Blockchain: Fundamentals, Types and industry Use-Cases | Blockchain P. | Skillshare

Blockchain: Fundamentals, Types and industry Use-Cases

Blockchain P., Blockchain and Technical Trainer

Blockchain: Fundamentals, Types and industry Use-Cases

Blockchain P., Blockchain and Technical Trainer

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61 Lessons (4h 31m)
    • 1. Blockchain Introduction

    • 2. Introduction

    • 3. Blockchain Definition

    • 4. Traditional vs Public Ledgers

    • 5. Challenges in Public Ledgers

    • 6. Solution 1 Cryptography and Digital Signatures

    • 7. Hashing

    • 8. Blocks and Blockchain

    • 9. Distributed Blockchain and Mining Overview

    • 10. Summary and Properties of Blockchain

    • 11. What is bitcoin?

    • 12. Properties of Bitcoin

    • 13. Bitcoin as a Public Ledger

    • 14. Transaction Pools, Timestamp and Merkle Tree

    • 15. Mining Revisited

    • 16. Proof of Work Algorithm

    • 17. Mining Difficulty

    • 18. Bitcoin Monetary Policy

    • 19. Mining Hardware

    • 20. Orphaned Blocks and 51Attack

    • 21. How is bitcoin secure?

    • 22. Summary of Bitcoin

    • 23. Definition of Blockchain revisited

    • 24. Byzantine Fault Tolerance

    • 25. UTXO and Double Spending Problem

    • 26. Bitcoin Whitepaper Walkthrough

    • 27. Visualize the Blockchain Block Explorer

    • 28. Intro Full node and Light Node

    • 29. Addresses and Keys

    • 30. 80 Million Pizza

    • 31. Types of wallets and live wallet creation

    • 32. Altcoin Intro and Litecoin

    • 33. Ethereum, EOS, Ripple and IOTA

    • 34. Exchanges and Crypto Investments

    • 35. What is Ethereum

    • 36. What are Smart Contracts

    • 37. EVM and Gas

    • 38. DAOs and The DAO Attack

    • 39. Types of Forks

    • 40. ICOs and other types of Fundraising

    • 41. Blockchain for Business

    • 42. Permissioned vs Permissionless Blockchain

    • 43. Hyperledger Overview

    • 44. Actors Components and Transaction Flow

    • 45. Intro to Use Cases

    • 46. Decentralized e Commerce

    • 47. Decentralized Finance

    • 48. Decentralized Social Network

    • 49. Decentralized Insurance

    • 50. Decentralized Energy

    • 51. Blockchain in Global Trade

    • 52. Blockchain in Supply Chain

    • 53. Blockchain in Government

    • 54. Blockchain in Smart Cities and Citizenship

    • 55. Sharding

    • 56. Sidechains

    • 57. Interoperability

    • 58. Zero Knowledge Proofs

    • 59. Ethereum 2.0

    • 60. Cardano

    • 61. Conclusion

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About This Class

- Are you looking for a complete package which deals with all the fundamentals of blockchain, bitcoin, and ethereum technology?

- Are you bogged down by all the fragmented information on the internet about blockchain and lost your way in the path?

- Do you need a simple step-by-step explanation of all the concepts of blockchain, like DLT, Distributed Network, Consensus Algorithm, Mining, Proof of Work, Smart Contracts, ICOs, etc.,?

-Do you wonder how blockchain technology can be used in different use cases?

You are in the right place as this course will help you understand blockchain technology from its ground levels to making you an expert.

Your foundations in the field of blockchain will be very strong as this course deals with the following:

  • What is a blockchain?

  • Why blockchain?

  • What is Bitcoin? Why did it come into the world?

  • What is a cryptocurrency?

  • What the H is mining?

  • How to use a Wallet? its types?

  • Alt Coins !!!

  • Forking

  • ICOs

  • Permissioned Blockchains

  • Use-Cases in various industries

  • Future of blockchain - Sharding, Sidechains, and Interoperability...

  • The latest - Zero Knowledge Proofs, Ethereum 2.0 and Cardano!

...and much more

Below are my promises to all my students!

1. From beginner to expert: You have already taken the first step towards succeeding in the blockchain space by searching for sources to learn about this fascinating technology. With a little help and structured learning, you can be an expert in no time. This course helps you do exactly that.

2. Updated ASAP: Blockchain is a technology that's growing rapidly and hence there are a lot of improvements happening on a weekly basis. I promise you that whenever there is a significant update in the industry that relates to your fundamental understanding of blockchain, I will update the video as soon as possible so that you get the best experience from this course!

3. In-course support: My passion for teaching will extend and I would be more than happy to support you in case you have any queries during the course. Support will be provided within a maximum of 48 hours!

Why Blockchain?

I believe that blockchain has the potential to change the way businesses operate by creating new revenue models and it has the potential to give the power back into the hands of the consumer. With more and more people being worried about their privacy in the internet era and lack of trust in the ecosystem, I am sure blockchain will be the savior!

Blockchain, because of its properties like transparency, immutability, security, etc., has already started revolutionizing many industries and the first one to see a major impact is Financial Services followed by Supply Chain. It is time for all of us, irrespective of whether we are in business or technology to understand the power of this fascinating technology.

P.S: This course does not deal with coding or development of smart contracts or DApps. I'm creating another course for the same and will be on Udemy soon... :-)

Pls make use of the Speed Control feature in the udemy video player if you feel that the speed of my speech is slow.

What are the course prerequisites?

  • An open mind and enthusiasm to learn a revolutionary technology

I hope that excites you! I would be glad to see you on the course!

Meet Your Teacher

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Blockchain P.

Blockchain and Technical Trainer


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Reviews Archive

In October 2018, we updated our review system to improve the way we collect feedback. Below are the reviews written before that update.

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1. Blockchain Introduction: Hello and welcome to the schools on Blockchain. I'm super excited to share my knowledge on Blockchain technology with enthusiastic people like you. I am Ruggles. I'm a freelance boxing arena on my destruction fundamentals. I am smart contact development, working professionals and students as part of my career. I'm also a full stack developer with experience and react based on gorgeous. Having understood the Blockchain technology and having seen the impact that it is making, I'm going to make a report. I congratulate you for taking this first step towards understanding this wonderful technology. I'm also glad to say welcome to the future because Blockchain is a revolutionary technology like the Internet loss in the nineties. Imagine you being ahead. Schumer and CSS export in the nineties. That's the kind of face we Arent with respect Blockchain, especially at this time when Apple Google on Facebook, getting into data scamps on when more and more uses are worried about privacy, Blockchain can play a major role in eliminating these intermediaries. If you're a person looking for a career in Blockchain, I'm sure this report from higher dot com, which says there's a 500% increase between 2018 and 19 in demand. Production engineers were definitely interest you and at the same time motivate you learned . Rajan, if you're an entrepreneur looking to start your own form, Blockchain is a land of opportunities. But different ways to raise money, make money and be efficient in business. But that said, Let's get right into the course. And no, this revolutionary technology, step by step. So you become an expert in the space. Thank you once again for choosing this course. I hope you enjoy the journey. See you in the course. 2. Introduction: welcome to the course on Blockchain fundamentals, types and industry use cases. I'm sure you watched the preview, which talks about how in demand action jobs are and how revolutionary the technology is in this course will be looking at first. My Blockchain is important and what features make it so different from the traditional technologies. Features like security, transparency and image ability will be understood in this section. Then we want to understand the working off a Blockchain and how would be operates autonomously without a central bank. We will take the first Blockchain called Bitcoin to understand the Blockchain technology. Afterwards, we'll take a look at the alternatives to Bitcoin and other use cases of Blockchain beyond because this is where smart contracts come into the picture. We also understand the various types of Blockchain like permission, less permission and programmable. No chance. Once we understand the abo, it is essential for us to look at how Blockchain can help very industries with some industry use cases to understand the technology in a step by step manner, I have diverted the course into five more goals. The 1st 1 will talk about Blockchain and how it works. The second modern about Bitcoins and our doctorates as an efficient application based on logic. Then the more toe end up look at transactions and other details in model. For we look at all the coins and smart contracts and in the course. But some industry use cases. Let's get into the course Welcome all. 3. Blockchain Definition: high on, I think every other course I was inclined to show you the definition of production and start from there. But he someone with local knowledge of Blockchain would find it to be Greek and Latin, a decentralised computation and information sharing platform that enables my people authoritative. The minds will not trust each other, co cooperate, coordinate and collaborate in the rational decision making process, just like Greek and Latin. For Lehman, right? Just like how the definition of a book will not make any sense when you do not know what a book is. I took this from an Indian movie. Imagine if I don't do ah books. Definition is like instruments that record analysts summaries are placed debate and experience, a mission which are illustrative only mystery Toe Heart won't paperback jacketed, jacketed, blah, blah, blah has given to the definition. If I told you this, would there be any three more chance as you get this as a book? I don't think so. That's the reason why I do not want to start with the definition but start explaining the concepts step by step in layman toes. And once we had a group enough, let's revisit the definition on, then understand it completely. You're blocked in joining starts from the next video, stay tuned 4. Traditional vs Public Ledgers: to understand Blockchain, we need to first understand how traditional systems work on the issues pertaining to them. From there, we need to understand they expected an ideal solution that we want to achieve. Considered a traditional banking system and four people A, B, C and E. Whenever they want to make a transaction among themselves, they send a request to the bank. The bank holds the records off everyone's accounts, their balances and transactions. This record is called a Villager allege it is simply a record which holds income and expenses. No, when you want to transfer $50 to be, the bank verifies the transaction and added to the Villager the verification goes like Doesn't have enough money to send Toby Explain the bank also act as a source of trust, and that's what everyone believes in. The account balances on transactions that the bank ledger holes. So when you're let banking account shows that you have $100 left, you believe in it because you believe in the bank in the similar manner. Transactions between B and E off $20 DNC off $3 are all recorded by the bank. So what's the problem with the system Looks like everything is working fine and everyone believes in the bank. Can you think about it? But imagine a situation where a hacker wants to hide the system. He can simply hurt the banks over which is the one Lee storage off all the transactions and balances. This collapses, they in their system and all four will lose their money. This is known a single point of failure. Also, there can be another situation where the bank decides to shut down. All of us are on this will also affect the system and people involved in it. This situation is known a single point authority. No. Having seen the disadvantages off a central authority called the bank like single point of failure and single point of authority, these disadvantages only exists in a centralized oclock by centralised network is the one we're all other lords. Intern. It'll depend on one Central lord. So what are the other types of networks we have decentralised network where there are multiple points of execution. For example, Facebook's over a spread across job graphics. If the Central Lord in Canada is compromised it laughing only that region and not others This solves the problem of single point of failure. But authority still dimension Facebook. The other type of network called Distributed Network, is one where all notes are connected to each other and no, no has superiority over others. They all collectively hold data and hills. If an attacker wants to attack the network, he needs sort back all the nodes in the network, even if one, nor has compromised the network times. So how do we want it to be? I want a system where everyone has a copy of the document our Ranger, and it has to be automatically updated with transactions whenever it happens. This is called a public ledger. A public ledger is a distributed system in which all the lords, whole transactions and account retails off all other lords. For example, the same four people A, B, C and D decided to have a public ledger instead of depending on the bank. This is how it will look. Everyone has their one copy of villages. The initial state where he has a balance of $100 is reflected in everyone's copy of the ledger. Anyone students for $30. Toby. That transaction is also hard at all the copies of the letter. For now, imagine that the ledger is updated by Internet like a Google cheat. A similar scenario when b. One seconds for $20 to see and so on. This is a concept of public legis. There are a few problems here which needs to be addressed. Let's look at them in the following videos. 5. Challenges in Public Ledgers: In the last video, we saw how publicly just looked like and we concluded by saying that there are challenges with the current state of our public legis. We will look at the challenges in detail in this video in the public legend that we had. Since everyone has a copy of the ledger, anyone can write a transaction of the ledger. For instance, let's say the access transaction to Dillinger, which is a transport $60. 40. This will be accepted by everyone and added to their copy of the letter because there is no verification of the transactions at this stage in our public ledger, this is the challenge number one in a public ledger. As we saw anyone can have a transaction. How do we prevent this? Also, another problem with district later is that destroy data can be copied and replicated very easily. For example, you can create a copy, often image file and send it to multiple people, since transactions are distilling a public pledge if we need to prevent duplication as well . Another issue is that currently, in our washing off the public ledger, there is no verification off balance off a person before the transaction happens if year wants to send $50. Toby, who very face that year, has at least $50. All these form part of Challenge one in our public ledger. Let's get into the challenge to challenge to is the problem of consensus. Consensus means that at any point in time, all the North's Internet work hold the same sort of transactions in the same order as you can see here. See has received transaction three before transaction toe and hence is not in consensus with the other lords continuing from Challenge one who we verified that a person has enough balance before a transaction and how to make sure that all notes have the same transaction in the same order. Also, we need to discuss game theory here. Game theory is a study conducted to understand a person's behavior based on rewards and penalties. For example, if we don't follow traffic rules, they're being lays in the real world. However, if we follow all the rules, there is no immediate time. Typically, work Game theory talks about these kind off rewards on penalities given to people. So based on game theory, if someone needs to validate the transaction. We need to reward them something, and if someone is trying to harm the network, then we need to penalize them. How do we do this? How do we achieve this kind off game theory based consensus protocol in our network? So those were the two challenges in our current state of the public ledger? Let's look at the solutions to these in the following videos. 6. Solution 1 Cryptography and Digital Signatures: I hope you remember the challenge Number one in our current state of the public ledger with , say, anyone can add a transaction on others behalf, and how do we prevent it? Cryptography can come to our rescue. In the scenario. Topography is a method of securing the communication with window bodies. Imagine there is a war between two countries, and soldiers want to exchange confidential information between them. They have to be extra cautious as any data leak could be fatal for them. Hence they can encrypt the message at the center side and decrypt the same at that issue aside, once encrypted, the message cannot be deacon without the key used for encryption. That's communication is made secure. Using there are three types of cryptography as a similar turkey. Asymmetric key cryptography on one way hash. Let's look at each one of these in symmetric key cryptography. The same key is used for both the encryption and decryption. There are two metres in symmetric key cryptography, namely substitution and transposition. Substation, as you can see, replaces the indulgent characters with some other character based on the key here. In the first example, I've taken each character and implement it by two, which is the key. Hence Hetch got replaced by J. And so on. Decryption can be done by decommitted characters using the same key transposition as you can see in the second example movie characters, so that takes becomes unreadable. Hence, I have used Key s three and move each character three points to the right, moving on to asymmetric e T. As the name suggest, two different keys are used to encrypt and decode the message. The two different keys are mathematically link, so encryption and encryption is possible. The diagram shows public key cryptography where the sender encrypts the message. Using the receivers public key on the receiver can decrypt Using his private. You might in public e like your bank account, which can be public, and your private key like your password, which only you should know. No distress Signature is another form of a symmetric key cryptography, where the sender encrypts the message with this private key. And since both the message and the digital signature took the receiver here. Since the messages also sent separately, distress signature are only used for verification off this endless identity. Now let's see how destroyed signatures can solve the problem. Number one in our currently just eight. Let's say we are a condition in the network, which is everyone should add their research signature in any transaction descent. When you raise to make a valid transaction like a gives B $30 anyone in the network can very fight. It is valid by the very thing that is still signature off here. When did they used to hide a malicious transaction? The signature cannot be verified and hands and it broke the register construction. This happens because he does not know Ace Private Key. This is our deserting nature helps verify the source of transactions. We look at the one bear hash maker in the next video. 7. Hashing: In the previous videos, we saw Symmetric Key and the Asymmetry, key cryptography and digital signatures, which help us protect the identity off the source off Any data that's coming in, right? Well, no. Look at the third type of cryptography called us hashing. We all know that fingerprints are unique to human beings. It is a fact that even identical twins have different fingerprints in the same way we can create a unique identity for distant documents called a hash. Hashing is a mechanism in which, irrespective of the size of the input, the old put us off fix element, and it is made up of Hexi decimal numbers. Exercisable numbers are numbers would start to it zero up to nine and then continues as A, B, C, D, E and death. There are 16 digits and exile dismal number. Let's look at a demo in under start. Come to understand hashing. Better as you can see a respect off the input, I provide the output Pacific settling for a blind string. This is the hash for a waiter, and if I start typing something, you can see that the house changes Onda a respite off what the size of the importance the old good hash is on fixing them. Once we know that, let's look at some properties are requirements off a hashing function. So the first property is called a one way hash function. The one day property is when you know, I know, put off a hash function. It is nearly impossible to find the input into this one day cryptography. These ashes are usually used to only verified the authenticity of data, and hence we don't need to decrypt the output to find the input. So when you look at this example, if I give you this hash, it is nearly impossible for anyone to know that this hash belongs to this data we cannot reverse Engineer. This has to find the input. You might ask me. Why is it not possible to find the input like Let's look at a simple regarding in which it takes two inputs and be and compute the sum. Even when we know the some 100 they wouldn't be able to certainly say what the inputs are. The problem is become larger, I think, increase the number of inputs are change the complexity. Probably if I allowed the symbols? No, the probability, if I only have indigenous, will be like I can be 10 plus 90 or can be 11 plus 89 except for us, right if I increase the number off perimeters a plus B plus C, or if they also say that A and B can be floating numbers, the complexity increases so they can be probabilities. But then we will not be able to say with certainty that these are the inputs on. Then hashing the Brown is very, very high, that it is nearly impossible to get the best input at all. The second property, called deterministic, is when there is no randomness in this function. So at any point in time for a given input, the old remains the same. When I say I am a blocked in trainer, I teach on you to me. If I remove the full stop, the house changes. But then when it when I bring it again, the hash comes as the same thing. There's no randomness involved in this hashing functions. For any input, output is always the same. The property needs to be easily compute. Herbal as in. Imagine if it takes about two days for me to find a house function for a given document or a given string right that would make it useless because verification will be very, very difficult. Hence, it needs to be computer, believe very, very fast. The fourth property, which is a very important property. It's called us Avalanche effect. So what does Avalanche FXC for any small change? They input their own put changes drastically. So when you know the hash off a string called Hello, it is nearly impossible to guess the hash off. I know. First up, as you can see here, Hello Had this hash? Let's remember the last four digits off this hash 9804 if I had a full stop. The high changes completely So this is called S Avalanche epic for any small changes. Input also their own put changes drastically. Then comes Coalition of Systems. It's really very difficult to find two different inputs with the same hash output, which means if I have this hash for hello, full stop, it should be very, very difficult for me to find the same hash for a different input. So this hashing function should be collision resistant. Hashing plays an important role in securing direction. We look at how in the following videos 8. Blocks and Blockchain: Now let's revisit the challenge Number two in our current state of the public ledger, who verifies transactions how to make sure that everyone has the same set up data. How do they want the person doing valuations? These were the questions we needed to answer. Let's go through a step by step solution for this challenge. First, consider the public Ledger. We know that the alleged consists of transactions, but we can't have an infinitely long ledger, just like a notebook or a physical injure began divided into two pages. Let's be hard for 1st 5 transactions in the first page. We need to have the next fight transactions in the second pitch and so on in the digital world, begin group transactions into blocks in a physical book. The pages are linked by a page number. However, here we need to link them digitally. Cryptography is the solution for this, you know? No, the concept of hashing. You know that it is one way easily verifiable and has an avalanche effect as well. Can we use that link the blocks together? Shall we can we can take all the connections together and hash toe find the harsh off a block. Here is where the beauty is. This hash off block one will be added as an input to the block does hash. When you look at this hash off block number three, that would be added as an input to block number four. And this will be also considered less in input when finding the hash off block number four . That's any change in transactions in Block three will change the Block three sash and in turn, it will change. Block Force has completely because off scientific, let's look at this as a demo or nando's dot com. Find that there are five blocks here, connected to one another by ashes. The hash off the first block is the input in the second block, and so on. So now imagine that I am a hacker. I want to change something in Block two. I want to add a transaction with Say's Gives B $20 in block toe. What happened is the hash off this entire block number two changes and hence the hash off the the previous hash of Block number three changes and so on. That's the entire Blockchain goes for a toss. This is how a Blockchain is formed. Reform blocks consisting of transactions linked these blocks using hashes, and that makes it immutable. Immutable means we cannot change anything that's already return in the Blockchain. We look at how this helps in appeared to be a notable and the concept of mining in the next video. 9. Distributed Blockchain and Mining Overview: fine. In the previous video, we looked at how to farm abruption by linking blocks together by hashes on how that will make a Blockchain immutable. Well, no. See how it helps under distributor Natural, consider there are six notes Inter network and everyone wants a copy of the Blockchain Notice that I replace the word public ledger with Dr No because now we know that a block intense transactions on it is card chained together with other blocks. And that's our Blockchain spoke when a hacker wants to attack minute book and he wants to attack a block in the particular Blockchain in a particular Lord Because of hashes, the Blockchain goes for a toss as a year when he attacks the third block in this particular Blockchain held in this particular Lord, This Blockchain goes for a toss. So what happens in this case Since this is a distributed network and every nor has a copy, the other notes can give the rate copy to the attack. Don't and make it right again. Let's look at a Demoff this in under Starcom. As you can see, there are three piers A, B and C on holding a copy of the Blockchain with five blocks each. As you can see here, See has five blocks. B has fired. And yet you have five blocks. No, If I'm a hacker trying to change something in the third block off here, be the other two. Notes can exactly know that something has changed in the third block off baby. Then they can correct it by property. There on top your deflection topiary be because Piercy has this block as 1/3 rock. Where is Pierre be? Has the other one beer? A. Also isn't consciences with PFC saying I don't have a different block and hence we need to change what we will be House. This is a beauty off a distributed P two p network. The hiker has to simultaneously changed all the competition, the network, the hack, the system, which is nearly impossible. So now let's revisit the challenge. Number two we still haven't answered who were very further transactions. How do we want them and being a lace hold the implement a consensus mechanism in the previous example when we changed appear beast Blockchain how can be re and C be sure that they copy that they won't is the right one. They need to be in the consensus with each other, right? The answer to all these about questions is called Mining. When you go for an interview, let's see the interviewer the last four years certificates and degrees, so make sure you are a valid person and an automatic to do your job. You are providing him Approve off your education to let them know that you are an authentic person, right? In other cases, like a running race, you prove that you can run faster than others to get the reward to get the prize money right. You always need a proof toe. Believe in someone that he or she is a value person in the real world. In the same way in the digital world, North's needs some work to be done by a validator on the North has to prove that it has done that something to validate the transactions on back to the Blockchain. Not every nor can add a block to the Blockchain want. If I change a transaction before adding it to the block it. What if I'm? I hadn't hacker. I want to confuse the network. There are some special lords that big transactions from the list of transactions add the transactions to a block and does something to prove the network that they're valid notes and not trying to 100 system. Once we have a proof that he has done that something, his block can be added to the collection and he can be rewarded. They're also penalized if they try to do something malicious. They have been speaking about doing something to be done to prove this heart into city. Thank this. Something can be whatever like approved me that you're rich are proved me that you are a part of the network for so many years are it can be anything. When we look at Bitcoin as an example of Blockchain in the next section in detail, we will understand what rules does going. Expect from miners to let them add blocks on the Blockchain. The concept of mining would be crystal clear. Once we see an example in Bitcoin building state, you 10. Summary and Properties of Blockchain: Now let's look at the quick Somebody off what we learned alot. First we saw how traditional systems work on beside religious like single point of failure and single point of authority. And then we wanted to eliminate the central authorities or intermediaries like banks. Hence we came to the concept of a public ledger how our public ligers had some challenges that needed a solution. Challenge one where we had to prevent or not the response actions was working. Baker Photographic methods like hashing and destroyed signatures challenge to very needed validators under consensus between lords were welcomed by combining transactions into blocks and linking them to other blocks. Using cash is still we needed someone to validate the transaction on dad blocks to the Blockchain. That's when these aren't war views off mining. My name is a process in which Lord proves to other lords that it is a valid Lord trying to add value transaction so the block chain and get rewarded for doing the same. There are multiple mining algorithms, and the most used proof off Morkel Garden will be dealt with in detail in the next section on Bitcoin. So now that we understand the basics of Blockchain on publicly. Just let's look at some properties of blocking that differentiates it from traditional technologies. The first property commitment talks about all value transactions being added to the block chill within a finding time. So if I am a valid person trying to do a value transactions in the Blockchain, that transaction should should somehow be added to the block and then the Blockchain. Eventually consensus is the property which deals with all notes being consistent and holding the same set of data in the same sequence. We saw this as part of mining on the challenge to immutable property of Blockchain is way we can't order any data once a distorted the Blockchain. We saw that how changing some data in the Blockchain makes the entire block in in Bali. But I will see an authenticity talks about how a person cannot cheat the system by sending an invalid transaction and how a person cannot claim that he did not do a transaction once he has done it. The second type is known as non reputation. This is possible because of this tragic natures. This means that once I door transaction but says I am sending $30 to you. I cannot come back later. I'll say that I did not does transaction because the transaction is signed using my private key asset is still signature by now. I'm sure you have a pretty good understanding off hope. Public pledges on Blockchain work in general If there are any queries on this section, can he pulls the same and I'll be happy to answer them? I can't wait to show you hope with Goran works in the next section. The next section will also be able to clear up any doubts that you now how about logic as we're gonna see a real life example of a block chill called by the way, I'm sure you know the speed of feature in your Army video player when you click on this one next. But on the video player, you'll get a different speeds at which you can play the video. If you have any issues with me Indian accent or the spirit which I'm talking, you can increase our decreases. Peter of the video with the stool. I can understand that everyone off you have a different requirement Hell's order to use this feature for your advantage. See you in the next video 11. What is bitcoin?: Hi, everyone. Welcome to the section on Bitcoin when we look at Bitcoins in detail and Howard templates as a fraction, having seen blocking briefly on understanding how it works without any intermediaries, this section will help you understand all the nuances off the technology itself. We know that Blockchain is a distributed ledger technology. This is immutable security. So what would be the use cases of Blockchain? The very first really very use case of Blockchain is called Bitcoin, where Bronstein was used as underlying technology to build a global currency. There is no government or a bank intervention in this global currency called Bitcoin. The next time someone says Bitcoin is blocking you know it's not. It's like saying that email is intended. We know that intelligence, a technology that enables email on Internet, can be used for many other applications in the same way. Blockchain is a technology that enables Bitcoin, but there are multiple uses for Blockchain technology. All the other points are shown in the slide like Ethereum, new light going ripple except for on the applications of Blockchain they've upside going. Market cap shows you that there are more than 2000 applications. Beijing Rajan as after doesn't 19. This is the kind market caps upstate which are starting the box. When you scroll to the end, you can see that there are 2399 coins listed on this website. 12. Properties of Bitcoin: we know that because it is a global currency based on Blockchain technology. So who invented it because it was invented by a person called Satoshi Nakamoto. But when they say it was a person, take it with some truckloads of salt. Because the real identity off Satoshi Nakamoto is not known and still anonymous, it could be a single person or a group of people who created the wonderful global currency based on Blockchain technology. Why is this global currency called Bitcoin so revolutionary? It's because of the properties that it does The first property bit coy is intimidated because, as in traditional banking system, it is not controlled by any central authority. Federal government in the U. S. And Bank of Canada in Canada are the central banks which formally the monetary policy off the respective countries. They define how much money should be printed on and mediate the money flow in the country. Bitcoin is distributed because each node in the Bitcoin ecosystem has a copy of all the transactions that happened in the ecosystem we saw in the last section by a distributed system is secure and hostility. Bitcoin is decentralized. Imagine if you want to send money from Canada to the U. S. You would need to go through my people Central authorities to do this transaction in this example you need a Canadian bank a U S bank for foreign exchange. Except in case of Bitcoin, none of the central authorities are required to do work transaction. It is only limited in Bitcoin but going is also restless. This property might be a bit misleading. As we have seen, the Blockchain is very frustrating. What we're really talking about here is that you do not need to consistently party here. Also imagine that you are doing some transaction among your friends that becomes a custody environment where you have faith in your friends. How are in Bitcoin? Even if you do not trust the other lords, the system operates Ville, that's the ecosystem is just lis. Were notes which do not trust each other can also contact between them. That's with properties like disintermediation distributed decentralised and Cussler's bigeye and rockin have revolutionist the banking system. We look at how the big kind works in the next video 13. Bitcoin as a Public Ledger: We know that Bitcoin is a global currency and like any other currency, it should be transferable to others as transactions. So the same concepts that we saw in the previous sections, like everyone in the ecosystem having a copy of the public lecture all of the constructions being known to all the North's The network being distributed in nature uses a pistol signatures to validate transactions. I'm Daryn transactions two blocks on having a Blockchain all hold group in case of Bitcoin . Also, however, between the previous understanding and now there's an important difference to Lord down. I expect Public ledger where U S dollars are transferred between people since because a separate ecosystem on the global currency by itself, enough us dollars Bitcoins are only transferred in the big going Blockchain big concert usually represented as BTC. Since the Blockchain is kept a graphically secure And since Bitcoin is a currency by itself , we can call it a Cryptocurrency. See you next video 14. Transaction Pools, Timestamp and Merkle Tree: in this video, let's look at other smaller improvements in Bitcoin or the public ledger that we saw in the last section. First, let's talk about transaction pools. Remember in the public Ledger I don't know that the transaction are grouped into a block and the block it's added to the Blockchain. Well, they re visualize that transaction directly in cars a block. However, in real world applications like Bitcoin, all the transactions from my old inwards interim memory record all this transaction food before entering a block. This is necessary because remember that there is one more step called mining before blocks can be added to the Blockchain. So consider this. An intermediate step in transactions has to be added to a block. The transaction pools are also called as memory pools are in charge. Meme pools Ah, black and Bitcoin Blockchain. That's not only contained transaction details, but also other information like the time stamp on marquetry. First, let's look at the time stamp between uses. This timestamp called UNIX timestamp, which is the number of seconds that has passed from January 1st off 1970. You know the current UNIX timestamp. You can goto this website called UNIX timestamp outcome I seen on the screen. The current time expressed in unit and UNIX timestamp is 15707 to 8777 This number is the number of seconds that has passed since January 1st off, 1970. Next, let's look at the concept of marquetry. The concept of modernity was introduced by Ralph Markley in the year 1979. A market lee is an important concept and Blockchain, which helps to maintain the order and security off transactions in a block marquetry commenced the concept of both buying territories and hashing a binary tree is a structure in which to leave notes are combined together into one. No, and this continues till we Finally one Lord, as shown in the figure that this looks like a tree in the mercury to transactions are has separately and these two conceptions are hash again to form a parent hash. This process continues to there is only one has left. This single hash is called as the Maclay route. As you can see, l one l two l three handle four are transactions in a block hash of 00 is the hash of this transaction called anyone Hash of 01 is the hash of this transaction. Cardinal do and so on. So hashtag 00 and hash of 01 are hashed together to form has zero. Similarly, hash one is formed from transactions l three and then four hash of zero. I'm has won our house together to form the top house. This is hope the root of a McGeady's. Remember that we need to transactions to pull from a hash here if the number of transactions are are in the last 10 section is has with itself. That's a markedly his phone. This market restructure is also part of the bloc in a Bitcoin this Elgin maintaining the security and order of transactions in a block. Imagine if a hacker wants to change the transaction a little. Then the hash 01 will change and hit zero on top hash. All changes because of that and this will help us find exactly which transaction was ordered in the same way hash gets changed when, between the order of the transactions as well. These are the concepts off timestamp and McGary. See you in the next video 15. Mining Revisited: I don't know. We have seen that Bitcoin is a global currency, which works as a public ledger in a distributed environment. They also saw Hope and Section pulls timestamp on market trees are using Bitcoin. So now let's look at this concept of mining meaning, as we saw in the section One is the concept where the Lord has to prove to the other boats in the network that is a valid no trying to put invalid transactions into the project. We saw the example in Real World, as in you go for an interview and you show some proof of education like your degree certificates on projects to let them know that you are a valid person for the job. Let's say in your enemy, if you have to give a five star rating for the scores, I need to prove to you that I have good knowledge on I can explain concepts in a clear and simple bill. We can call that proof off knowledge. Maybe I just came up with that in general consensus algorithm is when I know trains toe prove to the other notes of the ecosystem that I am worth it. I am we're daily words that you are giving me for the worker. So in the distant world, what can we ask a computer to do to prove that it has done something we look at The different types of cancers are algorithms used in the next life. The first guard improve off work is widely used in the Blockchain ecosystem. Now improve off work. We can ask the Lord to prove that it has done some complex mathematical computation do whatever this block. And hence because of the competition of work that it has put him, we can agree upon saying that the Northwestern's of work and hence it can be accepted as a valid in the second order call proof of stake. We can has the Lord to stake some off the real cryptocurrencies like Bitcoin material, etcetera depending on the Blockchain, that person improve for steak, I say I am staking some off my actual cryptocurrencies for the sake off getting the reward that you're providing me. So if I'm finding a valid block and adding into the Blockchain, you can reward me with that with the nuclear pregnancy. If not, I am billing toe. Let go off my entire stake. So this is provide stick. The 3rd 1 called Prove Off Elapsed Time was devised by intel. Prove off. Elapsed time is when you ask the Lord to wait for a certain period of time hoping that ah hotter will not bait for that time. Toe hack all the North's the Lord our validator is selected at random Improve awful abstain . There are multiple other countries protocols like practical bison 10 for tolerance delegate approve of Stig Exeter. One point note here is that these proof off consensus algorithms need to be hard to prove. An easy to verify it. Imagine solving a camp complex mathematical solution will be very difficult for anyone. But then, once he finds a solution, the other people can easily verify that the solution is rate. That's the concept behind some countries particles 16. Proof of Work Algorithm: Yes, I understand enough of mining theories. Let's look at that. Actually got a bit going Minerd us, right a bit Going, Maynor process and confirm transactions. Using proof off work until December, lives improve of world. If you remember, the Lord needs to solve a cripple. Practically difficult math problems. The group of the other north that is a valued nor trying to add value transactions. It is a wanted man, but going for the same. So the definition of a minor can be like The role of a minor is to build a Blockchain of records that from the Bitcoin letter these are going access a public ledger. Right? So what does this complex mathematical I'll go out of them that despite it needs to solve. We look at it in the life. The move in under circle. So I have a black Your what is the block number? Which is one The data which can contain all the transaction later data and the hash of the block is calculated using all these inputs. What is this magic number? Call this Norris. A norms can be considered as a random number for now. So I want to add a transaction which is a gives B some 30 Bitcoins, right? Let's say this is the transaction I want to actually block. I'm I don't know the Blockchain, but then, as you can see the color off this block 200 why is that the case? It is because off the hash itself, when you look at the initial state of this block, we could see that this hash has four leading zeros. The same goes with other examples off these blocks, as in four leading zeros and four leading zeros for leading zeros. Every block has four leading zeros in the house that it has. The thing is, in Bitcoin these leading zeros data mine. If the block is valid or not, What is these four leading zeros? Me. Imagine If I tell you, you need to find two prime numbers which are, uh, my people together who are American number, right? And if I give you a large range, let's 0 to 1 million, then it will be probably easier for you because the probability of finding two numbers between zero and one million is very high. But then, if I reduced in number, let's say only between zero and 1000. Then it becomes much more difficult for you to find these tuna first, because the probability of finding our blueprint numbers between zero and 1000. It was very less compact to the problem. T between zero and one million back seconds above my knee. So here we say, When you want to add this transaction school, it'll be gives 30 Bitcoins. The hash has to start with four leading zeros. The hash is also a number. It's just excited. So when they say the 1st 4 digits have to be zero, then we are eliminating a lot of possibilities. We are reducing the probability off it being zeros for this particular transaction. What can be done here? This is where the norms comes into the picture announces and random number, which can be ordered by the minor. Don't bring the hash of the block with four leading zeros. Let's say I change the norms off this block to one. Let's look at what is the hash? The high changes. If I change to do that's something different. I can change it. The three to find that the house changing completely. Remember avalanche effect, any small change the input will definitely change the hash by a large extent. If I keep on doing this, I will agree with the hash with four leading zeros. At some point in time, it can be anywhere between zero and a 1,000,000,000. Right? So this is what is done in my name. You can also call this concept of bootstrapping because you can start from one and then go on, keep on trying. It's a trial and error method where you try to find the number big satis face are given conditions. In this case, the condition is for leading zeros. What happens when I click on this mine? You can see that the non snow was 6035 and the hash of the entire block has become 0000 as we wanted and then starts with the acceptable number, right? What does the minor done here? He has gone from 1 to 6035 my 80 each and every number and found this months. So this is when the block becomes valid and this bootstrapping going from 1 to 6000 are 1 to 1 billion is the complex mathematical puzzle that the minor needs to solve. Finding the lawns is the work off the minor. Once he finds the nonce, he can say that I have formed a valid block. Please accept this block to the other Lords. I hope this is clear. Let's look at this site again. So as we can see here, block number one. But no one is not a valid hash block number. Okay, This should be too. But the non story is not a valid high soul also, but when they have, they don't like it to be used $100 B to see if study dollars. Sito di use $80 as transactions in this block. And I have a norms off. 3311 night, which is on Babel stopping. I have a hash with starts with four leading zeros. This block can be considered as a valid. I hope this mining concept has become clear. Do you know we look at some more concept off this morning In the next video 17. Mining Difficulty: looking at this example again. We know that the known to us three d 119 to come into the hash, which has four leading zeros. Let's look at the mining difficulty itself, what happened and biases becoming more and more difficult as increase the number of zeros. Imagine the same example. The minor would have started by substituting one in the north and then two and three, and that's only bootstraps. Each and every number two go to lets it. He comes to the non scored 23 this has one leading zero hash. And then he comes to six, which have one leading zero as well. 3768 which has two leading zeros. 4696 which has let a three leading zeros move a four lane eight. The just three leading zeros as well. And then he comes to 33119 which has four leading zeros. Right? If I had a difficulty off just one leading zero, then he would have got the hash really off. One. Leading 006 23 itself If I had the difficulty as to leading zeros, probably 376 it was a number, it is easier to find down 33119 but difficult to find dire 06 or zero gravity. Then those forces 96 to 5 coordinated in the same way, so as to keep on increasing the number of zeros, the probably off the soil. Hash values. Giving a desired hash value reduces, and hence it becomes more and more difficult. I say. Expect more and more leading zeros in the mathematical puzzle, right? So bootstrapping costs a lot off on traditional effort. So can doing with that same idea. If we have a five digit number which has 100,000 options on, and I say that the first did it should always be zero. Then the options reduce to 10,000 and then it can go on Can target off. Bitcoin is 18 zeros. Remember when we clicked on mine in the website under Starcom that had four leading zeros? Has difficulty. It took someone to find the norms probably two or three seconds right for four zeros. If it is taking that much time for our difficulty of 18 zeros, it takes a very, very long time on a super fast computer to do that calculation. The probability that a random hashes valid is here is to the march, often ar minus 20. So that's the kind of probably these we are working. But when it comes to the coin, many the difficulty is adjusted every 2016 blocks. Bitcoin has this concept offer time saying every block should be mine once every 10 minutes . So this has been set in the algorithm itself. So the big bang core will try to maintain this 10 minutes timeline for finding a block. But then there is not only one minor. There are multiple miners in the Bitcoin ecosystem, right? So everyone will be trying to out of your block because they are getting everyone from the because ecosystem when they mine a block. So what if there are five miners in the ecosystem? They will find it difficult in the first place. But then, when five more minor stomach, then the probability of finding ash with four leading zeros becomes bigger with more number of miners, and hence that I'm taken also reduces. What if it comes below 10 minutes? I saw that big guy ecosystem adjust the difficulty every two weeks that is 2016 blocks. In two weeks, it will check. How long has it taken for the miners to find blocks, right? If to find photos and 16 blocks the time taken most more than two weeks, it will reduce the difficulty. If the time taken to find 2016 blocks waas less than police, it'll increase the difficulties that the self difficulties are just to maintain the time off 10 minutes per block. Also, I would like to show you are to off Bitcoin Maine's so that you get an understanding off what is required to do many in big. So look at this picture where there are a lot off CPUs and GP use on a six used to mine Bitcoins. This is called the Mining Farm because this is all connected together and the hashing power has to be so big to mine Bitcoins in the current board because of the 18 leading zeros, my name is pretty difficult Norris and also see the size of the fans here. This is the kind of putting mechanism that's required if you want to mind Bitcoin in the car. So what can we conclude with this began canto that mining is a difficult process, which takes a lot of computational power and hence a lot of electricity and hence a lot of heat also is generated. Leg. Let's see how the difficulty has increased over a period of time, right from January to September 2018. This is how the difficulty has increased. Here you just need something like 15 billion cigar ashes for second toe, minor block and then eating kept on increasing. And currently, in a Super one billion cigar ashes per second, remember, announces just trial and error by putting in a new north, we're finding a new house. So these money hashes are being found per second in in total in the Bitcoin ecosystem, one leading the difficult demand is on and this difficulties keeping on increasing because the time off 10 minutes has to be maintained by the Bitcoin ecosystem. During the money pool, we saw how big computers and how large farms are required to start that big going mining. It is difficult for individuals so sick of that kind of full form on before, only inducers can do it. It becomes a centralized ecosystem, right? So if I want to do some big going money and I can only by a small let's say a bad book or something like that. It's a very less competition power. But I'm interested in joining the Bitcoin, uh, many because it's tough, right? So I would go to my people, my people, people like me combined together and they form of my people so that the combined effort of that meaningful get some somebody. What's in? The longer that so many loose look below that variety are doing all these things my ar minus spending so much money, so much computational power to mine Bitcoins in the next video. 18. Bitcoin Monetary Policy: so having seen that it is very difficult to minor block in Bitcoin because of all the computational power that is required to find the hash. But leading zeros I'm finding the norms we need to see my a d minus are doing it in the first place. They are really doing it for somebody work from the Bitcoin ecosystem. This is what has been going itself. So they never minor remains a block and access to the Blockchain. They get the water with Bitcoins. It started in 2009 but 50 Bitcoins and then the Bitcoin ecosystem Arctic. Or has this concept called us having that this every 210,000 rocks the they weren't given to the minor is hard. So it started with 50 and after a dozen 12 number, it reduced to gratify. And then by 2016 it reduced WellPoint time. Currently, for every block that this mind, the miner gets 12.5 Bitcoins in water. Why did this concept off having come into the picture? So whenever there is an unlimited a playoff, any currency beat in the real world or in the triple, there will be a problem. Calmness inflation. What of the government off U. S. Or Canada? They say toe print out money without us dollars are Canadian dollars and give it to people So everyone will receive about $1 million everyone will be rich. But then the prices off all the commodities on all the products will go up as well because I have more spending power. That shouldn't happen in an economy. That's why this concept of having came into the picture in big going. So the big point total number when you look at it, the water being hard every four years approximately and then that keeps on going down. Next will be 6.5 and then 3.15 etcetera. The total number of Bitcoins will approximately be 21 million by 2140. So after this, there would be no new Bitcoins coming into the ecosystem. Here is the one leaving off generating new Bitcoins never a block. It's mine. New Bitcoins are generated. I'm giving Billy Minor the minor and then sell this Bitcoin in the alcohol to someone else . Bullets Bitcoins on that So it comes into the ecosystem and people can start trading with this. Also the Saudi concept of blood difficulty which is adjusted every two weeks approximately . And this is based on the time that given that Steven in the Bitcoin ecosystem Bitcoin has every blood mine once in 10 minutes, Ethereum infections against ripple. Another block chill is mining every blanc in 3.5 seconds. So what does this mean? So whenever you do a transaction that it doesn't do the transaction, the minor will big transactions added to a block, do some work, find the house off the block and then tries to add that block to the Blockchain. So when you lower transaction for that, get into the Blockchain, even Bitcoin it will take about 10 minutes On leading. You can call your transaction as a valid transactions. All this is fine. What is a penalty? We spoke about game theory Where be they want someone also penalize someone for bad work? What happens when I had a malicious transaction into a block? Find the hash with the Somali leading zeros and tryingto broadcast doctor the network the other people will very fight both the block but leading zeros on all the transactions within the bloc as well. When they find that you have a malicious transaction in the block, they will reject the block from the Blockchain in this case, if they find that block to be invalid. What I've been losing here I am losing our political tradition of power that I put in to find that Malin Block to find a hash but so many leading zeros. I spent a lot of computational power as we saw home. Big combining farms are I lose all the competition Obama and hence electricity costs I all the money that I put in investor doctors. How my necessary water for doing some good work for the ecosystem. Trying to add blocks into the Blockchain on and penalize for trying to add malicious transactions are invalid blocks into the Blockchain. Next we look at this non strange, these other nuances a random number and it is a target. A bit number as well attended a big number starts from zero and goes up to four billion. So the probability of finding a valid hash this one into 10 to the power off minus 10. So this is a lonely are finding a valid hash when you keep on shooting 0 to 4 billion. So any computer that's trying to do it, only one range is not enough. So if I'm a supercomputer around trying to do some Miley, I start from zero. Every time I start from zero and go up to let just one billion, I will lose all the competition are on the time required, made a modest minor. That's 100 million hashes per second and it takes 40 seconds to recommend if you were secret chili. So 100 million cash is still four billion, right? So that makes 40 seconds. 40 seconds is very easy because 10 minutes is what I have to mine. A block and 40 seconds. It what it takes for a modest minor to go to the entire page, starting from 0 to 4 billion. Right then it should be easy for any minor toe. Go through the entire range on. Definitely there will be able to find it within 10 minutes. That's men. The concept that we saw earlier called the Pain Stan. Consider the picture. Remember the times Time changes every second. So are minor who starts from zero on. Guy wants to go up to four billion does not have 40 seconds, but only one second because when the pain changes to the next second because of avalanche, if IQ, the hash will change and hence he has to come back from zero to find the norms. This is a recent bite. Mine was on mining 100 ha syringe, probably if there are five minus. The 1st 1 will start from zero on Goto. One billion. 2nd 1 will start from one million on Goto 1,000,000,000 let's say and so on. So whoever is lucky or where has the best competition power will find that particular neurons in the given time frame. Also remember that when we saw this mining difficulty, we saw that 6 23 37684696 acceptable boards and sequence. It doesn't necessarily mean that 603 should have one leading 037 did say for 696 should have a leading zeros, etcetera. It doesn't increase that sequence, really, because hashes a random value six could have six leading zeros. 4696 could have leading zeros and 33119 could have four leading zeros only so it can be completely random and helps where you find that nonce completely depends on the hash. Only on the other transaction data timestamp except Ryan Diplo Tell it doesn't depend on the lawns number One more thing we need to consider here is that better transaction is being requested by a user. It goes into the transaction pulled from their my nose. Pick the transactions. I'm trying to add. It'll block how the defict transactions. Let's say there in the conception pool, we have about 2000 transactions, right? And I can add only 1000 transactions into a block in the Bitcoin, not change. So I go to the transaction pool, sort the transactions, buying something or less transaction tease. Here, we need to notice that the block the water for people coin or 12.5 Bitcoin is not even really want the minor delegate. When they try to mine a block in the D block chain, they will also be rewarded with the transaction fees. They never do a transaction on the Bitcoin ecosystem. Let's say I want to send you one Bitcoin I can I optionally a transaction fee so I can tell that one Bitcoin I'm gonna give a transaction fee off 10.1 Bitcoins this 0.1 Bitcoins will go to the miner who actually transaction Ebo block Andres to mind the block. Let's say there are 1000 transactions and he each has going to be going as a transaction fee. So the minor will get would 12 point favorite coins plus all the transaction fees for together as everyone That is the reason by minus will sort it in descending order based on the transaction fees. Although the 2000 transactions, they're sorted in descending order. Big D top 1000 transactions, which has the maximum transactions. These Andre to mine it with that block. So yeah, these are some other details that I wanted to share with you regarding mining off Bitcoin. 19. Mining Hardware: we love that one. Bitcoin Mining is and other details about how depict transactions what they are being rewarded but how they're penalized. And also we looked at what does that they lose. They lose a lot of computational power and a lot of electricity when the possible. In my name we look at what are the mining heart based that we can use to mine in approve off work based consensus mechanism? Well, first, look at the CP use, which are central processing units. This is presenting all the gentle hardware like laptops and their stops. These are multi because missions and how religious hash rates like less than 10 my gosh, just for second. The 2nd 1 GPU, which is a graphical processing unit, is a bit more specialized. And that's about one Giga hashes per second. The next 26 application specific integrated Syracuse, which are totally specified. And these are integrated Syracuse, especially the same for one purpose only in this case, Bitcoin or any other Blockchain mining. These are totally first place in the sense they room more than 1000 jigga hashes per second in order to be at least able to find the block among all other miners. You need thousands of Jigga hashes per second, and that's why a six are primarily used in Bitcoin mining notice. We look at an example of a six in amazon dot com. This is an example, often a sick, which is not going my knee. And they also mentioned the ashes per second. This can do 68. Terror has just per second, and that's very fast Computational power required to do Bitcoin money in this case, but just 1 may see it's nearly impossible to get it most of the time. So that's the reason by we saw all the mining firms which have so many Essex and that so mining pools are generated. 20. Orphaned Blocks and 51Attack: resulted in the Bitcoin ecosystem. Anyone can become a minor, and anyone can my inbox toe and add it to the Blockchain. This minor needs to find. The knowns says that the hash of the block has some leading zeros. As for the difficulty off that particular period. So what will happen when there are two miners who found valid blocks at the same time? So if I am a miner who picked the first finder transactions from the transaction pool find the knowns says that the harsh off that particular block has so many leading zeros minus a valid blob. And you are a person who takes the next 500 transactions from the conception pool at the tower, Block finds. The lawn says that that hash also has so many leading zeros, as required by that mining difficulty. So these two are valid notes on here. If you notice the Blockchain itself splits in tow because both are married drugs that can be added to that particular block on, then this situation will exist only for a short amount of time. Later, when other blocks are other, Either it will be under tow, mine or yours and big oil has this rule that it has to accept the longest chain only, Let's say the block in which I added, is being taken by another minor. And then he adds two more blocks in my chain. On in yours there is only one Miller who were gone it and he created money one block after some time, let's say there are 15 blocks. Mind after my block in the chain that I am working on and in yours there are only three blocks in this case. The longest chain will be taken by the system and the three blocks that started with your block will be left out. And these leftover blocks are called us on from the blocks. What did happen to the transactions that were in your block on the blocks that followed? These transactions will be checked. If that is present in my chain are it will be put into the transaction pool again. That is a concept often blocks. Also, we saw that competition power is the deciding factor here on how much probably you have to my in a particular bronc. Let's say you and a few miners joined together to form a network and you have more than 50% off the entire computational power in the Bitcoin mining ecosystem. Right? So what will happen in this case, US. A. Group will have more power than all the other miners combined in the ecosystem. When you have more than 15% off the competition power in the ecosystem, you being in hacker can detach yourself from the network for some time, create your own blocks with transactions that you would like and then after, let's say about 100 blocks come back into the ecosystem. Since you have more computational power, there will be only about 80 blocks that were mined by other miners in the ecosystem Still like them, since you come back with 100 blocks made on since the rule called longest chain is accepted , is there the Bitcoin ecosystem that will be replacing the entire 80 blocks that were mind with the other miners? So if I am a person who did the transaction on data to enter the 80 blocks done by the other 14% of the miners, that becomes invalid and this is the 51% attack. This is a theoretical possibility, but still nobody has heightened this way in Bitcoin ecosystem because gaining 51% of the competition power in the Bitcoin ecosystem is very, very costly on the reward is very less and helps people would not want to do it. 21. How is bitcoin secure?: we saw what is proof off work and how would helps in mining. Now, proof of work is a consensus algorithms being which our Lord needs to spend a lot of computational power toe, satisfy a certain conditions for a block on Lee. Then the block can be added to the Blockchain. How is this proof off work going to help us make the Blockchain more secure? Let's look at an example in Nando's dot com again. When you go to this tokens demo will have blocks with some transactions and hashes as well . So if I am a person, I'm a hacker. I want to change the transaction. This $97.67 from Ripley to Lambert. I want to change it to 1002 $100. Lexi. If I do this, we have seen that the house changes and hence the entire Blockchain goes for a toss were saying that this block is not accepted now because the hash does not have the leading zeros as we require. But the person who is changing this can mind this block again. By finding a different Lawrence, he can make this block ballot again, but then he needs to also mine. Yeah. Now you can see that the mind, the block with the new norms. Now, the hash off this entire block put together has the four leading zeros has to be expected. But then the other blocks in this Blockchain still have to be changed. He can also go on to mind the third block, then the fourth block. Look at how long be required to mind a block and find unknowns. We require only four leading zeros. When the difficulty increases to something like 18 zeros and between ecosystem, you can imagine how long it takes on. Let's say the minor also successfully minus the 50 block. That's the last block in the Blockchain. So this is all valid blocks? No. And this transaction of 1002 100 will be accepted by the Blockchain. But not yet because there are other peers in the Blockchain which hold the actual transaction that happened. And when this piers go to this theory, until that you know you have a different transaction. Please take a copy of my Blockchain because minus what is accepted by the entire thing and your transactions seem to have changed for the manner it was difficult to change four blocks itself and took a lot of computational power on time to do that. How can he managed to change the entire data in very beer? B and all the other Pearson, the Blockchain. This will take a lot of time and other minus will not let them do that. And the reward that is getting for this with nothing compared to the computational power on investment that he's going to put it to do this. That's the reason why we called Bitcoin as a very secure network. What we understood the power off proof of local garda them by this example. You are welcome to go to this Anders dot com that's slash Blockchain slash tokens on trade for yourself and see how it is difficult to do it. See in the next video. 22. Summary of Bitcoin: We have seen all the concepts off a Bitcoin ecosystem in the previous videos. Now let's look at the somebody off Bitcoin. This is how the transaction flow happens with the number corn ecosystem. First the user requests for transaction and broadcast. It would appear to be a network. The transaction is out of the transactions pulling. We can also called Business Memory Pool, which contains all the transactions that are not committed in the Blockchain. Yet miners will pick this transaction from the transaction pool based on the fees that is given and added to a block. Other details, like Timestamp previous Hash Merkley route block number etcetera, are in the block Header Minor will find the norms, which is a random number, says that the harsh off the block has a very different number off leading zeros, depending on the mining difficulty at that period of time. Once the hashes found the minor broadcasted Brock on other lords added to the Blockchain after verification, the verification happens both early block if it has the leading zeros on in all the transactions. Once a blocks added to the Blockchain, it is nearly impossible to change the transactions within the bloc making it immutable. This is how Bitcoin works and this is the reason why we call it a revolutionary global currency based on auction. We look at the other smaller details off it going in the following videos. 23. Definition of Blockchain revisited: in the beginning off the tsunami course. We quickly saw the definition of Blockchain, and they said that that will revisit this once we go through step by step all the components off the block chain ecosystem. I think it's good time to revisit the definition. I understand completely these other. It is a decent place, computation and information sharing platform that enables multiple authoritative domains who do not trust each other to cooperate, coordinate and collaborate in a rational decision making process. No, let's break it up. You know what a decentralized system miss because of this peer to peer distributed system without a central party, remember the eliminated banks in the Bitcoin ecosystem. It also says that it's an information sharing platform, very transfer transactions and ownership off money. I really say multiple authoritative domains who do not trust each other is because it's a crustless environment. Notes which do not trust each other can trust among themselves as they trust the system. It also sees that it's a rational decision making process. The decision making process lies in the Proof off world consensus where they stay on a consensus and make sure that all nodes have the same set of data at all the times Now I hope that you understand the definition of Blockchain completely as promised. I've made you understand step by step all the concepts related to Blockchain and hence the definition itself. See you in the next video. 24. Byzantine Fault Tolerance: now that we have seen peer to peer networks and how it works and how to make the northern appear to be in a world stay in consensus. We need to look at the types of falls that can happen, appear to be in it. Look, are in any no go for that matter. So the 1st 1 network fault is when a connection between two notes is lost our men and nor goes off like imagine, I'm connected to the Internet. And then I go offline due to my Internet connectivity that becomes a network for what? If I'm in order the Bitcoin ecosystem and I go offline, I'm not be able to get what a minor sense as a new block, right? So that should be handled. In this. People been irritable the second type bison tenfold. He's when the North behaves maliciously to confuse the consensus but kind of similar network. One of the notes days I got a different block from a minor, and you people have a different So this staple for should also be at rest in a P two p network we looked at in detail, representing for, so the extent present in for tolerance. I would like to explain that with an example maybe there's a food you might anatomy once or display. There will be one commander and other lewdness who listened to him. So the mechanism works like this. If all four soldiers you don't even fit the side that they need to archive this foot, then they will be successful in our tracking it. Oh, the on four can decide to retreat and not ready for a car so that they will be away at the end of the day. But if those or just one and I also just want to retreat, there will be a problem and confusion in the ecosystem and hence they will fail in the world. So consider these four soldiers made so they have to communicate between them. What they think whether they should have attacked are retreat. So every soldier is connected to the other three soldiers. They'll be selling their decision to all the other three soldiers and hence the needle comes to a consensus at the end of the day. So this soldier first sense to everyone that I think we need to look at this sport. Same goes for the other soldier who says to everyone that I don't think the need for at this foot same goes for the third Soldier by the fourth Soldier is malicious. He wants to confuse this on make the work faith and hence he. Since no one person that we need to attack and to people that we need to retreat this way, he tries to cause confusion within the network. But then let's say that for each soldier here for them to decide whether to attack or retreat, they'll take the majority decision. So for this soldier, he needs to get at least two attacks. Toe decided that meaning to attack Same goes for all the other soldiers. Now imagine what would happen when they want to start deciding. So this person has got all attacks, so he will decide on attack. This person has got to attacks on Monday tree. So based on majority, he will choose attack. This person has got to attacks on one retreat. So this person, but also choose a pack. The militia soldier also has toe agree upon attack because he has got all three as attack and thus they all four soldiers with shoes on attack, and they were when they were happy. This is how we bring consciences even when there is a foreign, orderly ecosystem. Let's look at the formula that President for Tolerance teaches us this Formula three of plus one uses the minimum number off Lords required Internet work for that to be by the lane for salary. Very if is the number of lords that could be malicious. In this case, when there can be one malicious northern it to work, we need to have three into one plus one that this four soldiers at least 200 consciences. This time, it's not possible that there are only three soldiers, and that is present in $4. But I would be Look at this present in $4. Now it is because Bitcoin or any of the Russian is a P two p network, and we need to ensure that even if there are militias north in the ecosystem, back network should not be compromised. Insecurity. Hence, we need to keep this in mind by deciding on the network and the consensus mechanised 25. UTXO and Double Spending Problem: Now let's look at the last concept in Bitcoin transactions and you'll be exhaust. This is a concept which differs from the traditional banking system I Bitcoins you d accept . It is an important difference to understand and that helps in solving a very important problem in peer to peer networks. Let's say Andrew Bob, Catherine on Daniel. Send me one Bitcoin three but going six Bitcoin and seven Bitcoin each. This will be unspent transaction inputs for me. Let's say I want to spend these Bitcoins on a car for five Bitcoins, right? What do you do with the traditional banking system? Is that the addition off all this one plus three plus six plus seven, which comes to about between 16 and 17 Bitcoins, I'll have a dazzle account balance and from that 17 Bitcoins, I live five Bitcoins and have the rest well, with myself in Bitcoins. It doesn't work in that way. So when I want to transfer this fight Bitcoin I take one transaction. Let's say Catherine six Bitcoin transaction I I'll try to give it to the car dealer five Bitcoins But then with this transaction off six Bitcoins, I am spending only five Bitcoins The rest one Bitcoin I need to send it to myself back. And this is called us Utx source. I'll have inspired transaction inputs on time spent transaction outputs Every Bitcoin has a history So one Bitcoin Bennett answer from me to you That would have a history that first I was the owner. And then you are the winner of that particular Bitcoin. There is no concept off calms and balances in Bitcoin so these two will be like you take So for the car dealer on this will be the utx So for me again. And then my Bitcoin wallet will show balances like this. Andrew has given me one Bitcoin Bob Daniel On the last transaction, I said to myself one Bitcoin came from the previous transaction. They bought a car for five Bitcoins. Right now let's say I want to do a letter transaction toe by a guard for 11 Bitcoins 11 Bitcoins. I think that will be a really expensive car anyway, So they inputs I'll pick your is boss three Bitcoin Daniel seven Bitcoin on one Bitcoin which isn't my to myself in the last transaction. So all this campaign together from 11 Bitcoins which I can transfer to the car dealer. We're missing an important concept here called the transaction fees. So we saw that whenever we do a Bitcoin transaction, we need to add some fees so that the minor can get it as everybody. So that also can be added along with this. So why do we have this concept of utx So unlike an account under balance, right? So we saw that you take so has a history for each and every Bitcoin that is coming to me and that I'm spending so everybody kind that you take has the whole of history. There is this problem called us double spending that happens in the peer to peer network. Let's say I'm a person who wants 10 Bitcoins Ashley balance and I transfer 10 Bitcoins toa person called a year I before that gets updated in the Blockchain, I transfer the same 10 Bitcoins to another person. This is known as a double spending problem. Now with the concept of beauty exhaust the first transaction Very cento a person Cartier will be valid because I have done Bitcoins which are unspent transaction inputs on when I try to do an output that has the history. So I am the owner and I can transfer that to another person. Well, its sent second transaction comes in that does not have a history on the wanted as myself. And hence this will be invalidated by the Lords in the Blockchain. And this is how these all the problem after spending. 26. Bitcoin Whitepaper Walkthrough: in this video, let's take a quick look at the Bitcoins white paper whenever a Blockchain implementation comes out. It is accompanied by a white paper, which discusses about an introduction by that came into the picture. What is the difference between that implementation and other implementations in the world? And what kind of technical details that it follows to ensure security off the blocks in portable So as you can see, but going is an eight page white paper. I like this in the resources so you can download and go through the same. This contains all the details in sections off whatever we have discussed it. Now, As you can see, it contains an introduction with says Why isn't present to eliminate banks and intermediaries. Then it comes to transactions where they tell about the still signatures and hold the same transactions. They also talk about the importance of time stamp in this election, how roof off work works. A second senses. I'll go out of them to maintain the security of deduction. How the network optics This section talks about hope, Transactions of broadcasters loads how lords except the transactions in blocks and added to the Blockchain Then we talk about incentives or rewards given to the minors for doing some good work off mining on adding blocks to the Blockchain. Then we talk about the mark latelys, which we discussed also the verification off payments they're in Section nine. We talk about transaction inputs and outputs. This is the UTX, a model which we saw in the earlier review. Then it got the more privacy. There's an important point in privacy, which I want to talk about Karl Soule on anonymity, which I'll talk about in the next video. It also has some mathematical calculations. I improves off why this will definitely work in the real world. So if you're a mathematician, are interested in mathematics, you can go through these details. I forgot to mention that this Bitcoin as a protocol has been completely written in C language. You can also take a look at the words, notes or sport of Bitcoin available on the Internet. So, yeah, the eight page document gives a lot of details about Bitcoin. You can go through and let me know in questions are by a private message. If I have mr discuss something or if there is anything interesting that you're found out from this like paper, see you in the next week 27. Visualize the Blockchain Block Explorer: having seen on the theoretical concept of our Blockchain and watching someday most off how hashes Blockchain and distributed in towards work. Now I think it's time for us to look at something so that we can visualize how the real Blockchain books block explorers. Help us do that. Blockchain dot com is an explorer which has been going ethereum and Bitcoin cash in its upset. You can go through the entire history of Bitcoins in this Blockchain explorer. So let's dive into this and see what other details we can observe from here on. Link it to whatever concept we have learned to love. As you can see, we can see the latest blocks here. It shows the height the hash Ben with it was mine was a minor and the size here This is just an overview. You can get into the details on this. What is the block? Height Mean block Hate is just the number off block in the Russian. So the first block is called the Genesis Block in any bludgeon. And did he have a high doctor? One. The second block. We love the height of two and so on so we can conclude that there are 598,000 blocks in the big current location now. So when you click on any of this, this takes you into the individual plates off that particular block and you can verify other details about that block here. If you can see, the hash of this block is displayed here. Which us? Leading zeros off. I think it is 18. That's a difficult, you know, the previous block hash the next block. Once the next block was created that will also be displayed here. It will not be stored in the Blockchain, but this is just for display purposes. The monthly route which we discussed about only the route hash, will be saved in the block. Editor. The number of transactions in this particular block is 2000. Always the number of transactions in the Bitcoin block with very from 500 a couple dozen transactions. When we see the Uncle total, this is 6000 Bitcoins the transaction Will you miss 1000 Bitcoins here the daughter transaction fees in this particular block is find one total Bitcoins. This is the height there number off. I mean, they're in the Blockchain. Is this block ticking. Sometimes down this will be UNIX. Timestamp in the Blockchain there is in here it is represented in the normal time. This was related by mining, pool, gardeners and pool. The difficulty is here. What is the size of this block ones? You don't want to give you all this. Also remember that the maximum size off a block in Bitcoin Russian can be only one MB. That's 1024 Gaby's on most of the time. It will be lesser than that. Like finder Gaby 800 kb, depending on the number of transactions started has inside the Blockchain. You can also see the norms value here. This is the random number that the minor generator so that the hash of the block has paid in leading zeros. The block we were currently is 12 point favorite coins. That's the one here. You can also see the list of all the transactions in this particular block in the list. Here there will be 2000 transactions here. Let's come back to the contractions partier. When I click on this previous blanc, it takes me to the previous plant and see that this hash off the previous block and it would be five for beef. I pull for you see him as the previous block hash in the next knock that we were looking at B 54 I wanted to tell you about this property called the pseudo anonymity in Bitcoin in this video. So in the Bitcoin ecosystem, please know that this Blockchain is completely transparent. Whatever transactions are happening between accounts is known to all the lords in the credible because it is peer to peer and public. But then, if I am a person who was very rich and has a lot of Bitcoins, I don't want to reveal my real identity and told me face and profile picture and my address on the Bitcoin deduction for anyone of you. What if a robber wants toe kill me and then get all my money right? I don't want that to happen, but still the Blockchain expects that they need to know Marion. What happens in this case is that only my address is shown to the Blockchain at this. But I mean, I'm talking about the big winners. So you need a bank account who send me money, right? Big ownerless. It's like me bankable that can be public. And anyone can see that this actress has transferred so many Bitcoins and see the entire history off. What that assistant didn't know. But then who is behind the godless cannot be a little bit anyone. That is the reason why we're not able to find who is Satoshi Nakamoto. Unless that person shows as the private key, you will not be possible for a student. Certainly say that this person is subtle ship May and then let's look at the transaction itself. So when I click on the transaction hash here also no doubt that every transaction has its own hash, right? So many people, The construction last year Let me take a normal transaction like this. When I look at this transaction, you can see that this address has sent. So these three addresses and I'm all right. So who is behind this actress and not be ableto this property or in Bitcoin is called nestled on a And here you can see that one input has been transformed. Us. Three outputs on the same Samothrace is being used here as well, so cant for the last 0.23 favorite coins And this is the utx so mortal we were talking about in the last week. They also display the fees that is paid in this particular transaction and all the other days, Right? Let's look at this special transaction. No inputs, newly generated coins. What does this mean? Does this number 12.6 to strike anything for you? I enjoy you Guessed it right. This is the newly generated coin given actually work with the miner who mind this particular flock. Remember that 12.5 Bitcoins was given a city work. And the point 12 Bitcoin is the transaction fees. When we look here, the transaction fees here waas 120.1 people So 12.5 plus 0.1 photo Bitcoins were paid for that particular minor. So when I click on the minor, I can get you know, water blocks were mind away. This person are this mining pool. And when they get into a particular address, this is Annapolis. That I publicly and this will kill me or all the transactions that this actress has done. This is why the history off any address can be known from the Genesis block. Billy Fine, 98,000 Splunk. In the grand logic, I also wanted to show you another property here for the block confirmations. So let me take our transaction. We're busy here. The number of confirmations is to win number, right? So what does these confirmations mean? When I go to the other transaction that long? So have group informations. When I go to some other block, then we'll see are different confirmation number. They let me go to an old block. So here I can see that this particular transaction has 14 informations. So what is this information means is that I saw that your transaction in first the block and that is being added to the Blockchain. You get for about 50% certainty say that that transaction has been accepted in the Blockchain and that cannot be changed. But then we saw this concept off are often blocks were to minors, find new palate blocks at the same time, and then the longest block was accepted. Except right. So what if that happens for your transaction on the block that in which you are transaction is present? Right? Because of these cases, we need to wait for some other blocks to get other into distraction. So as soon as they are one more block next to your broke, then that will be one confirmation. If there are two blocks after your from block, then there will be two confirmations and in the same way it keeps on going on more than number. For informations you have the better with certainty. You can feel that because on phone and accepted by the doctor, right, so there can be a dream or chance that the Genesis block itself gets replaced by a block by 51%. But we know that it is remote, and hence we can say that we can be 99.999% sure that once they get about 6 to 7 confirmations in the big blind logic, it is not possible to tampered with my plans, actually, right. Another part of seawater to tell you is that I do a transaction and it goes into the transaction pool on the roof. Off work happens and by the pain in my transaction and doesn't to the black change. It will be a minimum of 10 minutes because every block has created 10 minutes once in the Bitcoin Doctor. Right. So let's say I'm going push up to buy some small item and I want to transfer Bitcoins with him. I will transfer the Bitcoin and then for it to go into the Blockchain and get a confirmation. It will take 10 minutes at least. So after that, if the person has to be some pain about this transaction, we need to wait for six block informations. So it will be about one hour from the time I transact. I'm through the time he gets up information that, yes, this transaction is running right. So that is the reason why Bitcoin cannot be used for micro payments like using it in supermarket ex cetera. But then real world applications there are other implement tensions in Blockchain to rule the same thing. So Bill going can be talked off mechanism where you can send the higher value transactions to others, but not for micro payments. Right? Let's look at the other things here. Card transactions made. So when I look at the transactions, all the constructions will be displayed here and the most of these transactions would be in a block by now. And the average fees per block. Even so, the average feast but transaction in the big green ecosystem, the average value off Bitcoins being transferred per transaction is 0.35 Bitcoins. The difficulty, as you can see, is going on Increasing hash rate no is or 104 million data hashes per second. This is a conception pool and the size of the transaction pool. Great. Sometimes it may be higher because more number of transactions are coming into the transaction pool, and sometimes it might be very low because those transactions were picked up by the blocks already. This source is the price of Bitcoin in USD, the number of transactions pretty and the unconfirmed transactions. Why would some transaction be unconfirmed? If you think about it, let's say you want to do a transaction and you're not giving any transaction teeth as they don't do. The transaction fee is an option of me that you can pay for the minor right? But the minor. When he picks transactions from the transaction pool, start sitting a visiting order based on the fees and so if you give, have made very minimal t are no vehicle, then that will be left in the last part of the transaction. Food right through Minor would be interested in taking your transaction on and adding into the book because he's not getting any word from. That's the reason why some of the connections might be unconfirmed in a few situations. But then, let's say I'm a minor. I want to pick some transactions in a block. So even if I picked 500 are 1000 our photos and transactions, it's going to be the same thing anyway. I need to find a random non Stember to find the hash before they get added to the doctor. So instead of just having 500 transactions with that transaction fees, I will out of pity, probably choose the transaction with your transaction fees and also added to the election because I'm not losing anything that way. Transitions might get confirmed even without any fees, friend. And so we have seen the entire deal Bitcoin in this section off this year, amid cores, we have seen the signatures transaction pools, Afghanistan, more glittery mining and consensus algorithms, hope Krucoff Worker Garden books, mining difficulty. The monetary policy Mining hardware, 41% attack resenting $4 beauty excess on Bitcoin's like people. We also so just know that whole Block Explorer can help you visualize the direction. It you're welcome to go through the individual videos again. If you will want to replace a concept that's unclear. Our post Your query in the question section of you. This is everything that I know about Bitcoin and everything that you need to know about. Bitcoin took on yourself up. It kind export with this knowledge. You know Novaya Blockchain based system s tamperproof, secure on revolutionary. I would not recommend you binge watch the series, but rather spend enough time in each concert. Give it some time on die just the same on then get under the next section. See you in the next section because 28. Intro Full node and Light Node: Hello, everyone. Welcome to the section of the scores on wallets, art coins and keep doing miss minutes. So the obscene Holberg line works. And how weird is acting as a global currency, etcetera. And we have also known that Bitcoins are stored and the water off a Bitcoin is no only by their address. Right. And we also saw during the search signatures on the asymmetry Kika photography's that we need both a public e on the private key. Don't do any transaction. So these public e and private, you need to be stored somewhere. And we also need a place where we can access our Bitcoins and send them to someone else. Wallets access this place where we can store Bitcoins Are you neither Cryptocurrency and use it to do transactions as well. So these wallets can also act. Us plans wanted to which actors claims are called is full loves. So what is a full nor, ah full or, for example, Bitcoin core is a full nor for Bitcoin go Ethereum is a full north for go and did less well , it is a full nor for the cardinal Blockchain. So these are software claims which you don't look into your one system. And then when you don't look this this software helps you download the entire data off the Blockchain. Let's say from the genesis block off going auditorium our current abduction and have it in your system, and then you become a nor in the Blockchain ecosystem. With this entire Blockchain stored in your system, you can also start mining blocks and generating new coins as rewards for yourself. There are also other types of Rolex called us light loads was just not enter into mining. Are does not download the entire blocks in into our system that only can act as a regular wallet, where you can store your coins and transact with them. These late wallets would need to contact a full lord in the Blockchain ecosystem so that they can get the history of the transactions and then do transactions in a violent manner. So let's look at the different types off wallets and different types of exchange is one of the different outlines. A few examples, and then we look at the risks in crypto investment as well. Let's get into this 29. Addresses and Keys: we have already seen in the previous sections on how good your transaction, using digital signatures and how any, nor can verify with your public e whether you have the person who also started the transaction, right, let's recap it here. So let's it is the user and he has a private key office world. It is in the post box because it should not be known by anyone else. And this public e has been derived from the private key. So whenever he wanted transact something, a message or some cryptocurrencies, he will send the message on add a signature. The signature will be added by hashing his private key on the message. The time stamp exit. So when these three functions called the message signature on public E are put into something or as a verification function, this throws off the bullion, saying yes or no? Yes, means that this person has signed this with this private key and we are very fire did know , which means this person does not seem to have signed it, and hence we need to reject this transaction. That's how lords can verify the source off this entire transaction itself. Finally, we have seen one part off this entire thing called private key public ease. How to verify this digital signature except from But what do you give it to others? Let's say you are a person year and I am a person B's. I need to send you Bitcoins, right? If that is the case, instead of flowing your public e, I need to know something called as your address and addresses nothing but your public e. And it is has to buy an algorithm. It maybe associative off the six architect off just our any other hashing mechanism available there so you'll create an address. And this Bitcoin address is what I will use to send you. Bitcoins Are any other Cryptocurrency? Now? Let's look at the other type of wallet and improvement over regular wall. It's called the Hedge de Waters has dual. It is hierarchically, deterministic wallets where they will be one master private key and one master public E. And with this combination, there will be a lot of privately and publicly combinations and hence a lot of actresses. So when you want to give this addresses to somewhere, you can give wonder Chris after time and everything will come to their heads de wallet anyway. So in this way, a person will cannot watch water supper to you in the big going public Blockchain and trace you back and things like that. So this is more secure in the sense you have more private keys and more addresses, and hence you don't need to reveal your actress every time you want to get a transaction. So if you are a person using my people transactions and getting and spending a lot of big kinds, you don't want to trigger something in the Bitcoin ecosystem calling. This actress has been sending and receiving a lot of Bitcoins and then they start investigating about that address and looking at your history, I don't think your would want that way. So far, better security purposes has do, wants came into the picture. No, there is something very important that we need to understand having looked at wallets, right? So they would have seen a lot off crypto hacks that has been happening s o many Bitcoins stolen from somewhere. And then $40 million worth of Bitcoin stolen from bylines exchange, etcetera. So we would start thinking when we don't know about Blockchain that these air hugs that happened in the block units of not really guest Let's say you have your bank of concrete. So if you lose your password to somewhere on day, enter your lead banking account, send all the money that you want to their own. So this does not mean that they have had the bank itself. They have had your own account, right in the same way. So if I lose my private key, you can get access to my account and you can enter my account, transfer all the balances that I have to your own wallet. So this cannot be called us a problem with Dr. But this is a problem with private keys and public ease. Private keys should be so, so secure, and you should keep it very safe because once you lose your property, you will not be able to get your grip go back. There has been a lot off money in terms of crypto that has been lost in wallets because they Warner forgot the pirate king. Imagine you were Bitcoin miner in the initial stages like photos and 10 11 you would have done something but because we're not worth anything, attacked him, so you would have got a lot of Bitcoins. But then, after a while, you would have lost interest in that and lost your private GS Will those Bitcoins are worth a lot of money now, but you cannot access them because you lost your private key. That's what is happening in the world, and millions of dollars have been lost like this. It's This is the reason why there are people who put their private keys Inara Faidley's and inserted into their body. Other person tattooed his private key in this arm itself. And this is these are ways in which you can secure your private key. When we look at the different types of wallets, we'll get to know how secure each and every type of wallet is. We'll see in the next video 30. 80 Million Pizza: talking about wallets and going transactions. I don't know your fun factory the 80 million beads on order, right? In 2010 On May 22nd there was this person called Last Low agreed to pay about 10,000 Bitcoins for two pizzas. So he just contacted to on Lend someone They want an intermediary who got two pizzas for him by being $25 to prop agents. There were there were two large pizzas. So he got them and delivered it to this person. Got 10,000 Bitcoins in Britain. That intermediary was also getting a still deal at that point in time because 10,000 Bitcoins were worth $41 at that time in 2010. And since nobody was accepting Bitcoin as a currency at that time, this person who bought de pizzas for 10,000 Bitcoins was also happy attacked him. But then slowly it increased. And the current value of Bitcoin today is about $8000. So do pizzas that were bought for 10,000 Bitcoins in 2010 are worth $80 million. At this point in time, it might increase as well. Who knows? On this day became so famous that this is celebrated has been going Pizza Day Every year. I'll give a link to this article so that you can go through this. 31. Types of wallets and live wallet creation: know that we have seen how wallets work and then improvement over wall. It's called us HD wallets. Let's look at the types of Cryptocurrency Waller's nights off Cryptocurrency wanted is how you access your wallet on done your public and private keep. So we have different types, like online wallet, paper, wallet, hardware, wallet, mobile wallet, desktop wanted. Except so an online wallet is just a website where you go sign up like you do in a normal social media website and you get your public and private key. There, you can start transacting with your cryptocurrencies in their own land. Upsetting. There is also mobile wallet, which acts as a mobile application. You can don't know that sign up for it, and then you can start with your corporate crypto trading. One thing to notice that the mobile wallet ordered online wallet can only act us light loads. It is not possible for these two wallets to act as a full lord and don't know the entire Blockchain or do mining, except for the purpose of mining, are to get a full node. People usually get a desktop. Will it? A testable. It is some A software which you don't know into your desktop, and then you sign up in their the stop application to get your public and private. Keep here. The public and private key are stored in your software and not on the Internet, and hence the stop. Bullets are more secure than or land on mobile wallets. They're only and mobile wallets become centralised because you are saving your public and private key innocent girls over somewhere. And hence it for Hacker comes and he can get access to your private key just by hacking this central's over in the stop. Will it? It is a bit more secure, but then, whenever you're connected to Internet because of malware and phishing, you are always vulnerable. Then let's look at the hardware wanted. Ah, hardware bowler Looks like a print right? Or any other U. S. Video is that you plug into your computer only then you'll get access to your private key on. You can do transactions with that particular device. Then comes the paper. One it paper. One. It is nothing, but in simple terms. You write your private key, initiate off paper and keep it in your physical wallet. So that's kind of the best, more security. But still, we have even more secure platform to store our private keys. That's our brain itself. So if your memories the entire private key and don't lose it, then that's the most secure way of doing so. What are custodial bullets? We saw that in online wallet on mobile wallet. We save our private key in the central server, right? So they are being custodians off our private case, and hence they can be called US custody wallets when you save your private key in a different location in a central server. Now let's go to big going dot org and see what kind of once they are having in their upset . So the new select your operating system mobile, the stop hardware, our Web, they will show you different types of wallets that are available. So when I click on each and every platform, there are multiple wallets available on the degree off centralization. Transparency. What is a validation level? Etcetera has been shown here itself in a graphical manner. You can also download it that stop. Will it based on your operating system of that bullet. Btc dot com All coin hardware wallets, a ledger nano pres are very famous. Hardware wallets You can also get keep key called card or big box. Let's look at a ledger, nano and razor just to get a feel of how the hardware wallets look like. This is how the general it looks like there's got a ledger Nano is, and you can plug this into your computer just like a Pendry to get your private key access and transactions and praise our looks like this. So now let us look at an example Dark coin. This is a bit going one it that is a bullet as well. So let's try and create a new one it and see the process of creating a new wanted on Get our public and private key for this particular wallet on. Hence, you will be able to understand in detail how wallets work. How does Republican Private Key look like etcetera? So the name didn't do this and create a new one. It they asked us to generate a press pass freeze. A pass phrase looks like this. It's a 12 word random string that is a representation off your private key. Remember I told you that your mind is the best place to story a private key. It is nearly impossible for a person to remember. The long hex are dismal number in this mind forever. And that's why the private geese are converted into a past race like this. And this makes it easier for you to remember this even in your mind, Arvin united some of it This past race is also car does anymore, Nick. So give this in mind. A past race are demonic is a word string representation off your private Keep make sure you write this Don't are copied somewhere in your notes application so that you don't lose your wallet forever. Renee and others, they last for confirmation just to check if you have returned on your pass phrase, it has also asked for a pin for easier access. So I have entered a pin and I have removed that from the video for security purposes. So yeah, now that we have entered this wallet and created of all it for ourselves, this is all we can send money to others. Remember the Bitcoin address that I told about so you can enter their address, enter the amount and then the fee is suggested by this website itself. Renewal convent from you can send money to them. This is my wallet actress. So the public e which we spoke about its hashed And this is the hash of that. So this can be called as may Bitcoin artist and I can give this actors to someone else In order for them to send me money. I can also exchange Bitcoins into some other Cryptocurrency here. This is so many history on all the other tokens possible the other coins like Bitcoin. Let's say ethereum light coin can also be used in this one It since you've already logged in with your private key Every time you try to send some Bitcoin, you do not need to enter your private key audio pneumonic minority. So you're pneumonic aria. Priority will be just used for logging purposes one. Once you do that, the system understands that. Okay, you are a violent person with the private key and hence do the transactions. But your private key on your behalf Now let us look at home to regain your account with your pneumonic When a sign out off this and they want to open an existing world. It it just ask for it. Well, word past race, which is our early morning. Let me just enjoying my morning here. So once they endured my past race, it asked for making the J contender and then get into this. No, we saw all we can regain our wallet. Using a demonic are the past race. This can be done in any system. If you go to a different desktop order, different laptop or your mobile, you can log in using it This far past pressed into any off this kind of space minutes. This is how wallets are being signed up and can be used for transactions. See in the next video. 32. Altcoin Intro and Litecoin: know that we have seen the implementation of Blockchain in the real world use case called has been going We need to look at other tapes off cryptocurrencies available in the market as well. Seven big kind came. We saw that as an example because that was a very first implementation of Blockchain and then looking at Bitcoin success on the wonderful technology behind it. There were other people and other organizations who can came up with their own implementation of the Blockchain. Also, for example, like going ethereum us ripple iota at a few examples which we'll be seeing in this section . These coins, because there are alternative to the Bitcoin Blockchain are called us. I'd coins Let's look at this Blockchain called us like going No. This is similar to Bitcoin and created after seeing the success of Bitcoin in the year 2000 level by a person called us Charles Lee. Most of the concept that resigned Bitcoin will also be applicable to light kind. We can see that there are a few differences in the perimeters that they use and hence this become a separate Cryptocurrency by itself. As you can see the quiet humanist 21 million in Bitcoin where is in light kind of 84 million? I'll go them. Use your is accepted. Such a proof of the six was a scripted like going mean block Time is an important difference that they highlight so mean dark time in Bitcoin is 10 minutes and here it is just 2.5 minutes. Difficulty target is reregister as well. On block reward is also hard every 830,000 blocks initially, what was for people coins in between ecosystem and 50 light coins in the light queen ecosystem. But here, since the stable is a bit old, you would see that there's 25 going rewarded than 50 like 20 work. Take it with a pinch of salt because at the time you are watching this video, it may be lesser. There are different block explorers for each of the block chains. Other details you can see here on the market capital also very depending on the market price off but going on like coin. So this is not a fixer number. Anyway, light kind in the crypt oval is also known as the silver in the crypt of word. So whoever is not able to buy Bitcoins, which is the gold standard, will very light kind in the same baby saw the block explorer for Bitcoin. We can also look at a block exploring for like going which explains the height of the block and all the details have resigned. Bitcoin will also be available for like coins. You are free to go through this website or any other block experience for, like coin to know more details about like 33. Ethereum, EOS, Ripple and IOTA: get some more use cases of Blockchain in the form of art coins. So Bitcoin is a use case off Blockchain. Very. It tried to create a global currency and then came right coin and other similar cryptocurrencies, which is also only used for global currency on payments. Then came material. In the year 2013. This person called metallic Putin was so impressed by the Blockchain technology that he told the other Blockchain technology is so beautiful. When should I want lead restricted for global payments? I can also do something more with that. And that's when he came up with this concept off bacterium and smart contracts that is a recently Bybee call atrium as a global decentralised platform for money and new kind of applications. This new kind of applications based was not possible that Bitcoins So what was happening between going came up and then Ethereum was coming up. In those years, if I was a person who knows Blockchain technology, I have to create a new production for myself in orderto utilize the Blockchain technology and build a different use case using Blockchain. Let's say I wanted to build an application for Iot devices I had to create a new blocking by itself with all the underlying protocol big by myself. And that's the reason we have a lot of clients in the initial stages, Atrium said. Use my platform called ethereum so that you can build applications according to your wish. You can build applications using smart contracts on these applications will also have all the properties off the block chain ecosystem like decentralization in mutability, etcetera for no Imagine smart contract to be a digital contract there in the difference between Bitcoin and Ethereum. Let's see in Bitcoin if I want to transfer you 100 Bitcoins, I can do it directly by giving your address, but in material, you can do it based on our condition as well. Let's say I need to transfer you 100 Bitcoin one leave if I deliver this training properly , that is not possible with Bitcoin, but in the Italian world, this is definitely possible. Using smart contracts, a medium uses its NATO Cryptocurrency called US Eater. It also uses a concept car gas, which is paid for all the execution that happens using smart contracts, gas and smart contracts will be dealt in detail in a new course that I'm creating that will be dealing with development of smart contracts. Signed decentralised applications based on Italian platform. Let's also look at this platform called US Airways US. Another black change platform based in China, which is similar to the Italian foundation. Right. This is also Carla Seaquarium killer, because the idea behind us is to bring together the best features off. Both devils been going security on the computing support off material, So Ive always talks about Constance is based on evens. It is also a platform where you can build smart contracts on so any Blockchain platform where you can build smart contracts on our coldest, programmable block chains. It the remedy ways are examples of programmable launchings, while interesting point to note here is that Block Down one, which is the parent company off the ways who is building the Seaways platform, was invested with about $4 billion in comparison with atriums. I see well in the beginning, which only got $6 million as investment. So this is because off the promises that he weighs this planning and let's see if they delivered their promises. The police are real time grass settlement system. Lorna's RTGs on currency exchange on Remittance network, created by a company called Less Ripple Labs. This was released into doesn't well, and this focuses on banking transactions. So when I want to transfer money between me and someone else in another part of the geography, then the transfer can be validated by either bank are appear. This is why banks will be able to use report software to shift money between foreign countries. Bangs are planes off Tripoli, and they use report software for the transactions. The native currency used to buy report is called US Ripple itself, and it is denominated using accepting. We'll also look at this interesting Blockchain implementation called Us Iota Iota, as the name suggests is for Iot devices they call themselves and Cryptocurrency the same for Internet of things. The properties include scalability, decentralization, modular and fearless. So in material or Bitcoin, whenever the door transaction, you based on fees to the miners. But here, since there is no concept of mining, there is no fee in world. This also aims at scalability on the transaction fees is very less as we saw already. The interesting thing to note here is that iota doesn't call itself a selection. Instead, they call this algorithm that they used to maintain the conferences between North asked angles. There are a lot of resources available to go through about IATA and you are free to go through if this interest you. I have created an assignment so that you could work on your own on a few more blocks in implementations and that some old coins so that you get to research you ourself and understand more about the Cryptocurrency. And hence you'll get a better understanding off whatever theory via I've seen. Don't know the assignment will have instructions. Please follow the same. And once you do that, you will be in a very good position to understand our clients on different implementations off Blockchain. See you in the next video. 34. Exchanges and Crypto Investments: fine. We have seen whole Blockchain works. Hope it going works how to use wallets to transact going between one another. What are the art goings available? Except so there should be a starting point when you need some big going to transact to others, right? What are the ways of getting a Bitcoin in the first place? The first option, as we have seen already, is by mining. When you are a minor, the Bitcoin ecosystem and you mine a block, you are rewarded with that block reward that is 12.5 Bitcoins currently, plus the transaction fee also comes to the minor. So this answers on a very important question that would be lingering in your mind. By now, Bitcoin has been captured 21 million total coins by the year 2000 140. What happened after that? 40 miners? Because if they might, they would not get the block. We were right. The answer lies in construction feast. After that, I really think the transaction fee will go high for each transaction so that the miners will be watered enough for mining their blocks. Another option is to extend your fear currency in tow Cryptocurrency through exchanges. So what is fear? Currency? Feer currencies All our USD cny I in our exit from which we use in the real world feer currencies are regulated and that's a place control by the garden mint off each nation on. We need some foreign exchange to convert one Fiat currency to the other in the same way. If you want to convert your feet currency into cryptocurrencies, exchanges will help. So these are about exchanges that help Can what? Fiat currency into cryptocurrencies. There are two types of exchanges. One is the first time that we saw there You can exchange your Fiat currency USD or CRE, into a workable currency like Bitcoin Narita. Other one is called Bitcoin Exchange very can convert your Bitcoins into eater or light going exactly so initially who will be the people who are selling this cryptocurrencies in the exchanges will be the miners themselves because that is the only way to create Bitcoins . So if I am a minor, I've been getting a lot of Bitcoins because I've been mining a lot off blocks. What will I do with all the Bitcoins? Right, So I go to an exchange and then I can sell it for real money from you. So that's how Bitcoins coming to the ecosystem and we can start using. I'm trading in because nowadays, the difference between these exchanges feared exchanging Alcor in exchange, but is becoming quite diminished because every exchange, for example, by announced, is both off yet exchange andan alkaline exchange? No. So they are increasing their features to include include board for yet and all clients. In their extent on bus, the difference is becoming quite diminished. Good enough now that we know how to convert our forget money into crypto currency and how corporate cryptocurrencies among each other, using out foreign exchanges, we need to also look at the risk that is involved in corporate investment. If you look at a traditional stock investment, you have a physical company where you can see that and there is a CEO or chairman who have their own annual meetings, and then they also give out their financial statements for your foot on the stock exchanges are all regulated so that there is an upper cap per day. The stock price can go only by a maximum or 5% and after that there is no trading possible for that particular stock. Same goes work down also, so the stock place can go down only up to Viper's and age below, which it is not possible. Right? These kind of regulations does not exist in the crypto market, So you get a person who wants to invest in Bitcoin as an investment. It might be very fruitful as in, if you had invested something about $41 in 2010. Now it would be 80 million, as we saw in the piece off example right. But it might go down as well, so there is a lot of volatility in one in the crypt of market. So there is no regulation with sales maximum capital, 5% for today, etcetera. Hence it can go up from $3000 to $18,000 in a single day, and in the contrary, it can fall from $10,000 to $3000 on the same day. So that is the reason for high volatility in the capital investment. There's also something called liquidity. Let's say you buy some crypto coins, live out all the famous cryptocurrencies like Bitcoin Czar material. Mexico's the new by something like a George coin or a CIA coin, which are less alone. You pay a lot of them and keep it with yourself when you want to sell it and convert that into Fiat currency, they should be buyers off that right? So what if there are no buyers? You are investment on your number of cryptocurrencies that you have is not accepted in the market or it's not in the daily trading limits at college. You wouldn't find buyers for your Cryptocurrency, and that's when Lee Liquidity gets affected. There is also an extreme hype about this because everyone knows Bitcoin nowadays, But nobody knows what is the underlying technology. Because there is an extreme hype, the price might be very, very volatile and that we need to take care off before we investing any Cryptocurrency. There is also different regulations in different countries. For example, US. Canada, Russia, Australia, China, Japan. They differ in the Cryptocurrency regulations. So some look at crypto currencies as an investment. Some look at it as an asset on the charge taxes on the returns that we're getting from preferences. So before you do some crypto investment you need to be aware off the particular regulation in that particular country. There is also a problem off security. We have seen a lot of cases where cryptocurrencies were stolen from exchanges because exchanges are centralised anyway. So if you are creating an account in an exchange and you have a public and private key, that brevity might be compromised too. Well, hacker on when he gets the private key off yours, he can take all of your money without your consent because he asked the property and he can sign the transactions digitally. That is one more thing which we need to keep in mind before we get into crypto currency investments always choose an exchange with chance. Very high security are just a decent unless exchange that is better. Having said that, I would recommend our lot rectum read Cryptocurrency Investments because I would like to stay in new girl in the schools. I'm just giving you knowledge about it. And you are the best church if you want to invest in cryptocurrencies or not. So in this section we saw all about hold the story or cryptocurrencies how to transact with cryptocurrencies. What are the different cryptocurrencies available. How do you convert your feet Money into cryptocurrencies and how to convert cryptocurrencies between each other? A lot of cryptocurrencies Cryptocurrencies. Right? So that is what this section was all about. Hope you had a good understanding about cryptocurrencies on exchanges. Let's look at atrium smart contracts and other leaders in the next section off this course . See you in the next section. 35. What is Ethereum: hi, everyone having seen Big Kind and it's working in detail and some of the old coins as well . I think it's a good time to look at the history off Blockchain. The Blockchain is not a new concept that was suddenly developed in 2009. There were a lot of such is going on even before it started from the year 1979 itself, 1979. This person called us Ralph Merkley, came about the mark lately, which is even know used in Bitcoins. We saw that it's a binary tree, which holds hashes as leave notes and leave notes are hashed together to form parent lords . This is continued till we get a root, nor with only one hash. And then, in 1991 stored Harbor and Scott's Tanaka came up with cryptography. Really secure chain off blocks their concept waas time sample distill document and hence it becomes very secure. But then they were all struggling with how to bring up with that consensus mechanism. From the year 1991 to 2005 nearly there were a lot off cultures mechanisms proposed by a lot of professors in college. These were not really working for our last number off notes. They were working for probably about 20 to 25 notes, but not anything more that is well, Bitcoin came into picture. Bitcoin has implemented a distributor decent life system in a very beautiful manner and brought in conferences as well. It is so good that this Bitcoin system is the most secure the super that system in the world today. Imagine from two dozen nine when it was launched. Still, no, there has been no hacks in the Bitcoin ecosystem. We know that it's a decentralized peer to peer permission less Cryptocurrency completely destroyed. Cryptocurrency was a dream before Bitcoin came in and then people saw Bitcoins. And then from 2009 to 2014 there were a lot of cryptocurrencies coming in because each one had a different use case and they wanted to build something. But Bitcoin was not changeable, are flexible. Bitcoin was not a programmer blocked in as we saw before. Examples of these alternative cryptocurrencies are like crying, etcetera in photos and 14 this person called metallic footprint told that I'm going to pull out the technology which is powering this global currency called Bitcoin, and I'm goingto build some more on that. That's some more technology built on Blockchain are called smart contracts. So people were like, Why should I only use Bitcoin for global payments? Let me use it for other purposes as well. And invention or smart contracts also gave way to a lot of developers to build decent place applications based on Ethereum. They did not need to build their one Blockchain to implement a new use case based on the Blockchain technologies. That is right. We've seaquarium us a revolutionary technology which is still very good at building decentralized applications. Let's look at the different types of block chains here. So what is the tedium? These other Blockchain is a technology which is powering multiple cryptocurrencies, including but kind and material. So Blockchain technology can be used. Toe build protocols are coins like Bitcoin ethereum new like coin ripple. Except these cryptocurrencies maybe programmable. Our own programmable examples have been given here for Bitcoin like coin and ripple. It is non programmable. But then it even knew have this advantage that you can build smart contracts based on that and hence decentralised applications tokens like TRX Rep PPT snd. We're all tokens built on the Ethereum platform. Same goes for DBC, you'll see, except which is billed only knew your platform. Let's say you're a developer who wants to develop an app which has all the beauty off Blockchain like decentralization Autonomous Solana. Nobody, except this is what's not possible with existing implementations of Blockchain like Bitcoin and hence a medium was spoken about a lot. Looking from a Blockchain perspective, all the concept that we've tried for Bitcoin also exists for a stadium. The difference being be kind only considers transactions as shown in the figure Marissa tedium can do. The same transactions has been going us and also hold smart contracts with it. We look at what a smart contracts in the next week. 36. What are Smart Contracts: as we saw earlier. Smart contracts enable you to build decentralized applications based on a Syrian platform or any other programmable Blockchain for that matter. Like so, what are smart contracts? Really Smart contracts for digital contracts, which are verifiable and enables trust between two parties. Smart contracts are usually used to eliminate intermediaries between two parties playing for transact with each other. We can expand it better with their small example. Let's take you want to buy a house? This involves a lot of intermediaries like the government registrar, where you want to pay money to someone get their house. That's the only thing that happening. But then there's a lot of paperwork involved for you to register that you are the person who is buying that house and you become the legal owner off that particular house from tomorrow. So you have to go to the the garment district on Register formally that you are paid this much money and you'll be the legally and forced to owner off that particular house from next day. And this also involves a lot of fees that we need to pay to the middle men. Call the registrar if this is done on smart contract, etc. The smart contracts can have conditions with, say or leave. This person has transferred so much money to the other person are the seller. The buyer will get the ownership of the house so the house can also be an asset on this month contract in which it stays. If the buyer has paid this alert, the exact amount that they agreed upon, then change the ownership of the house from the seller to the buyer. This makes it very easy and you eliminate a lot of intermediaries. Onda lot off East in this process. Let's take another example where centralisation pace of major pool, right? Let's look at the concept of lotteries not resist. When I am a person, I want to take a big risk and invest in a lottery. I will invest something like $10 into the lottery and buy a lottery ticket. The thousands more who were investing $10 each to get into the lottery. So the entire amount that's there with the Central Party called the Lottery Management is about $10,000 now, so they will do a random function and find out the person who has won the lottery. So the embarrassment of $10,000 after paying some fees to the largely management will go to the winner. Do you see a problem here that there are 1000 people on? There is a central authority called Is Largely management. Who is thinking someone at random? How can these 1000 people be sure that this lottery management Ismar cheating us? They could very well pick a person, and if they noticed that they don't want them to win, then they can go for the random for again, pick up another person. This is not possible with a smart quarterback with the core being return. Ethereum Blockchain on the core, being visibility. Everyone participating in the notary. They could see how the court works and be sure that it will only choose a personal random. And it cannot do any cheating with respect to the lottery villa. The most important advantage of this kind of a smart contract is that the amount you pay, let's say $10 are in the atrium ecosystem. It'll be eater, right? So when I'm paying 10 meter to enter into the lottery and 1000 more people are doing the same thing there will be a total of 10,000 meters stored somewhere in the earlier case. It was with the lottery management team, but here it will be with the smart contract itself. Remember that the contract can hold money. This money held by the contract can be given to the vendor only if they meet a particular condition here. The lottery management cannot run away with the money that they had caught from. All the people on the money will only be transferred to the minority contract. This way we secure and then we make it transparent using a smart contract. Another good option would be a working system barren if there is a ballot work for a cheap war or even digital boards, right? I cast my word to a candidate, but then I don't know if that particular word is being countered. Are the Central Party is doing some conquer feeds with that? Because all the words are going and stored in a central party. If any of the candidate is politically very strong, he can impact the result of the working through all these contracts. This is not possible with a smart contract because it is immutable and transparent. I hope this concept of smart contract is slowly getting in your minds. No. Well, look at what all the atrium note contains. We thought that a Bitcoin nor will be a software which is installed in your system so that you can do mining. And it also contains the entire copy off destruction. Right? And William notice no different. Just that it will contain the history of all transactions. And along with that, it will also contain in history off all the smart contracts in the bacterium Blockchain and also the Garden state off all smart contracts in the Italian Blockchain. What I named by the current state off all smart four types in the first example that we give the ownership of house rate. So that would be a smart contract between the buyer and the seller. So this house in the smart contract will have a state. The state will have a variable Carlson owner. So the Warner variable, maybe the address off the seller first before this transaction happens. Once the transaction happens, the state off this very well called us Warner will change from the sellers are dressed Cody Buyer Centris. That is our states in just in a Blockchain smart the Ethereum. Nor are each of the ethereum nodes will hold the current state off. All this more contracts in the ethereum Blockchain in the next video, we'll see some more concepts off it. Did you? 37. EVM and Gas: Let's look at the concept off Italian virtual machine and gas in this video. If you're a programmer, you would have definitely come across this concept of compiling right. Any of the smart contracts that are built on Ethereum Blockchain is compared to a lower level cold called us up cold. So this up court needs to be executed by something in H and every Nordoff, the Blockchain to verify the smart contract is true and the transactions that's happening, it's valid, right? So for this, we have this concept called this atrium Virtual machine Etienne Virtual Ricin or the Veum is the one that runs this up courts to perform the transaction and added to the Blockchain . If you have used Java, we have this Java virtual machine, which works in a similar vein that runs the lower level court in the mission. So why do we have virtual machines in general? It's that if I'm running this program in the mat book or if I'm running it in clinics or windows, this program execution by the machine should not be affected by the OS. Are the configuration off the system in which it is running? It needs to provide a level of abstraction between the system in which it is running on the actual running off the court itself. The Ethereum nodes are different. A number Let's say there's ago Ethereum nor called get are there is a parity. Norwich is based on vital, So these are different types of plans that bacterium can be run on. I respect you off. If you have a great area, more parity. It should not affect the execution of this month contracts as off course in your machine. That is the reason we're separating virtual machines on the actual system. There is also the problem off private face. If I am running a tedium lord in my laptop, and I want to execute the concept of smart contracts in my laptop, what if there is a smart contract which steals my private daytime vice from my laptop? That shouldn't be a case, and hence I want a virtual machine, which is abstracted from my machine itself. Also, if there is a malware or virus that is there in my system, that shouldn't affect the Italian note on. Hence, because of all these tricks, we have this concept of Ethereum virtual machine which runs on the up course. Next we look at the concept of gas. So what is gas in the Ethereum Blockchain whenever you execute a smart contract that is changing something in the Blockchain and that becomes a plant section of the Blockchain? Until for any transaction that happens in a Blockchain, we need to pay something to the miners. Any programming language that as a for loop on my look or an if condition, which does not work well, there might be a possibility off. Infinite loops are inefficient. Cool. Let's say you are using an indigent variable in a place where you need to only use bullion . This will all be a storage or the transaction in the Italian Blockchain, so we don't want developers to write inefficient cool. We wanted to be very cautious when they're choosing the variables on when they are writing loops or any of conditions as well. That's why we have the solution called us. Guess gas is nothing but the amount that we pay to the Italian Blockchain for every transaction or every storage that we are doing In the Italian Blockchain, for example, addition takes three gas multiplication, takes three Yes. And just like transaction fees, I can descend upon what eater place? I am going to paper gas to exit your these transactions. Let's say I am doing an audition operation within my smartphone. Like I can choose that I'm gonna pay one meter but gas in during May transaction execution . So the total fees that I'll be paying today three induction will be three Gaspar tradition into one meter. Reach So three Either will be the amount that I will be paying for the Ethereum Blockchain . So why do we have this concept of gas in the first place when we have either Already, we could very well say addition takes three. Either multiplication takes toe to eat or things like that. That's because we don't for programmers to face the wall agility that pass in the market to rave him and executing an addition Operation I shouldn't take the $100 for it. And tomorrow, if I'm doing the same operation, I pay $1000 for it because the median price has increased five times between today and tomorrow. That is a problem that we face in the real world. And hence they comes to concept of gas. So tomorrow, even if Italian goes up by five times, I can choose to pay the same $200 by reducing my part gas costs when I'm doing the transaction. This separation between gas and neither is what gives the gas place or any operation placed in the smart contracts at a constant level, just like we saw block explorers to explore all the blocks in any off the block chance. Like Bitcoin or ethereum. We also have this website called Us Idiots Gas Station Parking for Let's Take a quick look at water choices. So when I come toe idiots gas station darting for I can see that the recommended gas praise is given here. If you want your transaction to be very fast, as in you posted in the transaction pool and miners want to picket fast, you need to give more transaction fees, right, so this stays 0.31 part transfer is what you need to pay in terms of gas to make a transaction fast. The standard and the low prices are also given here. If you pick, choose the lower value, then your transaction will be a bit slower because miners will take some time to pick your conceptions from the transaction. It also says Eat 25 leaderboard where, how much eaters was spent on average, the way US devalue. Except we can also see in transaction calculator that the gas uses 21,000. And if I'm willing to pay 1.1 jiggery, then what is the amount of transaction fee in terms of ethereum on the feet place? In this calculation, I can also see the transaction pools here. The gas burners hasn't how much percent a store transaction called they have done. Except so it is gas station. Daren four gives you more information about the gas that used in the Syrian Blockchain. Also, there is an excellent sheet. I get the link off this in the resources section so you can go through the sheet as well. This convinced all the operations X possible in the Syrian virtual machine and also gives how much is the gas used for that. For addition, we take three multiplication, five subtraction, three division five and so on. It acts all off it like andare functions. These are all the functions that's possible. Our operations. That's possible in a smart contract. One thing that you might want to keep it in mind. Now is that any transaction that you do with the abruption or the smart contract that changes the state of the Blockchain? You need to pay a guest because that needs to go as a transaction. But then, if I want to just look at who is the one off a particular house currently, then I don't need to pay any gas for that because I'm not changing anything in the Blockchain. I'm just reading some data from Deduction, and that can be done for free. Which means if I'm doing that kind of a transaction, Vera only leading data. I don't need to pay any gas, and hence it does not cost me anything to do it. So that's it about gas and TV ums. We'll look at the double on the double attack in the next video 38. DAOs and The DAO Attack: in this video we look at what is the Dow, how old our works and the dour tackles. So let's first look at a traditional organization in which you are me. Where are working in flight. A tradition organization will have a director or a Chapman, and then he'll have executives under them mostly see X source. City will see, will accept, and then they will be managers under them, which will have teams on. Then the last person will be the employees in the Empire, three off the organization, right? So the problem with this kind of traditional organization started centralize. The decision making authorities are within the company, and it's all made by the shareholders. Are the employees off the company when this is happening? There is a problem of central authorities that is, the employees managing the organization taking bad decisions that are not in the interests of the shareholders. Are you in this? Our players are the customers of the company might get the satisfied with one day polite. That is, when we get into the concept of decentralised autonomous organizations. The that was force up. Since you have seen smart contracts and hope for these are in the Italian Blockchain. Can we think about a situation where there are contracts which are gaining the entire organization with the an example next so that you understand it better, but for no Imagine that the manufacturing division, also particular companies are separate Smart contract, which takes care for all the manufacturing operation side off the entire company. There is an I D smart contract that's takes care of all the technological requirements off the company. There is a decision making smart contract where people can water and make decisions for the entire double on. There are smart contracts which are trading the smart contracts as well. Right? So this is all this mark on track organization will look like. How is this possible is because there's a lot of automation happening in the entire world, and hence, an organization that runs way itself is definitely a possibility. You already know an example. Offer decently Autonomous organization called us a Bitcoin. Is there anyone who is getting the Bitcoin called the CEO Chapman of someone? Nothing with the founder of Bitcoin, Mr Sarkozy be able to change anything in Bitcoin. Currently are actor system not possible once it is out of the world. It is the appears in the Blockchain that will make decisions on behalf of deduction and health that lack that's autonomously. Let's look at some decentralised economist organization examples so that we understand the concept up that I was in Africa, right? So we already stop it, Cornet Sadaharu. And then let's look at a labour as an example Here, currently, uber is a centralised organisation. Big flavors on customers get connected with each other, get trades and paid it. I waas. Now the payment goes to uber and then comes through the papers. There are a lot of problems with uber and its management off the papers, so whenever I pay doesn't go directly for that, they were on the reserved like Plus, there is a features bio but as well the fees. So Haider's. There is a lot of protests happening against uber by the drivers. Why is this all happening? Is because the decision that being made having to pay for the drivers on did what kind of fees that they need to charge both with the customer. Ondas. A commission for the driver is decided based center look are we call a super. What of this entire organization they sent out? Imagine, since we have self driving cars. No. Those are part of the organization called Les de Over Decentralised economists over. So there is a car which runs the total driver is there in this concept? Callers Dow. Then the Dow look and learn autonomously told any man powerful. They say I'm a user who is using an application in my phone Call, dear. Over, I can tell you, but that I want to go from point A to point B. The smart contract which pits may request but you tell it to the nearest car available with a good rating that go to this particular place and pick up this person go from point A to point B. The central in car will take the instruction from this mark contract Come to me, picked me up and then dropped me at the location. Once they confirm that I have reached the place, the smart contract will to take money from my ago and translate it to the dollar. So this person on let's say the car keeps on going like this. What of the Guard needs some intelligence repaired right, so that we go to our mental shock. The maintenance truck on this double will have an agreement that for this particular maintenance does this work It'll charge and hence the car will be repaired. I'm only repaid from the smart, contracted self moody maintain and shop. And then the cardinals. Same guns up a place for gas as well. So the car was goes to the gas station, get filled, or electricity gets filled, and then the smart contract will pay the gas station for whatever gas that is gas use all the electricity consumption. All the money that goes into this double will be collected in a smart quarterback and also used for maintenance and new, bleak our expansion or any other activities that the company is doing when there is some leftover profit that will be shared with the investors who have invested in this company called us the day ourselves. This is definitely a possibility in the future, and we can expect something like this to happen very soon. It's also look at another application called us. The decent, less autonomous Aws Aws, as we know, is the cloud solution off Amazon in the entire world of cloud computing. I think Amazon wants about 60% age off the entire globe now, and hence that is a huge organization. Imagine the kind of course that interviews would be spending to raise the infrastructure. Have so much manpower on technology, plus security toe. Bring the clung together to build this infrastructure and made it right. So when did that act isn't decentralised autonomous organization? What did happen is Versailles. Every so many petabytes of data, and there are more customers coming in. It will detect the increase in storage accordingly and buy clothes stories automatically by this month. Contract itself. There is no human intervention in born in this kind of a place. All right, So imagine another example where there are decently storage concepts. There is a company called a Storch, which is not contract built upon ethereum Blockchain. Let's say you have some stories left in your laptop, like about 10 TB, 30 GP for three GP etcetera. That is like I really in your laptop. It's is so you can use this pace and rented out the others. The other people. You can use your space, encrypt their information, store it in your space, and by doing this you can get money off. I hope you have a letter that our example sinking in your brain. Let's look at the Dow attack next. So before understanding that I work that we need to understand what is the double first, the damn. You might be confusing because we saw a generic term called Decentralized Autonomous Organization called us the double before the That was a company, which is found in 2016 by a Germany based company for less stopped art I t. So this deductible he's a venture capital fund aimed at collecting money from investors and investing in start up projects, just like a traditional regional capital does just that. Here we are eliminating demented capital and the management partners itself. So what happens in a traditional venture capital is that in most of from all around the world, who are high net worth, individuals will come together and pull their money into over Jack Cafferty. This venture capital will have a management which will look at other start ups and bigger companies which are very future ready, and they see a good growth potential. In fact, they will sell it a few startups and invest in those start ups are companies, so that when the start of gross and value, they can either sell the stock up to a bigger company, are still there shares in the public to get the money. And when they see this profit, when the sort of gross this profit will be shared among the mistress after directing a management fee for managing this entire venture capital, that's the concept of venture capitalists. So having seen the double concept and seeing how a company can autonomously do all these things by itself, we can understand that the investors are the only people required they can invest in plus mark contract when startups coming that can go forward among the investors itself. If it gets more than 50% of the work, then investment can be done into the start of this can be a possible use case, right? The exact same thing was built for the NatWest Well, so they called it and enlisted that it could venture capital firm right. They went for a nice IWILL and in May 2016 many and misters were very interested about this concept offer double which is a venture capital firm on the misprint chart up to 1 $50 million in May 2016. In June 2016 there was a problem, but this smart contract cord itself hiker found this problem in the corps Carla's three entrance E and started hacking this dog because the quarters immutable and it is there in the Blockchain. The developers, even though they found that this person was hacking, was not able to change it are Stop this from happening. What did available data Boss? There is a parent contract, and there was a child contract, which looks exactly the same as a parent contract. The tiny country or the child I will. It's a place where minority shareholders have their money. So if there is a start of project coming into the venture capitalist system and there goes a work for everything right, being a minority shareholder, the venture capital, if I am working for idea and that is not being invested upon, then I will get my money back. That's the concept of parent, the one child. Are you in this one? Take a pitiful, simply speaking. When the money wasn't done from the bottom that would be the child of the money was returned, but the balance was not updated immediately. There was a lag between when the money was returned on. The balance was a bigger So the hacker found this out and used this look cool. Transfer a lot of money to himself before the violence got updated for the cycle. And this way he had nearly $50 million out of the 1 $50 million that this mark contract. Now there came the problem. The all are talking about decentralization and in mutability being very good things. But in this case, the hacker was able to take that as an advantage on hacker parts of $2 million from a double, which is supposed to be very secure. Since this entire ethereum Blockchain is immutable and decentralized with Alec Baldwin, the founder himself could not do anything about it. He proposed toe doing small software update toe cancer. These changes are doing some 51% are back in the Italian Blockchain to cancel these transactions being happening etcetera that I love her here is gorgeous rock. If I am a person who believes in the blocks Indyk quality Andi. I am very impersonal. The Blockchain technology on whenever a heart captains, if you're doing a 1% are back on the block chain itself all. If you're doing some software update, I wouldn't be very happy because, according to me called Islam and nobody should be able to control the Blockchain. The other half thought that see, this is a mistake in the core, nothing can be done about it. And we cannot let the hacker walk away with this so much money. And hence there is a dilemma in between the North in the stadium. Rock tentative. That's when it didn't split into two insert. Because of this one problem, it seems pretty into buildings called us Ethereum Classic and Italian researchers, people who are agreed upon. Okay, we need to reverse these transactions that the hackers don't went one way and the people who did not agree to it went the other way. Anyway, When they split happens, we'll see in the next section are off working happens. This was called as a hard fork and and after this heart told me I could walked away. But $67 million in Italian Classic we have already seen this concept in Bitcoin. But I would like to reiterate the same here, Having discussed did at work, this was not an attack on the Ethereum Blockchain, not the security off the A T induction itself. This was a problem with the court order This not contract on top of the Italian doctor and hence it needs not be confused that a medium junction was hacked the cord and had a problem on leaked, executed, not properly. The hiker found a loophole in the court and hence he was able to hack the system. There is an interesting article on the Internet that appreciating with you on the resources section or future me, those who are interested about the tower can go through that you know about what is the Dow ? Why did that have a problem? What All proposals were made and finally, what happened with the dollar attack that also has some technical details about the cord itself? What was the loophole etcetera? You can go through if you are invested. Let's look at different types of folks in the next video 39. Types of Forks: well, we saw how that was working, the last video and you're so started our attack, which made atriums Blue Tinto called atrium and the Tedium classic right. We also briefly discussed about this thing called us, forking very Blockchain spits in tow. This happens when people do not agree upon a point and come to a consensus on it, it said. There's a bunch of friends who want to go out half of them, work or play fast foot and the other half one so quite continental cuisine. So these two friends do not agree upon each other till the end, and hence they split. Let's say there are 10 trends. Five Goto Continental and five go too fast it in the same very in Blockchain. If there is no human between parties, then the Blockchain is forced to split into two. One group of people who are agreeing with the point goes in the same rupture, and the other group of people who don't want our their decision is not backward compatible goes to a new corruption. That way, we'll did I want happened in July 2016. People did not agree and agreed upon removing the hackers transactions from Dealogic. So this led to a split in the block header one lineman Double NW. When this folk happens, there's an important property. I want you to know banana in this plot. 191 double blind double a person ones One eater. After this pork happens. What happens to is in the Syrian Blockchain. He holds the monitor. But then when it medium class explicates this bloke, this Blockchain also has the same Genesis block as a medium. And hence whatever transaction happened on this Blockchain is this point in time. It's also transaction that we don't play Ethereum Classic and helps. This person will get one meter plus only medium classic as well. So this is our heart for works Whenever there is a split, if a person has a born either he gets one meter under new Ethereum Classic as well in the same way because it has undergone some working toe, we look at secret in detail. In the last part of this video, however, there was another fault that happened in August 2017. The cats in boxes off a kind block can be only one name be. When I began only fertile. So many transactions on that block consort only once in 10 bullets. So it was like only 6 to 7 transactions can be done per second, which is not a good in the real world. Considering these iron MasterCard, there's just thousands of transactions per second, right? That's why people suggested, Why don't we increase the block stays off the Bitcoin from one and B 28 MP because they wanted to fit in more transactions into the block. If there are more transactions, the minor does not need to do anything more. It's just that he needs. He asked more connections, and he needs to find the norms and do well the proof of local garden just in the same bed. So he had us well. They did not complete consensus. Have the people agree and half the people did not agree to it. And hence Bitcoin's split into the regular Bitcoin and Bitcoin cash if you can see in going market cap, because cash is also being traded actively in the current market, having seen Bitcoin being split into Bitcoin and Bitcoin cash, there is another four that happened in October 2017 and the at the block for land 1407 This made because split into Bitcoin and something always been going good. This happened because they won't say increasing usage off a six in Bitcoin mining. You remember the Essex which were application specific integrated circuits which were very , very powerful on at the same time costly. A common person will not be ableto afford this and hence the mining as opponents of was becoming more and more centralised. But Hughes players taking up all the computational power. Some people in the Bitcoin ecosystem did not want this to happen and hence does that we should eliminate the usage of a six from the Bitcoin mining. But somewhere against it and hence the split happened. We need to look at two things here. Soft heart folks. These are the two types of full second happen, right? So when we looked at it going, folks, we saw about Bitcoin castigating the blocks in Toto on Bitcoin Girl spitting the octane in Toto again. Right? But segment is another folk. That happened in July 2017. But this distorts built block genital so whatever for does not script. The Blockchain is called It's a soft work. There is something that Spitzer platoon in total. It's got a hard look. In other words, you can say that after the four happens. If these blocks are backward compatible, then it is a soft work. If it is not, then it becomes a hard fork. Usually in Southport, it tightens the rules in the Blockchain and the heart falls it low. Self those. Let's look at an example of the art for Candace offer and see how it forms. Let's take an example of the heart folk in which going got splitting Toby going on Bitcoin cash. So until this point, all the blocks in Bitcoin ecosystem had my name be. Blocks is right after they decided pulls plate. Let's say a 0.7 nb block came and so this is compatible and hence can't be news in the Blockchain and then a primate and be blocked came and so this is also since it is compatible with Bitcoin, it also exists in the same Blockchain. But this is when we got an eight MP block according to the new rules set by Bitcoin Cash and from here, all the blocks that come after this are putting the Bitcoin cash ecosystem, and from this block it becomes a new blood. Jim Bates I'm one of the blocks which coming that we're going Blockchain 20 new in the Bitcoin Blockchain as well. This is how hot forgiveness happened. Remember that here backward compatibility is not possible. He until this point it says that only blocks which are listen wannabe will be accepted in this not check. And here we see eight and big. We are increasing the block chains, which means we are loosening the rules. And hence there is a heart fork. This is what happens when there's a soft foot that's happening. So let's say I'm reducing the maximum boxes from one and B 2.3 am be there has not happened . I'm just a hypothetical example pushed the new ways so to this point as usual, there was one MP plots in the Bitcoin reduction and then appoint for and became, since this is also acceptable belong on MB, this also Paladino's in the same Blockchain. Then came points A and B, and at this point we decided that we'll give you need to only have a maximum blocks. Azov points a and B from nowhere. So after everyone decides upon it and since this is backward compatible because 40 MPs also less that then maybe everyone decides upon it and then minimum minor Big Sur block which is one and being safe. If you be rejected by the other boats because all the notes in the current election has accepted back from the next block, it's going to be only point favorite. So after that whichever bloc this only points A and B baby accepted and the others will be rejected. As in this case, this is an example of us off. We saw that there was another four that happened in Bitcoin that was called the segregated Witness or in Shark said with. So this happened in July 2017 and segregated business is the soft fork. So what happened? Waas Since the block limit for Bitcoin was only one name be, there was a limited number of transactions that can be put into a lot. And since every practice mind would leave once in 10 minutes, it was crossing a serious scalability issue for Bitcoin. And then people noticed that every transaction, handsomely still signature associated put it So this signature was taking that for to 65% off the entire transaction passion since. So this decider, I'll strip oak that signature from this transaction data and put it somewhere else in the block because of this, the blacks is was not increase. But they were able to fit in all transactions in the block because signature has Mr Now let's look at the other concept called destined Brody Fork. So in a Blockchain, been a minor minds a block by finding our hash out the block with leading zeros that has been considered. I survived broken being added to the Blockchain. Let's at this point when there is a find and B block there, there are two murders who find palate blocks at the same time. Right there is this person who from this block and there's another minus four from this block. Since both of these blocks are valid with the sun number of leading zeros, both of them have given their competition work through the proof of work and found out this . So what of these can be accepted as benefits. But what will happen is only one of these can be accepted by because so but going has this rule Caldas longest chain will be always accepted. And hence whichever bloc gets more blocks after that will be accepted as the longest chain and the other one becomes our friend. Blocks This we have seen already on this kind of a fork, whenever it happens, is called a temporary for Remember that a temporary for couples to minors find valid blocks at the same time. That's it about four King. Next, we'll look at I, CEOs and other types of fundraising using the Blockchain that for 40. ICOs and other types of Fundraising: Now let's look at the engine core in offering and the other types of fundraising possible visually, Blockchain platform. So initial coin offering is a boon to a lot of founders who will not find the initial investment for their project are it is a boon to a lot of fraudsters Also get money from the public. And just finally, they look at an example to understand how these are happening. Unlike the initial public offering that's possible for bigger companies to go to the public to raise money. There are no regulations whatsoever in an initial court or not, and this type of fundraising can be done for. Both. Doctrine based projects are non Russian based projects as well. Let's say you're building a Blockchain tomorrow, which talks about interoperability, sustainability and all the problems that current Rajan's house. Then you can go to the public as formally explaining your idea, and then they will invest your project to an initial cardinal all of your building in traditional business, like an apartment, right, so you can also go to the public and us for funds to build that project. Once the project is done, the profit will be shared with all the investors. This also happens without any relationship. Now let's look at an example to understand I'd be war, since I see will never go away. I hope you have a least a shallow understanding off. What is an I P O called initial public offering. If I am a company who has been there for about 10 years and making good profits on, I want to expand my business into other job charities or into other verticals off business . I would need more investment to do that. I would go to the general public in my own country. And as employees invest in my company, showing them the road that I have seen till now and the profits, they also get to know the future of the company and then with the trust that they have on both myself and the regulators, they will invest in my company. Once the English they become shareholders on those shares can be traded on the secondary market as well. So this is a concept of I Peel. Let's take an example off Apple. These people called Steve Jobs and Steve Wozniak initially will create a company called US Apple by putting their own money Dehlin with some work sometime on their initial capital to build a complete orders. Happily and the entire 100% of shares will be wound by these two, let's say 50% percentage. So what did they do with this initial capital is to give out a proof of concept. Let's say this is the prototype off my lap of the end building and, uh, things like that. Once they do that, they can create products and services for profit so they'll create products like MacBooks, iPads and iPhones in a smaller scale. Lets it like 10 Grand Mac books and 10 ipads in the month, and they'll get some profits out of that. So let's say this keeps on happening for about two years, then they want to expand the company globally. They want to go to the general public and tell them, See these army products? This is how good it works. I have been making profit. Please give me enough investment so that I can expand my business on. You'll get chair simpleton. So this is the concept of traditional oppose, having seen that the general public can be anyone starting from kitchen is in the country to retail investors to all the foreign investments as well. So that is how it happens and before an I P O goes into the picture. It takes at least one year for four years to do all the paperwork for the regulators. For example, in the US, the FCC's worked us all the regulations, looks at the company financials and looks at the company for Unger's. Make sure the investors do not lose money on a fraudster are faster company? No. On the contrary, let's look at a concert coffin I seal, and I feel it's an initial coin offering. When the in the initial stages, it just works like a normal company. They put some money and work and create. This company called Has happened. They get chairs back, and then this company three excellent products and make some profits as well as we saw in the I P. O. Example. So here is where the differences, when they want to get investment from the public instead of giving them shares and getting cash and greater devolution tokens and get cash in the form of Bitcoin on deter into the company. So what is the difference here. When these people have shares, they can be traded in the secondary market. Also, they can work for the company if they have enough ships in the concept of icy will, that is not possible. Here they get tokens. They did not get working rates, but these tokens are called US utility brokers. Your ability tokens, as the name suggest, is some broken that you can use in the company. So in this case, when I create a Mac book are on iPad or an iPhone, these investors who have spoken can buy these products for me once the product is ready. And hence it's like the public investing in a company so that they could buy their products because these investors were not interested in the shares of the company but their products so they can use these tokens to buy the products of that particular country. So again, be so. What is the difference between a night you and then I see you in the last example. Let's look at what I see was indeed a. So let's say there is a lady who wants to create one million see Balkans, see tokens of cinema Balkans in this case because I'm going to explain this with the cinema Tater concept. Right? So she creates one million tokens and has fire under K tokens for herself on fire under K tokens she wants to distribute to the public. So these finders Casey Bogans, go for a nice you. And as we saw earlier, these people will pay cash on get back tokens. Cash will be in the form of with Corrina return. Are you neither priority that the founders juices? So when she gets all the money $2 finder K tokens will be about one million. And she builds the cinema creator. Right? So this public very interested in watching movies and hence they invested in the company. Once this minimize ready, they will give these tokens in the cinema, cater to watch the movies. Now that said, there is an interesting movie that's running, and many people are interested was the movie. They can only watch the movie if they have these tokens, right? So what they do in the secondary market, they can go get these tokens from these investors. And since these investors know that the demand has increased with more people now they will not be selling at the same price at $2 they'll be selling these tokens at $6 for broken, making a profit off $2 for Holder. So these people are happy that they got tokens to watch the movie. And these people are happy that their investment got appreciated. And these days, who, by talking to the secondary market for $6 will also go meditator and pay the same token to watch the movies. Here comes the interesting part. So this stater has been getting tokens from these initial investors on these people who are brought it on the secondary market as well. So it has been collecting a lot of tokens from these people. What will the data do with these tokens when it knows that more and more people want this talking to watch movies and they're really to buy it in the secondary market? They'll tell these tokens in the secondary market and get money, and this will be the prophet that tickles me. Also remember that this lady, when she created one million tokens, she only went for find Casey tokens in the I. C U. That is 500 Casey Bogans are with her for a warning Messman. So if I undertake tokens, if she says everything off this in the secondary market at nine Point Open, she'll believe put $4.5 million. That will be the focus in Cento for creating such a equal system where people can come watch cell opens in the secondary market. Except imagine how difficult wants this in an ideal. So before building the day that she would have never imagined that because she can go to the public to raise investment for our project. Brockton. And I see you made it possible. Even without the need regulations, I said only before. If I am a startup and I want to start something on my wall, I need to run behind Angel investors or venture capitalists to invest in my company before I suppose came into the picture that has been issues became a boon for founders who are who don't have to create a lot of interesting cos they were able to raise money from the global public into their company. That's the reason it was called a bull. But then it also helped this camp source run away with this money. Imagine this lady after getting do no less for Pocono 500 k that's about one million. See Lana V and did not. Will the cinematic correct? All Because there are no regulations to save these people. They lose all their investment. That's what has been happening in a lot of cases. And I CEOs 2017 and early 2018 bear the years where a lot of scamps were happening in the icy over. If you look at the largest, I feel scam. That was about $660 million by an Internation company called Been Coin. And I fan you can read about been going arrive and more to know about what kind of scams are happening. I want to show you on the other website, which shows you what kind of upsets these cancers were using who will only attract investors and invest in the company even though they were not willing to raise the project . They just want some investment and run away with that money. Right? So what these people did was create a fancy in upstate, as shown here, This is called les eight. Another icy order Come in which if you go, it'll just randomly generate something for you. Toe. Have a look at what kind of upset they were building toe attracting Leicester's So here they say. First wise, they want decent place application for year I. And then how many days are left to invest in the icy War? Except they were also talk about the product in a lot of fancy manner. And they'll say that people from large companies that's the hunger of Ethereum and other people are a part of the team. So companies they were working with and all the team members also these, interestingly, were on Linden profiles are some professors from Fortune Media. When these people did not know that they were a part of such a team on the names also might be completely different. Axum. Our bases are some members in the media, some marketing some link and give a roadmap early investors so that they get load by what you are saying in the website, right? So once they say it open disinflation. This is what is happening and all the white paper and stuff like that. Investors got so much interested in these things that they started investing in brilliance into these companies. That's why we saw a lot of issues. I suppose it's Mark something like $30,000 investment since it is amenable to the global public. Investments came and poured into these companies as in billions and billions, as we saw the biggest ice awas for $4 billion in a company partners blocked, but one which is building the US platform. Interestingly, Ethereum, Godineaux except parent, all the auctions also went for a nice. Even with the addition stages Ethereum bagged about $6 million investment that I know about $65 million investment Mentor so in this website. So every time you create this generator of the race, you it will create another ice your concept for you. So I can't say first year over the years platform for year t accept so it will contain different team members and the website will look really fancy. And surprisingly, this looks like the actual websites that were generated during the ice. Your scam tens. So yeah, well, bit what this high civil and how it works, why it is good for fungus to raise money and why it is good. First camp stirs to make some scams as well. That's when people saw or guys. He was not really a big thing because regulations are not there and investor money is not perfected here. That's when a lot of other dates or fundraising came into the picture, right, Like security open, offering equity broken, offering initial exchange offering itself. So when I want to go for a nice evil, I can create some stupid company. Are Francique upside and just say yes. I'm gonna promise all these things on with these promises without any regulators in between . The misters were real. It'll invest money in me, and I can either deliver God's promises are on of it. Nobody can actually find me because it didn't was up. So Don Imus platform. And also remember that the example that we saw earlier we're called us you believe people opens. There is also a constable equity building which are similar to an ideal where you invest. When you get chairs of the company, you get morning rates and begin sell those tokens in the secondary market to gain your profit on investment. Right? That is equity broken offering and then game. Initial exchange offering Munition exchange offering Isman on exchange. Make finance are big Bread's stole. Okay, if a person is going for my civil, let me find out if that person is a scam. Stir our Is it illegitimate? I see you. So the exchange will come Look at the company, the hunger's research about it and find the report. Okay, these phone doesn't legitimate and they are going to do something with the investment that we are doing. And hence you can invest in these companies. So with the research that was done by a exchange on believe in the exchange and trust that the exchange offers, people really do invest in these companies. So this was a slight improvement over issues, then games. Security token. Offering a security token offering isn't regulated offering, but a global payment in there. The regulators from the U. S. Called a C C. Takes for the icy will on these people will do a lot of research and there is a lot of paper working for the group of the SEC that I am a legitimate company and I want investment from the public using the Blockchain back from so the SEC will do a lot off background checks on give you a certificate that, yes, this company can be invested in. But yeah, this security token offering is booming nowadays because of the regulations backed by it. But then a new folder. Unless he has enough credibility, he will not be able to raise funds using security token offering. But a midsize company for expansion can definitely do it, and this is the best way to invest in companies through the doctor platform. So here in the diagram, we look at steps that is involved in the fund raising process so the company issues disturbs locals for its stocks. People partition past these tokens around every transactions recorded on the Blockchain and Blockchain and tokens provide stop ownership. I'm information company automatically determines the waiting payments through that information. Dividends are share of the profits that the company pays to the shareholders. Let's say you have a duty to open offering. I have the shares of the company's on die can either trade that in the secondary market are wait for the company to pay me dividends. What happens in the evidence is that it? The completes making one million off for profits. It can give out about 100 k So the investors under split it between all the investors that whole shares thought that company, the rest 900 kids will go back into the company for expansion purposes. So this is how that religion like your works and is this sending home I see was also working the Blockchain platform. So I hope now you have a particular understanding about the Italian platform medium and gas architecture. Er the smart contracts, folks, that happened Heart folks off for contemporary folks on the page of fundraising on the kind of scams that can happen in front facing, Let's look at permission to block change in the next section of this course. See you in the next section. 41. Blockchain for Business: Hi, everyone. Welcome to this section of the course on permission are in preparation chains, as we have seen already. Blockchain is that the same pattern are the base technology made famous by its use case card as Bitcoin. But the use cases do not end there from there, many people thought of new use cases for Blockchain. That's when we got eight argument smart contracts and then companies start about it. They saw this technology and it's wonderful applications and they thought White 100 Make my business more efficient. And that's the reason why enter places are bigger. Companies are adapting to Blockchain authorities. The one thing that was missing in the existing traditional systems called trust was brought in by crouching, and hence that built way to a lot of new diesel interactions. A new base off making business. In here, we can see that Blockchain has a huge variety of use cases on between was the small part in the Blockchain ecosystem, but many of them still have this with that. Bitcoin is blocking that need to be broken, but that is slowly being changed, with enterprises adopting Blockchain for their business efficiency in a very fast pace here we can see how glass it transfers between companies are happening in the traditional databases. There's a player render auditor, regulator, company and the logistics person. All these people have to interact with each other and they make transactions between them. All these transactions are stand alone because its a player does not want the stories records in the any other persons database. So there is no trust between these people and hence all of these interactions are happening . There may be a lot off miscommunications on reconciliations that are happening on a monthly basis on a daily basis. In these requests. Imagine that the supplier does not want to store the reports in the company's reports, and the regulator would want to see both the company render sir player logistics and the auditor's reports. He has to get separate reports from all these people. What will happen in this case is that the regulator will face my people databases and one people for Max and hands. It takes a lot of time and cost to bring all this store from pre into manner. So why is this happening between these companies which are interlinked together and are doing business together. That's because of one competent called us trust and credibility. So that is very Blockchain can come into the picture If all of these companies and subdivisions are for particular, trade are coming together using the Blockchain technology. They can all store their data basis induction. But I'm like Ethereum orbit going. These need to be permission. That's in the same place Records needs to be sealed for this A player only. And he can you read or write taxes to Whoever has to read are the particular records. Since we need a permission system where we need authentication before anyone can view the Blockchain reports are at something for the Blockchain. They are Mondays. Here Is that imagine the regulator wants to look at your record. Still did all he needs to do us well to the Blockchain Don't know report for all these people and he can have a real time report on what is happening in all these companies. You don't need about months to reconciliations and find out a comprehensive report and see if these people are following the rules Property. Same goes for the auditor render supplier logistics person completed context so Why should this a player believe in the Blockchain system? And he did not believe the traditional system, right? So here he has his records in an immutable manner which provides content has between companies. It provides providence in mutability and finality. So what it means is that the supplier can stories reports he can use this assets and mandates because he's getting rid of all the admin work to submit details. So is auditor to some with details to this regulator, etcetera. At the same time is the concert also private. He can to school needs to see what? And this forms the advantage of Blockchain systems consensus that every party in the entire ecosystem agrees to whatever transactions are there in the Blockchain. Providence is when you can track the entire transaction from the Genesis Blanc who whatever is happening in the latest, this is an important property where you can see a lot of use cases popping up. I can say that food is organic, but do we need it really know where this food is coming from? I can find abusing Blockchain. In fact, IBM one ball mark have joined together to crack Chinese pork from its route through these stores Transaction store on the block chain are also immutable asking where this a player first rights into the Blockchain that he has sent 10 kg on this particular date that you don't be changed Where the supplier I later on comment See, I have sent 20 years the spinster Afghan Katie on once the company also receives that Okay , I received this place. They cannot change that saying I did not receive it at all or it was damaged and things like that. So been all of these people come to a consensus in the Blockchain. It provides a lot of trust between each other and finality is well in the transaction that happens definitely gets into the protein and after that it's only a friendly transactions. Now let's look at the one day just using Blockchain for business as we saw before it is upend only the super that system for record shared across businessman What this means is that in the traditional data basis, we have something for this current operations create read update I'm believed but alerts to case of Blockchain we can only updated I'm created because once created that cannot be changed. For example, if I am and bring a transaction value s 1000 even though it is wrong, I'm not be able to delete that transaction. I need only updated from 1000 to 10,000 on Lake Garda traditional database. This will have with the transactions the original 1000 who put it At what time except and who changed it at work. This provides a lot of rest on transparency between the systems. There is also a lot of security in Blockchain transactions ensuring appropriate disability transitions are secure. Our indicator on very favorable. What time to get That comes only in the case of permission deductions. Because when a person wants to work, construction of the election he needs to be authenticated by the Blockchain before he can enter on view are right transactions into the election. The businesses are also using smart contracts in their Rajan, so business terms are embedded into the block units. And when a person sense sell it frozen foods to a particular company using I ot and Blockchain together, you can track how much was the temperature of these photos and foods while the logistics for suffering and if there is a temperature drop by the transportation was happening. This company using the I, O. T and Blockchain platform can do this and logistics company. Are these a player on? Put some penalities for the same. This All these details as in how much inflation reduces and what is a proportionate amount of finality that means to be Chuy's will be there in this month. Contracts. This makes processes very automated. We also saw that consensus exists in the business blocking and hence all the parties agreed with the network. Different transactions when we look at the transaction will understand who will be the person who is endorsing the transaction and verifying the same who will be the order and all were decided to the Blockchain. So all of this combined together the uses reduced time. So when we saw the regulators example, we can see it in real time. Whatever is happening with the companies, it also removes a lot of paperwork and hence removes a lot, of course, because of automation on digitization. This also reduces risk because whatever transactions are happening in the ecosystem can be added to the business logic using smart contracts, and hence that releases risk between parties and increases. Just There are a lot of new business models which are coming because of these advantages are Blockchain businesses interact with each other? Even competitors are coming together to join this party platforms because they can harness the power of Blockchain at this implant builder bastard network among competitors so that the regulators for authorities and all of the people involved with this impact connection are in world of the same Blockchain and creates trust and efficiency. Let us look at the differences between permission and promotional explosions in the next video. 42. Permissioned vs Permissionless Blockchain: So having said a quick war, you about permission doctrines. Let's look at where in the degree of centralization graph that permission blocks in certain so we can see that the race systems, which are completely centralised, total the right end off the centralization graph, and then comes permission private shared systems. And then comes permission private shared systems. An example of this would be a company applying Blockchain application, and all its transactions are within the company's Blockchain, right? So whoever is the company's employees when we will be able to look at the transactions and not others in the general public, then comes permission Public shake systems. Let's say you build a block chain like Wal Mart is building for Chinese pork and you allow general public toe. Look at the your court and see if this food has come from a particular place or not to find impetus. Organic are great, has come from this specific place very disclaiming Toby, except so this can be permission and public shared systems because probably can read it, and it's also permission for my taxes. Another example would be a country the playing a Blockchain application with all citizenship data So if words of citizens within that country can get into the permission, the Blockchain. But the other countries would not be able to look at the doctor in and read the citizenship greater. In this case, it will be a permission to public shared system. Then we have seen in detail about the permission less public shared systems. For example, the big kindnesses that is 100% decentralised. So what is the advantages of 100% decent delay system is sent such a persistent scaled or last number of lords. We have seen that there will be about 210,000 notes in the Bitcoin network. No, and it's a one global Blockchain. There is no permission as in an African and American and Indian and Australian. Everyone is treated the same in the public doctor Berries in the central A system our permission to private shared systems. There is privacy because your own want your date out of freely available to the public. They're scaling the transaction throughput as we have seen Bitcoin alos only about 6 to 7 transactions per second units. Blockchain. But that is not enough for the company to do transactions so We need a lot of transaction throughput here, like sic semper 2000 transactions per second, at least to manage this Blockchain within the company. That's why private collections focused on scalability, but not our number off loads. There will be many interacting block tens here because let's say there is one block general . There are channels within that channels and important concept in the hyper fabric, which you will understand if you get in details off the high polluting fabric project. Right? So there will be one company which says this is a channel between the company and its A player, and there is one other channel, which is this is a general between the company and defend our exit. So that's how different channels and many impacting auctions are there in the enterprise ecosystem. Let's look at the differences between permission less on permission to block chains. First, let's come to the access where it says the permission less open reading great access to date of this, we have seen in Bitcoin that anyone can be a full nor or light northern Bitcoin and do transactions in the database. There isn't permission. You need permission from the Senate was Carl s membership service provided that in happy little family to read or write access to the database. As they told before permission list, Blockchain scaled a large number of lords. But they're not really concentrate on transaction. Throughput are it is difficult to bring in Trooper. That's why the existing block chance like Bitcoin and Ethereum, are facing a lot of scalability issues as more and more transactions coming, they want to execute faster. But their block time was set last 10 minutes or 15 seconds in the initial stages itself. So the transaction throughput is getting ahead because of the last number of notes and the concert's algorithm that they have. But here in permission, we don't have these mining algorithms like proof of work or proof of stake those. So the scale in terms of transaction throughput is very high, but it cannot go to a last number off loads. If you see a typical application in typology fabric, it will be about 5200 lords maximum more than that will not be ableto operating this permission to blocking environment at all and in permission lists block change. We have proof of worker proof off steak or any other consensus mechanisms for the Lord's to stay in contact with each other. But here explores membership pensions, and I'll go to them as well. Let's say you are a person who wants to play for her. Leave. You go to your manager and your manager goes to a V P on that. So you preventing endorsements within the entire complete rate. So in a Blockchain. Also, the verification process is done in the same way. We can say that in this Blockchain, the CEO will be the person who is very paying. All the transactions are there will be an argument who is very freeing. All the transactions are there can be a group of people. Let's say five people are endorsers on. We can say that out of five, if three very further transactions considered dark, I survived transaction and I repeat election. That's all permission to consensus looks he had the identities on animals are so none of us . So I must have seen when we saw that on our dresses visible to everyone but not the person behind it. Here. Identities are all known to the Blockchain because when you want to enter the bloc team to read or write. They need the identity. But then transaction identity can be private, anonymous or pseudonymous. This can be decided by the logic returning the block tentative. When it comes to assets, we have native assets in the permission less Blockchain like Bitcoin has the Bitcoin Ethereum pass eater. Ripple has rippled, Brian, Except in here. We don't have anything off the concept off cryptocurrencies because the company does not need a pregnancy to do it. They just want to save the transaction data into the Blockchain for the mood, ability and problems purposes. That's why we can have any answer data order state in the permission blocking, not the triple. 43. Hyperledger Overview: Now let's look at one of the major players in the permission. The Blockchain space called the hyper religious project Many people misunderstand. I political be a product of IBM. Where is it good is that hypothesis of project open source the and develop build in its foundation. There are many members like IBM Stop JP Morgan at century etcetera, who contribute to this open source project called a typology on bill projects. IBM, because it is getting a lot of plans on building projects for them, is mainly known for the high politics face. So I apologize, building and crossing the street open standards for distributor legends. So this Blockchain technology is being harnessed by a lot of enterprises and enterprise groups. Also hype. Religion can be used as abruption on and customers according to their needs for any interprets doctrine. And that is the open standard that they're building for distributor Dillinger's. When you look at hyper literal War G, which is the other plate efficient, far right political projects, you can see that in the member section they have all the members like premier members, general members on and associate members In the entire upset, there are a lot of huge competition in the places. Where are we going to the school? On using the pound of Hyperloop fabric in their companies. When you go over the home page of this website, you'll be able to find water all the projects that hyper religious buildings make. High political basil, which is a job. A basic Syrian plan by political borrows, and IBM, which is also knew by politic fabric and high politic composers are very famous in the hyper ledger. Our permission, the Blockchain ecosystem, my palate. In these decent Liz identity, you don't have concentration, more real applications and accept so you can go through each of these projects and take a look at what it is focusing on. So let's take a quick overview of high politics. Fabric on Heiple isn't one person here. Travel is in fabric is an implementation of Blockchain technology that is foundational developing doctrine applications. So I politic probably has a smart contract logic from census logics, confidentiality scalability off the partition deduction. All of these components Indianapolis If our big has been developed, it was released in 2017 but IBM, as one of the highest contributors off this school when we look at high politic composer, this is an abstraction between the business application on help elicit topic. We cannot expect any business to have so much development knowledge about hyper legit fabric are any Blockchain, for that matter and hence high politic came up with a solution for less composer, which can be used by any business person who create Be a never. The NFL is business. It's not a competition where they talk about water components are there in the entire collection. Who will be the players? What may be the answer. Six seconds, for example, and I am in company will have something like, I have a flight. I have a root for this particular flight. I have other assets in my company, and these will be the players like the supplier render and who will be the ticket seller. Except so these are will be logics, which we've been decorated in the business like protection fight by a normal business person who is not a developer. Also, Composer has brought in emphasis on business and click vocabulary for weak solution creation, which means any business person without development knowledge also will be able to create this business. Nickelback Detective. This reduces the risk and increase understanding and flexibility because a business person , whenever the stands for in the knowledge about this logic, fully developed. But there might be some asunder, miscommunication or misunderstanding on. Hence there can be some problems are risk while building applications. When a billionaire has created and given, the developer at Brockton, developer will know what needs to be done, but that you need to make it work and hence he'll build a fabric application based on the Beinecke run. Very the business person. The features of this is model Your Business Network test in Exports Way I M. P s, which means if you're a nominee company I stole before you will create a business network in the composer framework. And there is something called us composer Playground, where you can use it as an AP and test your interactions with each other paper. It is working properly leaks before going toward development. But will these applications and it also pro it to ups, wherein you create our business model in composer and hence you can access that through a pH sits on. This is a very important point where they need to integrate existing systems off. Record any company that you see if it is existing for a long time now they will have legacy systems like CRM Czar Sap, where they store the data right, including my SQL databases on Composer Are high policy fabric. Are any other permission? The Blockchain solution that Thompson should have a way to integrate those systems on going to know from their using Rajan's begin on hasn't been entirely scrap. The existing systems on Take One leader blocked an application from No. One and use it. That would be pretty difficult as a migration for any company to do, and hence integration with the existing system is definitely required and high politic. Composer promotes away for that And as we saw before, this is a whole new open source project and probably next foundation. That's river, the different actors, competence and the transaction floor in the next media 44. Actors Components and Transaction Flow: like any application that we build. We need a lot of people to build this application and also users who need to use this application called US actors. We also need a lot of competence, and we'll see all the different components in the I permitted architecture in this video. We'll also take a look at the transaction flow. How it happens in pipe alleged. So you get a pretty good overview about how permission to block 10 yards personal. Just look at the different type of factors here, which are blocked. An architect, a Blockchain developer and a block to NATO evaporator. Apart from this, there are users who use this blocks in application as well. An architect or a business analyst is a person who uses the composer modelling language as we signed hyperplasia composer to create the business network architecture so he or she is responsible for the architecture and the scent of reduction, as it will be the players. What is the kind of logic that we need and one of the answers that the company has, what kind of transactions that we need need to do exactly. For example, they haven't company. It'll need so transacting. Tell this ticket book a particular flight. Change the route off a particular flight from here to here. When does that stop? Except for these other transactions and our troops and assets that are there in the Blockchain ecosystem off this permission to Blockchain space next on the Blockchain developer who will be the person who is writing the smart point for our business logic Between Praxis of logic in high politics? Probably the chain gold can be returning either north or goal, and it's the smart contracts Are Qantas Jane Goods in high politics, Family in a stadium? It was smart, competitive in hands of Whenever we talk about permission to block chains, remember that change or reversal smartphone? That's then we have the Blockchain network operator who manages someone It does the doctor make work. We need a lot in the drug authoritarian permission to block trains because this is not a completely decent place system, and hence there might be a made for operation off the being. Me and someone new my comment, and they need to be sure you card or certificates with that person. Except so that's why a blocked in that boat operator is also present in this, but not people. Let's also look at the various components that are present in the hype religion, fabric space. We have membership services, certificate authorities, Nords and Piers. The function of the derivatives does is to provide the identity of the users were going to transact in the box, and it is providing the visitors that gets through to these numbers. Users can use this descent certificate to sign the transaction and some reputable auction, as you've seen earlier. But going in a tedium, use diesel certificates to find the transactions as well that this all started getting the permitting. The Blockchain is provided women budget services. Then he absolutely get authorities. A certificate authority in the hyper Villager is probable, and so it can either be internal or an external certificate authority as well. The certificates lay on the public infrastructure where the certificate authority would announce in the network that particular for blinky itself a particular user and then the user will use this private key. So we can say that the certificate authority actors, an identity management and the formation of Blockchain space. So I am a person and I want to interact with the Blockchain certificate. A lot of people told Bill about in who I am, and I can use this certificate provided by membership services or do the transactions. There are also different types of lords in the permission to block to network. All the notes are not people and it's in the public luxury in because we have seen that any noted above the protein can be a minor when they can do the mining process. But in hyper little beyond specific notes through specific things in the election, we have a client told which initiates the transaction. We have appeared, nor which maintains a little later in ST grabs a network. An order was responsible for the distribution of transactions, which means I planned it will be a person with the user in the Blockchain. I will initiate a transaction. The beer will need to maintain the consensus by broadcasting the transactions toe the entire dropped in an order will be the North, which is ordering the transactions that are from England. These are the ordering is done by the miner, the Bitcoin here that is done by the order, for we saw that a pure maintained relatively return. SingTel, president of one of the types off, feels in hyper religion. They're goners in boxing piers and permitting Pierce are committing here, maintains a letter in the state. This commits the transaction on the smart contract. Mrs. Rita, I can go over the chain. Corbett is returning. The typology will be in the committing. The early and endorsing here is a specialist committing here, which received this transaction. Proportion from the plant floor between either grants are beneath. The investment on also holds this month. Hence, these fears are responsible for maintaining the legitimate in sync across in it. Now let's look at the transaction flow that happens in paper. So first extracted the proposal of the contraction execution of the transaction responds given to the plane will started the transaction order the same deliver on valid it so they never planned. Initiate certain transaction in a block to native of the land with the application. Interacts with the blocks in using hyperlinks fabric as Dickie, the Ark Indication and user privileges are taken care. But even budget services. The certificate authority would be ascending a public E and a priority for each user in the world the plan proposes the transaction for the endorsing fear. Who in turn will captured the really great sits on validate the smart contract available. This endorsement is called That's Execution. So when the blind here's a transaction in Big Colombia of seeing that because of the transaction pool validated by a minor in orderto abroad here that is done by the inverse, it's this step is for less execution. Once the execution is done at the investment beer that respond to be sent back to the plane with endorsement signatures. Yes, we saw, they can be about five endorses will need to validate a transaction. So whenever princess and goes to the first in boxer, he can sign and send it back to the plate. The second does that can do the same. Once all the responses were received by the claim and the client knows that he s far enough number of endorsements, Then he can broadcast this to the order. So once the transaction is similar to the order of service, the ordinance always would order him as ordered set here and then delivered to all the Pierce Milito. This order is responsible for creating the bloc citizens once it orders all the transaction as it comes from the claims, it will add it to a block and then broadcaster to the network. When the Ordinance of Us creates a block, it descent all appears on. The Pearson validated the transactions as well before adding it to the popular deduction. This is how the entire transaction floor works in hyper nature. I hope you have a pretty good understanding about typology project on the permission to blocked in space in this section of the course. Let's look at the differently in the sea. Use cases off part motionless and permission elections in the next section because 45. Intro to Use Cases: Hello, everybody. I'm very glad that you made it so far in this course. Welcome to the section of because I'm use cases of Blockchain in various industries. We have seen the theory behind Blockchain, Bitcoin and small contracts. And I'm enlisting the features of Blockchain like transparency in mutability, security and trust. However, understanding the technology is wanting ongoing hope. You place that. So we look at a few interesting use cases off good permission list on permission to block change in the current section so that you can really, really, really understand and appreciate the power block General. Its capabilities don't get me wrong. But centralisation is actually good. It has improved the lips off mankind. To a large extent in the past decade, we have seen so many improvements in the disturber that our lives completely different on them. Now Facebook has about two billion people using it. And if tomorrow Facebook Shack stone, many of us will lost most of conference and lose most of the beautiful memories off our legs. Google, for instance, is there in all parts of our lives. And there is no Google maps tomorrow. Many office would be lost on the road. Same goes for companies like uber Amazon, Airbnb, etcetera. All of this happened because of civilization, and hence centralization can be considered good. But we're not being anything to Facebook or Google for their services. Imagine how they're incurring and paying for all the expenses. It isn't data because data is the new oil. These companies probably know more about you than you yourself. And as the famous saying goes, if you don't pay for a product, you become the product. Do you want to let that happen to you? I don't think so. And there should be a savior to bring us out of the situation that night in the shining armor is blocking. That's the reason why so many people in other places appreciate the part of Blockchain on Want to harness the same? Take any industry, late financial services, public sector, retail insurance, subletting and logistics. Larkin can increase the efficiency drastically in these industries, so let's look at a few examples in both permission list on permission Directions. To understand the power of this revolutionary technology, you can go to Google and type in Blockchain in any industry. I leave that space open to you you can find some of the other use cases of Blockchain on how to make that in the sea more efficient. They get into the details of the industry use cases now. 46. Decentralized e Commerce: Now let's look at a permission. Less use case off Blockchain Cardiff Open Bazaar Currently, what do we do if you want to do some on Lee Thomas Porteous, be either for planets on dot com arcadia dot c in Canada. Why did you go to these subsets if you want to buy some products So we know that Amazon has a brand name and that is providing at the US the trust that I can believe in Amazon so that the seller will deliver the product. Me. But what Amazon is really doing is just immediately it is promising towboat the seller and the buyer a few things and that's the reason it is generating customer. For example, Amazon tells the buyer, See, once you pay the money to me, that's a level definitely delivered the product. You and I also give a 30 day money back guarantee Same for the seller. It is saying that once you deliver the product, the buyer will definitely pay money and I'm gonna transfer that to you. But for this we are gonna pay some peace to Amazon on the seller is also not getting the money. Really. Amazon is holding money for about 30 days, 90 days. And there's a lot of protested chaplains against Amazon and other e commerce giants by all the selloffs. So what is their survey that I can trust? The seller were sitting in another part of the world who might not know physically. I'm byproduct from him in a custard manner, just like for we can believe in the Bitcoin Blockchain by eliminating at a street party called us a bank. That's when blocking can come with the picture. Open Bazaar is an are decent lazy e commerce platforms. Their buyers and Taylor sellers can interact with each other. Trans am doing them seven goods and bring it back. All this is possible by smart contracts. The contract suggest that the buyer has already paid money to the smart contract. Smart Content is acting as an escrow to hold that hunk the seller. Cancel it because he has to store this month contract. Once the delivery happens that the buyer send this among from the smart contracts instantaneously is sent to the cellar, and that's ah, open bazaar can recently lace e commerce 47. Decentralized Finance: In the current world, the entire world of finance is centralized, and that's the reason why we can see that we're paying a lot of fees to these financial institutions. And also we can find a lot of remote places in the world which are not financially included . Castle people there will not be able to get a loan. Are will not be able to do a banking transaction because times are not available in their area. What if became decently is the entire finance and make it possible for anyone in the world to make a transaction but any other part of the world with Justin? Internet connection. Also, all that that's possible with banks like giving loans, borrowing money, taking a credit, paying interest rates etcetera is possible using Russian. That's where decentralised finances moving toe Decentralised finance is not a product. It's kind of a concept which has been devised and hence a lot of people are working towards an open source finance which can decent less in their financial institutions. Space didn't a lot of companies working on decent list finance as a concept with deals with anything that works on Blockchain in a decent way, smarter and it deals with finance. For example, payments, stable coins, infrastructure exchanges, investment. Know your customers deliver those marketplaces. Except UPS are few off the top picks in which many companies are working this report by consensus starting it. But it's 100 projects pioneering on decent, less finance. I like the Lincoln the Resources section so that you can go through the entire list off companies that are working on these interest finance, which will also give you a good understanding about what are the types of decent lease finance applications that can be billed under are being the so, having seen the current concepts that are existing, indecent, less finance, I would like to talk a bit more about stable clients, as we have seen in the investment part of this course. These are that the cryptocurrencies are very well today, and hence Bitcoin changes from $3000 to $8000 to $15,000 little days, which is not possible in their traditional stock market right, and hence we needed some stable grains which are pictorial world currencies or someone set backing by them. Imagine if you are a person who is lending me one meter today. Tomorrow I'm going to pay one meter with some traditionally interests agreed upon by the smart contract. But then what is the value of Peter when you are paying me was $200 when I am paying you is $1000. That difference needed to be guard down and helps stable coins came into the picture. There are a lot of examples and companies working on stable coins like Die, which is a US depicted stable coin built on Ethereum. There's also in US decline. Working on a US dollar backed stable coin. There is Germany Dollar working on the same concept. We also have stable unit which has decent less privacy, stable coins. All of these companies and examples are available in the same link that I provided you, and hence you can go through them in detail as well. So doctors, how decentralization and Blockchain technology is going to change the way finances working in the world. We already for in detail a huge revolution in the form of Bitcoins that is changing the whole banking work in the entire world. We have a global currency called has been applying on other cryptocurrencies now, these decent, less finance applications, once it is adopted by the public, will definitely make a lot of impact in our lives and whole finances handled in the entire world. 48. Decentralized Social Network: in this video, let's talk about social networks. We already saw some centralization issues with Facebook and Google and the baby use social networks social, likable to like Facebook and Twitter. Collect all our data and they also try to manage. Let us with the kind off ice that they're providing us. One is that we are being a product when we're not paying for them. And the 2nd 1 which we need to discuss about is that Let's I post a very good content on Facebook and everyone likes it on comments it and I get a product bay the entire world. But then what do we make all comfort in terms of monetary value? I do not make anything out of whatever a post on the social media except the fame that I get who is finally benefiting from. This is a Facebook, a company itself. So don't you think Blockchain can be a solution for this? Absolutely it can. That's why a company called this team is working on different social networks that can be built on its platform On steamer dot com and edu are examples off this steam. It is a social media platform where you can share your posts on whenever someone contributes to the post by liking are committing on it. You get real money, you get paid in steam tokens and that can be converted into USD with any of the exchanges. Let's take a quick look at steam it dot com, so you get an understanding about what I'm talking. So this is the home page of steamer dot com, where you can see this person when he posted This has got a ports about 4 69 and there are 30 comments on the same, and he has made about $61 by posting. This same goes for the other post here. $82.56 dollars, etcetera. So steam it is a separate Blockchain platform by itself, which is built on social media. They have their own steam tokens, which that provided to these people who are contributing to the ecosystem that is the power of decentralization serving decentralization. And does this or two million it work. It's beautiful that the power is going back to the content creators. So if I am a person who is on Facebook, I'm not need to depend on the IRS revenue that they give me are my business is making out of that. If I'm pushing good country, I should be paid directly by the country viewers itself. And it also eliminates a lot of censorship because censorship is done by the pier sitting on Laker Central, a party called Facebook. We'll also take a look at the tube here. Did you have your just looks like you do, because this is just decent list you do. So when a person post video on YouTube and many off them seeing like it, what did the person get paid is that the ad revenues that Google is making a part off it will be given to the content creators. So that's what we talk a lot about getting subscribers and getting more legs and viewers for a video. So why should there be something like, I create content? People watch pendant when people watch content. There are advertisements that are shown to people you do makes a lot of money on the part of it comes to the content creators. That shouldn't be the case, in my opinion, because the uses our bomb down with a lot of our traditions on because you do was playing a middleman. Here we are losing a lot of fees. Do the middle man in this process. That's why did you tells you that there are no advertisements here. The person posts a video, someone watches it and contributes by commenting and validating it. They get paid immediately. What the content creators on the country borders are paid with steam tokens. That's the power off decentralization and social networks, and that's what steam was tryingto you can. Also, when you are content, steam it dot com to start with you horrible journey in the recently social networks. If you give you a public and private key using which you can post content on, get contributions for the same, I hope that gives a good understanding off. Whole social networks can be decentralized using Blockchain. 49. Decentralized Insurance: Now let's look at the insurance sector and how Blockchain can help improve the insurance sector and decentralize the same in the traditional insurance sector. There is a lot of problems with respect to security insurance claims, etcetera. So what is insurance in the basic terms? So if I am a person, I have a lot of list that is involved in my life. If I'm traveling, I can lose my baggage. If I am raising crops that can get damaged because of natural disasters, even something will happen to me. It's a big if I keep playing on insurance, I'll be able to get a lump sum of money. If some unexpected even happens in my life, the premium that you pay on the total collector will depend on probabilities. There's a study called Us Actuarial Science, which deals with all of the insurance risk and probability on fixes. The premium that you pay at what age Except so what happens here is that if I am a person who is paying $100 has insurance premium on a monthly basis that will be collected over a year $4200 right in the same way, there will be millions of people being $100 Parliament. So this insurance company less I'm paying life insurance to secure my life on If something happens to me, at least my family will be benefited the insurance money, right? So there's a remote chance that all of the 1,000,000 people who are paying the 1002 $100.40 years will you get into work company and something unexpected happens to them because the probability will be very low for a person to pass away in that period of time. The insurance company place with this. So I'm just paid 1002 $100 for the year to the insurance company. But the sum insured off or myself, will be more than a $1,000,000 on the insurance company will pay, maybe premium paid by other people also together because the percentage of this happening toe all the one million is very less somewhere, they will not get back the premium paid by them to the engines company. And so this is how the entire insurance sector works for now. And there is this company for less get risk working on decentralizing insurance. So something we need to know this year is that it risk is not a company which is a decent allies insurance company or something like that. Interest is a protocol on which you will be able to build applications that has insurance providers. For example, when you see their website, they have something. A smallest fight, slight delay insurance, hurricane protection stripped a wallet, insurance, social insurance, cramping Children six Central. So these kind off applications can be built on interest platform, which is a protocol that can be used to build insurance based applications. They also talk about their revenue model for portable users and crypto investors on their dipped Okun, which they have. Except I leave a link to this website on the resources section so you can go through the seat respectful. 50. Decentralized Energy: Let's take a quick look at the energy sector, and how can block chain make it more efficient and more decentralised? In the current energy sector, energy is produced by the thermal power plants are higher up our plans. Our nuclear power plants, located far from where the electricity is actually being used. This is for safety purposes, and once the energy is generated there, it stands for two ways. To the localities like cities and towns. Very electricity is used. We all of us. As a result of this, there's a lot of leakage happening in the process of transfer, and hence electricity is not so efficient in the current world. So what can Blockchain do in this space? Let's imagine a situation where you have solar panels installed on top of your building. So let's their school and a company and I t park everything has solar panels installed, and they can tell the city from that you've been installed solar panels with generate electricity more than what we use. Then we can use, let's say, 70% off what the energy is generated by my burdens. On the rest, 30% stays idly. This energy can be talking, raced and sold toe the nearby people who is generating the serenity than the usage. Can you place my 30% left over so that whenever I sell my energy that I'm producing, I get paid in Balkans This way. There are you are one pages one. I used energy 100% efficiently. I'm not basing and any energy that I'm producing here. Also, because of the solar, this can be considered as low carbon energy where we don't across a lot of environmental pollution. Because of this, there are companies working on this. For example, in Canada, there's a company called a story um sort network, which is working on this concept so decentralized energy. So we looked at a few examples which fascinated me in the permission less Blockchain space and how the world can be decentralized in using Blockchain in the near future. Next we look at permission. The Blockchain use cases 51. Blockchain in Global Trade: so previously we have seen what is a permission. Reproduction on by enterprises are looking at permission to block change to make their business more efficient. Importantly, Hyper Ledger Project from Lenox Foundation. It's being spoken about in all the enterprises and all the industries. Let's look at the example of global trade in this video. So global trade is when you want a chance for some goods from one country to another country in the world. That cargo could go through any of the logistics methods like your rail. Our ship. There is a cargo part which takes the actual goods from one country to the other, and there's a document. But were you submit all the documents, the bill of lading, letter of credit, everything toe the customs department, the port authorities, the regulators, the shipper exporter, his bank, your bank, everything. And it takes a long, long time to get signatures and all this and approvals for all of the documents. Once the documents are signed by everyone, there is a person who carries the stock physical documents by an airplane, go to the other country to settle them. It is said that the cargo path takes let sometime down the document part in the earlier case. That's why IBM came up. But this concept offer trade links with this company called Us Mosque Most the largest shipping logistics company in the entire world. So they say that bringing in Blockchain into the global trade it is going toe reduce about 15% age cost in there are career for customs paperwork. $27 billion is being saved by using just an electronic documents instead of paper documents . Why are we not trusting the digital form off? All the documents in a scandal format previously is that it can be tamper. Various documents stored on the Blockchain cannot be, and that's the reason. And that's the reason why we were not able to believe in those can copies. But in blocks in it is definitely testable. If all the countries improved, brought an administration and transport and communication infrastructure to even half of the global best practice, it could mean a one trillion increase in global exports because we are improving the efficiency off all the companies in the world of the global tree by a large extent, So think about it. Ah, global trading, Wealthy exporter's bank, the exporter himself, Export authority port off loading port of entry, import, customs importer and the Importers Bank. All these people have to get a sort of documents they need to go through, verify, approve it, and then the next person have to do the same process again and again. So when all these parties come together in a Blockchain platform, which is immutable and trustworthy, they can all believe in the transactions that are there in the Blockchain, and one person need not do the same redundant verification process that the other person did. Also, the tracking can be real time, and hence the same. A lot of costs in trying to drag these goods from one place to another. Blockchain can be used in global traits because of features like secure data exchanges, tamper proof documents and e signatures did still an automated workflow. So real time visibility and analytics. Let's look at an example off trade Linds, built by IBM and most together, trailing is a distilled platform that empowers businesses and authorities. Merced and IBM together started this, but then they don't have any control over what this trade links Blockchain. No, it is kind of an industry standard that they're building for logistics companies in the beginning, What happened? Waas Most visualize this concept off trade winds, bringing everyone into the Blockchain platform, including the exporter, the Port Authority's customs regulators, everyone into the Blockchain and the competitors off mosque who were very small in volume compact, more risk did not agree to enter the Blockchain because they thought that their data is not security for put on a Blockchain. But then they saw advantages off Blockchain farmers. Their goods were being approved early and being passed on into deport very easily than their coats and health. They understood the part of logic on the security part off it as well. If you see the permission, the Blockchain platform, they have security called channels. So people in one channel cannot beauty legitimate and the other channel and so on. So they understood that even if I store my data in D Block till it is not going to be publicly visible and the computer will not be able to look at mine, the rest the regulators will be able to look at all the players in the industry, get real time Data Analytics on whatever they are doing. This bear away for a beautiful thing toe happen. The competitors are in the same Blockchain, and they're all your blessing. The part off locked in together where they are increasing their own business efficiencies on the overall industry together. That's the example of trade Lands and Hope Lodge in made it more efficient. There's a good video about trade glints on YouTube, which I'll share with you in the resources so that you can go through that and understand plane lands in the more we should be. 52. Blockchain in Supply Chain: in the last video we saw, a whole Blockchain can make global read more efficient and cost effective. Can it also improve the efficiency off close feeling the industry called extrapolating? Of course it can. So see this news article by Wal Mart an idea. So they're partnering to put Chinese pork on a Blockchain. What does this mean? The problem started when Wal Mart Hearts on Chinese spoke, which was a win, and it was there in the stores already. So Wal Mart tried to see which patch of Chinese pork was well, and I do recall them back. But because there was not enough last 30 data, they had to recall each and every batch on that particular day from the whole of China so that people are not getting affected by this. So this costal not for Wal Mart and hence they thought, Why not have a Blockchain platform very compact, my Chinese book, where it is getting manufactured better my getting it from which batches airtime things like that. So once they decided, they partnered with IBM with their high political fabric platform to bring the prominence off their entire separating. So what is the result off this. Let's say I'm going to the supermarket part of Wal Mart Store to buy something. If there is a product, I can't take it out. Scan the barcode orders Pure scandal to see where this product has exactly come from. Then it was manufactured. Which logistics person delivered it and all the entire track and history off that product on my mobile Just like a normal application. This is also possible using traditional technology. But hey, that dissenter list on Walmart can change it anyway, right? So how would I believe in that? I wouldn't. That's the reason, by blocking play a major role in bringing some plating providence together. Now what is? We talk a lot about organic food and organic vegetables, etcetera. So how would we really know that organic food is original? So with this matter, we can scan that your coat and get to know that this poor has come from such a place and it has been grown organically and helps. I can be very confident while buying this improvement trust on the company that I'm purchasing. So that's when this concept, called us full press ability, came into the picture. So blacktail has these capabilities like asset identification. Watership. I'm transfer using smart contracts and die OT in technician Asset aggregation in the segregation as well your specific complaints. Traceability they use food recalls except for all these Air Corps that can be integrated into the smart contracts off the doctor. And then we have I already any a capabilities. I only can track the location temperature on all the other smaller details in this entire supplication. They can also detect anomalies in real time and let the person responsible know that there is a problem. The ultimate Olympics and optimization can also be done using cognitive and I ot capabilities. So what of the farm where it is getting produced The manufacturer, the logistics person on the retail store around on a similar Blockchain. This concept is called US Farm to Fork, wherein you know exactly where it started and what is happening to the entire journey off boots that travels from farm to the fork off a person. We also got this concept called a separation visibility, so this provides a single view and source of fruit regarding the life's taken off a purchase order. So manufacturer trucking company, the retail company. Everyone is in the same block chain, just like we saw farm to fork and helps. They can all depend on this Blockchain ledger. You know where the goods are and what is happening to the entire. There are companies, especially providence dot org and sq chain dot com, who are working on this. Stand off a concept to improve this operation. Disability. When we talk about Providence, it is getting importance for a small thing as Chinese pork and are getting full itself. Imagine diamonds. So there's a lot of problems with diamond mining and transporting diamonds, and there's a lot of insurance parts also happening. As you can see in the statistics, there's $45 billion that's lost annually to insurance fraud. 60% of all the fraudulent claims go undirected itself. 10 to 15% off claims paid out that there later for him to be fraudulent and $2 billion is the Arnold cost. A jewelry cost in Children's. These are the problems faced by diamond industry during their providence, and then came every religion as a solution. Beverly Jurist, a platform to build on hyper religious fabric, which is especially used for diamond problems. So a religion tries the providence of diamonds from mines two jewelry stores to combat front. So every little did something. Whenever you take a diamond, it Muchas party. Also, physical attributes offer diamond like the card they carried the size offer. China offered etcetera, and it can be used to uniquely identify timer recorded on the Blockchain. There's also a unique serial number microscopically inscribed on the diamond, and hence nobody can seat where the diamond came from. As a customer, I can go to the store on before buying this particular diamond, I can scan the microscopic inscription and see that the artisan off this diamond, this of valid place on It's not a smuggle diamonds. Based on this platform, over two million diamonds have been tactile. Now this microscopic inscription really on me when I saw this for the first time, because imagine if you just have a solution where you tracked your courts and then that is put on Blockchain. Let's say I have a box full of diamonds and I have a bar code on this, the box saying Okay, this is what I'm going to cut, but you can easily replace the contents of the box with smuggle diamonds and then make me believe that the diamonds are good, right? So that is why this out of box thinking by a religion where they microscopically in straight something and that can never be changed after a diamond has been called, he said. Probably nice way to improve the trustworthiness off Blockchain on traceability Let's look at the use cases of Blockchain in the government in the next media. 53. Blockchain in Government: So the last videos we have seen that Blockchain can actually improve a lot of industries efficiencies. By bringing in transparency and Providence thinking further on these lines, it can actually improve our entire governments working and make it more efficient. Toe manage the country on the whole. Let's look at this example of passport data right. There are a lot of places in which market chain can integrate. But then I thought, Passport can be easily explainable because the part of locked in comes out very easily in this passport. Their example, right? So let's consider passport data that is stored in the Blockchain. They should be sort by the Ministry of Foreign Affairs that's managing the passport data, and then it'll be related with the income tax department and national intelligence or hard , it forbid the latest black Mr People in the date of this, They're also be are important seaport custom check that will review the exit and enter. So when you go into this airport and when you give your passport, apparently they can be forgery in the passport but me, right so I can create a duplicate passport and fly out of the country that has been happening a lot. But then, if it isn't the Blockchain and I have anything happen to be scanned on the port differently or it sick, the person can easily, very far in the Blockchain. If I am the right person to do it with my fingerprint, that cannot be changed and helps. A lot of forgery can be solved with this being in the auction. They will also be the National Army, our defense agency, into this approach in part one that also be the national Police Agency for investigation. And they can also update whether someone should not be allowed to exit the airport. Except they'll also be this public service identity database, which means all of these departments Darman departments working together to maintain this passport data on bringing good citizens into the country and not let people who are under investigation out of the country come together in this Blockchain platform. And they can you release this power off this technology. Two made it processes more efficient. Imagine this. Property transactions can be a live not chimp that foot because Blockchain is immutable. If I want to sell my land to someone I can sell it to him on the back end platform through this mark contract. So this fine woman will have the winner of that particular piece off line. And if it is in my name, I can sell it to someone else. This cannot be tampered with our made any forgery it right? So the land registry is induction. Property order can automatically check their own a super whether they're eligible to sell the property back in India. We have this concept called That's incumbent certificate. We just before someone buys the line, they can go check in the register office with that particular piece of land are holds that they're playing has an illegal proceedings happening. So imagine all these things are in D block, genital. They usually very thin within seconds. That this particular legal person is going on against this particular piece of land are real estate. And hence there is a problem in buying this. Thank you. This takes about a week so it issued by the government because our for the background verification, that need they need to do before giving you the UC. Also, whenever people go for residential properties or any real estate, they go to the bank for to get loans. The bank can also take the status of the ownership for the doctor perform on whoever is the legal owner can be you in the room. The parties If executive using a smart contract is very easy, the sale of just times First they want to put it by your they don't automatically transfer from this person suffering for the other person tackle using this month everyone, including the buyer seller on the bank, can very be the status of the contract over this market. Because of these advantages, the under this government in India make the partnership with chroma B. That's just reading based startup to use. Blockchain commended Land registry records having spoken about garments on one news case of a government using Blockchain re registered land records. We look at the other worldwide use cases that are they. So the government says that 50% of the government transactions will be trump process toe Blockchain by 2020. This will make their government transactions very, very fast and efficient. South Korea is bringing in something called US icon, which are departments, universities, hospitals, everyone to come together and your place a Blockchain technology. So imagine I think I'm going to the hospital. They will check my letters on the Blockchain like my brother group and dominated my medical history. Except if I go for an interview, they can also take my education certificates and all my experience in the production platform itself that will act as a single source of fruit for most of the government transactions that I can do. Singapore government has initiated this project called Let's Move In, which is used for domestic interbank payments so we can say that they're trying to harness the power of Bitcoin within the country itself. India is bringing something going on India chain, which is strange with bitter taste. Validate on. I had all the educational certificates to the Blockchain, so that has told before if someone can go for an interview, they can check. Are his educational qualifications using the Blockchain itself? That would be very, very minimal for jury in this case, because production is immutable and very trustworthy in the United States. They're trying to store all the IBD letter information on developed change ideas, intellectual property which comes in the forms off patrons, copyright tech sector so all this I P information, which are very valuable to a person or a company, can be stored on the auction so that they're not cheated by someone that their patent infringement person. Let's also look at how Blockchain can power the smart cities on books. It is a triple in the next video. 54. Blockchain in Smart Cities and Citizenship: you in the digital era now that all the countries we're talking about making their sippy smart, but I really risers and smart manufacturing and what nots. Let's look at what the competent off smart cities first. Smart cities include smart manufacturing's more government ability and WiFi everywhere. Smart and visitors, citizens open data smart held and all of these smart things that we're talking about these are possible using I'll be devices right. They cannot talk to each other and then bring in data on a laser on make the cities smarter and smarter as they bring more data. But then, whenever there is a huge amount of data, there is a problem of hacking, and this data will be so vulnerable that any hacker would want to have this data because this contains the date off all the citizens in that particular city. Remember when we saw centralization is not so secure, we can conquer the centralization and used not in for the same, especially when you use, I hope he realizes there's a report with taste. 60% off work data. I only use old is being had, and it's not ask 20. Let's also look at how to make good citizens out of Blockchain. So I'm sure you all know the concept of working and elections, right? So whenever you do a ballot working on a chip working on something, we don't really trust the system because you're just giving a sheet of paper are in during your digital world, which goes to a central party again. If the party has a lot of political influence, then they can actually manifest the result of the whooping and hence the fate of the entire country itself. It is because of this lack off prince that most of the citizens born girl and what for the people they want to they think you want. If I were, it's not going to help because it's not a very time spinning process. Imagine bringing, working with locked in. Everyone can have their private key to work, and hence there will be any problems off for forgery in working. And the calculation is all done using smart pointers. So there cannot be any third party intervention in this case, and and it can be very transparent for the citizens and will make them work as well. Imagine another situation where you want all the citizens of your country to go green and start using public transportation or carpooling on made in the city clean except whatever rewarding them with. Even they are trying to do it. The seven. They're not foreign tropicals. You're penalizing them with pay tickets. But what if the person is doing good things following all the rules, working properly, paying his taxes, so he does not get any water at all way? And that's the problem. But bringing in closeness towards his one country so Blockchain can your polkas to bring citizens hasn't. When you're going to office from Monday to Friday, you can take a car pooling our public transport. When you do that and you pull the your gun it, you can get green points in which you can get three off course. Public transportation during Bacon's are some drink point very. Get a discount on your electricity bill ending signup. So this way we can keep on the warning people who do good things for the environment, anti country and hence Luxan can play a major role in transforming the entire world to be good citizens. So I hope this section or news cases a production which included both permission. Less use cases are in permission to use cases will pull up your mind. And after understanding the features of the technology and how it works, this can be an eye opener for you to visualize. All this can be useful in various industries. Right? I would have given you about the use cases and don't do that. This is how it is going and I can make a 10 are really about all the use cases. But then that is not the real object to off this entire calls it. I want Toto teach you Blockchain and want you to visualize the future prospects of lotion on water can be possible but in the doctor, because currently Brompton is a baby and it doesn't longer to go. It is because of people like you and me who need to think out of the box and come out of the traditional use cases on bringing more use cases, bringing more decentralization into all the industries. And hence I leave it here. I want to give you some assignments on some industries which you can go through research on yourself and hence understand the topic visualize yourself, and after that I would really, really want you to come up with your own use cases so that you can form a company off your will. On the hardest thing right now in the investor market is Blockchain, and hence, if you are coming up with a very good use case, you could definitely bag a good investment and be an entrepreneur. A funeral. So in that sense, I think this use cases were kind of started working for you to think about your own use case and do a lot more research to understand about the other industry use cases We'll see about the future of luncheon in the next section of this course. 55. Sharding: having understood the Blockchain technology completely, Howard works and its use cases. I think it's a good time to look at the future of election. What are the limitations existing and what are the proposed solutions in the future for Iraq? Chance to scale. You see scalability and interoperability between doctrines are the two main issues that elections are facing now, and charting can be one of the possible solutions in which a production can actually scale to the real world. So what is the problem with the existing block chance? What is the limitations off Bitcoin and ethereum and the likes? These public Blockchain suffered from scalability issues as in any transaction processing system. If it has to be our doctor by the general public, it needs to process a lot of transactions per second. For example, the Bitcoin Blockchain can only process 3 to 7 transactions per second. My late idiom is a bit faster, can do about 30 transactions per second. Imagine the entire world using ethereum Blockchain and they all have only 30 transactions per second. That is not enough for the people of the entire world to root transactions. There are a lot more transactions that happening per second. For comparison, let's take Visa or MasterCard transaction processing numbers. They are in thousands on compact toe, 3 to 7 transactions or transactions per second. That is very true. Hey, why does this happen? Because Visa and MasterCard, how central databases where all the transactions are getting process and store. This is very fast and easily maintainable. Last week, VeriSign Blockchain every note needs to validate the transaction. Save the copy off the entire transaction history from the Genesis block to the latest block in their particular north. And then only these notes can stay in a consensus. All of this process slows down the entire block chain ecosystem, that is, well, shotting comes into the picture shot. It is not a new concept. Charlie is already being used in horizontal data basis. If you have a large set of data, you can store smaller sets off dark last data into different databases, and all these databases can be brought together whenever we want to. Real data and held charting helps. Maintenance off database is very easy. The same can be taught off for the public Lachance as well Imagine the entire Ethereum Blockchain being split into sharks on each other can be thought off us and many Blockchain , which follows all the protocol, sir Ethereum follows. But they contain lesser number of nodes and hence lets the number of black sensible so they never knew. Transition is submitted in a particular sharp. These notes only validate that transaction and added to the collection. Same happens between multiple charts that are available for the Italian notable. What happens here is that the Internet eliminate work. If it is divided into 10 different tax, there will be 10 different many block chains, which validate transactions. And the security of the Blockchain is not compromised here because it follows the same protocol. A civilian pressed the proof of work on census and all those things, but it is proved to the 51% attack we saw. What is this 51% attack? Whenever the Blockchain follows thes proof of work until December them and more than 51% of the computational power is being controlled by one particular minor or a group of miners. Then that doctrine becomes vulnerable. They can manipulate the transactions and add blocks according to their old bill, because they have work on traditional power for the same example that I give before. If Ethereum Network is converted into 10 different charts, then for a malicious minor toe tagged a little work on a particular shot, he just needs Piper. 1% of the competition part off the entire validators are minors in the network, 5.1% on traditional power is very lesson number on health and that scenario, the security of the election can be compromised. But a shot for this. There are a lot of propose solutions, as in random is the North, in which each other's percent and all these things. But nothing is proven yet, and hence it is only development. So these artists for 10% are being maybe seeing a new use shots and a Blockchain etcetera right. There is also another problem called us Intershop Communications. All these shots together from this Internet will call That's it medium. So when you want to do some Intershop transaction, let's say first time, when I am doing a transaction in Ethereum, it goes and sits in charge. Number one second time I'm doing it. It has to go and sit in chart number two because I'm talking to a full lord, which is there in chart number two, right then it needs to be a transaction between two shots. That is also a problem because that communication might be hard destiny. So these are the issues being worked on by startups developers on the existing auctions, hopefully charting, plus proof of sickle guard. Adams might come together and solve the problems off scalability, but that is in the future of Blockchain and we look forward for the same. 56. Sidechains: So we're looking at the future concepts off Blockchain and whatever is being worked on by developers and startups to solve the problems of scalability in the current Blockchain ecosystem. Right? So these are this concept of shouting in the last video. Let's look at site change in this video. So what s eighteen's? So we have this main Blockchain policy ethereum on. We have a lot of side chains which goes in parallel with the main Blockchain and follows all the protocols of that critical elections. But it has a specific use case. For example, in material which is smart contracts transactions and also lets a dancer pressure. Right. So the main doctrine can almost 18 with days. This one lead conducts fast transactions as in on account to an account, either construction. Then whatever happens in the smart contract to deploy the contract are to change any state of the contract. There will be another cell change. It's just that there will be the specially transactions which going to side chancy. Why did this concept came into the picture? To give you an example, that is a game on the ethereum Blockchain called Astra per kitties, which is a yeti 7 21 poker built on top of Italian When the game was launched. People were so interested in this game that most of the construction that the transaction will have in the Italian block change. They're based on cryptography transactions, so a normal transaction. But I want to transfer money to you who are stuck in the transaction pool for a long time. Either I have to pay a lot of transaction piece for the minor toe pick me transaction are wait till all the other transactions with off crypto kitties going the Blockchain and generally my Granderson Mitigator. So this is a serious problem because one particular game called us the Ducatis drunk the entire transition list of the other users. That's what when this agent comes in, it increases the efficiency of the Blockchain on transactions per second by a large extent . So how will the site and work as a concept, we have this main Blockchain and let it be, have, say, 10 year B and C you're researching will have an interface with the main lodge. In the interface will be a tube a layer for no. Let's call this interface as a simple payment verification called us SPV. This payment verification will be like whenever there is an interaction between the main block in and this a change. There will be this interface, which connects the stupid auctions this interface well, they were for currency transactions, which need to be converted. Let's say, let's say Bitcoin and Ethereum are two different side chains on it was building that way. There will be an interface between these on when they say converts so many Bitcoins into ethereum, the single payment verification. Will you plant that from Bitcoin and convert that into Ethereum? It will also have the conversion rate at that point in time. That's the use of simple payment verification asset believe end of this but site A still no are in theory, but none of it has been put into practice because there's a lot of problems, as in charging with side change as well and hills people are working on it, and it might come in the future 57. Interoperability: the third main issue that people are trying to solve in Blockchain is they interoperability ? Interoperability, as the name suggest, is starting between auctions. For now, let's say if you have a lot of Bitcoins, let's say millions of millions off it. Also, there is no way that you can interact with the smart contract build on it, Miriam with Bitcoin. So it is a big problem because there is a lot of Blockchain is coming up like we have been going ethereum new your yours. Yon carrano, etcetera. All this block change our existing in silos within the ecosystem. You don't look fine because I can do transactions between each other and everything looks fine in a secure, inimitable manner. But then whenever I want to go to a different Blockchain and interact with that, it becomes very, very difficult for me to do that in the current state. Because other individual I cannot hold tokens off each and every Blockchain and Cryptocurrency that's available care like I need one broken. And if I am bridge, I'll be holding that broken, which I'm here to which I am Sandoz. I cannot expect the other person who I'm trying to transact with in the world to hold the same Cryptocurrency that I hold intended to be able to send some token and that gets converted automatically in tow, talking that they prefer, Right? Also, Bennett comes to dlrs r p. APS. It's very important for a developer to spend corporate is that he asked, on the guts that he's spending so he cannot expect its users tohave apart. People are Cryptocurrency transactions in the Blockchain, and hence interoperability becomes a very, very important issue that needs solving in the Blockchain ecosystem. Many companies, such as Cardinal Branching Year and etcetera, are working on solving this. So when we look at in Problem T and Howard works, this is the purport solution. As you see on the screen, there is a distributed ledger, one on the civil religion. So currently, this deal D one and D lt to our existing in silos. The proposed solution for interoperability is that there will be a gateway nor indeed lt one, and they get the Norden deal veto on These two cannot be each other. This talking needs to be moving on as we science I changed. It needs to be a simple payment verification nor as well. So many of the proposals coming now are proposing that if you're trying to inter operate between Bitcoin and Ethereum, let Bitcoin and Ethereum B side change for each other and helps that can be possible. There there is an interface, and there are Gateway Lords and they can talk between each other. There's a lot of issues in that manner, and we hope some hold this gets all on. There is a global block scene where a new any Blockchain can't doctor any other Blockchain in the future. For example, the cardinal direction is working on this kind of a solution where they treat other block chains apart from cardinal aside chains. So after so in the section, starting side chains and internal probably deep are three burning issues in the Blockchain ecosystems and people are trying to solve this, you can go read about it, and it involves a lot of mathematical verification and a lot of implements on a daily basis . So stay updated. If you want to know where the Blockchain future is going through, a lot of such way, we are going on, so who knows? You can also solve this problem In a very simple matter. Let's look at the latest addition. Subtraction like a tree in Puerto Carreno, etcetera, in the next section of this course. 58. Zero Knowledge Proofs: I believe that the limitations and future approaching in the last section of the scores let's look at the current hardtop. It's that's going on a Blockchain. I'll try and keep this updated. As more and more new information comes induction, so you can also go through and know the latest updates. Its first look at zero knowledge schools. Imagine only look like Bitcoin, right? So but going these other it's completely transparent and all the information that's happening on Bitcoin it is public. So even though it can only reveals the artist for a particular this, we can always get to know till the Genesis block whatever they have done. How much? Because we're transferred, what was the timing and which other transactions happened, etcetera. So in the real world, if we're trying to do this in a bank or politics, then that will be completely insecure. Right on Bitcoin is not completely untraceable. The FDA practice on what the criminals with there big guy interactions the people behind the Bitcoin addresses and things like that, and hence court them as well. So Bitcoin is not completely untraceable. What if I am a very rich person and all the transactions that I'm doing is being noticed by Robert and he wants to come and kill me after finding who I am. So this being the case that all my transactions are public, I cannot depend on the central A system like a bank loan. We have already seen one of the problems with doesn't really system like a bank. Even though my transactions are private, there s a lot off other issues in the centralised banking systems. That's when we needed a mix up of these two things in a block changes to motive. That is what Z gashes parading us companies leg zika as our privacy protecting the sir currency built on strong sense, strong sense they've been blocking. So what they do is they promoter immutable, secure Blockchain while also protecting the transaction privacy. How they do it is with zero knowledge proofs, zero knowledge proofs is that you can, very for the information without revealing the information at all. Imagine you're driving and you get stopped by the cops. So you need to give your driving lessons on the vehicle registration details to the cop for them to very fight. Imagine a situation when they call past you. Do you have a violent driving license? You can just place your fingerprint on a particular mission that they call past on. The mission will just throw yes or no. Which means the mission in the back and has verified with your fingerprint found the Blockchain that this person has a valid driving licence are not for this question. It is just throwing a Boolean expression like a sort of back to the right. So in this case, what is happening is that the guard will not know your driving license numbers. Are any of your further details that your data put or on our basic sector? He will just know that you have a valid driving license and hence he is happy with the verification. Let's take another example where you apply for a job and that person has to verify if you are a blocked in developer or not. Let's it, he will ask. The Blockchain is this person called X abduction developer in a company called by and the system will go check in the back room, Olive your entire profile and then the total revealing the information which company are working in our what is a pass to experience, except it will just say yes. This person is working are no. This person is not working in that particular company country. This is the concept of zero notice post, and it is a beautiful concert which is much require in the Blockchain space. Also notice that date on there needs to be approved her and a very fire inside KP In the traffic cop example, I'll be the proper and they cobbled with a very fire In the zero knowledge proofs. Zero knowledge proofs are also in charge. Alone is that KP is in a lot of places. Let's look at a stadium full ground war in the next video. 59. Ethereum 2.0: the next currently hot topic in the margin ecosystem is a Syrian 2.0, we've been working on Italian 1.0 from the time it was released in the year total 16 for the public, the smart contract layer, right? So it did him 1.0 by the founders of a tedium itself is considered a supporter. They had to release something very fast for the world to know that smart contracts can be developed on the Blockchain platform and they have really proved it. But all the taps and dowels that we're looking at in the world right now. But there are a lot of issues with the tedium. As you saw, there is a lot of scalability issues with the tedium, with only 30 transactions per second maximum that can be done in the Italian Blockchain. Right? So they have been working for a long time now to improve the scalability issue on bringing a lot of improvement. So, ethereum, I make it a simple point. The 1st 1 will be they will be moving from this consensus algorithm called us proof off. What proof of stake, as we have seen in the Bitcoin and Ethereum Blockchain. They use this consciousness mechanism called us Proof off. Look, what is proof of work the minor. If he has to prove that the network that is a valid manner on, he has something to lose, that is the definition of poverty. He needs to calculate by trial and error a stupid number Carla's nuns and put it in the block so that the Bloods hash has some leading zeros. This, as we have seen, consumes a lot of electricity, and that has a lot of environmental problems in the world. Tens people were suggesting proof state for a long time broke off. Steak is where Let's say I have 100 litre and I can stake those coins. Just likes taking in the case, you know, and saying Let me minor block And if you'll find that the block is fine, give me the reward. Now they re warders. I've staked my coins and when a minor valid block you are gonna reward me with new returns . What is the penalization process here? Is that whatever I have steak if the block is found to be invalid Or in other words, if you find me Toby, a hacker then my steak. The clients will gold off me and helps. Money isn't list here. That's the reason why proof of status Spencer to be better than proof off work in a lot off base because it doesn't have the settlement business off. Prove off work like using a lot of computational power. The 51% attack, etcetera, then shouting is also being implemented. Unitarian Pulpit shouting as we saw It's a contract where you split the entire Blockchain in two my people shots and hence eating consist throughput. There's also this Italian virtual mission, which runs in every full Nordoff ethereum on. This is the place where all the smart contract Corgan's. There is a lot of bottlenecks with the existing idiom and helps. It is being replaced by something called a ribosome, which is a W three c open standard, And many big companies like Microsoft are involved in this process. So in a presentation, baby tell equipment, he himself said that take it to him. One point will let Xavi can make about nine transactions per second. If I implement charting into the ecosystem and chart the entire Ethereum network in 200 charts, I can increase the throughput by 100 times, so that becomes 900 transactions per second. On If I include proof of stake algorithm that can increase May transaction to put by another 100 times, and hence the number of transactions that that can be handled became human Only. Shouting and proven steak is about 90,000 transactions, which is even more higher than Visa and MasterCard's of the world. And hence these two are definitely going to be a breakthrough in the Algerian world. Are the Blockchain will completely? 60. Cardano: next over the cardinal abduction being built by Cardinal Condition You HK and Embargo. These three are organizations working together to build this Blockchain three point will card a scanner. This is being built by a charge for Stinson, who was a co founder for Atrium as well. According to him, this is blocked in 3.0 were washing. One was considered as Bitcoin on global payment system. Question toe was when smart contracts came into picture dr in 3.0 that this cardinal will be a programmer election and it will solve all the issues of the existing Blockchain like scalability. Interoperability, sustainability it. Sister Doxy Main three focus points of cardinal and they have a lot of researchers working on to build this platform. Let's look at the first point called scalability. These are in a Toronto quinto. That scalability can be increased using post on steak and shouting. It's the same thing that Karen is also doing. God knows the first doctor toe prove to the world that proof of stake can work. In July 2017 they have this book of sickle garden called us or a boroughs, which is mathematically proved to work. They also use starting toe split the Blockchain in two different things on that increases scalability on throughput. Off this project, the second thing they're concentrating on is interoperability. These other interoperability is a problem in the current law actions and hence cardinals trying to build a Internet off Lachance where they treat the other doctors like Bitcoin like corn Ethereum, etcetera aside, changed by building interface between these two Mitchell a. Tosa to weigh interface on and provide a bridge. So when you want to convert cardinal into ethereum are Bitcoin you don't need to go through a decent place exchange on change this currencies to use them in the other Blockchain There is also this problem off sustainability very if you want to keep building new features in a particular Blockchain. Andi In this case, there are researchers working in the garage change. So you need to pay the developers and researchers who are working on this Blockchain So do the book, right? That's why I gotta know came up with this concept conflict, actually. So, whenever necessary, what being paid to the miner who mines the block using proof of stake algorithm ah, particular portion of that it's added to a separate account. Korda's depression. This city will be controlled in a decent place matter. And whenever there is a spending request that's given these people have toe worked on it in order for the Cardinal Foundation to spend it on development. So this increases the sustainability of the Blockchain because they have money, and they can afford to bring in more researchers and developers whenever a new feature is required in the future. Also, when they told you that this is a programmable Blockchain, this uses a separate programming Long, which called us Brutus to write the smart contracts. This POTUS programming language is Beijing, a functional programming language called us Haskell. The advantages with functional programming languages is that it is mathematically verifiable on very deterministic. Hasn't there is no problem off re entrance? He possibly the functional programming language and a lot of other advantages that the functional programming language gives. Also, the native Cryptocurrency used to buy a car. You know, it's called the Sierra Coin. So this is how cardinals known at the block 10 3 point, the kind of promises they give are very laugh. But if they are able to do it with the ultimate, such as that they have, then it will definitely prove to be the next step towards at once when the Blockchain ecosystem 61. Conclusion: I'm as excited as you are as you have successfully completed this course. I remember very started in the beginning of the course. We started with whole bank works. And what is the problems with self organization? From there? We only got into Blockchain Bitcoin ethereum permission the block change. And then we saw a lot of use cases, and that was an exciting journey. So I think it's time to congratulate yourselves and give a pat on your back as you are promoted your time and energy in learning this revolutionary technology called has not changed, but the learning never stops. You need to keep yourself updated, but absolutely coindesk inclined. Telegraph. Because news around Blockchain technology is coming out every day. You can also start following the hostile Blockchain in Twitter, and they've got to exit. If you feel that I have missed any concept, will discuss, or if you feel anything interesting and want to add it to the course, please post your questions or send me a private message, so I cannot the same to the course. If you have any queries or whatever has been discussed, police pose the same in the question section, also please read the course and provide feedback that could help the other students in finding the scores and help me improve the course as well. Having said that, I understand that no courses from the person satisfactory for everywhere and hence some more research about a few things might be required from your it probably or in prisons engineer or a mathematical person who wants to understand more about the technical and mathematical details involved in Blockchain that has not been discussed here because others might find a too technical or too mathematical. I wanted to keep this course very logical. I'm to the ground so that you will get a pretty good understanding. But the single leaders off any Blockchain is available lists its white paper on the low people. You are always free to go through that if you want more details on the same. So that's it. See you on a fresh new course on Welcome to the new Decentralized Award