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Blockchain, Smart Contracts und Kryptowährungen
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We investigate the dynamics of toast tumbling from a table to the floor. Popular opinion is that the final state is usually butter-side down, and constitutes prima facie evidence of Murphy's Law ('If it can go wrong, it will'). The orthodox view, in contrast, is that the phenomenon is essentially random, with a 50/50 split of possible outcomes. We show that toast does indeed have an inherent tendency to land butter-side down for a wide range of conditions. Furthermore, we show that this outcome is ultimately ascribable to the values of the fundamental constants. As such, this manifestation of Murphy's Law appears to be an ineluctable feature of our universe.
Urteile zu diesem Buch: "Hervorragend! Selten wird in akademischer Literatur mit so viel Praxisnähe und Esprit versucht, komplexeste Inhalte zu vermitteln. Der Autor versteht es, etwas zu verstehen zu geben. Selten war Volkswirtschaftslehre so bündig und plastisch." "Altmann hat eine Begabung, die nicht viele ihr eigen nennen können: Er kann Fachbücher schreiben, die man gerne bis zum Ende liest." "Mit diesem Lehrbuch ist dem Autor ein beachtlicher Wurf gelungen. Er führt den Leser bis hin zu vergleichsweise komplexen wirtschaftswissenschaftlichen Zusammenhängen, ohne fachspezifische Kenntnisse vorauszusetzen. Obgleich damit das gesamte begriffliche Instrumentarium im Text erläutert werden muss, liest sich dieses Buch bemerkenswert leicht. Geschickt werden immer wieder aktuelle Bezüge hergestellt, sorgsam geht der Verfasser mit unabdingbaren formalen Ableitungen um. Alle zentralen Gebiete der VWL werden didaktisch überzeugend aufbereitet."
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
Smart contracts combine protocols with user interfaces to formalize and secure relationships over computer networks. Objectives and principles for the design of these systems are derived from legal principles, economic theory, and theories of reliable and secure protocols. Similarities and differences between smart contracts and traditional business procedures based on written contracts, controls, and static forms are discussed. By using cryptographic and other security mechanisms, we can secure many algorithmically specifiable relationships from breach by principals, and from eavesdropping or malicious interference by third parties, up to considerations of time, user interface, and completeness of the algorithmic specification. This article discusses protocols with application in important contracting areas, including credit, content rights management, payment systems, and contracts with bearer.
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