Blockchain insights by Prof. Dan Boneh (Stanford)
Hello, I attended Stanford HAI's event on Blockchain today. Here are excerpts from the event:
Event: Stanford University HAI
Speaker: Prof Dan Boneh, Stanford.
The main observation is that a $30B Capital total was invested in Crypto. In this around $22M was invested just last year. Therefore the crypto investment is increasing which tells about the development of the blockchain.
A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.
In the blockchain, everything is transparent; we are more concerned with data integrity, such as zero-knowledge proof, than we are with encryption.
Only in situations when no single party is trusted by all parties should blockchain be employed.
A public data structure with append-only access is the purpose of bitcoin. The public can write to this data structure, and once it has been written, it cannot be deleted.
How do you prevent the removal of data from such a data structure?
You must ensure that each duplicate is consistent with the others after creating numerous copies. So, if you need to erase it, all copies must agree.
This type of data format, which forms the foundation of Ethereum, may be used to programme the entire computer. a setting that can be completely programmed. This sparked the development of blockchain and Defi.
There are four main layers in Blockchain:
User Facing tools
The cloud fees are paid by the community and users. The app lives on even if the creator fails. Therefore it can grow easily with the support of the users and the community.
It is a Globalized technology. Therefore, anyone can deploy a new instrument with, a few lines in Solidity. As it is global there is a huge demand for it. So it is a concern to make it available for high availability.
Why manage NFTs on the blockchain?
Blockchain guarantees permanent ownership. It offers reliable documentation of provenance
A Dapp is installed at a specific address on the blockchain. Anybody may transfer money to the DAO treasury. Anyone may vote or submit a proposition to DAO. DAO governance will go beyond the real world.
Example Art Collectors, charity, investment
The Current Research Areas that can have huge growth are:
Scaling the blockchain - The scalability issue has significantly improved during the last ten years. In the early years of the internet when the technology was battling an exponentially growing user base and the difficulties and downturns that came with it. Now it has developed and has huge growth in its field.
Privacy on the blockchain - The usage of private and public keys is a crucial component of privacy in blockchains. Asymmetric encryption is used by blockchain systems to safeguard user-to-user interactions. Each user in these networks has a public key and a private key. These keys are connected algorithmically and consist of random data.
Interoperability between the blockchains - The capacity of two or more blockchains to communicate with one another is known as blockchain interoperability. The capacity to see, access, and share data across several blockchains or blockchain networks without interoperability may technically be referred to as blockchain compatibility.
Cryptography will be broken by digital signature systems even if the opponent has access to quantum computers. They won't be constructed in the following 50 years. Systems for digital signatures will need to alter if they are created.
How do we link 10 accounts together to one physical entity?
It can be done by Analyzing the blockchain and also by implementing the NFT Copyright violation.