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Blockchain Application Stack

The Blockchain Application Stack

The Blockchain Application Stack

Nov 30, 2014 at 16:53 UTC|UpdatedDec 2, 2014 at 13:22 UTC Joel Monegrohas been part of the Union Square Ventures Investment Team since July 2014. Previously, he co-founded three startups, ran a boutique software development shop, and studied Computer Science and Economics. The first thing Brad [Burnham] taught me when I joined Union Square Ventures is that one of the greatest things about working in the venture capital business is that you get to look at markets from a very different vantage point. Every day, we have the privilege to learn what the future is going to look like from the companies and entrepreneurs who are building it. It's thrilling, especially if you're technology geeks like we are. We spend a lot of time looking at everything that's going on with bitcoin and the blockchain. This involves emailing, tweeting, texting, calling, skyping and meeting with teams all over the world who are building next-generation technologies and applications that leverage the blockchain to undo many of the paradigms that dominate the software business today. Some are just ideas, some are products already in the market. Some have flopped, and some have gone on to raise millions of dollars in funding. Being exposed to all of these has allowed us to identify certain patterns and trends that are helping us build an image of what's coming. I'd like to begin sharing with everyone, as well as invite you to help us think through this. This is what I think the architecture of Internet applications is going to look like in 10 years. This is just a simple illustration and it leaves a lot of important insights and issues out. I'll try my best to explain the thinking behind it below. To keep things short, we'll run through every part of the stack from the bottom up, and do a deep dive o Continue reading >>

Integrating With Blockchain Technology

Integrating With Blockchain Technology

Blockchain is a protocol and ledger for building an immutable historical record of transactions. The ledgers are concurrently stored in multiple locations, and the entries are cryptographically signed to prevent changes. An auditable trail of all the transactions is maintained, removing the need for a trusted middleman. A blockchain can provide secure, accessible digital versions to all parties in a transaction, and smart contracts can be used to manage the workflow of approvals and automatically transfer payment upon all signatures being collected. Blockchains allows different parties that do not know or trust each other to maintain consensus as to the state of changes made to a shared ledger. Bitcoin is probably the most recognized use of Blockchain technology as it has enabled payment transactions between strangers without need for a third-party financial intermediary (that is, a bank). The scope of potential applications is broad and applies to almost every industry, giving rise to wide interest and investment in blockchain over the past few years. At its core, any proposed blockchain solution has following key components- Shared Ledger Append only the distributed transaction record. While the intended design of Bitcoin blockchain was to democratize visibility, in an enterprise blockchain this would have to be reconsidered due to regulations surrounding consumer data. As the information in the block once verified is copied to every node, there is absolute transparency with access based on permission. Public and PrivatePublic blockchains such as Bitcoin and Ethereum are permission-less available for use. Any node can conduct transactions as well as take part in the consensus process to advance the blockchain. The private (permissioned) blockchains are blockchains ar Continue reading >>

Blockchain Application Stack

Blockchain Application Stack

Last week I was conducting a seminar on HackBit- at NYU Bitcoin Hackathon, where I talked about bitcoin as an agreement, other uses of the blockchain, and the challenges and opportunities. I did my best to share everything we learned about this field, but for a limited period of time, I did not discuss it in depth at the seminar. To make up for the regret, Ill write a series of blogs explaining some of the ideas I talked about at the seminar. This is the first one, starting with what I call blockchain application stack . After I joined the Union Square venture, the first lesson taught by Brad was: One of the most important things about working in the venture capital industry is that from one Different perspectives on the market. Every day, we have the right to know from the companies and entrepreneurs who are building the future what the future looks like. It is very exciting, especially since you, like us, are also technical geeks. We spend a lot of time focusing on everything that's going on in the bitcoin and blockchain areas. We're in touch with the rest of the world that is using blockchain technology to build the next generation of technology that undermines the existing paradigms that now dominate the software industry, in the form of email, Twitter, SMS, phone, skying and meetups . Some are just ideas, some have already been available for sale on the market. Some have failed, some have raised millions of dollars in funding. Staying focused on these startup teams allows us to identify future patterns and trends that will help us build a picture of the future. I like to share the vision of the future with everyone and invite you to help us build the future together. I think the next ten years the architecture of Internet applications will be the next figure like Continue reading >>

The Blockchain Tech Stack Is Evolvingdiversify Your Portfolio

The Blockchain Tech Stack Is Evolvingdiversify Your Portfolio

The blockchain tech stack is evolving diversify your portfolio Image Credit: Wit Olszewski / Shutterstock How to achieve a well-diversified crypto portfolio Most investors will tell you about the importance of a well-diversified portfolio and how you should never go all in on any single asset. This is good advice for most of us and makes even more sense in the unregulated cryptocurrency market, where volatility is high and most of the current projects are believed to have a short lifespan. While investing in nascent technologies like blockchain will always carry great risk, there are a couple of measures you can take to help reduce the gambling aspect of it and better manage risk within your crypto portfolio. When I first started investing in cryptocurrencies, I decided to go all in on Ether, the native currency of the Ethereum blockchain. It made sense to me at the time as it was the technology I had been following the closest and that seemed to have the most going for it. There were big name companies joining the Ethereum Enterprise Alliance , and it had the most developers and the largest user community out there. And when taking into account that almost every ICO out there was building their project on top of Ethereum, the upside seemed massive. What I didnt realize at the time was that I had also fallen into the trap of becoming a part of the Ethereum community on Reddit and Twitter myself, adding to my already strong confirmation bias. I then came across Joel Monegros (now with Placeholder , back then with Union Square Ventures ) article about Fat Protocols , which really resonated with me in explaining how the blockchain tech stack encourages innovation at the protocol layer to a much larger extent than was the case with the Internet. Monegro explained how inves Continue reading >>

Will The Real Blockchain Stack Please Stand Up?

Will The Real Blockchain Stack Please Stand Up?

Will The Real Blockchain Stack Please Stand Up? In my recent post on blockchain myths , I argued that successful blockchain applications will not be built on blockchain platforms (Myth 4). In this followup post, I want to talk about why I believe this is necessarily the case, and what it means for the future of blockchain development stacks. Historically, tech has divided software into horizontal layers, stratified according to their distance from end-users: Infrastructure. The infrastructure layer sits at the base of all other software, providing low-level functionality, including storage, compute, and network. Platform. The platform layer sits on top of infrastructure, providing middleware functionality in the form of frameworks or services. Application. The application layer sits on top of platform, providing tailored applications that end-users use to solve specific problems. As cloud computing emerged to become the dominant model for software development and deployment, cloud analogues of these strata have materializedIaaS, PaaS, and SaaS. Most SaaS applications are built on top of PaaS, which are in turn built on top of IaaS, replicating the familiar stack from before the days of cloud computing. The dominant vision for blockchain applications pictures a similar stack emerging over time: Infrastructure. This layer would include the low-level software building blocks on top of which platforms are developed. Platform. This layer would include Ethereum, Filecoin, TiesDB, and other similar platforms, which are blockchain-based technologies that offer middleware functionality useful to building applications. Application. This layer would include end-user applications like CryptoKitties, Ethercraft, Akasha, and so forth. In the future, many would have you believe, succ Continue reading >>

Build Your First Blockchain Application In 5 Quicksteps

Build Your First Blockchain Application In 5 Quicksteps

Build Your First Blockchain Application in 5 QuickSteps Click here to share this article on LinkedIn To say there is hype around blockchain is an understatement. But in order for this revolution to keep advancing, we need more engineers! Recently, it was announced that there are 14 job openings for every one blockchain engineer. Its clear that theres a talent scarcity and the goal of this tutorial is to provide a blockchain foundation where you can quickly build your first full-stack decentralized application (DApp). We will be building a DApp that works as a voting system and the code can be found here . This tutorial will go over creating, compiling, and deploying the contract on a local blockchain network. You will then have the ability to interact with the contract via a nodejs cosole or a webpage GUI. Keep in mind that this can be completed with limited technical knowledge but it was designed for those that have a little coding experience. As we go through the steps, there will be a brief background on the process meant to serve as a high level overview. If any particular areas catch your interest, dont hesitate to Google around for more information. This is a lightweight approach that allows you to hit the ground running with a full stack project. This tutorial features no frameworks, limited dependencies, and no BS. Step 1: Clone repository and install dependencies # The tutorial was created with the below versions Ganache is a blockchain simulator that runs in memory locally. We will be using this as the test Ethereum blockchain for our app: Solidity code must be compiled. We will use solc to compile our solidity code: We will compile the contract from within the nodejs console: > web3 = new Web3(new Web3.providers.HttpProvider("We can ensure that the web3 obje Continue reading >>

Where Can I Learn To Build An Application Using Blockchain Technology?

Where Can I Learn To Build An Application Using Blockchain Technology?

Where can I learn to build an application using blockchain technology? I would say, you should start with understanding the details behind how a blockchain actually works. For this, I would actually recommend picking up one of these books: Once you are through this, and want to dive into programming on top of Ethereums virtual machine, you should head right to Ethereums white paper And then finally, this tutorial should get you started with developing your first application on solidity: How to write your first smart contract in solidity To educate yourself on the details for how the bitcoin protocol works, try and hit the bitcoin wiki at . Then there are a number of open source wallet implementations you can look at for examples, try and, of course, bitcoin/bitcoin . For an example of an non-wallet application built using the bitcoin blockchain, see . Continue reading >>

Blockchain Iot Projects And Applications | 2018 Guide

Blockchain Iot Projects And Applications | 2018 Guide

Tierion : Cloud platform backed by the power of the blockchain Factom : Factom is a system for securing millions of realtime records using blockchain technology. Chronicled - A San Francisco based technology company with expertise in developing software at the intersection of blockchain technology, IoT, and user engagement. The Company is developing an open-source registry for IoT microchips and consumer products on the Ethereum blockchain. riddle&code - "A platform connects the blockchain to any physical object in an uncompromisable way." Blockchain of Things - "Secure Peer to Peer Communication for the Industrial Internet of Things. An open integration platform for everyone else" eciotify - "lays the foundation for a secure, scalable and decentralized trading of digital assets, empowering the Economy of Things. eciotify uses Blockchain technology to enable the use of Smart Contracts between IoT devices. "We constructed a small IoT demo where a producer sells energy to a consumer. The provided and consumed electricity amounts are metered and the consumer pays for every 2000 watt seconds consumed. If the provider is not receiving payments, it will switch off the energy supply." NFC and Blockchain access control - Zerado dLoc : An integrated document verification and authentication solution. This breakthrough solution is based on the companys IoT enablement platform Smart Cosmos, its NFC transponders, and innovative and highly secure blockchain technology provided by partner Factom. Chronicled Crypto Seal : A cryptographic, blockchain-compatible, NFC-enabled, tamper-proof seal that allows customers to secure the content of packages and containers. "Blockchain-focused security firm Guardtime has announced it will be working with embedded authentication company Intrinsic- Continue reading >>

The Blockchain Application Stack | Hacker News

The Blockchain Application Stack | Hacker News

There is tremendous value in distributed ledger, but also tremendous empty hype at the moment. As a rule of thumb, people who tout distributed ledger based solutions ought to ask themselves the following questions: - Can this be replaced by a centralized database? I think at least on the first on you are asking the wrong question. The point is not whether it can be replaced by a centralized server the point is whether it's more powerful open than closed. Personally i find that any system where everyone can become the the validator will always be better in the bigger picture than if they can't. See Also I think too many are focusing too much on the current state of Bitcoin instead of thinking about the potential. The crypto-protocol is a product of 20years of research just the last 2 years alone we have seen a host of really intersting ways to improve it and make it less power-consuming. Sidechains, Stellar and so on we have only just begun to scratch the surface and so I see no reason to be so negative around people trying to think about it conceptually. > Digital Pokemn Cards. Basically the ability to create digital collectors items. Benefits from being distributed, but can use a simple, trusted timestamping service given the low stakes. > E-books that could gain value. You could sell ebooks at a premium and allow people to re-sell them. Because the history of their ownership is recorded you could even see them gaining value if they had been owned by a celebrity. Celebrities are, by definition, not anonymous, double signing is not a problem. Doesn't need a public ledger. > Private but public healthcare records for research and usage. Store the health-records publicly as personas but allow individuals people to link it with their identity. This would help with research Continue reading >>

Joel.mn The Blockchain Application Stack

Joel.mn The Blockchain Application Stack

Last week I led a workshop at NYUs Bitcoin Hackathon, HackBit, where I talked about Bitcoin as a Protocol, alternative uses for the Blockchain, and a little bit about the challenges and opportunities that lie therein. I tried to share everything weve been learning about this space, but unfortunately time coinstraints prevented us from doing a deep dive. To compensate, Ill be writing a series of short blog posts explaining some of the ideas in that workshop, starting with a look at what Im calling The Blockchain Application Stack. The first thing Brad taught me when I joined Union Square Ventures is that one of the greatest things about working in the Venture Capital business is that you get to look at markets from a very different vantage point. Every day, we have the privilege to learn what the future is going to look like from the companies and entrepreneurs who are building it. Its thrilling, especially if youre a technology geek like we are. We spend a lot of time looking at everything thats going on with Bitcoin and the Blockchain. This involves e-mailing, tweeting, texting, calling, skyping and meeting with teams all over the world who are building next-generation technologies and applications that leverage the blockchain to undo many of the paradigms that dominate the software business today. Some are just ideas, some are products already in the market. Some have flopped, and some have gone on to raise millions of dollars in funding. Being exposed to all these has allowed us to identify certain patterns and trends that are helping us build an image of whats coming. Id like to begin sharing with everyone, as well as invite you to help us think through this. This is what I think the architecture of internet applications is going to look like in 10 years. This is j Continue reading >>

Understanding The Tech Stack Of Blockchain In 2017, 8 Years After Itslaunch

Understanding The Tech Stack Of Blockchain In 2017, 8 Years After Itslaunch

Understanding the tech stack of Blockchain in 2017, 8 years after itslaunch If you interested to work on blockchain, you should read this I understood what a CAR is, now tell me how it actuallyWORKS? A lot is being written and spoken on blockchain (referred as car above)around the world. I have explained about the basics of blockchain in my previous article Simplest explanation of Blockchain in 10 minutes and this article is to help you understand what is blockchain made up of (referred to Works above) Do you have these two questions in mind? I want to build something in Blockchain but no idea what to do? Before we move further, I like setting up a context for you to make it easier later. To all non techies like me you need to first know how Internet application stack works. Just for your understanding, current internet applications are built over decentralised protocols called HTTP & TCP/IP which are a minor percentage of the complete technology stack. Everything else in the stack is centralised and owned by certain firms. Here is the Technology stack of Blockchainas per The Blockchain Application Stack. a) All boxes in the white are shared protocols and not owned by single firm or corporation. Let me take you through one by one with examples Blockchain(s): This is the base of all blockchain based applications. It is a network of miners across the world. These miners network continuously run algorithms to verify the transactions in case of Bitcoin. This is a decentralised network who maintain the ledgers and entries of transactions done by people across the world. You cannot monetise this part of the stack. Overlay Networks: The Bitcoin or a blockchain protocol is just a distributed network. Whereas overlay network helps you do some really cool things over an existing Continue reading >>

Blockchain Technology & Decentralized Applications Explained - Xenonstack Blog

Blockchain Technology & Decentralized Applications Explained - Xenonstack Blog

Building Decentralized Applications on BlockChain and Overview of BlockChain Technology by Navdeep Singh Gill| February 01, 2018| Categories- Docker , Kubernetes , BlockChain , Cryptocurrency , Bitcoin Decentralized applications (or Dapps)includeserverless provisions that might be run mutually on the customer side and inside a blockchain based dispersed network, for example, such that Ethereum. The customer tool manages the front-end and consumer credentials, at the same time as the back end runs within a disbursed network of computers that offer for the processing and storage necessities. Open Source: The applications code structure must be mostly available for public research. Decentralized: The applications data should be stored on a public and decentralized blockchain platform. Incentive: The application must utilize tokens/digital resources to reward its network supporters. Protocol: The application must generate tokens using a cryptographic consensus algorithm to demonstrate proof of value. Publishing a white paper defining the blueprint, features, and technicalities of the DApp is crucial, and is also the very first step. Your whitepaper should address a problem you wish to solve. It should state the intentions and goals of the Dapp. Gain community involvement by stating the plan and discussing the proportion that will go to the development budget and other essential allocations. Being transparent about the distribution of tokens is critical. When all is stated and achieved, after gaining the price range and tuning the idea, its time to start development. And once you have got commenced, it turns crucial to percentage weekly or month-to-month updates that help in constructing surroundings for community individuals. Launch the product with release notes stating t Continue reading >>

How To Profit From The Blockchain Tech Stack

How To Profit From The Blockchain Tech Stack

How to profit from the blockchain tech stack If someone came to you in 1992 and said, Hey, theres this thing called the Internet. Let me explain how billions and billions of dollars of value are going to be created in entirely new business models, how would you have reacted? Well, maybe not, YOU, but most people? The state of the blockchain (really, decentralization) industry is at a similarly nascent stage, and the opportunities are immense. My friend, and leading blockchain industry analyst, William Mougayar (subscribe to his excellent blog ), who wrote The Business Blockchain , makes this comparison frequently. Ive co-opted it, and after attending the DC Blockchain Summit recently, Im even more convinced of this analogy. There are plenty of people focused on leveraging shared ledgers (aka blockchains) for efficiency gains withinthe largest enterprises. They should. In the short-term, theres a ton of efficiency and waste that should be removed from the system. This is where Accenture, Deloitte, and Cognizant all live. Cost-reduction is great, but its not the same as value creation. And as Fred Wilson points out succinctlyand with authority in his post The Golden Age of Open Protocols , business model innovation is more disruptive that technological innovation. Which is why I think its worth exploring theBlockchain Tech Stack. Understanding the stack, even in its earliest stage will help us all begin to explore where the huge value creation will occur. Full disclosure: I got the outline of the following graphic from Tom Serres (andam usingitwith his permission). Tom is a co-founder of Animal Ventures with Bettina Warburg (who has a great TED talk you should watch). Together, they have a fantastic Udemy course on the Basics of Blockchain. I took it and highly recommend Continue reading >>

Cryptotalk: Breaking Down The Blockchain Application Stack

Cryptotalk: Breaking Down The Blockchain Application Stack

Breaking Down the Blockchain Application Stack A lot of people in the crypto world throw around the words protocol, infrastructure, and platform, but there is no strong definition of these terms and how they apply to crypto technologies. This post will explore these terms, and provide examples of cryptocompanies that fit each piece, or many pieces at once. This post is influenced by these two blog posts, one from Union Square Ventures and one from this blog . I believe both were written by Joel Monegro, formerly an analyst at Union Square Ventures and now co-founder of Placeholder Capital. Take a long look at the diagram above. How many of the pieces there make sense to you? Probably just The Bitcoin Blockchain and Apps, right? I had that same reaction, but I wanted to understand more. Here are my findings. Each piece will be defined in the context of the Layer that it belongs to. Imagine a global database (or a set of global databases) that every application plugs into. Thats the general idea behind the Shared Data Layer. As the name suggests, its a data storage layer that is decentralized and open to everyone. (blog ^) Included in the Shared Data Layer are a Blockchain (his example uses Bitcoin), and the Overlay Network: Overlay Networks are systems that extend (or complement) the Bitcoin Blockchain with additional functionality, such as storing certain kinds of data or even files. Together with the Blockchain, they form the Shared Data Layer. (blog ^) We have a strong example of the Shared Data Layer. The underlying blockchain of Bitcoin, and the Overlay Network of Counterparty . Counterparty was created to allow people greater ease, choices and flexibility in how they use the Bitcoin blockchain and network. Unfortunately, Monegro never defined further terms in his Continue reading >>

What Is The Web3? The Decentralized Web - Blockchain

What Is The Web3? The Decentralized Web - Blockchain

In the early 1990s the WWW revolutionized information. 10 years later, the Internet became more mature &programmable. We saw the rise of the so-called Web2, which brought us social media and e-commerce platforms. It revolutionized social interactions, bringing producers and consumers of information, goods and services closer together, and allowed us to enjoy P2P interactions on a global scale. But always with a middleman: a platform acting as a trusted intermediary between A and B who did not know or trust each other. While these platforms have done an amazing job at creating a P2P economy, with an ever more sophisticated content discovery layer, they also dictate all rules of the transactions, and these platforms own all of our data. In this context, Blockchainseems to be a driving force of the next generation Internet, the Decentralized Web, or Web3. Blockchain canbring us true P2P transactions without a middleman, and Bitcoin is the first use case. While Bitcoin is P2P money without banks and bank managers, the same technology that brought us Bitcoin could now allow us to build ride sharing without Uber, apartment sharing without Airbnb, and social media without Facebook and Twitter. Killing the Server: Redesigning Data Structures We first had the computer, and then we started connecting computers over the internet protocol. In the early days of personal computers, we usedto save data on a floppy disc, eject it, walk over to the colleague that needed the file, insert the floppy disc into that persons computer, and copy the file onto their computer so they could use it. Data was centrally stored one physical device, in order to transfer data, copies needed to be made. The internet made the transfer of these copies faster and massively reduced transaction costs. 30 ye Continue reading >>

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