Min.io & Bitcoin

#hackstb

What is Bitcoin?

• Decentralized medium of exchange, that allows• Instant, anonymous* worldwide value transfer• For little fees.

• Other features:• Finite supply• Infinitely* divisible• Created through “mining”.

Decentralized

• Network of computers verify transactions together.

• Solves Byzantine-Generals problem.• Reaches consensus through proof-of-work.

Instant value transfer

• Your money is just bits and bytes anyway.• Why can I send a message instantly across the

world, but not money?

• *Anonymous:• Whose address is this?

18HY7u8RTfXU9AsQHiK8yaaJJ56k3S1U1n

Zero (or little) fees

• Fees prioritise your transaction and• Supports the miners (computers verifying

transactions).

Limited Supply

• 21 Million BTC. (more finite than Gold).• Rate halved every 4 years. Was 50/10min.

Now 25/10min.

Infinitely* Divisible

• 21 Million BTC up to 8 decimals.• 0.00000001 = 1 Satoshi.

• Can divide as much as the network wishes.

“Mining” (compute hashes)

• Topic on its own. In short:

• Computers help verify transactions on the ‘shared ledger’.

• By computing the correct hash to a block, they show they have provided proof-of-work and block gets appended.

• Reward: 25 BTC/block.

Why is it amazing?

• Central authorities can’t devalue your money (see hyperinflation).

• Mathematically enforced scarcity.• More divisible than any money (see deflationary

critiques).• Very small fees to transfer value across the

globe.• Open source.• Worldwide market for payments.

I want to be a part of this!

• Most exciting experiment in the world since the internet!

• Mining? Nope.• Trading? We are not traders.

• We can code! Let’s make something!• Contributes to economy.

I want to be a part of this!

• PayPal doesn’t cover the world, and takes long to set up.

• It’s easy to pay if you have a credit card. Difficult to accept payments.

• We are creators… so let’s make it easy to accept Bitcoin for digital goods.

Min.io

• Easily sell your digital goods for Bitcoin. Enabling creators.

• Upload item, set price, share it!

• Demo time!

Min.io: architecture

• Built with Django + Node.js.• Running on Heroku, S3, EC2, SES, Route 53.• App server, Payment Server + Wallet.

• Supported by Trello and Google Hangouts.

Min.io: Where to?

• See what happens. Promote, market, get feedback, iterate.

• Support altcoins?• Deterministic address generation.