articles were similar to the one in Fortune (“Big Business Giants

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would allow them to retain control and set the rules, creating private chains. While these private chains might someday be connected to the uncurated public Ethereum chain, my feeling then and now is that they are underestimating the power of this movement. Corporations aren’t going to be able to control

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name tag and turned my attention to the assembled group. It was a mix of business types, government officials, and a smattering of Bitcoin and Ethereum veterans. The Tapscotts kicked things off with an opening presentation. They were a father/son duo who’d recently published the book Blockchain Revolution. They

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had a different funding structure and were more grounded in cypherpunk ethos. But the story of the minute, hour, and day at the conference was Ethereum. As a truly disruptive, unneutered, decentralized, and open-source platform, it was exponentially more interesting than the blockchain-light projects promoted by the wannabe gatekeepers

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through a turnstile, new investors were pushing price resistance until all resistance was practically nonexistent. As the price increased, the misfits, high stakes gamblers, and Ethereum true believers I’d been spending time with on r/EthTrader became a family. We’d suffered together through the dark days, licking our wounds

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and professing our continued belief in decentralization and Ethereum. We’d ignored the abuse from Bitcoin maximalists and other trolls who had invaded our homes to spread fear, uncertainty, and doubt with comments such

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you guys! was a common post during late-night rallies, and we meant it. We developed our own euphoric subculture. J.T. Nichol, an early Ethereum believer and elementary school teacher from Kansas popularized the “Donut Day” meme by posting pictures of donuts being served at his school. Subsequently, every thirteen

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. I also met with the folks at Dfinity Labs. They were getting ready to launch a new blockchain that was complementary and somewhat competitive to Ethereum. These guys were the real deal, with serious computer science and crypto credentials. Especially Dominic Williams, who was in the Vitalik-echelon of original

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blockchain thinkers and made sure I knew it. While I believed Ethereum would dominate the smart contract space, I also believed there was room for other breakthroughs, and if anyone was going to pull it off, these

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, in return, receive ownership in the form of tokens, which could be bought and sold like any other crypto asset. It was a gold rush. Ethereum competitor Tezos raised $232 million in two weeks. Another competitor, EOS, started a year-long ICO that would eventually raise $4 billion. Yes, billion.

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But it was bad from a brand perspective, and it also complicated the narrative to mainstream investors and enthusiasts. The story in February 2017 was, “Ethereum is transformational technology.” Now it was, “If you aren’t playing roulette with these crazy crypto ICOs, you’re leaving money on the table!” There

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at a bunch of new projects. I also couldn’t deny the upside and what it portended for the future of blockchain in general and Ethereum in particular. ICOs were the first mainstream embrace of the democratization of funding. American angel investors and venture capitalists are required to be accredited before

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investments. But one of the unintended or intended consequences of the law is that accredited investors get access to all the best investment opportunities. The Ethereum crowdsale in October 2014 was one of the first major open-funding opportunities in crypto. The sale generated the equivalent of $2.3 million. It

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I was confident the cream would rise to the top, and their success would validate their own project’s objective and contribute to the overall Ethereum ecosystem. Chapter Twenty-Three Be Careful What You Ask For The rise of ETH was so violent and unapologetic, it was unsettling. On May 4

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the mainstream press had taken notice. The New York Times, Forbes, Fortune, The Wall Street Journal and dozens of other publications devoted long articles to Ethereum, the rise of the ETH token, and the decentralized economy it intended to create. We were up so much money that it interfered with my

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WeChat, a messaging and payment app ubiquitous in China. The popular teen messaging app, Kik, announced they were launching their own token on the Ethereum blockchain. The Enterprise Ethereum Alliance (EEA) announced eighty-six new members, including Bancor, Deloitte, Mitsubishi, and Broadridge. A Forbes article on May 22 by the crypto journalist

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COWARDS. Chapter Twenty-Five Head Above Water During this troubling time, I did what I always did when my hands were shaking. I visited r/Ethereum, where the discussion is focused on product development, not the price of ETH. Before raw price movements took over my brain, this was where I

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that could be disrupted at future stages. Not quite quantitative analysis, but it’s what I was capable of. The dialogue and collaboration in the Ethereum developer community never stopped, no matter what was happening, price-wise. The Metropolis Part 1 upgrade, named Byzantium, was being finalized. It would make

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smart contract developers more options and stability. zk-SNARKS functionality was also being prepared, which would soon add the most advanced privacy features to the Ethereum blockchain. At a technical level, I knew enough about these things to grunt, “Good,” before flipping back to r/EthTrader to see if the

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price had stopped dropping. I always knew Ethereum was raw, experimental in most ways, and fraught with difficult development hurdles in the months and years ahead, especially the challenge to scale while remaining

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decentralized—the blockchain holy grail. But visiting r/Ethereum now gave me confidence. The rational side of my investor brain, the side that had never been drawn to a speculative investment before ETH, was

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still satisfied with the empirical evidence. It still seemed that Ethereum had no bounds, that time and development hours were the only critical barriers to achieving widespread adoption, one decentralized app at a time. *** ETH

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amazing, though.” I’d heard enough of this bullshit. So many people who’d missed the boat were ready to curse crypto without understanding it. Ethereum was bigger than these people could comprehend. But the fantastical price increase had opened it up for attack. Crypto was suddenly like an overexposed celebrity

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build the infrastructure, consumer-friendly interfaces, and scaling solutions that will fuel the next phase of growth. The Brave web browser, which runs on the Ethereum blockchain, has more than one million downloads. Coinbase has added forty-nine new coins, expanded globally, quadrupled in size, and is valued at more than

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a professional-grade custody solution for institutional investors and extended their multisig wallet to support sixty-two crypto assets, many of them tokens on the Ethereum blockchain that power dApps. They also landed a forty-five million-dollar funding round. (I can only hope they found someone to write those

How to DeFi

by Coingecko, Darren Lau, Sze Jin Teh, Kristian Kho, Erina Azmi, Tm Lee and Bobby Ong  · 22 Mar 2020  · 135pp  · 26,407 words

Finance Chapter One: The Traditional Financial Institutions Chapter Two: What is Decentralized Finance (DeFi)? Part Two: Getting Into DeFi Chapter Three: The Decentralized Layer: Ethereum Chapter Four: Ethereum Wallets Part Three: Deep Diving Into DeFi Chapter Five: Decentralized Stablecoins Maker Chapter Six: Decentralized Lending and Borrowing Compound Chapter Seven: Decentralized Exchanges (DEX

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locked up over $1 billion worth of cryptocurrencies. DeFi is expected to grow further in the coming years and is a key component in fulfilling Ethereum’s lofty vision and ambition. In this book, we will be explaining what DeFi is and how it is important for the community. We

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world would take anywhere between 15 seconds to 5 minutes depending on several factors,2 along with a small fee (e.g. $0.02 on Ethereum). 2. Accessibility Chances are if you are reading this book, you are banked and have access to financial services offered by banks—to open

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safest investments) to high-risk mortgage-backed securities.8 It will be different with DeFi. DeFi protocols built on top of public blockchains such as Ethereum are mostly open-sourced for audit and transparency purposes. They usually have decentralized governing organizations to ensure that everyone knows what is happening and that

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and removing intermediaries. Putting a DeFi spin onto lotteries allow for the removal of custodianship of the pooled capital unto a smart contract on the Ethereum Blockchain. With the modularity of DeFi, it is possible to link a simple lottery Dapp to another DeFi Dapp and create something of more

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as DeFi. Smart contracts that are written by software programmers are the building blocks of these Dapps. These smart contracts are then deployed to the Ethereum network, where it will run 24/7. The network will maintain the digital value and keep track of the latest state. ~ What is a

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as decentralized application (Dapp) in order to fulfill more complex processes and computation. ~ What is Ether (ETH)? Ether is the native currency of the Ethereum blockchain. It is like money and can be used for everyday transactions similar to Bitcoin. You can send Ether to another person to purchase goods

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and services based on the current market value. The Ethereum blockchain records the transfer and ensures the finality of the transaction. Besides that, Ether is also used to pay for the fee that allows

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. If this confuses you, do not worry as we will be covering this topic in further depth throughout this book. ~ What is Gas? On Ethereum, all transactions and smart contract executions require a small fee to be paid. This fee is called Gas. In technical terms, Gas refers to the

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in ETH. The price of gas can fluctuate from time to time depending on the network demand. If there are more people interacting on the Ethereum blockchain such as transacting in ETH or executing smart contract operations, due to the limited amount of computing resources on the network, Gas price

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process and validate your transaction in the network. Example of how gas fees are calculated ~ What are Decentralized Applications (Dapps)? In the context of Ethereum, Dapps are interfaces that interact with the blockchain through the use of smart contracts. From the front, Dapps look and behave like regular web and

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that it is immutable, and so on. ~ What are the benefits of Dapps? Dapps are built on top of decentralized blockchain networks such as Ethereum and usually have the following benefits: Immutability: Nobody can change any information once it’s on the blockchain. Tamper-proof: Smart contracts published onto the

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cannot be tampered with without alerting every other participant on the blockchain. Transparent: Smart contracts powering Dapps are openly auditable. Availability: As long as the Ethereum network remains active, Dapps built on it will remain active and usable. ~ What are the disadvantages of Dapps? While a blockchain offers many benefits,

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exploits. Scalability: In most cases, the bandwidth of a Dapp is limited to the blockchain it resides on. ~ What else can Ethereum be used for? Besides creating Dapps, Ethereum can be used for two other functions: creating Decentralized Autonomous Organizations (DAO) or issuing other cryptocurrencies. A DAO is a fully autonomous

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would be to think of ERC-20 as money and ERC-721 as collectibles like action figures or baseball cards. And that’s it for Ethereum—if you’re keen to own your first cryptocurrency or try your first DApp, we will be covering several interesting DeFi products which include

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-stack-4ba988c6c14b Ether: A New Model for Money (David Hoffman) https://medium.com/pov-crypto/ether-a-new-model-for-money-17365b5535ba Chapter Four: Ethereum Wallets A wallet is a user-friendly interface to the blockchain network. It manages your private keys, which are basically keys to the lock on

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the market. For the purposes of this book, we will walk you through two DeFi friendly wallets for you to easily start interacting with the Ethereum network. ~ Mobile Users: Argent For mobile users, you may consider using Argent wallet. Argent is a non-custodial wallet that offers ease-of-use

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course authorize legitimate large transactions over the limit through the help of your Argent Guardians. Argent offers free transactions for wallet users and absorbs all Ethereum gas fees that need to be paid to the network. With Argent wallet, you can easily interact with DeFi Dapps directly from the wallet

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-Step Guide Step 1 Go to https://argent.link/coingecko Download the app on your mobile phone Step 2 Once downloaded, choose a unique Ethereum name for your argent wallet Step 3 Argent will ask if you want to add your phone number for added security and verification purposes Step

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amounts that they claim. Tether is therefore a centralized, fiat-collateralized stablecoin. Dai (DAI) on the other hand, is collateralized using cryptocurrencies such as Ethereum (ETH). Its value is pegged to $1 through protocols voted on by a decentralized autonomous organization and smart contracts. At any given time, the collateral

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understand DAI further, we will introduce you to its platform, Maker. Maker What is Maker? Maker is a smart-contract platform that runs on the Ethereum blockchain and has three tokens: stablecoins, Sai and Dai (both algorithmically pegged to $1), as well as its governance token, Maker (MKR). Sai (SAI)

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explore just how such bankless lending and borrowing mechanism is possible with Compound Finance, a Defi lending and borrowing protocol. Compound Compound Finance is an Ethereum-based open-source money market protocol where anyone can supply or borrow cryptocurrencies frictionlessly. As of Feb 2020, 7 different tokens—Basic Attention Token (

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and 0x (ZRX)—can be supplied or used as collateral on the Compound Platform. Compound operates as a liquidity pool that is built on the Ethereum blockchain. Suppliers supply assets to the pool and earn interest, while borrowers take a loan from the pool and pay interest on their debt. In

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begin to earn interest on the assets you have put in! Interest accrued on the amount that you have supplied and is calculated after each Ethereum block (average ~13 seconds). Upon deposit, you will receive corresponding amounts of cTokens. If you supply DAI, you will receive cDAI, if you supply

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Each asset has a different collateral factor. The more assets you supply, the greater is your borrowing power. Borrowed assets are sent directly to your Ethereum wallet and from there, you can use them as you would any cryptoasset—anything you want to! Do note that that borrowing incurs a small

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/zero-to-defi-cdai/ I took out a loan with cryptocurrency and didn’t sign a thing (Stan Schroeder) https://mashable.com/article/defi-guide-ethereum-decentralized-finance.amp Earn passive income with Compound. (DefiZap) https://defitutorials.substack.com/p/earn-passive-income-with-compound Chapter Seven: Decentralized Exchanges (DEX)

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which combines both decentralized lending and borrowing markets with margin trading on their exchange. Uniswap Uniswap Exchange is a decentralized token exchange protocol built on Ethereum that allows direct swapping of tokens without the need to use a centralized exchange. When using a centralized exchange, you will need to deposit

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deep dive into Synthetix, the biggest DeFi derivative protocol. Synthetix Synthetix is exactly as the name sounds, a protocol for Synthetic Assets (called Synths) on Ethereum. There are two parts to Synthetix - Synthetic Assets (Synths) and its exchange, Synthetix.Exchange. Synthetix allows for the issuance and trading of Synths. ~ What

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meaning Synthetic Gold can be switched for Synthetic JPY, Synthetic Silver or Synthetic Bitcoin easily on Synthetix.Exchange. This also means that anyone with an Ethereum wallet now has open access to any real-world asset! ~ How are Synths Created? The idea behind the creation of Synths is similar to

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pool, causing the debt owed by the staker to fluctuate with changing values. For example, if 100% of the Synths in the system were synthetic Ethereum (sETH), and the price doubles, everyone’s debt would double including the staker’s own debt as well. Once minted, these Synths tokens can

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ETH) in liquidity). ~ What Assets do Synths Support? At the point of writing, Synths support the following 4 major asset classes (full list): (i) Cryptocurrencies: Ethereum (ETH), Bitcoin (BTC), Binance Coin (BNB), Tezos (XTZ), Maker (MKR), Tron (TRX), Litecoin (LTC), and Chainlink (LINK) (ii) Commodities: Gold (XAU) and Silver (XAG)

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to read more on the next DeFi app. ~ Sablier: Step-by-Step Guide Step 1 Go to pay.sablier.finance Sign in with your Ethereum wallet Step 2 Select a token from the list Type an amount (which will be refunded when the stream finishes earlier) Type an ENS domain

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or Ethereum address Select a duration, e.g. 30 day Step 3 Confirm your transaction Step 4 After the blockchain validates your transaction, you will be

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shown a payment link Share this with the owner of the ENS domain/Ethereum address from before ~ Recommended Readings Sablier v1 is Live (Paul Razvan Berg) https://medium.com/sablier/sablier-v1-is-live-5a5350db16ae Sablier The protocol

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/Dapps/sablier Building with Sablier (Sablier) https://twitter.com/SablierHQ/status/1214239545220386819?s=19 DeFi Dive: Sablier – the protocol for real-time finance on Ethereum https://defipulse.com/blog/defi-dive-sablier-protocol/ Chapter Twelve: Decentralized Insurance To participate in DeFi, one has to lock tokens in smart contracts. Tokens

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more known dashboards called DeFiSnap. ~ DeFiSnap: Step-by-Step Guide Step 1 Go to https://www.defisnap.io Enter your ENS domain or your Ethereum Address Here I used defiportal.eth but I can also key in 0x358a6c0f7614c44b344381b0699e2397b1483252 Step 2 You are on the dashboard! You can see your wallet

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will explore DeFi in action with two case studies showing the robustness and usefulness of DeFi. ~ Surviving Argentina's High Inflation During the Devcon 5 Ethereum conference in October 2019, Mariano Conti, Head of Smart Contracts at Maker Foundation gave a talk on how he survives Argentina’s inflation. The

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team imposed did not stop users from using the Uniswap protocol - in fact, they couldn’t. The Uniswap protocol is built and deployed on the Ethereum blockchain (which is accessible worldwide by anyone). Within a matter of hours, multiple sites that are connected to the Uniswap protocol have gone live,

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control of the frontend (www.uniswap.exchange), they had no control over who can or cannot access the backend (Uniswap protocol) deployed onto the Ethereum blockchain. This was a very interesting case study as it highlighted the strengths of DeFi protocols, something that would not happen in traditional finance. A

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them and the aspects they are attempting to solve: Wallet: Argent is creating a radically better user-focused crypto wallet experience, with free transactions on Ethereum without needing ETH, native integration with Compound (and others), as well as not needing seed keys. Participation of products: DeFiZap abstracts away many of

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do that in DeFi—yield bouncers like idle.finance, DeFiSaver and iEarn automatically allocate your cryptoassets to places with the best yield opportunities on the Ethereum blockchain. While there is no single “killer app” that bridges the user experience gap at the moment, we think it’s not going to

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- https://doseofdefi.substack.com/ Ethhub - https://ethhub.substack.com/ My Two Gwei - https://mytwogwei.substack.com/ The Defiant - https://thedefiant.substack.com/ Week in Ethereum News - https://www.weekinethereumnews.com/ Podcast BlockCrunch - https://castbox.fm/channel/Blockcrunch%3A-Crypto-Deep-Dives-id1182347 Chain Reaction - https://fiftyonepercent.podbean.com/ Into the

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. (n.d.). Retrieved from https://defiscore.io/ defidad.eth, D. F. D.-. (2020, February 11). @NexusMutual is a decentralized alternative to insurance, providing the #Ethereum community protection against hacks. Here's why it should be on your radar:➕Anyone can buy smart contract insurance➕Being a backer (staker) can earn

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up to 50% ROI➕It's powered by #Ethereum. Retrieved from https://twitter.com/DeFi_Dad/status/1227165545608335360?s=09 Docs. (n.d.). Retrieved from https://nexusmutual.gitbook.io/docs/docs#pricing Karp,

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and more without the need to rely on a centralized entity. Decentralized Applications (Dapps) Applications that run on decentralized peer-to-peer networks such as Ethereum. Decentralized Autonomous Organization (DAO) Decentralized Autonomous Organizations are rules encoded by smart contracts on the blockchain. The rules and dealings of the DAO are transparent

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smart contracts. G Gas Gas refers to the unit of measure on the amount of computational effort required to execute a smart contract operation on Ethereum. H - I IMAP IMAP stands for Internet Message Access Protocol. It is an Internet protocol that allows email applications to access email on TCP

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as market demand and supply. Protocol A protocol is a base layer of codes that tells something on how to function. For example, Bitcoin and Ethereum blockchains have different protocols. Peer-to-Peer In blockchain, "peer" refers to a computer system or nodes on a decentralized network. Peer-to-Peer

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