A Gentle introduction to Blockchain with Ethereum
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This document provides a comprehensive overview of blockchain technology and Ethereum, highlighting its historical context, trust challenges, and key features like smart contracts. It explains how blockchain serves as a decentralized, immutable ledger that addresses issues such as the double-spending problem. Additionally, it offers guidance on developing with Ethereum, including setting up a development environment and deploying a simple smart contract.
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A Gentle introduction to Blockchain with Ethereum
- 1. A Gentle Introduction To Blockchain With Ethereum Johann Romefort, Tech Evangelist at Stylight Twitter: @romefort Blog: http://romefort.net LinkedIn: http://linkedin.com/in/romefort Email: [email protected]
- 2. Agenda ● The Trust Industry ● Disruptive Nature of Blockchain ● Ethereum ● Demo!
- 3. What Is the Buzz about Blockchain
- 5. The History of Trust and Exchange of Value
- 6. 3500 Years Ago: The Signet Ring Signet rings have been used since as far back as 3500 BC when the people of Mesopotamia began using them as a method of authenticity. Each was unique to one person.
- 7. Today: 3rd-Party Trust Guarantors ● Banks ● Insurance ● Land registries ● Governments ● Credit companies ● Legal Agencies
- 8. Trust Comes at a Price ● Operational Costs ● Risk ● Time ● Centralization
- 9. 3rd-Party Trust Is Fragile and Disrupted ● 2008 financial meltdown ● Government surveillance ● Elections ● Social media giants ● Data breaches
- 10. The Edelman Trust Barometer Source: https://www.scribd.com/document/336621519/2017-Edelman-Trust-Barometer-Executive-Summary
- 11. The Double-Spending Problem ● You need to make sure the ownership of the item of value is moving from A to B ● In a digital world this is a problem as assets can be copied. ● This is why we needed 3rd party which we can trust and can ensure the validity of the transaction
- 12. Until January 3rd, 2009 First blockchain implementation deployed under the name: “Bitcoin: A Peer-to-Peer Electronic Cash System” By Satoshi Nakamoto
- 13. The Distributed and Transparent Nature of Blockchain
- 14. What is Blockchain? ● It’s an immutable distributed public ledger ● All transactions are timestamped and recorded into blocks ● Distributed database with no single point of failure ● Can’t be controlled by authorities such as government due to its decentralized nature ● Solve the double-spending problem without need for 3rd party of trust.
- 15. What is a Hash? ● Mathematical function which turns data into a fingerprint of that data called ● You can’t deduce the data from the hash. ● The same data will have the same Hash. ● Slightly different data will have a totally different hash
- 16. What about Ethereum? ● It’s the second largest Blockchain implementation ● It can be a seen as a blockchain of second generation ● It contains new features such as Smart Contracts
- 17. What’s a Block? ● Bundle transactions ● Contains previous block hash ● All blocks are linked through their hashes ● You can’t change the data in one block without breaking the chain ● Unless you mine it all over again
- 18. What’s a transaction? ● An operation that writes data on the blockchain ● Each transaction incurs a fee ● Simple transaction sending ETH from one address to another ● More complicated transactions involve Smart Contracts
- 19. Smart Contracts ● Introduced in Ethereum Blockchain ● Run code directly on the blockchain ● Each smart contract has its own wallet ● Smart Contracts can invoke each others ● Written in Solidity
- 20. Enabling New kinds of Organizations ● DAO: Decentralized Autonomous Organization ● New type of organization governed by multiple smart contracts ● Token holders can be granted the right to vote for example
- 22. Many chains available ● Main Net: This is the production network - Don’t use it for development purposes! ● Rinkeby: https://www.rinkeby.io/#stats ○ PoA (Proof of Authority) ○ Immune to Spam attacks ○ Supported by geth only ○ Request ether through faucet: https://faucet.rinkeby.io/ ● Ropsten: Best reproduce the current prod. Env. ○ Subject to Spam ○ Ether can be mined or requested ● Solo Network
- 24. Truffle - development framework for Ethereum
- 25. Setting up our development environment npm install -g truffle npm install -g ganache-cli truffle init ganache-cli -p 7545
- 26. Ganache run a local EVM (Ethereum Virtual Machine) Also: ● Create accounts ● their private keys ● Fund the accounts with 100ETH
- 27. Our first Smart Contract: HelloWorld.sol
- 28. Write the migration Save this in migrations/2_deploy
- 29. Adjust truffle.js You can also get rid of the truffle-config.js file // depending on your platform
- 30. Let’s compile and deploy our contract truffle compile truffle migrate --network development Compile will compile our Solidity code to bytecode (the code that the Ethereum Virtual Machine (EVM) understands), in our case, Ganache emulates the EVM. Migrate will deploy the code to the blockchain, in our case, the blockchain could be found in the network “development” we set earlier in the “truffle-config.js” file.
- 33. Interact with the Contract 1/get an instance 2/get the contract address 3/get the message var content
- 34. If you prefer a GUI
- 35. Questions?