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Blockchain technology, bitcoin, and Ethereum: A brief overview

Conference Paper · March 2018

DOI: 10.1109/INFOTEH.2018.8345547

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 Blockchain Technology, Bitcoin, and Ethereum: A
Brief Overview

Dejan Vujičić, Dijana Jagodić, Siniša Ranđić

Faculty of Technical Sciences in Čačak
University of Kragujevac
Čačak, Serbia
[email protected], [email protected], [email protected]

Abstract—The blockchain technology is a relatively new authority and the correspondents could be anonymous. Law et
approach in the field of information technologies. As one of its al. presented with an idea of electronic cash also with public
first implementations, bitcoin as a cryptocurrency has gained a key cryptography, but their approach was intended for use with
lot of attention. Together with Ethereum, blockchain banks as central trust authorities [2].
implementation with focus on smart contracts, they represent the
very core of modern cryptocurrency development. This paper is Dwork and Naor [3] proposed a system for usage in combat
meant to give a brief introduction to these topics. against junk mail, by demanding the user to provide a
computation of a relatively hard pricing function. This was one
Keywords – Bitcoin; blockchain; cryptocurrency; Ethereum; of the first ideas of providing a proof-of-work as a system for
smart contracts exchanging digital commodities. In similar manners, authors of
b-money [4], reusable proof-of-work [5], and bit gold [6]
I. INTRODUCTION represented ideas of using computational power as an asset
with actual and usable value, comparing it with a precious
Bitcoin and blockchain technology have begun to shape metal or a minted coin [7].
and define new aspects in the computer science and
information technology. The need for a decentralized money Vishnumurthy et al. proposed a system for secure peer-to-
has been exploited more as a theoretical concept, but in the past peer (P2P) resource sharing, KARMA [8]. They dealt with the
decade, it became viable, all thanks to the famous paper of problem of having nodes in P2P networks that use more
Satoshi Nakamoto in 2008, introducing Bitcoin and blockchain network resources than they contribute. With each
technology. contribution, a node’s karma is increased, and with each
consummation, it is decreased. A set of nodes is responsible for
While there are controversies about Nakamoto’s true keeping records of each node’s karma.
identity, one is for sure: he brought something revolutionary to
the world, and it is up to the users to decide what they want to However, these approaches either required a trusted party
do with it. Some will take this opportunity and develop their in the form of banks or didn’t quite solve the double-spending
own application for solving various problems in the society, problem. In the centralized solution, banks or other trusted
others will invest money in those ideas or simply trade with authorities can prevent the attempt of parallel issuance of two
ups and downs of the cryptocurrencies’ values at the market. transactions, but in decentralized system, as in cryptocurrency,
this problem carries great importance [7]. Also, since the
In this paper, we thought of bringing a small introduction to central authority doesn’t exist, the users have to maintain a
the matter of blockchain and cryptocurrencies. We begin with a consistent state of the P2P network, thus disabling the possible
quick retrospective of some of the most famous solutions for attackers to compromise the system with false data.
decentralized digital money before Bitcoin, and then we go into
the very core of its function, together with Ethereum. These One of the possible solutions to these problems was the
two cryptocurrencies hold majority of the cryptocurrency introduction of quorum systems [9], [10]. In these systems, the
market capitalization. Of course, as it happens with new possibility of having incorrect information and malicious
technologies, some limitations and problems emerged, and we entities in the network is assumed as true, but the concept of
described them as well. voting is supposed to surpass them [7]. If the majority of nodes
in the network is consent about some information, they have
II. SOME EARLY IDEAS ON DECENTRALIZED DIGITAL the control of the network. However, this approach is prone to
CURRENCIES
Sybil attack [11], where hostile node(s) could manipulate many
peers with incorrect information, thus overcoming the election
The idea of digital currency is not a relatively new one, but and injecting false information.
not until recently has it been successfully implemented. In his
paper, Chaum presented an idea of untraceable electronic mail,
return addresses, and digital pseudonyms, based on public key
cryptography [1]. His technique didn’t require a trusted
 III. BITCOIN AND BLOCKCHAIN TECHNOLOGY send some amount of coins to another, he can do that by
publicly announcing this transaction and it is up to the network
A. Bitcoin essentials to verify its correctness. However, a user can try to manipulate
In his now famous work, Satoshi Nakamoto showed a the network and issue more than one transaction of the same
solution to the problems that the implementation and usability coin to the different users (double-spending problem).
of digital currency faced, especially the double-spending Moreover, the same user can set up several instances to
problem [12]. While the true identity of Nakamoto is a point of confirm his initial intent and thus perform a Sybil attack.
speculations, what is known is that until 2010 he remained
active on the Bitcoin project, and then he stepped back and C. Proof-of-work and blockchain
gave the project to the community for further development [7]. These situations are prevented (or at least minimized) in
He proposed a system with P2P distributed timestamp Bitcoin network by demanding a proof-of-work from each
server that serves as a generator of the computational proof of node that verifies the transaction. The nodes have to do some
the chronological orders of transactions [12]. An electronic heavy computations to prove that they are valid members of the
coin is defined as a chain of digital signatures. Each transaction network. As long as the total computational power of the
is defined as a set of digitally signed hash of the previous honest nodes is greater than the computational power of the
transaction and the public key of the next owner. The private attacker, the system will remain consistent and all legit
key is used for signing the transaction, and the public key is transactions will occur [7], [12].
used for verification of the transaction, as shown in Fig.1 [12]. A set of transactions, together with the hash of the previous
The public key is kept in the wallet, which can be implemented block and a nonce, declares a block. A timestamp server makes
in software, hardware, or online. a hash of a block and publicly announces it, thus proving that
the data inside the block must have existed at the time of
hashing. The timestamp server has to verify that the timestamp
of the block is greater than the timestamp of the previous block
in chain and less than two hours into the future. These hashes
are linked in a chain and this is called a blockchain, as shown
in Fig. 2 [12]. The important property of the blockchain is that
the transactions can be traced back at any time in history.

Figure 1. The structure of transaction in a Bitcoin blockchain

Figure 2. The blockchain scheme
The Bitcoin ledger is defined as a state transition system,
consisting of a state that shows ownership status of all existing The proof-of-work hashing scheme Bitcoin uses is similar
bitcoins and a state transition function, in the form of to Hashcash [14] and based on SHA-256 hash function [15].
transaction. The output of the state transition function is a new The proof-of-work is done by incrementing a nonce in the
state [13]. The results of this process are state changes of the block until the value is produced that has the required number
sender and recipient if the sender has enough bitcoins to make of zero bits at the beginning of the block hash. Once it is done,
a transaction, or an error, otherwise. it cannot be undone without repeating the computations. If it is
somehow changed by a malicious attacker, then all the
B. Bitcoin transactions following blocks would have invalid hashes. The rule is that
Each transaction is determined with its hash value the longest chain that has the majority consensus in the
representing a transaction identifier and a set of inputs and network is the correct one, so if the attacker wishes to change a
outputs. Each output of the transaction can only be used once block, he needs to have enough computational power to
as an input in the entire blockchain [7]. The attempt of overcome the voting of the majority of honest nodes, thus
referencing the same output twice leads to the double-spending entering the race problem.
problem and is forbidden in the network. If the output of the The transactions within a block are hashed in a Merkle tree
transaction hasn’t been referenced before, it is called an [16], [17]. A Merkle tree is a type of binary tree with many leaf
unspent transaction output (UTXO), and if it has been nodes, and a root of the leaf nodes is a hash of its children. The
referenced, it is called a spent transaction output (STXO). A Fig. 4 shows a Bitcoin block consisted of a Merkle tree of
transaction can have multiple inputs and only up to two transaction hashes. Any inconsistency in the tree will reflect
outputs. Multiple inputs can be used to combine smaller somewhere in the chain, so the Merkle tree is vital for long-
amounts of coins being transferred, and outputs can be either term maintainability [13]. This is done to free up the storage
an amount sent to the other party or the change that is sent back space needed to store the blockchain on the nodes. The current
to the sender [12]. size of the Bitcoin blockchain is about 144.8 GB [18]. After the
Bitcoin distributed ledger describes all transactions and transactions are incorporated in a block and this block is
ownerships in the network. Every node in this P2P network verified, the network discards all hashes in a tree except the
keeps a copy of the ledger record [13]. If one user wants to root hash included in the block header. Bitcoin introduced a
Simplified Payment Verification (SPV), which doesn’t require blockchain, and the chains generated as a result of a fork will
the nodes to keep a full record of transactions, but only the be invalid [7].
copy of the block headers of the longest chain [12].
E. Bitcoin scalability problem
With a block size of 1MB, Bitcoin has severe scalability
issues. The amount of transactions that can be supported with
this block size is less than seven transactions per second (tps)
[19]. In comparison, the payment network Visa achieved
47,000 tps during the 2013 holidays, and currently averages
with hundreds of millions per day [20]. To achieve such rate on
Bitcoin network with 1MB block size, assuming that the
transaction is 300 bytes in size, it would require a throughput
of 8GB per Bitcoin block every ten minutes, which would lead
to over 400TB of data per year [19]. This would highly
centralize the Bitcoin network to support only those nodes with
such storage capacities, and this is the very opposite of what
Figure 3. A Bitcoin block with hashed transactions into a Merkle tree Bitcoin and blockchain are intended for.
Several solutions were suggested in order to tackle this
D. Bitcoin network and mining issue efficiently. As a result, number of soft and hard forks of
The first transaction in a block creates a new coin which is Bitcoin occurred. A soft fork is any change that is backward
owned by the creator of the block [12]. This gives stimulus to compatible, i.e. enabling the old software to recognize newly
nodes to verify transactions, and puts coins into circulation, created blocks as valid. A hard fork, on the other hand, is a
since there is not a central authority that issues them. This software update introducing a new rule to the network, thus
transaction is called a coinbase transaction. With this approach, rendering the old software unable to recognize new blocks
the nodes are incentive to stay honest. The Bitcoin network is [21].
intended to produce one block in approximately ten minutes
[13]. Since the computational power increases in time, the F. SegWit and Lightning
block time is remained somewhat constant by gradually
SegWit (Segregated Witness) is one of the proposed
increasing the difficulty of generating new blocks.
solutions to the Bitcoin scalability issue, dealing with the
The Bitcoin network starts with new transactions being problem of transaction malleability. This problem is caused by
broadcasted to all nodes. Each node gathers transactions into a the fact that the transaction signature doesn’t cover all the data
block and works on finding proof-of-work, after which it in the transaction, so it is possible for some malicious node on
broadcast its block to the network. The nodes in the network the network to change a transaction and invalidate its hash [22].
accept the block as valid only if all transactions within it are
SegWit enables increasing the block size to a maximum of
correct and not already spent. If the block is accepted by the 4MB and adding the second layer on top of the existing
network, the chain is being continued by creating the next network [23]. It separates the signature data from other
block and adding the hash of the previously added block to it transaction data and facilitates the introduction of the Lightning
[12].
network as a second-layer protocol. It was activated on the 24th
Beside the reward based on the block creation, the nodes of August 2017 on the block 481,824 [24].
are rewarded with coins and by verifying transactions. The The Lightning network is “the next big thing” on the
process of adding new blocks to the blockchain is called Bitcoin network. It is supposed to facilitate micropayments by
mining [7]. The initial block reward was set to 50 coins (50 using a network of micropayment channels. A micropayment
BTC) and was intended to be gradually split in half with every channel is a consensus between two parties to delay with
210,000 blocks. The first block in the blockchain is the genesis announcing of the transaction to the network, while actually
block and is used to supply the initial 50 BTC to the network. making the transaction. The both parties can guarantee their
The halving of the block creation reward will continue until the current balance on the blockchain, but they choose to defer
reward drops below one satoshi, which is the minimal unit of sending information about transaction to the network [19].
Bitcoin and is equal to 10-8 BTC [7].
The successful trial of the Lightning network was
Taking the nature of distributed decentralized systems in conducted by Blockstream in January 2018 [25].
account, there are situations where several nodes almost
simultaneously broadcast the same block, but with probably
different set of transactions. This situation is known as fork and G. Bitcoin Cache and Bitcoin Gold
leads to the inconsistent state of the network. Basically, there With Bitcoin becoming more and more popular, the
are several chains that originated from different blocks. This network was unable to handle so many transactions, so the
situation is resolved in the way that the network always confirmations took even days [26]. The hard fork of Bitcoin
continues with the longest chain. Gradually, there will be a Cache (BCH) occurred on the block 478,558 on the 1st of
consensus within the network about the correct path of the August, 2017. The owners of Bitcoin at the time of the fork
became also the owners of the Bitcoin Cache. The block size four fields: nonce, ether balance, contract code hash, and
was upgraded to 8MB, leading to faster confirmation times. storage root [30], [31].
Bitcoin Gold (BTG) is a hard fork of Bitcoin which Nonce represents the number of transactions sent from
happened on the block 491,407, on the 24th of October, 2017 particular address or the number of contract creations made by
[27]. Like with Bitcoin Cache, any holders of Bitcoin before an account and is used as a guarantee that each transaction can
the fork became also the holders of Bitcoin Gold. The reason only be processed once. Ether balance is the number of Wei
behind this fork is that instead of CPUs, the Bitcoin was owned by this address (Wei represents the smallest fraction of
primarily mined with ASIC machines. The creators of Bitcoin Ether, one Ether – ETH, Đ, being equal to 1018 Wei). Ether is
Gold sought to change that by changing the proof-of-work used for paying transaction fees. Contract code hash is the
algorithm from SHA-256 to Equihash [28]. This algorithm is Keccak-256 hash of Ethereum Virtual Machine (EVM) code of
memory heavy and mostly suitable for mining on graphic the account, which is executed if an address receives a message
processors. The mining difficulty is adjusted for every new call. Storage root is the 256-bit hash of the root node of a
block created, instead of adjusting after every 2016 blocks in Merkle Patricia tree that represents the content of the account
Bitcoin [27]. [31]. Merkle Patricia trees (tries) are used for storage of all
(key, value) bindings in Ethereum ecosystem. The block header
IV. ETHEREUM contains three roots from three tries representing state,
transactions, and receipts [32].
A. Overcoming Bitcoin’s limitations
Ethereum was introduced in Vitalik Buterin’s paper [29] C. Ethereum transactions and messages
and addressed several limitations of the Bitcoin’s scripting A transaction is a single instruction that is
language. The main contributions are full Turing-completeness, cryptographically signed. There are two types of transactions
meaning that Ethereum supports all types of computations, based on their products (ones that result in message calls and
including loops. Then Ethereum supports the state of the ones that create new accounts). The transaction is defined as a
transaction, as well as several other improvements over the signed data package dispatched from an externally owned
blockchain structure. account. Each transaction is consisted of the recipient of the
message, a signature identifying the sender, amount of Ether to
Ethereum represents a blockchain with a built-in Turing- be sent, an optional data field, STARTGAS, and GASPRICE
complete programming language. It provides an abstract layer values [13], [31].
enabling anyone to create their own rules for ownership,
formats of transactions, and state transition functions. This is STARTGAS and GASPRICE fields are vital in the combat
done by involving smart contracts, a set of cryptographic rules with attackers on the network. “Gas” is a fundamental unit of
that are executed only if certain conditions are met [29]. computation. Each transaction requires certain amount of
computations, and the STARTGAS field denotes the maximum
The consensus in the Ethereum network is based on number of computational steps the transaction is allowed to
modified GHOST protocol (Greedy Heaviest Observed consume. Usual price is 1 gas per 1 computational step plus
Subtree) [30]. It is created to tackle the issue of stale blocks in fixed additional price of 5 gas for every byte in the data area,
the network. The stale blocks can occur if one group of miners but this value can be greater and is defined in GASPRICE field
combined in a mining pool has more computing power than the [13].
others, meaning that the blocks from the first pool will
contribute more to the network, thus creating the centralization Since the miners are rewarded more if they process the
issue. GHOST protocol includes those stale blocks into transaction with higher GASPRICE, the sender has to choose
calculations of the longest chain. carefully the GASPRICE value if he wants his transaction to be
processed. On the other hand, miners also have to acknowledge
The centralization problem is removed through providing some minimal GASPRICE under which they refuse to process
block rewards to stales, where the stale block receives 87.5% a transaction [31].
of the reward, and the nephew of that stale block receives the
remaining 12.5% of the reward. In this way, the miners are still The Ethereum state transition function, which changes
rewarded even if their block didn’t become the part of the main states of the sender and the recipient by executing a transaction,
blockchain (those blocks are called uncles). Ethereum uses the starts with verifying the correctness of the transaction (the
modification of the GHOST protocol which includes uncles up signature is valid and the nonce matches the nonce in the
to seven generations [13]. sender’s account). If this is correct, then it calculates the
transaction fee as STARTGAS * GASPRICE, subtracts this
B. Ethereum accounts value from sender’s account balance, and increments his nonce.
If this is correct, the fee is paid per byte in the transaction and
The Ethereum state is consisted of accounts, where each the requested amount of Ether is transferred to the recipient.
account has a 20-byte address and state transitions. The world The receiving account is created if it doesn’t already exist, and
state is a mapping between addresses and account states [31]. if it is a contract, then the contract’s code is executed. If the
Ethereum supports two types of accounts: externally owned sender doesn’t have enough amount of Ether for transaction or
(controlled by private keys) and contract accounts (controlled the code execution spend all the gas, the state transition
by their contract code) [13]. An Ethereum account is made of function reverts all state changes except the payment fees for
the miners [13].
 One contract can send a message to the other in the E. Ethereum Classic
Ethereum network. The message resembles the transaction, but The DAO (Decentralized Autonomous Organization) was
is produced by a contract. Same as with transactions, the the venture capital fund with no management structure, who
message induces that the recipient account runs its code. aimed to raise the money for Ethereum Dapps that were
promising, by their own belief. The investments were
D. Ethereum blockchain distributed via DAO tokens.
An Ethereum blockchain is similar to the Bitcoin The DAO succeeded to raise over $150 million in Ether
blockchain. The main difference is that Ethereum blocks from more than 11,000 investors [38]. However, it was hacked
contain not only the block number, difficulty, nonce, etc. but for $50 million and this caused a disagreement in the Ethereum
also the transaction list and the most recent state. For every community should the investors get their Ether balances back.
transaction in the transaction list, the new state is created by This lead to a hard fork and on the block 1,920,000, on the 20th
applying the previous state. of July 2016, the Ethereum Classic (ETC) was born. The hard
The block header in the Ethereum blockchain consists of fork continued under the old name Ethereum (ETH), while the
the Keccak 256-bit hash of the parent block’s header, the original Ethereum before the hard fork was renamed to ETC
address of the mining fee recipient, hashes of the roots of state, [38].
transaction, and receipts tries, the difficulty, the current gas Some of the announced Ethereum forks to come are
limit of the block, a number representing total gas used in the Expanse [39], Ethereum Fog [40], and Ethereum Zero [41].
block transactions, timestamp, nonce, and several extra hashes
for verification purposes [31].
F. ERC20 Token
One of the biggest problems of the Bitcoin’s network is the Ethereum as a platform is suitable for the issuance of
eligibility for ASIC mining. Ethereum uses Ethash as the tokens. Ethereum based tokens are smart contracts that
proof-of-work algorithm which is memory heavy and thus less implement the ERC20 Token Standard. This standard defines a
suitable for ASIC mining. Ethash represents the modification contract that has to be implemented and is consisted of 6
of the Dagger-Hashimoto algorithm [33], [34]. functions and 2 events that fully describe an account [42]:
Every node in the Ethereum network runs under EVM and contract ERC20Interface {
executes its instructions. The smart contracts are translated into function totalSupply() public constant returns (uint);
EVM code and then executed by the nodes [31]. One of the function balanceOf(address tokenOwner) public constant returns (uint
most popular programming language for writing smart balance);
function allowance(address tokenOwner, address spender) public constant
contracts is Solidity. returns (uint remaining);
Ethereum block time is around 15 seconds, with several function transfer(address to, uint tokens) public returns (bool success);
function approve(address spender, uint tokens) public returns (bool
peaks up to 30 seconds for a period of time. Using Geth success);
blockchain client with fast sync, the Ethereum blockchain size function transferFrom(address from, address to, uint tokens) public returns
is 47.43GB as of the 29th of January 2018 [35]. (bool success);
event Transfer(address indexed from, address indexed to, uint tokens);
Although there are concerns about Ethereum scalability, it event Approval(address indexed tokenOwner, address indexed spender,
was recorded that the Ethereum network successfully managed uint tokens);
over one million unique transactions in 24 hours, averaging at }
around 11 transactions per second [36]. “Serenity” prototype of
Ethereum platform based on the Casper consensus algorithm, V. CONCLUSION
intended for later implementation, is supposed to enable the Bitcoin and Ethereum today are the most known and
transition to the proof-of-stake mining paradigm, where the valuable cryptocurrencies. They are based on blockchain
reward is given to the miners not based on their computations, technology that is intended to promote a trust mechanism in a
but on their coin holdings (the more coins the user possesses, peer-to-peer network based on the consensus of the majority of
the bigger reward gains) [37]. the nodes. We have shown in this paper a short chronological
survey of the early stages of the digital money implementation,
The potential usages of Ethereum are described as token
as well as the foundations of blockchain technology, and it’s
systems, financial derivatives, identity and reputation systems,
most promising (or popular) implementations, Bitcoin and
file storage, insurance, cloud computing, prediction markets,
Ethereum.
etc. [29]. The most important use case of Ethereum are
decentralized apps (Dapps). Some of them are Golem In the past few years, there has been a rapid growth of
(supercomputing), Augur (prediction markets), Civic (identity numerous cryptocurrencies, hashing algorithms, and consensus
verification and protection), OmiseGO (exchanges on a public agreements in the networks. Some of the cryptocurrencies
blockchain), Storj (renting the hard drive space), and many worth mentioning are Ripple, Cardano, NEO, Stellar, Litecoin,
more who succeeded in raising enough money through ICOs EOS, IOTA, Dash, Monero, TRON, Qtum, Lisk, Tether,
(Initial Coin Offerings) to be represented on the cryptocurrency Stratis, Zcash, Steem, Siacoin, Verge, Electroneum, Nxt,
market [38]. Dogecoin, and many more. The full list can be found at [43],
and there are total of 1,498 cryptocurrencies listed with 8,250
markets, with total market capitalization of $556.471.064.589,
as of the 30th of January 2018, 03:00 GMT.
 ACKNOWLEDGEMENT [24] A. Hertig, “SegWit goes live: why Bitcoin’s big upgrade is a blockchain
game-changer,” August 2017, available at:
The work presented in this paper was funded by grant https://www.coindesk.com/50-blocks-segwit-bitcoins-coming-upgrade-
TR32043 for the period 2011-2018, by the Ministry of blockchain-game-changer/
Education, Science, and Technological Development of the [25] S. Sundararajan, “Blockstream launches micropayments processing
Republic of Serbia. system for Bitcoin apps,” January 2018, available at:
https://www.coindesk.com/blockstream-launches-micropayments-
processing-system-for-bitcoin-apps/
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Blockchain технологија је релативно нов приступ у
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