Satoshi Vision: Technical Inventions & Enterprise Uses for the Bitcoin SV Blockchain Dr. Craig S. Wright January 2019
Storing data on a blockchain has the obvious advantage that a payment mechanism is built into the system. Payments can be used to purchase: Decryption data in order to view/use Permission to insert data at a particular address 1. Security - Metanet agnostic to external systems and resilient to security attacks. 2. Codebase - Smaller codebase as an artefact of the inserted data and the blockchain relying on a single encryption scheme. 3. Communication Channels - Fewer communication channels are required to exchange and purchase access to encrypted data. 1 million megabyte blocks can be viable 4. Purchasing Keys - Decryption keys can be purchased using the underlying cryptocurrency . � 2 nChain
Scaling on-Chain Works The Metanet solves the problem inherent with caching internet data that it is mutable and can be changed or censored by web- browsing software depending on the provider. When caching Metanet data a user can always easily verify that it is in the same state as when originally included as an immutable record on 1 million megabyte blocks the blockchain. can be viable � 3 nChain
The concept is to make the Internet a subset of Bitcoin 1 million megabyte blocks can be viable � 4 nChain
Advantages To open the trade of commodities over blockchain – exchanging messages and financial transactions involved. ▪ Digital rights management ▪ New architecture – less resource hungry and less processing ▪ Timed element of accessing data ▪ Access Tokens ▪ Currently known techniques for embedding data into blockchain An intrinsic advantage of the Metanet is that it uses the same data-structure – the blockchain – to record both payments and content data. Software wallets can be used to write content data to the Metanet infrastructure in addition to creating transactions that are purely based on the exchange of cryptocurrency. 1 million megabyte blocks can be viable � 5 nChain
Functionality The specification for the Metanet browser-wallet ensures the following functionalities of the application: ▪ Hierarchical key-management ▪ Pointing to an external cryptocurrency wallet ▪ Searching of Metanet content ▪ Reading and writing data to blockchain ▪ Decompression and decryption of data ▪ Catching node identities ▪ Bypassing web-servers 1 million megabyte blocks can be viable � 6 nChain
EDI on the Blockchain What is EDI (Electronic data Interchange)? Computer-to-computer exchange of business documents in a standard electronic format between commercial organisations (or business partners) – trading partners EDI files hold data in one of many standardised formats – some of these are; ANSI X12 (developed by the American National Standards Institute) ▪ UN/EDIFACT (EDI for Administration and Transport) – international standard, UN-recommended ▪ SWIFT (Society of Worldwide Interbank Financial Telecommunication) ▪ TRADACOMS/UNGTDI (General Trade Data Interchange, in widespread use by UK businesses) ▪ VDA (Verband der Automobilindustrie is a German automotive standards body) ▪ 1 million megabyte blocks ▪ Details of all standards are available here: https://www.edibasics.co.uk/edi-resources/document-standards/ can be viable Each format has its own syntax for defining data � 7 nChain
Traditional EDI implementation (Architecture) • Upfront effort required to set up and manage the process of producing EDI files • Requires buy in from stakeholders responsible for the relevant end-to-end business process • Once setup, relatively simple, point-to-point communication, some use Value-Added-Networks (VANs – dedicated EDI networks) • EDI payload is transported as a text file of a specific format (e.g. ANSI X12) • Ongoing costs are high, especially using VANs (i.e. high TCO – investment in hardware, resources to deliver new services, onboard new partners, or, in the case of VANs, pay by the ‘kilocharacter’) � 8 nChain
EDI Global Market Source: ELECTRONIC DATA INTERCHANGE (EDI) GLOBAL MARKET AND ITS APPLICATIONS IN INDUSTRIES � 9 nChain
Benefits of EDI Infographic created by Liaison � 10 nChain
EDI-on-the-Blockchain: USPs, Benefits & Market Key USPs: Immutability, Security & Privacy • Timestamped, immutable record of EDI transactions (Example: in case of a dispute, EDI data can be pulled off Blockchain, used for arbitration, contest that dispute or use for evidential purposes) • Verify any cached copies of data against the original version of that data Only authorised parties can search for, and gain access to, EDI data stored on the blockchain Benefits : • Hugely reduced operating costs: EDI-on-the-Blockchain can reduce this cost to less than 1 cent per transaction • EDI protocols are only concerned with the exchange of information, but a blockchain can store EDI data on chain, process this data with smart contracts, trigger appropriate actions, and, based on the privacy model and consensus rules, communicate and exchange EDI data with many trading partners • Offers value-add services such as Analytics, Insights, AI and Machine Learning – Big Data solutions Market/Opportunities: • SMEs are a likely starting point – pilot rollout • Pitch to EDI Managed Service providers • Supply Chain and Logistics industries (heavy, but established, users of EDI) � 11 nChain
Bitcoin is a Commodity The goal of Bitcoin is to be cash, but there is only one way to achieve this: Bitcoin must be a commodity ledger. • To be money, Bitcoin cannot be a speculative gambling asset. • For many, this short-term zero-sum game and “get-rich-fast ponzi” are all Bitcoin means. • To them, Bitcoin is all about HODL and the false idea that money and value come from simple scarcity � 12 nChain
BSV Peer to Peer Web Payments � 13 nChain
BSV Peer to Peer Web Payments ▪ Seamless integration and facilitation of payments on the web using Bitcoin . ▪ It allows both fiat and bitcoin (and any tokens for that matter) to be safely accepted for value of consideration or payment. ▪ The solution is an application of nChain’s patent innovations for Deterministic Key Generation and Secure Split Key Technique. � 14 nChain
Payment Mechanism and Timed Access Allows consumers to pay merchants directly without another application or third-party payment service. Allows the purchase and delivery of digital content to take place via the same blockchain platform. Facilitates timed access to content by synchronising with the blockchain and using it to enforce access permissions based on its current state. Timed access removes the need for third party services to monitor a users’ privileges over time while protecting the rights of the original owner. � 15 nChain
Instant Transactions Merchant and Client seek to complete and exchange 1. Client requests 2. Merchant hands 3. Client accepts the template a product template to the Client and add the input coins � 16 nChain
Instant Transactions Output = Miner fee 5. Merchant • checks the input-it has not been spent • Ensures transaction matches the template • Sends it to multiple mining nodes • Rechecks the transaction input with miners • If detects double spend fraud 6. Merchant provides the good to the client If the merchant sets the template, pays the mining fees, and sends the transaction, there is no measurable risk of a double spend. � 17 nChain
Smart-Card-Based Mobile Wallets ECDSA – securely share and create keys A system that allows uses to authenticate to computers or to create a wallet-key store that can work with a smart card and a mobile phone to allow a single-use Bitcoin key that always updates the address. Biometric Smart Cards Passports ID Cards Communication channels Payments File encryption � 18 nChain
Smart-Card-Based Mobile Wallets Secure ▪ New key pairs are formed for every transaction (and thereby access) and stored amongst a smartphone, a smart card, and the BSV blockchain Authentic ▪ Digital-signature verification at every exchange of information. “Identity keys” allow backups and repeated use of the same card. Fast and reliable ▪ Smart cards mean: faster authentication, secure public blockchain � 19 nChain
Smart-Card-Based Mobile Wallets Using the card and the app you can have a secure wallet that requires the card to sign. Separate wallet can be created for each device and for multiple reasons. Each coin is used only once. A backup of the smart card can be created. The card and app work only when the user’s biometrics are there to sign. � 20 nChain
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