Table of Contents
0:05. A common sentiment you hear is, “we’re not interested in cryptocurrencies but we are interested in the blockchain.” This statement is sort of confusing because it seems to suggest we can just disregard cryptocurrencies when we use a blockchain… is that true?
0:45. What is a blockchain? It’s a new way of storing information where we have an immutable (meaning nobody can edit or delete it) memory of all of the changes made to that information to get it to its current state. Akashic records metaphor.
3:00. How is it possible that we have this immutable memory?? Via a peer to peer network.
4:40 Why would anyone want to participate in this peer to peer network? They get rewarded in the form of cryptocurrencies.
6:00 How do the other uses for the blockchain fit in? With bitcoin the information stored in the immutable memory is just the history of bitcoin balance changes… with ethereum it stores the history of ether balance changes AND information in general, where you have a history of all of the changes that have taken place to that set of information. That information can be used to represent all sorts of things like car titles, home titles, stock certificates, etc… where no-one has the power to delete it… and you have a history of all of the changes to it (for example, ownership transfers etc.)
8:11 How does ether fit into ethereum? If you make a change to the information on the network you pay in proportion to the amount of computation that the change required. (Like with postage at the post office) …a big change requires more ether a small change requires less ether. Ether is also used, like in bitcoin, as a miner reward to incentivize the miners for their participation in the peer to peer network.
If you want to see more videos like this send some ether to this address: 0x4f4aa420c7cf814ccafb28a57117280e429da918