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Bitcoin, Ethereum, and Litcoin (Blockchain Explained)

What is Blockchain Technology?bitcoin blockchain explained

Blockchain technology is a beautiful thing. It is a software that uses a wide network of computers and servers as nodes along an infinitely expansible network. The nodes allow the verification of transactions to occur and be validated over and over and over again across a huge network. It’s the same thing as if a guy (Bob) gives a girl (Sally) $1 and the whole world sees it happen and keeps a record of it. For this reason crypto-currency doesn’t have to be backed by gold or silver or anything else. So long as the computers stay running, there is a trail of verifiable occurrences that any give transaction on the network has taken place. The beauty is that the verification can take place over and over again, building the credibility further of the transaction history. It is a public digital ledger which is distributed across a vast network of nodes along with time-stamp verification. For this reason, cypto-currency is essentially unbreakable.

Introduction and Overview

Blockchain is Eating Wall Street by Alex Tapscott

Alex Tapscott explores why blockchain currency will mark the 2nd generation of the internet age. Blockchain allows for strong financial systems to exist across a public ledger and build assets through blockchain networks. He explores why we use middle men and printing to create copies of dollars and rely on outdated and out of control serial number systems to maintain the runaway train of an economy that we live in. He also explores why the existing centralized system we have fails from a standpoint of security in comparison to an immediately accessible online decentralized system like that which is available through Bitcoin, Ethereum, and LiteCoin. He goes on to explore the many uses of blockchain currency and that Bitcoin is just the start. Alex points out these 7 ways that blockchain technology change our world and improve its prosperity:

  1. Protecting rights through immutable records
  2. Creating a true sharing economy
  3. Ending the remittance rip-off
  4. Enabling citizens to own and monetize their data ( & protect privacy)
  5. Ensuring compensation for the creators of value
  6. Blockchain will create a new age of entrepreneurship
  7. Reinventing government and democracy

Blockchain Demystified (Sept. 8 2015)

Vinny Lingham goes in depth with Bitcoin in a TEDx event in Capetown South Africa. He discusses why Bitcoin and other crypto-currencies can be tailored to overtake our existing financial systems. He equates how our existing financial systems look at trust which is closely related to money dealings because money is used as the common denominator to complete exchanges for goods and services. He explains how the Bitcoin network prevents double spending and tracks finances across a wide spectrum and in great detail.

Advantages of Bitcoin over hard-currency (i.e- Dollar/Euro)

  • Privacy (no need to expose personal information)
  • Securely (encrypted crypto-graphically)
  • Instantly (from seconds to a few minutes)
  • Open source (can be audited by anybody)
  • Worldwide (from anywhere to anywhere on the planet)
  • Peer-to-peer (no intermediaries with a cut)
  • Public ledger (transparent, seen by everybody)
  • Decentralized (distributed with no single point of failure)
  • No charge-backs-No fraud (‘push’ vs’ ‘pull’ transactions)
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