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
2. WHAT IS MONEY?
3. WHAT IS MONEY? Store of Value Medium of Exchange Unit of Account Language to Express Value
4. Evolution of Value Change in the Language which Expresses Value
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
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.
7. Why was Bitcoin created? Read Satoshi’s White Paper https://bitcoin.org/bitcoin.pdf Genesis Block
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.
9. Source Winkelvoss
10. Source Winkelvoss A Commodity is an Economic Good. Bitcoin Vs Gold
11. State of Play! This graph shows the popularity of Bitcoin by population, Africa lagging behind!
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)
13. Bitcoin Eco-System Analysis by @AfriKoin
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!
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)
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)
17. How The Blockchain Works! https://www.youtube.com/watch?v=SSo_EIwHSd4
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
19. Limitations of the Blockchain • Slow at the Base Protocol Layer • High Complexity resulting in… • Poor User Experience & • Low Adoption
20. NETWORK-CENTRIC PROTOCOLS FINAL PIECE TO THE PUZZLE
21. CONVERGENCE! AI IoT BLOCKCHAIN Automating Transactions In Ai & Iot
22. ASANTE www.BitHub.Africa @BitHubAfrica jambo@BitHub.africa Join The Discussion www.T.me/BitHubAfrica