Description

Presenters: Edward Buchi, Nelia Teixeira, Michealagelo Yambao

Blockchain Networks have such high potential to change how society works, 10 years of growth has proved this. But where's the revolution? Join us at the OCADs Inclusive Design Research Centre for a workshop on Blockchain to discuss the dark side of Blockchain tech, what can hold it back, how it can be subverted and is there a way out?

Resources

Notes

• Consensus Algorithms
  
  • Needs to be Byzantine fault tolerant
    • The systems is designed to reach consensus without necessarily having to talk to each other
  • Proof of Work
    • used by BitCoin and currently Etherium (etherium wants to change)
    • A node has to guess the Nonce to write the block
      • The reward is currently about 12 bit coins
      • This is referred to as mining
    • The more hardware on the network the more difficult it is to guess the number
      • This is wasteful of energy and resources as farms of hardware are used to guess the random numbers
      • costs roughly $400million world wide
  • Proof of Stake
    • Etherium will move towards using this
    • Rathering finding a nonce, it uses a system of betting
    • costs about $1million to setup a node plus 
    • The block that gets voted on the most is injected into the chain
      • any fees associated with this block are split amongst the validators that bet on it
    • Creates a situation where there are only a few validator nodes, because of the costs
      • Because of the smaller number of nodes, it makes it more susceptible to discovery and attack