Day 1 - Blockchain Essentials - Melanin Academy

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

Transcript

1. DAY 1: BLOCKCHAIN ESSENTIALS
   INTERNET OF MONEY
   Twitter: @BitHubAfrica
   Website: www.BitHub.africa
   

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2. WHAT IS MONEY?
   

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3. WHAT IS MONEY?
   Store of Value
   Medium of Exchange
   Unit of Account
   Language to Express Value
   

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4. Evolution of Value
   Change in the Language which Expresses Value
   

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5. WHAT IS BITCOIN?
   THE WORLD’S FIRST CENSORSHIP RESISTANT
   PEER TO PEER DIGITAL CURRENCY FOR
   TRANSFERING VALUE OVER A DISTRIBUTED
   NETWORK LIKE THE INTERNET
   Internet-of-Value
   

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6. WHO CREATED BITCOIN?
   We Don’t Know!
   Satoshi Nakamoto
   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.
   

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7. Why was Bitcoin created?
   Read Satoshi’s White Paper
   https://bitcoin.org/bitcoin.pdf
   Genesis Block
   

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8. Blockchain & Bitcoin
   • Bitcoin the Blockchain; the distributed open
   ledger maintained & safeguarded by the network
   of miners.
   • Bitcoin the Currency; the digital token used for
   transactions & to reward miners who secure the
   Blockchain.
   • Bitcoin the Protocol; the digital network used to
   carry bitcoin currency transactions across the
   network.
   • Bitcoin the Software; the open source code
   allowing for extensible evolution of the platform.
   

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9. Source Winkelvoss
   

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10. Source Winkelvoss
    A Commodity is an Economic Good.
    Bitcoin Vs Gold
    

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11. State of Play!
    This graph shows the popularity of Bitcoin by population, Africa lagging behind!
    

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12. Bitcoin Address
    1CucinVK34txDn6Lxp1VjTpzi2J8FLXxe7
    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
    digit “1”.
    Source: Mastering Bitcoin (page 94)
    

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13. Bitcoin Eco-System
    Analysis by @AfriKoin
    

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14. 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!
    

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15. 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!
    https://www.youtube.com/watch?v=kZXXDp0_R-w
    Source: Mastering Bitcoin (Page 276)
    

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16. 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)
    

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17. How The Blockchain Works!
    https://www.youtube.com/watch?v=SSo_EIwHSd4
    

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18. 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
    

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19. Limitations of the Blockchain
    • Slow at the Base Protocol Layer
    • High Complexity resulting in…
    • Poor User Experience &
    • Low Adoption
    

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20. NETWORK-CENTRIC PROTOCOLS
    FINAL PIECE TO THE PUZZLE
    

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21. CONVERGENCE!
    AI IoT
    BLOCKCHAIN
    Automating Transactions In Ai & Iot
    

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22. ASANTE
    www.BitHub.Africa
    @BitHubAfrica
    jambo@BitHub.africa
    Join The Discussion
    www.T.me/BitHubAfrica
    

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