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비트코인:����������� ������������������ 금융의����������� ������������������ 인터넷 (Bitcoin: The Internet of Money)
2015. 4. 23.
Prof. Sangkyu RhoGraduate School of Business
Seoul National University
http://www.slideshare.net/srho/bitcoin-the-internet-of-money-47354175
(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Who’s Sangkyu Rho?
Profession: • 서울대 경영대 교수 since 1995• 서울대 경영대 MBA부학장 from 2013 to 2014• 오가닉미디어랩(www.organicmedialab.com) 공동 운영 since 2013Interests: • Data & Knowledge• Social & Network Contacts: • [email protected] • Facebook: sangkyu.rho• LinkedIn: Sangkyu Rho• Twitter: @srho77
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
“Bitcoin is Evil!”
http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
“It’s about the platform, not the currency, stupid!”
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http://thenextweb.com/insider/2014/02/15/bitcoin-platform-currency/
(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Bitcoin
Future of money?
What is mining?
Anonymous?
Why does it matters?
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
What is Bitcoin?
Digital Currency• bitcoin
Fully distributed and decentralized payment network• We are the bank! (Peer-to-peer network)
Platform (OS) for financial innovations• Internet of Money
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Digital Currency
Bitcoin is a chain of digital signatures*
Is bitcoin money?
• A medium of exchange?
• A unit of account?
• A store of value?
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* Sathoshi Nakamoto, “Bitcoin: A Peer-to-Peer Electronic Cash System,” 2008
(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
“We are the Bank!”
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Miner
UserOrganic Media Lab 2014
http://organicmedialab.com/2014/02/22/we-are-a-bank-in-bitcoin/
(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Internet of Money
Mechanism to prevent double spending without trusted 3rd parties such as banksContainers to store value (e.g., money, signatures, contracts, stocks, bonds, even cars)New ways to collaborateOpen sourced
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Trust By ComputationBlockchain • The public ledger of bitcoin transactions• A chain of blocks (beginning from the genesis block)• Can be browsed by blockchain browsers (e.g., http://
blockchain.info)
Proof of works• What miners do• To prevent bad guys from modifying blockchain
Public key encryption
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Bitcoin Mining: Proof of Work
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Finding nonce that satisfies the difficulty target
http://organicmedialab.com/2014/01/11/virtuous-cycle-of-bitcoin-mining/
(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Two Sides of Mining
To secure the blockchain• If good guys > bad guys
To supply new bitcoins• As awards to miners who first provide proof of
work.
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Virtuous Cycle of Bitcoin Mining
16http://organicmedialab.com/2014/01/11/virtuous-cycle-of-bitcoin-mining/
(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Bitcoin Transactions in Blockchain
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Organic Media Lab 2014
(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Bitcoin is a Link
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http://organicmedialab.com/2014/02/22/we-are-a-bank-in-bitcoin/
(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Bitcoin is a Network
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http://organicmedialab.com/2014/02/22/we-are-a-bank-in-bitcoin/
(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Bitcoin Transactions are Pseudonymous
사적인 익명성• No private information is shared
공적인 투명성• Every transaction is traceable from the beginning
to the end.
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Bet with a Friend
Organic Media Lab 2015
Me Friend
Another Friend
$100over a billiard game
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Can I trust my friends?
(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Solution in Bitcoin: Multi-signature Transactions*
Organic Media Lab 2015
Me Friend
Another Friend (Arbitrator)
2-of-3 signature account 1 BTC 1 BTC
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* https://bitcoinmagazine.com/11108/multisig-future-bitcoin/
(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Bitcoin as Platform (OS) for Innovation
“PC in 1975, the Internet in 1993, and Bitcoin in 2014” – Marc Andreessen
It is a “transport layer” for finance.
“Programmable money”
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Applications for BitcoinPayment Network
• International money transfer
• Banking the unbanked
• Microtransactions
Platform for Innovation
• Decentralized exchange for currencies and assets (e.g., Bitshares)
• Decentralized application platform (e.g., Ethereum)
• Bitcoin + IoT (e.g., IBM ADEPT)
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Conclusion
More than digital money
Much more transparent than we think
Disruptive innovation in financial industry
Innovative way of economic mass-collaborations
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
What you need to knowBitcoin Exchange• Bitstamp, Mt. Gox (now bankrupt), …• Korbit
Bitcoin Wallet• Client: Multibit• Service: Coinbase, Blockchain
Bitcoin Transactions• Public key encryption• Digital signature
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Bitcoin Transactions
Bitcoin addresses are public keys
Bitcoin transactions are digital signatures
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School 34
http://organicmedialab.com/2014/02/20/bitcoin-addresses-transactions-and-wallets/
(CC BY-SA 3.0) Sangkyu Rho, SNU Business School 35
http://organicmedialab.com/2014/02/20/bitcoin-addresses-transactions-and-wallets/
(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
What you have in your wallet?
Bitcoin?
Essentially, bitcoin addresses and matching private keys• Protect your wallet with a secure password• Backup your wallet data
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(CC BY-SA 3.0) Sangkyu Rho, SNU Business School
Recommended Readings노상규, “비트코인은 버블인가, 파괴적 혁신인가?,” http://organicmedialab.com/2014/01/06/bitcoin-as-disruptive-innovation/
윤지영, “연결이 지배하는 세상, 화폐의 필연적 진화,” http://organicmedialab.com/2014/02/05/inevitable-evolution-of-money/
윤지영, “비트코인, 우리가 은행이다,” http://organicmedialab.com/2014/02/22/we-are-a-bank-in-bitcoin/
노상규, “비트코인 채굴과 선순환 구조,” http://organicmedialab.com/2014/01/11/virtuous-cycle-of-bitcoin-mining/
노상규, “비트코인 주소, 거래, 그리고 지갑,” http://organicmedialab.com/2014/02/20/bitcoin-addresses-transactions-and-wallets/
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Any Questions?Visit: www.organicmedialab.com
E-mail: [email protected]: sangkyu.rhoLinkedIn: Sangkyu Rho
Twitter: @srho77