The blockchain explained with NYC Subway cars
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- เผยแพร่เมื่อ 14 ต.ค. 2024
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Bitcoin was conceptualized by an anonymous person or group that identified themselves as Satoshi Nakamoto. Part of the myth around Bitcoin is that we still don’t know who this person is, and that makes it cooler.
Anyway, he, she, they… essentially brought together a bunch of concepts, technologies- such as cryptography… and wrote a white paper that was published in 2009. This was the middle of the real estate market crash, so it inevitably rode a wave of mistrust in the banking system.
So in this whitepaper, this proposed cryptocurrency offered theoretical solutions for many problems with centralized banking. The fees to send money or accept payments, the trust problem with banks, even the Central banks ability to print new money based on political decisions.
So Bitcoin, as a currency that can be used to pay for things… is built on top of a blockchain. And the blockchain is in essence a ledger, just like the one banks keep.
We are going to use the Bitcoin example because it was the first successful implementation of a blockchain, and because it was the cryptocurrency that sparked everything.
The Bitcoin ledger, again, that document that keeps track of every single transaction… doesn’t depend on a single entity, or server, or book: it’s rather- distributed. It was designed as a way to have multiple computers working together, each one of them with a stored copy of the ledger, and with a creative and super secure system to ensure that none of them can tamper with the data.
So this ledger is not just a list of transactions… instead, it’s divided into blocks, which was a clever way Satoshi figured out to allow this to work. Each block contains a batch transactions.
Whenever you send money to someone using the blockchain, what you are essentially doing is adding an entry to the ledger saying that a certain value moved from one account to the other.
In traditional banking, the bank itself is the only entity that can add an entry to the ledger, THEIR ledger; but in a blockchain, anyone can do it, thus making it free… and the technology uses an incredible system to be extremely secure and make sure all transactions are real.
So In a blockchain transactions are grouped into blocks. On Bitcoin specifically, each block is about 1MB in size, which means that it can store about 2,400 transactions.
A transaction is again, a log or a record saying a certain amount of value moved from one account, to the other. Just like with your credit card transactions, in order for a transaction to be valid, the origin account needs to have enough funds, and the record needs to be signed by the owner of the account to verify it’s real.
01:28 Blockchain Explained - Understanding Ledgers
02:31 Blockchain Explained - Updating your bank's ledger
04:52 Blockchain Explained - Satoshi and the Bitcoin Origins
07:45 Blockchain Explained - Logging transactions
08:53 Blockchain Explained - Proof of Work
12:08 Blockchain Explained - Mining
17:17 Blockchain Explained - Problems and Scalability
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You did it again
Everybody involved in the making of this video did a wonderful job.
Thank you
The team really killed it with this one 💪
@@slidebean please cover NFT 's next.
I can't seem to understand why someone would pay millions for an online picture that anyone can download for free.
Smart contract is pretty easy to understand.
Thanks
This man is killing it with every new video. The script, presentation ... simply amazing!
Caya is my favorite CEO in the globe. You share out your relevant experiences, both successful and challenging. And the free education...priceless. I think I know and understand more in depth than i normally would, delving into self-training on the topics you choose to air. Keep it up
Another amazing video with outstanding production, and a much more palatable breakdown of Blockchain. Good to see you in NYC. Would definitely vote for smart contracts before NFT
Great video mate, I always had trouble explaining this to others and could never find a video to explain to non-crypto enthusiasts. I'm going to send this video to my brother and if he understands it, it will be the ultimate testament as to the thoroughness of the explanation. Best regards - PB
Glad you liked it! Let us know what your brother thinks after he has watched it.
Did he understand?
Dude we're waiting to find out
You should add a "Supper Thanks" button.. The last time I saw this good of content and presentation was when John Heilemann did "Download: The True Story of the Internet"... I still get chill of inspiration when I look at it. Y'all great inspiration!
Watched hundreds of videos and none is better than this on explaining Blockchain. Newfound appreciation for Blockchain after watching this. Thank you so much for being excellent!
You should definitly cover smart contracts next. DeFi is here to stay.
This comment aged like milk.
@@PXAbstraction did it? Lol plenty of DeFi apps still running strong. Tell me you didn’t get any airdrops without telling me you didn’t get any airdrops. Cope harder.
Did he ever create a video for Smart Contracts??
I have to rewatch this video for my simple mind to process it. Up until 8minutes in I was like ok, got it, great, ok. Mid way through I was like 😕???!!!
Same. I'll have to watch it multiple times. I think the people who are congratulating it probably understood Bitcoin but could explain it easily, so they're saying this is an excellent way to explain something they already understand. We, though, are a few steps behind that: we DON'T understand Bitcoin/Blockchain, but are trying to through this video.
10:35 technically that’s incorrect. Not all 256 would be different. Rather it’s 50%(statically) of the “digits” are different each time an input is changed whether it’s slightly or drastically. This is just for anyone who wanted to know, not tryna be that guy. This video is awesome!
Technically, it's correct. It's like flipping a coin 256 times and recording the results. Then you reflip the coin another 256 times and record a completely different set of results. Since only two results are possible you'll get an average of 50% remaining the same, but the coin was definitely reflipped and the results were new.
First time viewer. Excellent job in delivery and content.. Just subscribed. Thx
Satoshi Nakamoto is Adam Back.
Wonderful video! Excited to see more on this topic, especially regarding smart contracts. Keep up the good work
After so long I, a healthcare professional that struggles to understand IT concepts, finally understood what bitcoin is and how it came to be in a simplified and sensible way. Thank you!
He: "This shit is not easy to understand"
Me: Oh, it must have taken a REALLY long
He: "Took me hours!!"
linked list
If this video doesn't blow up, I'm quitting TH-cam.
hahaha I'm pretty sure it will
sure it will..
Don't quit 🥺
Love you content!
With that clickbait title, you bet it is.
These videos are so damn good, you guys have really upped your game (and continue to!) it’s great! Very informative!
Would love to see the video on Smart Contracts!
Caya , big fan of you, I am going to say this again , your episodes are better than entire Netflix , prime Videos. Imagine if he got fund like them !!
I loved this Caya. I was just thinking that I should comment at the end of the video that y'all should do a video on smart contracts & I'm glad you mentioned that you are working on one. Also, It'd be great if y'all did one on DeFi, Eth 1st gen, and Eth 2nd gen. I love what y'all have going. Keep at it! :D
Brilliant "click bait" type title explaining the whole situation. Thank you for being so brilliant and making an amazing video to teach the world. Keep being awesome!
Weldone slidebean team for all you do
Glad to see Caya hanging out in NYC, just to see how the other coast live
THE MOST SIMPLIEST YET INFORMATIVE VIDEO ABOUT BLOCKCHAIN. I LEARNED A LOT!
Very Good introductory video for people new to the space
Smart contracts are definitely a part of the future. I'd love to see your take in it.
Smart contracts are not new. Vending machines are smart contracts
I was waiting for this one since you announced it, and It exceeded my expectations! GREAT job as always to the whole team. Can't wait for the smart contracts video!
Wow, this is the best Bitcoin blockchain explanation that was really helpful 👏
Perfect Explanation. I finally understand. Bless you brother 🙏
You should have also mentioned Lightning Network as it's aims to solve scalability problem of the Bitcoin
Covering smart contracts would be fantastic also. Great video
To anyne wondering: fantastic bit of music that plas at the outro is Cold Summer by Tom Fox
Can you make a video about the Bitcoin Lightning Network please!? As I understand, Bitcoin's flaws are already solved.
The timing of that train in the beginning of the video was perfection. Great video!
Thank you. Very easy to understand
i searched a long time for an explanation of the ecdsa system explained after some time i finally found someone with 200 view in 480p who explained it
it is like a lot of people make videos about the principle (easy) but not how it really works under the hood
Exceptionally well done. I also watched the same explanation video you briefly showed, but yours is the superior one. (Although I appreciate the other person's hard work too). This is truly starting to make sense now, and I feel I could explain blockchain to a stranger in 3 minutes if I had to. Thorough explanation videos on blockchain are few and far between, so yours might be watched for ages to come. :)
This chanel is going to be huge one day. I just want to say that I was here from the beginning.
Caya I have been following you guys since you started but hadn't seen one of your videos in a few months (sorry!) But I must say Your ACCENT has really changed! Your english pronounciation is getting really good!
I love your videos. Please do another detailed video on any of the Top10 cryptocurrency
Great video. Interested in videos for both smart contracts and NFTs. I'll wait patiently!
Very cool as usual! great job
Thank you! Cheers!
04:00
Love that reference to fractional reserve banking and how our economy is basically based on debt
This was amazingly good. I finally feel like I understand :)
Smart Contracts is SUPER interesting to learn more about. Thanks for the great video.
This is a very helpful video, thank you. As far as I can see it has *zero* to do with subway trains. xD
I now have a much better understanding of the Blockchain and Bitcoin than before. Thank you!
Welcome!
Computer scientists trying not to freak out when Caya talks about SHA-256.
.....What if my brain is just a Block-Chain experiment........ :O
Could you add Manual closed captions? Could be really helpful, super underrated
I have problems with hearing :)
When is the next company forensics? Miss that series
If you’re gonna do a video about the 2008 crash, you should focus on its influence specifically on tech and the valley
Looking forward to your NFT video. This is very helpful to explain to others.Thanks.
Thanks again for another great video. I will be sharing this with many friends who struggle to
understand the blockchain. My vote for the next one is Blockchain powered Social Tokens.
I hope that your friends enjoy it and get some value out of it!
It's actually only about half of the bits that change in the output of the hash as the input changes. Otherwise you'd just end flipflopping between two states.
Yes! Please make a video on the 2008 meltdown!
Crypto is volatile because is new and has a lot people in the fiat world very nervous fighting back. Think of it when the internet started, it was a mess and many people thought it was just a trend. Crypto is not goin away, is here to stay.
Bitcoin is here to stay because it is a gamble that is backed by the fiat currencies, just like the stock market. It will make some people very rich and some very poor just like the stock market. The fact that it has no fixed unique value of it's own makes it bound to the fiat currencies, at least for the foreseeable future, so right now it is just another hyped up stock that people are lining up to buy. Because of this dependency on the fiat currencies it remains highly volatile and certainly is not free of inflation as it claims to be.
Math teachers were on to something when they required you show your work
"Once half the computers in the network adopt it....then this block is considered confirmed." I'm not sure about that. Instead of looking at it as a pass/fail boolean kind of situation, it's more about "how many confirmations do you have?" The more blocks created that follow your block, the more confirmations you have and the higher confidence you can have that your block is going to stay put.
But thank you for explaining blockchains to more and more people. :thumbs-up:
Thanks so much Caya and team! First time I experienced a "cristal clear" explanation about blockchain and its effects.
excellent, I admire you capability of explaining.
I have seen big short and understood it but I want to see your version of the story .. would be great if guys can do that ... Awesome video by the way .. keep up the great work 👍
this is very very very very this is extremely quite very amazingly well done
Thank you 🥺
I love the explanation. Thank you! and please do the big short :)
Awesome! Thank you :)
Stellar video!
great vid 💯
Excellent explanations 👏👍
Glad it was helpful!
This video is too good to be free
Great Video! Keep up the good work. Subscribed for more videos like this!
I for one would love to see a video on the '08 crisis. You should def do it esp. since I cant seem to understand it
NebJah
1 week ago
You should definitly cover smart contracts next. DeFi is here to stay.
Wow, the thumbnail change actually got me to click. I’m surprised with myself but glad to be here 😅 but simultaneously disappointed in myself 😂😂
Best videos on block chain so far...
Thank you!
Great content, as usual! 🥳
If people decide to stop mining, does it mean no one would update the ledger anymore?
Watch Veritasium's video on clickbait, you may benefit.
yeah i just watched agree.
Just thought of the same thing, good job Caya though, love SlideBean.
So...do I buy it? Or, do I wait for another correction?
Hi, just curious, which NYC neighborhood did you film the warehouse?
East Williamsburg
Please do a video, on the underlying technology Blockchain and how it has an effect on financial services.
13:13 "I can see my house from here"
Also, could you go over smart contracts
Thanks to this innovations
Looks like you’re experimenting with titles and thumbnails, which is very confusing and I’m not sure if changing the title as well would do much good to ranking on a keyword
If I’m voting, then the first title and the first train blocks were the best
Your videos are on a crazy high level, if you’d do a course on ANYTHING I’ll be the first to buy!
Amazing job mate ! Would love to see a big short Theses
Hesus chirst! Thinking that Bitcoin’s energy use is a problem is the first sign that you only looked at the tech, and nothing else.
Also, comparing BTC with Visa also shows how little you know. One should compare BTC to Fed Wire, ACH or SEPA, not with Visa, compare Visa with Lightning network.
Finally, someone in this thread that sees through the nonsense that is this video.
Amazing video. Please also include explaination on proof of stake in your next videos on blockchain.
Thanks a lot for this video we all want a video Ethereum and it's smart contact
Waaw every day you keep on improving congrats caya
Thanks Caya, supercool video, finally I got some idea WTF is butcoin actually :D
Thanks Caya, I would like you to cover the Smart contract please.
This is such a good video and a great explanation -- and I still have no idea how bitcoin works.
Thank you
This dude looks like 15 years old and 30 years old at the same time. Good job by the way!
smart contracts next please, afaik nfts are fairly boring and simply stores an additional hash of se digital media on the blockchain itself, but smart contracts actually seems like a more nuanced and interesting topic to cover
How do you guys consistently find the perfect sound track to go along with your videos?
How can bitcoin store any value, if you need electricity to have it? What happens if you don't have electricity?
One thing I don't understand with BitCoin: once they've all been mined, and the quantity never changes, there will be no more incentive for anyone to "mine" bitcoins. So transactions won't be processed and bitcoin will be unusable.
What am I missing?
transaction fees
To explain NFTs, you should first explain Smart Contracts, as they are kinda linked.
Real nice, I loved the analogies! Realmente tienen muchísima calidad de producción, gracias!!
Love your videos.
1. smart contracts... 2. nft.... 3. defi