This is our Blockchain Essentials Course which introduces the History and Application of Blockchain starting with Bitcoin.
Download 133 Pages of Notes for the Module Here: http://bit.ly/TABOEBOOK
Apply For Training & Internship Here: https://bithub.africa/academy/
Join the Discussion: https://t.me/BitHubAfrica
DAY 1: BLOCKCHAIN ESSENTIALS
INTERNET OF MONEY
WHAT IS MONEY?
WHAT IS MONEY?
Store of Value
Medium of Exchange
Unit of Account
Language to Express Value
Evolution of Value
Change in the Language which Expresses Value
WHAT IS BITCOIN?
THE WORLD’S FIRST CENSORSHIP RESISTANT
PEER TO PEER DIGITAL CURRENCY FOR
TRANSFERING VALUE OVER A DISTRIBUTED
NETWORK LIKE THE INTERNET
WHO CREATED BITCOIN?
We Don’t Know!
Is the name used by the pseudonymous person or persons who developed
Bitcoin, wrote the Bitcoin white paper, and developed original implementation.
However, his real identity is still unknown to this day.
Why was Bitcoin created?
Read Satoshi’s White Paper
Blockchain & Bitcoin
• Bitcoin the Blockchain; the distributed open
ledger maintained & safeguarded by the network
• Bitcoin the Currency; the digital token used for
transactions & to reward miners who secure the
• Bitcoin the Protocol; the digital network used to
carry bitcoin currency transactions across the
• Bitcoin the Software; the open source code
allowing for extensible evolution of the platform.
A Commodity is an Economic Good.
Bitcoin Vs Gold
State of Play!
This graph shows the popularity of Bitcoin by population, Africa lagging behind!
A bitcoin address is simply a string of digits and characters that can be shared with
anyone who wants to send you crypto-currencies. Addresses often begin with the
Source: Mastering Bitcoin (page 94)
Analysis by @AfriKoin
What is Bitcoin Mining?
• Primary Method of Securing Bitcoin Network.
• Use of specialized computers to solve a puzzle
built into the protocol.
• Miners get rewarded for each block mined.
• Rewards consist of transaction fees generated
within the network.
• Involves costly “Work” that uses Electricity!
Where most get it WRONG
The purpose of mining is not the creation of new
bitcoin. That’s the incentive system. Mining is the
mechanism by which bitcoin’s security is
decentralized over a large network!
Source: Mastering Bitcoin (Page 276)
Mining Schedule – Issuance!
The maximum amount of newly created bitcoin
a miner can add to a block decreases
approximately every four years (or precisely
every 210,000 blocks). Based on this formula,
bitcoin mining rewards decrease exponentially
until approximately the year 2140, when all
bitcoin (21 million) will have been issued. After
2140, no new bitcoin will be issued.
Source Mastering Bitcoin (Page 277)
How The Blockchain Works!
Benefits of the Blockchain
• Censorship Resistant
• Transparency of Transactions
• Immutability of the Blockchain Ledger
• High Security on Base Protocol Layer
• Global or Cross-Border Inter-operability
Limitations of the Blockchain
• Slow at the Base Protocol Layer
• High Complexity resulting in…
• Poor User Experience &
• Low Adoption
FINAL PIECE TO THE PUZZLE
Automating Transactions In Ai & Iot
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