Blockchain and Minecraft – Can Someone Tell Me About B/C @101

Blockchain and Minecraft – Can Someone Tell Me About B/C @101

Tuesday 4J

Convener: John Light

Note Taker(s):

Tags for the session - technology discussed/ideas considered:

Discussion notes, key understandings, outstanding questions, observations, and, if appropriate to this discussion: action items, next steps:

The Bitcoin block chain is a database with several unique features:

• A new node in the Bitcoin network can run the software and download a full verified copy of the current and historical state of the database from other "full nodes" in the network. The database updates with a new "block" of verified transactions approximately every ten minutes.

• Access to the database is restricted by cryptography using ECDSA signatures.

• Consensus regarding the state of the block chain is achieved in a decentralized manner using proof of work i.e. hashcash, removing the need for trusted third parties/ central authorities to maintain the integrity of the database. Limited-supply "tokens" or "coins" are used to incentivize computers aka "miners" to perform the proof of work calculations aka "mining."