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Why is Blockchain a big deal?

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hi and welcome this week's auspiciousagile video blog this is John o Korothis week we're gonna be taking a lookat our blockchain and crypto currencyseries and taking a look at blockchainfirst of all please do click the likebutton below to like the video and clickSubscribe below and also the alert elseyou get updates on the latest auspiciousagile video blogs now let's take a lookthis week we're gonna take a look atwhat is the big deal about blockchainblockchain you hear it all over theplace Bitcoin all these things we'regonna take kind of a no hype look andget it basically an understanding ofwhat is it all about and why does itreally matter so to start we're gonnatake a look at going back to 2008blockchain was originally introduced bySatoshi Nakamoto now Satoshi Nakamoto wereally don't know who this person orpeople or group man or woman we don'treally know who it is but theyintroduced open-source Bitcoin and theblockchain as a solution fordecentralized financing and payments andthe reason for this was of course in2008 there was a great financial crisisin the US which impacted the entireworld actually banks lost a lot of moneythere was a lot of money lost thoseretirements 50% people lost houses verydamaging to the entire world economy andSatoshi Nakamoto basically wanted toprevent this type of thing fromhappening againso by decentralized into financialsystem and transactions and not havingany one single point of control whethera government or a bank or otherwise wasthe idea behind the blockchain in theopen source code that was originallyintroduced to provide the blockchain inBitcoin as we know it now as a side noteon January 3rd of 2009 was the firstBitcoin transaction that was processedusing the blockchain now let's take alook at a course block Shane's firstkiller app as we know is Bitcoin Bitcoinhas been in the news a lot that was abig cool crash recently but also it'sstill eight thousand dollars over eightthousand I think like eight thousandseven hundred recently it had gone overten thousand market capfor cryptocurrency I think was over 800million come down a bit but at the timethat Bitcoin first came out you couldbuy two pizzas with like ten thousand ofthem compare that to one Bitcoin beingworth over almost nine thousand dollarsa day you can see that this is certainlybeing only up in value there's a lot ofdifferent coins a lot of differentcurrencies that go on the blockchain butactually the big deal is really theblockchain the blockchain itself is anamazing technology and it's as much of ajump forward as a pc revolution or theinternet was and I don't exaggerate herethe decentralization that it introducesthe ability to run transactions and havetrusts even when you don't have acentral institution running them is verypowerful and this is something that'sbeing used a lot by many different typesof companies well-known ones and newstartups all over the world and you canuse it for things like banking andfinancial transactions of course you canuse smart contracts as they call them onthe block chain to make agreements andyou can fear a farmer or let's saysomebody in a developing country and youwant to tokenize your assets or raisefunding you can do that you can put yourfunds and raise capital or participatein crowdfunding there's all types ofways that you can use the blockchainit's very powerfulit goes far beyond just Bitcoin eventhough Bitcoin is obviously the firstkiller app now some of the key assets ofblockchain are as infrastructure and alot of the key projects right now arethe area of infrastructure so there'sscalability security anddecentralization of the of theblockchain now in terms of scalability Iwant you to compare this with Visa orAli pay which can transact and run tensof thousands or thousands oftransactions per second the blockchaincan only transact seven transactions persecond that's right seven so this ispretty slow right now so a lot of peopleare trying to address scalability tomake this workable people like theLightning Network which is a very hotthing that's coming out right now to tryto add a second layer on top of theblockchain there is radix and hash graphin patch graph actually hash graph isanother technology but it's alsodistributed electric technology ordistributed technology as well and theseare to addressnow another area security how do youknow that what I sent you or you sent meis actually going to get through andit's not going to be tampered with ormetal with her act so this is a very keyunderlying infrastructure area and thenthat it remains decentralized so theidea is that nobody no matter how muchmoney they have or whether governmentwhatever it is controls the entireblockchain the idea is to keep itdecentralized and distributed acrossmany people so that you don't have arevisit of what happened in 2008 is theidea and it has kept global and you havepeople clock miners I'm very sure you'veprobably heard of Bitcoin mining by nowthese are people who verify thetransactions using cryptography and fordoing that they get a fee so they get alittle bit of a fraction of a big pointevery time they're the first to verifytransactional now there are lots andlots of projects that are out there bigones like Disney's Dragon chain tokenthe Lightning Network Beluga Bank onlinefor giving disability countries accessto capital Gibraltar blockchain exchangeMicrosoft blockchain ID you can see bignames and small so lots of people areinvolved in this and tokens areassociated with projects so these arecrypto currency tokens now we'll look alot more at the ICO which is the initialcoin offering soon an upcoming videoblog but it's important to know thatpeople are raising a ton of money thisway fifteen million dollars thirtymillion dollars these are people who inthe past would not have had access tofunding necessarily because they weren'tpart of the venture capital network orthe banking kind of inside circle sothis is a big change in democratizingfinancing for many people and a lot oflittle guy around the world access aswell to funding now there are somerestrictions and different governmentsare putting in I think China had somethat you put in recently the US has somerestrictions although you can certainlyparticipate and purchase cryptocurrencyso a lot of things there so lots tothink about and as always if you enjoythe officials agile video blogs pleasedo subscribe like and click thereminders you can also support onpatreon and on Amazon with the linksbelow or in the video links and asalways stay agile and thanks so much forlisteningyou

This week’s Auspicious Agile video blog takes a look at Blockchain, and its related technologies and why they are such an important innovation. We will look at the origins of Blockchain, Bitcoin – Blockchain’s first “killer app”, Blockchain projects and infrastructure. This will be an informative no-hype look at what Blockchain is really all about.

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$23.20

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