Bitcoin: transformational technology. TCPIP of several decades ago. What is Bitcoin? Asset Class, Enabling technology, Catalyst. Motivation: Universal Money, The Unbanked, My Discovery. The first working DRM. Bitcoin Features 1: Digital Cash+Payment network. Bitcoin Features 2: Micropayments, open source, smart contracts, No risk of physical possession or loss, very low fees, Anyone can open an accout. Human2Human transactions, machine2H, H2M, M2M. Bitcoin Monetary Supply View. Decentralized design requires pre-determined supply. Smart Property: Associate physical property with very low value token. Transfer token to a new owner at any time, without intervening central authority. Cars, smartphones and other tech can “know” its owner. Smart Contracts: Trustless transactions, assurance contracts, external state.Example, Namecoin. First decentralized database. Private Blockchains. Bitcoin with training wheels, a transition step, requires anchoring to be secure, much wall street interest. Bitcoin’s greatest legacy is going to be a catalyst.
Jeff Garzik is a futurist, entrepreneur and software engineer. Jeff founded and runs Dunvegan Space Systems. Jeff serves on the board of Coin Center, and the advisory board of BitFury, BitPay, Chain.com, Netki and WayPaver Labs. Jeff has delivered presentations on bitcoin and blockchain at TEDx, State of Digital Money, many bitcoin conferences, as well as private briefings to corporations, governments, central banks, and hedge funds.
Jeff has a long history of early technology adoption. After helping to inaugurate CNN.com on the Internet in the early 1990s, he worked for a succession of Internet startups and service providers. At the same time, he worked continuously on open source software engineering projects for over two decades.
Involvement in one of the best known open source projects – the Linux kernel – led to an extended tenure at Linux leader Red Hat during open source’s most formative years. Jeff’s work is found in every Android phone and data center Linux installation today.
In July 2010, Jeff stumbled across a post describing bitcoin. Immediately recognizing the potential of a concept previously thought impossible — decentralized digital money, he did what came naturally: developed bitcoin open source software. That gave rise to the start of micro-businesses with bitcoin at their foundation. Almost by accident, Jeff found himself at the heart of the global, revolutionary, technology phenomenon known as bitcoin.
Bitcoin and blockchain served as a springboard for many new ideas and ventures, including sending objects into outer space.