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Puzzle ITC Logo

Smart Contracts /
The Lightning Network

Oliver Gugger, Puzzle ITC
@gugol
github.com/guggero

Disclaimer: Slides are provided for illustrative purposes only and should not be construed as investment advice or strategy. Do your own research! Vested interest: Author owns Bitcoin and other crypto currencies

Agenda

  • About Puzzle ITC
  • Smart Contracts
  • The Lightning Network
  • Trading Basics
  • Workshop: Questions – Answers
  • Snacks and drinks offered by Puzzle ITC

one team – one mission

Changing IT for the better








Puzzle Vision 2020

![plan build run](img/slides-02/03-puzzle-vision-plan-build-run.png) We cover the whole Life Cycle of business applications
![open source](img/slides-02/03-puzzle-vision-open-source.png) We are the partner for Open Source solutions
![best employer](img/slides-02/03-puzzle-vision-best-employer.png) We belong to the best employers in Switzerland

plan build run

Full Service Provider

We support you through the whole IT project

News (Feb. 2018)

  • Puzzle created a Lightning Network team
  • Hands-on workshops to the Lightning Network regularly on Meetup
  • Starting in summer, members can choose to receive part of their salary in Bitcoin
  • We are always looking for talented engineers

Smart Contracts

  • Scripts on a blockchain
  • Self-executing programs that handle funds
  • Two categories
    • Turing-complete virtual machine (Ethereum, RSK)
    • Turing-incomplete scripts (Bitcoin and forks)

Ethereum 1/3

  • Crypto Currency named Ether
  • Pow, block time 14-15sec
  • Turing-complete Ethereum Virtual Machine
    • Called the World Computer
    • Programmed in Solidity or others (Serpent, LLL, Mutan)
    • Every full node runs all the code and has all the state

Ethereum 2/3

  • Two types of addresses: User accounts and contract addresses
  • Interact with contract through transaction
  • Contract needs Gas to run
    • Gas limit
    • Gas price (Gwei, "gigawei", or "nanoether")

Ethereum 3/3

* Applications * CryptoKitties! * ERC20 tokens * Dapps
![solidity](img/slides-02/06-ethereum-solidity.png)

Bitcoin Script 1/3

  • Forth-like stack-based stateless
    Turing-incomplete language
  • P2PKH (pay-to-public-key-hash)
    • OP_DUP OP_HASH160 <PubkeyHash> OP_EQUALVERIFY OP_CHECKSIG
    • 1GuggerownoWdKkMUA8C2ySkA8AK7Ucn7n
  • P2SH (pay-to-script-hash)
    • OP_HASH160 <Hash160(redeemScript)> OP_EQUAL
    • 3BernH6Kzx4CkgX7A21w2rFQ9Q739BCcCe

Bitcoin Script 2/3

  • Flow control
  • Multisignature
  • Time locks
  • Hash locks

solidity

Bitcoin Script 3/3

  • Applications
    • Escrow services
    • Payment Channels
    • Atomic cross-chain trading

The Lightning Network 1/3

  • Smart Contracts create Payment Channels
  • Funding transaction is in blockchain
  • Payment Channel updates happen at "speed of light"

The Lightning Network 2/3

  • Payments can be routed through multiple hops/channels, creating a network
  • Protected by onion routing/multi layer encryption
  • No trust required, cheating made impossible by cryptography

The Lightning Network 3/3

  • Layer 2 on top of Bitcoin
  • Routing payments like TCP/IP

network

transactions

  • Hands-on workshop repeated soon

Puzzle Lightning Hub Bern

  • First mainnet node in Switzerland, among the first 110 world wide
  • We want to help build the network for Switzerland
  • Build and support the community
  • Approach merchants
  • Pay employees through Lightning

Resources