Ebay without Ebay - Bitcoin smart contracts presentation by Oleg Andreev

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Information about Ebay without Ebay - Bitcoin smart contracts presentation by Oleg Andreev
Technology

Published on February 18, 2014

Author: Bitcoinomie

Source: slideshare.net

Description

Ebay without Ebay - by Oleg Andreev

February 13, 2014 @ Paris Bitcoin Startups #1

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About the author :

Oleg Andreev - Software designer
Web : http://oleganza.com/
Twitter : @oleganza
E-mail : oleganza@gmail.com
Paris, France

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Uploadé par Bitcoinomie - L'actualité du Bitcoin et des monnaies virtuelles, en France et dans le monde.
Web : http://www.bitcoinomie.fr
Twitter : @Bitcoinomie

Ebay without Ebay Oleg Andreev @oleganza oleganza@gmail.com ! February 13, 2014

Bitcoin is:

Bitcoin is: All-or-nothing ledger

Bitcoin is: All-or-nothing ledger Decentralized

Bitcoin is: All-or-nothing ledger Decentralized Programmable

Bitcoin is:

Bitcoin is: Everyone sees everything

Bitcoin is: Everyone sees everything Everyone executes code

Bitcoin is: Everyone sees everything Everyone executes code Everyone validates txs

Every teenager:

Every teenager: 2001: can make a webpage

Every teenager: 2001: can make a webpage 2010: can make a mobile app

Every teenager: 2001: can make a webpage 2010: can make a mobile app 2014: can make a contract

Alice Bob

Alice Bob iPod

Alice $100 Bob iPod

Alice $100 Bob iPod

Alice $100 Bob iPod

Alice $100 Bob iPod

$100 Alice Bob iPod

$100 Alice Bob iPod

$100 Alice iPod Bob

Alice iPod Bob $100

Alice Bob

Alice $100 Bob iPod

Alice Bob $100 iPod $200

Alice Bob $100 $200 iPod $200

Alice $100 Bob iPod

$200 Alice $100 Bob iPod

$200 $200 Alice $100 Bob iPod

$200 $200 Alice $100 Bob iPod

$200 $200 Alice $100 iPod Bob

$200 $200 Alice iPod Bob $100

$200 $200 Alice iPod Bob $100

$200 $200 Alice iPod Bob $100

Alice iPod $200 Bob $100 $200

1 transaction 2 inputs locked by 2 keys $200 $200 2 AlicePubKey BobPubKey 2 CHECKMULTISIG

$200 $200 2 AlicePubKey BobPubKey 2 CHECKMULTISIG

Signatures required $200 $200 2 AlicePubKey BobPubKey 2 CHECKMULTISIG

Signatures required $200 $200 Keys used 2 AlicePubKey BobPubKey 2 CHECKMULTISIG

Signatures required $200 $200 Keys used Alice Public Key 2 AlicePubKey BobPubKey 2 CHECKMULTISIG

Signatures required $200 $200 Keys used Alice Public Key 2 AlicePubKey BobPubKey 2 CHECKMULTISIG Bob’s Public Key

Alice and Bob must agree on how money is being spent $200 $200 2 AlicePubKey BobPubKey 2 CHECKMULTISIG

To unlock money both signatures must be present 0 (SigA) (SigB) $200 $200

To unlock money both signatures must be present Back to Alice 0 (SigA) (SigB) $200 $200

To unlock money both signatures must be present Back to Alice 0 (SigA) (SigB) Back to Bob $200 $200

$200 $200 Alice iPod SigA SigB Bob $100

Alice has both signatures and sends the unlock transaction 0 SigA SigB $200 $200

$200 $200 Alice iPod SigA SigB Bob $100

$200 $200 Alice Problem: Alice can unlock $200 any time she wants, but Bob cannot. iPod SigA SigB Bob $100

Anti-troll measure

MAD

Mutually

Mutually Assured

Mutually Assured Destruction

Before starting business, Alice and Bob sign transaction that destroys all funds 0 SigA SigB 000000000000000 lock time: +30 days

Before starting business, Alice and Bob sign transaction that destroys all funds 0 SigA SigB 000000000000000 lock time: +30 days Cool off period

$200 $200 Alice iPod SigA SigB Bob $100

Alice iPod SigA SigB Bob $100

Payment + Unlock in one transaction

$400 Alice iPod Bob $100

$100 $300 Alice iPod Bob $100

$100 $300 Alice iPod Bob $100

Alice iPod $100 Bob $100 $300

$400 Alice iPod SigA Bob $100 SigB

$400 Alice iPod Bob $100 SigA SigB

Alice pays and unlocks at the same time 0 SigA SigB $100 $300

Bob is motivated to unlock $300 to not allow Alice to destroy his $200 0 SigA SigB 0 SigA SigB $100 $300 000000000000000 lock time: +30 days

Once one tx is in blockchain, another one becomes invalid 0 SigA SigB 0 SigA SigB $100 $300 000000000000000 lock time: +30 days

Once one tx is in blockchain, another one becomes invalid 0 SigA SigB $100 $300

Protocol:

Protocol: Alice and Bob choose keys.

Protocol: Alice and Bob choose keys. They lock money with 2-of-2 multisig script.

Protocol: Alice and Bob choose keys. They lock money with 2-of-2 multisig script. They sign a +30d timelocked destruction tx.

Protocol: Alice and Bob choose keys. They lock money with 2-of-2 multisig script. They sign a +30d timelocked destruction tx. Bob sends the product.

Protocol: Alice and Bob choose keys. They lock money with 2-of-2 multisig script. They sign a +30d timelocked destruction tx. Bob sends the product. Alice pays and unlocks money.

Protocol: Alice and Bob choose keys. They lock money with 2-of-2 multisig script. They sign a +30d timelocked destruction tx. Bob sends the product. Alice pays and unlocks money. If money is not unlocked in time, either party can destroy money.

Use cases:

Use cases: Anonymous markets

Use cases: Anonymous markets Freelance contracts

Use cases: Anonymous markets Freelance contracts Autonomous agents

http://oleganza.com/bitcoin-epita-2014.pdf

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