Session 5: Blockchain Basics & Transactions, UTXO, & Script Code Session 5 Study Questions: How does Bitcoin record transactions? What is Unspent Transaction Output (UTXO)? What is script code embedded in each Bitcoin transaction and how flexible a programming language is it? As many design features (public key cryptography, hash functions, append-only timestamped logs, digital cash, & proof-of-work) pre-date Bitcoin, what was the novel innovation of Satoshi Nakamoto? Who is Satoshi Nakamoto? (Only kidding a bit.) Session 5 Readings: ‘Bitcoin’s Academic Pedigree’ Narayanan and Clark ‘Making Sense of Cryptoeconomics’ CoinDesk Narayanan & Clark’s Chronology of Ideas in Bitcoin Overview: Transaction Inputs & Outputs; Unspent Transaction Output (UTXO); Scripting Language; Blockchain…

Session 4: Blockchain Basics and Consensus Session 4 Study Questions: What is the Byzantine General’s problem? How does proof-of-work and mining in Bitcoin address it? More generally, how does blockchain technology address it? What other consensus protocols are there? What are some of the tradeoffs of alternative consensus algorithms–proof-of-work, proof-of-stake, etc.? How do economic incentives work within blockchain technology to maintain decentralized ledgers and avoid double spending? What are the incentives of consensus protocols & mining? Session 4 Readings: ‘Geneva Report’ Chapter 1 (pages 1-7); Casey, Crane, Gensler, Johnson & Narula. ‘Blockchain Technology Review’ NIST (pages 23-32, section 3 & 4). ‘The Byzantine Generals Problem’; Lamport, Shostak & Pease (382-387).…

Session 3: Blockchain Basics & Cryptography Session 3 Study Questions: What are the design features–cryptography, append-only, time-stamped blocks, distributed consensus algorithms, and networking– of Bitcoin, the first use case for blockchain technology? What are cryptographic hash functions, asymmetric cryptography and digital signatures? How are they utilized to help make blockchain technology verifiable and immutable? What is the double spending problem and how it is addressed by blockchain technology? Session 3 Readings: Bitcoin: A Peer-to-Peer Electronic Cash System; Satoshi Nakamoto whitepaper. ‘Blockchain Technology Overview’ NIST (pages 9-23, sections 1 & 2) ‘Blockchain 101-A Visual Demo’ Brownworth; Youtube video. Bitcoin is just the first use-case of blockchain technology. We’re going to look…