ethereum: next steps

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  • Ethereum:Next Steps

    Dr. Gavin Woodco-founder, ethereum

    co- founder,


  • Where are we?

    Olympic released Frontier released Homestead released

  • Coming up next for Ethereum...

    MetropolisProtocol improvements and browser

    SerenityMove to proof-of-stake

    BeyondHyper-scalability, confidentiality and more...

  • ... and for Ethcore

    Civility99.99999% reliability through hypervisor + actor-based arch.

    TenuityLight client

    PurityParity fork for Serenity

    PoA enterprise-grade Consortium chains

  • Metropolis Hard Fork

    VM I/O SimplificationRemoval of BLOCKHASH, provision of information in low-id contracts

    Dynamic-sized Storage SlotsMoving from fixed 32-byte slots to arbitrary length

    Null-signature TransactionsProvision for alternative means of identification & payment

  • Metropolis Hard Fork

    Explicit Contract AddressesContracts identity on CREATE no longer nonce-based

    Receipts Less InformativeRemoval of medstate and gas used from logs

  • VM I/O Simplification

    BLOCKHASH @ 0x10Opcode removed (yey)

    STATEROOT @ 0x20Useful for Serenity/PoS

    GAS_USED @ 0x30Alternative for logged information

  • Dynamic-Size Storage Slots

    Store any length of data in any slot!Storage now a key/value DB with keys restricted to 32-bytes.

    Makes a lot of stuff cheaper (less gas!)

  • Null-Signature Transactions & Mining Logic

    Authenticate-by-ContractContracts may authenticate through use of transaction data & alternative


    Payment-by-ContractNo longer critical requirement that users own ether to use Ethereum

    Mining LogicMiners now check for alternative payment methods

  • Explicit Contract Addresses

    Used to be creator + nonce

    Now creator + codeUser can be certain that address has (or will have) the supposed code in it;

    cleaner when we use unsigned transactions to create contracts.

  • Receipts Less Informative

    Receipts no longer have medstate

    No longer have to execute in sequence!

    Transaction parallelismThough we still have to avoid state collisions between execution

  • The Road to Crypto (R)evolution

    We built the kernelNow we need the rest!

    Three pillars which support the ecosystem

  • The Road to Crypto (R)evolution

    IdentityIndividuals, unique stuff. There is only one of each thing. The one.

    AssetsOwnership of stuff. Each thing may be plural. The many.

    DataGeneral information, not formally structured. The infinite.

  • Identity

    PeopleYou and me.

    Unique ThingsMy priceless Monet painting. Your shipping container.

    DevicesMy door knob. Samsungs washing machine.

  • Assets/Ownership

    Real fungiblesI own 500g of gold in the warehouse. You want 1 tonne of granulated sugar.

    Virtual fungiblesI have $500. You have 50% share in my DAO.

  • Data/Information

    May be attributed or globalAttributed to identity or fungible. Global is unassociated.

    May be freeform or formattedDepending on usage.

    Adding external relevance to internal stuffCrypto-law rather isolated otherwise!

  • But the real magic...

    ...comes from combining these things.

  • Data + Assets

    Insurance/GamingData is arbitrary real world information/random series. Assets dispersed on

    the outcome.

    Pegged CurrencyData is asset performance. Contracts bet on asset against hedgers. Contracts

    are split into tokens to form currency.

    Asset ClassificationAttributing information to assets to form asset language.

  • Data + Identity

    OraclesIdentity claims global information.

    ReputationIdentities claim scalar information on each other.

    BadgesAsymmetric ascription of non-scalar (e.g. attendance, donation, purchase)

    information to an identity.

  • Assets + Identity


    Asset TrackingAttach previous-ownership information to assets.

    Judged Escrow & Bonded IdentityThird-party escrow to assign ownership; bonded identity allows punitive

    damages to be taken by the adjudicator.

  • And more...

    Credit Rating/KYCDerived from Reputation system

    (Mostly-)Trust-free OraclesReputation + Oracles: to provide high quality fault-tolerant information

    Virtual RetailPegged Currency + Assets: online shops and exchanges for chain-expressed

    assets & services.

  • And more...

    Real MarketplaceReputation + Escrow + Virtual Retail: Decentralised eBay!

    Simple Truth EngineData + Reputation: Given a statement, is it true or false?

    CourtTruth Engine + Bonded Identity: Court of the internet able to assign damages.

  • And more...

    Trade MediatorTruth-engine + Escrow: Simpler court for trading.

    Trade FinanceCredit Rating + Currency + Asset-tracking: Combine the lot to rewrite trade!

    Transparent Supply-ChainCertification + Asset-tracking: Know everything about what youre buying

  • Ethereum:Next steps

    Dr. Gavin Wood@gavofyork