Understanding Decentralised Systems

This textbook is a unique introduction to decentralisation and blockchain, also providing exploration of much original analysis and new algorithms. The book approaches blockchain as a mathematical structure and as a tool for delivering integrity in a decentralised environment in which no one is completely trusted. While examining cryptocurrency, the emphasis is on building mainstream systems that improve digital civilisation without turning the values of society upside down. The work shows how to overcome the doubtful reputation that Bitcoin has with energy efficiency and regulation: This is done by understanding decentralisation and blockchain from the bottom up, looking at both conventional and novel structures to support this process. The third part is the author’s reinvention of the blockchain. It provides extensive background in discrete maths, probability and cryptography and looks forward to the age of quantum computing. Among the topics and features: · Examines new models of trust and certainty · Provides numerous examples throughout · Reviews unexpected results about PoW and Bitcoin · Describes a new class of consensus algorithms · Discusses hooks—a new structure to prevent blockchain forks · Explores an unclonable digital identity mechanism Entertainingly illustrated, this unique textbook will have real utility beyond academia: It also will be of significant interest to researchers and policymakers who are looking to improve the digital world, as well as anyone who wants to understand blockchain. The author is well known for his work on concurrency, verification and security. He was head of Oxford University Computer Science Department 2003-14. Now officially retired, he continues to research at University College Oxford Blockchain Research Centre, Oxford, UK.