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Blockchain

We survey eighteen years of cryptographically secured distributed ledgers, beginning with the publication of Bitcoin: A Peer-to-Peer Electronic Cash System...

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We survey eighteen years of cryptographically secured distributed ledgers, beginning with the publication of Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto in October 2008. We trace the evolution from proof-of-work value transfer (Bitcoin) to general-purpose smart-contract platforms (Ethereum), the rise and fall of decentralized finance and non-fungible tokens, and persistent technical and... Key sections include: Blockchain: A Critical Survey of Cryptographic Consensus Systems, 2008–2026; I. Introduction; II. Bitcoin: design and operation; III. Ethereum and smart contracts; IV. Consensus mechanisms; V. Decentralized Finance (DeFi); VI. NFTs; VII. Scaling; VIII. The persistent critique; IX. Recommended viewing.

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Slide outline
  1. 01Blockchain: A Critical Survey of Cryptographic Consensus Systems, 2008–2026
  2. 02I. Introduction
  3. 03II. Bitcoin: design and operation
  4. 04III. Ethereum and smart contracts
  5. 05IV. Consensus mechanisms
  6. 06V. Decentralized Finance (DeFi)
  7. 07VI. NFTs
  8. 08VII. Scaling
  9. 09VIII. The persistent critique
  10. 10IX. Recommended viewing
  11. 11X. Open problems
  12. 12Appendix A. A worked example: a Bitcoin block header.
  13. 13Appendix B. Cumulative exploits, 2014–2025.
  14. 14XI. References
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Technology
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Updated
2026-05-15
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