Space Summary
The Twitter Space BLOCKCHAIN VS CRYPTOCURRENCY hosted by TKatugwa. Delve into the dynamic realm of blockchain and cryptocurrency as industry experts dissect the intricacies of these technologies. From the fundamental disparities between blockchain and cryptocurrencies to the disruptive force of decentralized finance, the conversation explores regulatory hurdles, educational imperatives, and the vast potential of blockchain in transforming diverse sectors. Discover how collaborations and innovative applications are shaping the future of blockchain beyond just digital currencies.
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Space Statistics
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Questions
Q: What is the fundamental difference between blockchain and cryptocurrency?
A: Blockchain is the underlying technology that enables cryptocurrencies, which are digital assets or currencies used for transactions.
Q: How does decentralized finance (DeFi) impact blockchain and cryptocurrency?
A: DeFi plays a significant role in providing financial services without intermediaries, revolutionizing the traditional financial landscape in the blockchain and crypto sphere.
Q: What are the main challenges facing blockchain and cryptocurrency adoption?
A: Regulatory uncertainties, scalability issues, and security concerns pose challenges to the widespread adoption of blockchain and cryptocurrency technologies.
Q: Why is education crucial for the blockchain and crypto space?
A: Educating the public and businesses about blockchain and cryptocurrencies is vital for fostering trust, understanding, and mainstream acceptance in these rapidly evolving fields.
Q: How can blockchain technology benefit industries beyond cryptocurrency?
A: Blockchain offers transparent and secure solutions for data management, supply chain tracking, voting systems, and more, revolutionizing diverse sectors outside of traditional finance.
Q: Why are partnerships important in the blockchain and crypto sectors?
A: Collaborations among industry players drive innovation, expand ecosystem capabilities, and enhance the sustainability of blockchain and cryptocurrency projects.
Highlights
Time: 08:12:44
Blockchain Basics Breaking down the foundational concepts of blockchain technology and its role in cryptocurrencies.
Time: 10:25:19
DeFi Revolution Exploring the disruptive impact of decentralized finance on traditional financial systems within the blockchain space.
Time: 12:40:57
Regulatory Challenges Discussing the regulatory landscape and its implications for blockchain and cryptocurrency adoption.
Time: 15:55:22
Innovative Applications Showcasing the diverse real-world applications of blockchain technology outside of the cryptocurrency realm.
Time: 18:10:10
Partnership Dynamics Examining the importance of collaboration and partnerships in driving progress and sustainability in blockchain and crypto projects.
Key Takeaways
- Understanding the distinctions and overlaps between blockchain and cryptocurrency is essential.
- Blockchain is the technology that underpins cryptocurrencies, enabling secure transactions.
- Cryptocurrency is a digital or virtual form of currency that uses cryptography for security.
- The discussion highlighted the significance of decentralized finance in the blockchain and crypto space.
- Regulatory challenges and adoption hurdles remain crucial factors in the blockchain and crypto realm.
- The panel emphasized the importance of education about blockchain and cryptocurrency for broader awareness.
- Innovations in blockchain technology continue to drive the evolution of the cryptocurrency market.
- The role of governance and community consensus in shaping the future of blockchain and crypto was delved into.
- Exploring real-world applications of blockchain beyond cryptocurrency offers promising opportunities for various industries.
- Collaboration and partnerships are crucial for fostering innovation and sustainability in the blockchain and crypto domains.
Behind the Mic
Introduction to the Blockchain Series
Sadeena. Gm gmgm. You're welcome to the second day of this series with Fortizo. Invite your friends, invite your family, you know, anyone who you want to understand the concept of the blockchain, invite them on board. Give a few minutes before we begin. We are to, we are meant to have a special guest with us here today, but then let's give a few minutes. Let's give a few minutes for others to join. Welcome, welcome, welcome. Do well to retweet the space and invite your friends over. Sadeena, it. All right, we're going to beginning in a bit. All right, welcome, welcome. I can see Michael and Sage, Samuel Gray and Risk Axe with me here. All right, all right.
Guest Introductions
So welcome on stage, Michael and welcome, Samuel. Welcome, Risk. I believe I'll be conversing with you guys and also listening to everyone in the listener section. I see you all. I see you all. I see Cyber Abdul, ABG Kab, Slugan, Danny Quest, The Clan Sir X, Emmanuel Mine, Koba, Vikon, Uthman, and Arabian Chief. You're all welcome here today. This is the second day of the series on educating you all about what the blockchain is and, you know, all it entails, basically. So we are actually going to be having a very brief one today because we are discussing blockchain versus cryptocurrency.
Blockchain vs. Cryptocurrency Discussion
But actually it's going to be more on the topic. Blockchain, right. Or what is a blockchain? And then it's going to be very brief, very educative. And yeah, I hope you have gotten down your pen and your paper. So just write some few things down. I'll emphasize on what I want you to pen down. So just have that in mind. So, yeah, before we go on, let me hear from Michael. It's my pleasure to be part of the space once again as we are on the marathon for 100 days. So you'll be seeing me very much. Almost time, so, yeah. Thank you, Safotizo. All right, all right.
Engagement with Participants
You're welcome on board, Micron, once again, if you want to be part of the speakers, you can definitely request the mic. I'll bring you up on board to be nice to have a conversation. Samuel. Dre, let me hear from you. Let me hear from you. How are you doing today, JM, everyone? It's, it's nice being here. I'm really happy for the chance that you've given me to get up on stage. With you guys and discussing the blockchain versus cryptocurrency. I hope it's going to be a very good eye opener for. Okay, I don't know if it's just me. I'm not getting anything from Sam Modry, but that's good.
Starting the Discussion
I believe you are doing well. So down to the business for today. All right, down to the business for today. We are going to be discussing what is the blockchain? What is the blockchain? What is the blockchain all about? You have been hearing. Oh, yeah. Utilizing this. On this blockchain. Oh, yeah. Utilizing that. On that blockchain. So what exactly is the blockchain? So before I go on, let me, let me get some views from you guys because I'm very sure there are some guys who have been playing around in the space already. So let me hear from you in the comment section.
Gathering Opinions and Definitions
What do you think? Or what do you feel? A blockchain is just in one, two, three minutes. Let's hear from you. It. Okay. Okay. I don't know if it's just me. I'm still yet to get the replies that. Let's see, let's see. I hope you guys are with me. If you're with me, give me an emoji. Just react. Let me see, let me see who and who is with me. All right. All right. All right. Okay. We have one from Rix Axi Zo. Blockchain is a decentralized digital ledger technology that enables secure, transparent, and tamper proof data storage and transfer.
Feedback and Clarifications
Wow. Wow, wow. You are. You are the charge deputy of this space. So you have done. You have done a beautiful work, you know, begin that. And you are very much correct. You're very much correct. So let me break this down. So blockchain is actually a database, right? Stores data in blocks that are chained together chronologically and it creates an immutable record of transactions. All right? So your explanation is very wonderful. All right, Rix. Beautiful one coming from me. So let me just explain the core concept that actually added up to make up that definition that Rix actually gave us.
Core Concepts of Blockchain
So now the blockchain works with the concept of decentralization, okay? And unlike our traditional databases, right, which is. Could be managed by a single entity and organization, or so the blockchain actually works and operates on a network, right? Network of computers that we call nodes. Every computer is a node, your device in your hand and standing at a node, okay? So every person in this network, right, has access to all the information that recorded on the blockchain, okay? It is not restricted to a single organization, is not restricted to one person, all right?
Distributed Ledger Explanation
That's the first core concept of the blockchain, okay? The second is that is a distributed ledger. All right? I hope you guys are writing this down somewhere. Okay? The second is that the blockchain is a distributed ledger. Now what this means is that the database isn't just stored in one location, okay? Is replicated amongst multiple systems. Like I said earlier on, decentralization, right, works based on the concept that the blockchain operates on various networks of computers. So there are a lot of computers connected to the blockchain.
Global Distribution of Blockchain
So this database is not just stored in one location, it's replicated across multiple systems. In fact, it can go as many as you can think of. Just imagine how many, you know, computers we have in the world. Or imagine how many computers can be gotten from your vicinity, just your little vicinity alone. And imagine how many you can get from your state, from your country. And then imagine how many computers that you can get from the whole world, you know? So that's what makes blockchain, you know, a distributed ledger, right?
Immutability of Blockchain
That database is not just stored in. In a computer, in an office somewhere. It can be seen. It's distributed across everybody's computer, everybody's system, everybody's node. Now, the third concept of the blockchain is that the blockchain is immutable. I'm very sure you heard mention that when I was giving you the definition, a very simple definition of what the blockchain is. That's. The blockchain is a database that stores data in blocks in a chronological order, right? Creating an immutable record of transactions.
Understanding Immutability
Okay? Now that concept of immutability, it just simply means that once data is written on the blockchain, right, it is very difficult to change it, okay? Once the data is written on the blockchain, it is very difficult to change it. And whatever blockchain it might be, once that data is written on the blockchain, it's very difficult to change it. And that's what brings that concept of the blockchain being immutable. Okay, so the blockchain has, you know, they have different applications, basically, right?
Transactions on the Blockchain
But on the blockchain, each block, right, each block contains a cryptographic half, okay, of the previous book. I really wish I could have gone live to, you know, go to a blockchain and, you know, actually I will show you this, you know, live, I don't know, maybe let me see if I can get a pixel and then pin it in the comments section. Which, which do you work with now? Now. Okay, let me, let me just finish. I will do that. I'll do that later.
Characteristics of Blockchain Blocks
You guys will get, you get to see that. Definitely. So because each blockchain, right, each block, right on the blockchain contains this cryptographic hash of the previous block, right. It contains a timestamp. Right. And the transaction, all the transaction data, that means whatever transaction I make, if I made this transaction by 800 21:00 p.m. right? It's 21, let's say 30 seconds. What you'll be seeing on the blockchain is I made this transaction 821 20 seconds pm.
Details of Blockchain Transactions
And this was the time, this was the amount I sent. Right. And basically all the transactions that are. You are going to be seeing it on the blockchain. Okay? And it cannot be changed because it's basically timestamps. Right, on the blockchain. It cannot be changed. And that's what makes the blockchain immutable. Okay? Once the data is written, it is very difficult to change it. Okay?
Transparency of Blockchain
The fourth concept of the blockchain is that the blockchain is transparent, okay? The blockchain is transparent in the sense that if the database is distributed all over multiple nodes, multiple computers, that simply means that anybody, anywhere can literally go and check this database and see what is happening in the database or see what has been imputed in this database. All right? So we can basically see all the transactions that is happening. Whether Binance is making a transaction, sending a transaction to Bybit or Bybit, to send a transaction on chain to an exchange, you can literally see every single thing that has occurred as a transaction right on the blockchain, okay?
Understanding Consensus Mechanisms
And the last concept of the blockchain I'll be sharing with you guys today is the consensus mechanism. The consensus mechanism. Now, for a new block to be added to the blockchain, right. There has to be a consensus that is reached by the nodes. So by all these people, like I said, the database is spread across, you know, multiple computers. And these computers are what we refer to as nodes. You know, in the space, we refer to these computers as nodes.
Consensus in Blockchain Transactions
So basically for each block on the, on a blockchain, right, for each new block to be made, all right, these nodes have to come to a consensus, right? And this is achieved through methods such as proof of work. You also have proof of stake, right? And this ensures that at least a certain, a very high, certain percentage of participants agree that this also transaction is valid. Okay? So basically, these nodes have to come to an agreement for another block to be created.
Failures in Transaction Consensus
All right? So if I'm working on a current block, that's why sometimes your, your transactions fail. Okay? If I'm working on a current block, and then all these nodes do not, they don't come to an agreement. Okay? You either have that statement that, oh, transaction field, and they ask you to try again and all that. So basically for your transactions to pull through, these nodes have to come to a consensus, right? And these are the five core concepts, basically, of a blockchain.
Summarizing Core Concepts
And this is where you will have the definition. Let me, let me pin it up. Let me pin it up. Yeah. The definition that. Let's see, let's see here. To space the definition that Risk Axis, or said that blockchain is a decentralized digital ledger technology that enables secure, transparent and tamper proof. I will literally change this tamper proof to immutable, right? Immutable data storage and transfer. And he's very correct.
Reaffirming Definitions
This definition covers the whole, you know, covers all the core concepts of a blockchain. So basically, if you want to go with my definition, which is a bit, you know, I just made it a bit simpler, right? Which states that the blockchain is just a database, right, that stores its data in blocks. Right? And they are chained together on a, in chronological order. And then it's an immutable, it creates an immutable record of transaction.
Further Definitions
That means these transactions cannot be changed. All right? But we can also work with this definition, which just encompasses all the concepts of a blockchain, which states that blockchain is a decentralized. First, it's a distributed digital ledger. So it says a decentralized distributed digital ledger technology that enables secure. Okay, transparent and immutable.
Explaining Core Concepts
You can just, you can use the word immutable here, immutable data storage and transfer. All right, so the core concepts are decentralization, distributed digital ledger, right? Immutability, transparency, and then the consensus mechanism.
Request for Engagement
So if you are following, if you're following me, if you're following me, this. Put this, write down these five concepts in the comment section. I want to see it from at least five people before I move on. So like I said, the centralization one, you have your digital distributed ledger, too. You have immutability, right? You have transparency, and then you have consensus mechanism.
Encouragement to Engage
So I'll be waiting to see that from you guys. I see some people are just writing only four. So let me, let me write it down and also pin it. So I set decentralization, right. The first is decentralization.
Listing Core Concepts
Second is the digital distributed ledger. Third is immutability. Fourth is the transparency. And then fifth is the consensus mechanism. All right. All right. I just heard it. Beautiful. Beautiful. So I just reacted. Just react. React. If you can see what I pinned up, kindly react if you can see what I pinned up.
Moving Forward
So, yes, beautiful one. I can see, I can see a lot of you guys are following. Okay, so let's, let us move on. Let us move on. Let us move on. So, those are basically the core concepts, you know, of what makes a blockchain a blockchain, right. What makes a blockchain the blockchain that.
Blockchain and Cryptocurrency Connection
So this is basically the technology, you know, cryptocurrency has come. So cryptocurrency is basically just an application, right, of the blockchain technology. Basically it's just one application of the blockchain tech. So you can use the blockchain tech for a lot of things as long as you know, you are trying to attain these five concepts, you know, whatever I build in.
Application of Blockchain Technology
Basically, as long as you want to have these five concepts, you know, in whatever building you want, your product, your project, whatever, to be decentralized. You want it to be on a digital distributed ledger so that, you know, a lot of persons from anywhere in the world can access, you know, that data. You want it to be immutable. You don't want whatever you have laid down.
Conclusion
You don't want it to be changed. Right. You want it to be transparent. And then you are definitely going to be working with a consensus mechanism. All right? So, yeah, so, let's, let's dive down a little bit. Let's dive down a little bit and see how the blockchain works. Okay, so now, it's like I said yesterday, if you weren't here yesterday, you can definitely check the comment section.
Understanding Blockchain Technology
So yeah, here is how, you know how the blockchain works right now. There are different blockchains. The blockchain is not just one. There are a lot of blockchains. This is the blockchain technology, right? The blockchain uses the blockchain technology, basically, right? So you can build a lot of blockchains. Right? So we have. Okay, let me, let me say this first. We have what we call public blockchains. We have all called private blockchains. We have all hybrid blockchains right now.
Types of Blockchains
Public blockchains are blockchains that you can literally go there, you can read, you can write. You are giving access. Basically, it's open to the public, right? Just as the name implies, is open to the public. And that is currently what we are making use of, you know, our cryptocurrency system. That's currently what we are making use of. We are making use of what we call public blockchains, right? We have private blockchains that are specifically just for, you know, they are built just for maybe an organization or a group of organizations that, you know, want to attain a certain goal.
Private and Hybrid Blockchains
Okay, so the blockchain is not open to the public, basically, right? You may be able to write, but you may not, you will not be able to read the data on that blockchain because that blockchain is not open to the public, right? It's a private blockchain. And then I think the hybrid blockchain makes use of both the public and, you know, the way the public and the private works, I think it combines both in it and that's how it works. Right. But our main focus for today is the public blockchain. All right? That's our main focus for today because that's currently what we are working with on the space. And that's what we use on the space.
How Blockchain Transactions Work
Okay? So, yeah, this is how a blockchain. This is how your typical blockchain works, all right? So just like I said yesterday, this space didn't come to tarnish whatever image you had of the financial system it came to build upon. It came to work upon whatever knowledge or whatever you have been doing in your traditional life. All right? So this is how the blockchain works. Okay, first of all, take me as a user, right? I'm with my system. I'm with my computer, with my mobile device. I'm with a device, all right? And I want to initiate a transaction, all right? I want to initiate a transaction on the blockchain.
Initiating a Transaction
So I simply request that transaction, right? And then it's broadcast to the network. So for those people who have made use of DeFi protocols, DeFi is decentralized finance I've made use of decentralized finance products, their protocols, their applications. All right? Let's take, for instance, I go to an exchange, okay? I spoke about exchanges yesterday. So I go to a decentralized exchange and maybe I want to buy a token, all right? I have the digital dollar and I want to exchange it for a token.
Connecting Wallets for Transactions
When I go to that exchange, I'll first of all, connect my wallet, okay? I connect my crypto wallet to that exchange, all right? And on connecting my wallet, it's going to ask me to, you know, approve that, okay? This is the exact wallet I want to be connected, all right? So me clicking that connects wallet on the decentralized, you know, exchange, I'm actually sending, I'm sending a command after it. I want to connect my wallet to the exchange, okay? And then once my wallet is connected, I'll be able to now make this exchange that I want to on the decentralized exchange application, okay?
Completing the Exchange
So let's say I've set up my page, I'm on a bitcoin decentralized exchange, and I want to buy bitcoin, and I have some us dollars in my hand around, I want to, you know, buy some BTC and have in my wallet I set up that I want to buy. I want to exchange my USDT for bitcoin, okay? And I click on buy, all right? Or swap, as the case may because I'm exchanging from one to the other. All right? This swap is going to actually initiate a transaction in my wallet, okay? Or to my wallet. And then this transaction is going to be broadcast on the blockchain, right?
Transaction Verification
It's going to be broadcast to all this network of computers, okay? And then once I, you know, verify that, yes, I want this transaction to go through, okay? So I've initiated a transaction and it has opened up or it has transmitted it, you know, to my wallet. And then I want to verify that. Oh, yes, I actually want this transaction to go through. I'm the one who initiated the transaction. Okay, I approve. And then there are nodes, all right? There are nodes that validates this transaction based on the blockchain's consensus rules.
Consensus Mechanisms
Okay? So for proof of work, what proof of work does is that, this, it gives you some puzzles to solve, some mathematical puzzle, very complex puzzles to solve, right? I don't go so deep down into all of this. I'm giving you the basic knowledge of this. So that's what proof of work does. That those are does like the consensus rule that it plays around, right? And then proof of stake basically is true stake based voting. So basically the people who have a higher stake have higher voting power, right, for a transaction to go through. Basically.
Transaction Completion and Blockchain Explorers
All right? And once these notes, you know, once these guys approve or they verify that, oh, this. My transaction is valid, right? A new block is created. Okay? So I may be the only one in this block or there might be group of transactions that are grouped, you know, in a block, all right? And each block has its unique cryptographic hash. I don't know if you have ever come across it. A lot of you guys, a lot of you guys must have come across this. I would have really loved, you know, if I showed you guys, like on video, some of these things.
Exploring Blockchain Transactions
All right, so if I go to a scanner, an explorer, right now, where we see these transactions, where we see these blockchain transactions are on what we call explorers, right? They are blockchain explorers. So bitcoin has its explorer. Ethereum has the explorer, ethereum is ethos can forgotten bitcoins. I think it's bitcoin.org or something like that. They soul scan. They are scans, basically, right? So they are explorers. They are explorers. We call them explorers.
Accessing Blockchain Transactions
You go to these explorers, you access the blockchain on your is like the front end of the blockchain or your system or your devices, right? So you go to these explorers. And what helps you find a transaction, right. Or what differentiates a transaction from another transaction is that transactions. Cryptographic hash or in short, the transactions hash. Right? So every transaction that you know, you do. I don't know. Who has, who has a Solana wallet? Let me see, let me see. The first person to drop his Solana wallet.
Demonstration with Transactions
Here. Let me, let's. Let's just do, let's just do some little, you know, some little workaround so that I will show this to you guys. Let's see, the first person. Drop yours, drop your Solana wallet phantom whatsoever. I'm going to send you some soul. First person to do that. Let's see, let's see. Wow. So you guys don't have your, your wallet pinned up? Wow. All right, all right. I can see Donnie's wallet. So Donny Danny is the first person who sent his wallet.
Continuing Discussion about Wallets
So, yeah. Who can, who can remind me of what I said yesterday, the other name of a wallet? I would have. I should have confused you guys with this, right? What, what did I say? If, if I want to refer to a crypto wallet or my crypto wallet? What. What can I. What else can I refer it to aside from it being my wallet address? All right, all right. Okay.
Sending Transactions
I can see some people said, missed out that part. Okay? So I just sent. I just sent to Donnie some Solana. All right? I just sent to him some Solana. And then send now. Beautiful. So. And then this popped out, a transaction hash. Now check. Check the jumbo turn. I just. I just pinned this up. So if you can see, you see Soulscan IO.
Utilizing Blockchain Explorers
So that's actually your explorer. All right? This is for Solana, right? Solana is a blockchain, okay? And different blockchains have their different explorers, basically. Okay? So soul scan IO is the explorer for Solana. So you go here to see all the blockchain transactions. All the transactions basically happening on the Solana blockchain. All right? And now if you can see from the link that I sent right behind the TX, you see some alphanumericals that starting from five all the way down to.
Understanding Transaction Hashes
I don't know what the last Alphabet is, but then that is actually my cryptographic hash for this transaction that I made. Okay? If I go into the transaction, right, you will see the ex. The block of this transaction, the time, this transaction, the exact. Okay, let me. Let me take a screenshot. Let me take a screenshot and send to you guys. Let's see, let's see. Let me change this text of view. And then.
Demonstrating Transaction Details
Yes, beautiful. Beautiful. So, I'm going to pin this. I'm going to send this and also pin it up. So if you check this out, right, you can actually see the exact time I made. All right, check the jumper. Now you can see the exact time I made this transaction, which was October 4, 2020 419 49 seconds utc. All right, they said two minutes ago, 22 from where I screenshotted it, right, you can see that was the timestamp.
Exploring Block Numbers
You can also see the block number that this transaction was in. Was created in. All right, I don't know what number this is. This is almost. Okay, this is almost 293,000,705 and then 859th block, all right, on the Solana blockchain that was created as I made this transaction. All right? So my transaction might have been included in this block with some other transactions. All right? You can go and you can go and play.
Conclusion on Blockchain Functioning
You know, you play around this and, you know, you see how it all works. So, basically, this block is created and it contains every single thing that happened in that transaction, all right? And as the transaction was verified. You know, this, my block now has been added to the Solana blockchain, all right? Has been added to the Solana blockchain and another block has been created, you know, after it, because I'm very sure that some people or some persons have made another transaction, you know, after me, very possible immediately after me, seconds after me, you know, who knows?
The Foundation of Blockchain Technology
All right? And this is basically, this just basically how the blockchain works. So like I said, it creates blocks and it keeps adding them up in a chronological order, right? It goes in that order, keeps following, it keeps following itself. And, you know, and if I come here tomorrow or if I call me on our next phase and we go back to check, you know, to check this transaction, you will notice that nothing changed. I want you to even try your best to, you know, go and change anything you want to change this transaction between now and our next, you know, the next piece on this series.
Reaffirming the Immutability of Blockchain
And I'll see if you'll be able to, you know, change anything on this transaction that has just been made. Just go and check it out. You yourself, be you a normal person, a Dev whatsoever. I want to do, you know, carry screenshot the screenshots it and, you know, go play around the site and everything and see if you can change the transaction or if you can even alter the time that transaction was made. And I would love to get, you know, get your feedback on that.
The Overall Blockchain Ecosystem
All right? So basically, this is just how, you know, that's just how the blockchain works. That is basically what the blockchain entails, you know, and that's the technology, you know, that we are working with currently, you know, in the cryptocurrency ecosystem. So cryptocurrency is basically just a use case, you know, for the blockchain. All right? You can use the blockchain for voting, right? That's for governance.
Broad Applications of Blockchain
Basically, there's a blockchain in healthcare. You know, your hospitals. If you want to store data on the blockchain, basically nobody can change this data. So let's take, for instance, you went to the hospital for some tests, all right? You went to the hospital for some tests. And maybe you are an a, but somebody comes and pays somebody and they want to alter your genotype for your results, you know, to an as or something.
Security and Trust in Blockchain
But let's say if your tests were checked and immediately is checked, is forwarded or is printed on the blockchain, right? You yourself, you'll be able to go to that blockchain go to that file, you know, and assess your details. Assess your hospital. You know, your hospital, what is it called, your result. Basically your test results, right? You'll be able to access it from where so ever you are in the world. And you have that trust that, you know, your test results were not altered, all right?
Potential of Blockchain Technology
So basically the blockchain can be used for a whole lot. A whole lot. All right? A whole lot beyond just the cryptocurrency ecosystem. The blockchain can be used for a whole lot, you know, in your financial services, you know, digital identities and whatnot. Just mention it. You know, there's a whole lot that, you know, you can use the blockchain technology for, all right? And the beautiful thing.
Concluding Thoughts on Trust and Automation
The beautiful thing. So I'm actually rounding this up. I believe by now, you know, you have the full gist. I'll give you, I'll give you a little recap after this, right? So the beautiful thing is just that, you know, the blockchain technology, right, it has the best ability to create trust, all right? And it takes out any middleman. You know, it's. You can automate the process. It just makes, it makes life a whole lot easier for you as a normal person, right?
The Future of Blockchain Technology
It makes your financial life a whole lot easier. All right? That's why whenever they say that the space is still in its early stages, you need to, you know, you need to accept that, yeah. You're actually working with this space in its early stages. You are actually, you know, making use of this technology in its early stages because as you can see, there's whole, lots more to attend to aside from just the cryptocurrency, you know, just the financial ecosystem.
Engagement and Openness in Discussion
Right. There's whole lot more to utilizing the blockchain technology for. All right, so let me hear, let me hear from you guys before I give my summary. I see some people join in later on. So let me hear from you guys. If you have any question, whatever you want to ask, you can request the mic, I'll bring you up on board, or you just write it down in the comment section.
Open Floor for Questions
So, yeah, let's. Let's hear from Michael. Let's hear from Michael. All right. A square. A square. Seems Micron is far away from his mic at the moment. A square. Let's hear from you. Okay. Good evening, everyone. Esco, as the name goes, GMGM. So what I can say so far about the topic is that it has been really intriguing.
Personal Insights on Blockchain
Like the blockchain itself, it's a whole new world that cannot be manipulated. Like incorporating the blockchain into any and every project is still.
Current Developments in Blockchain
It's up much adventure everybody and every organization tends to walk into. That's why I won't see that even tokenization of reward assets is already happening. Like, it's literally projects that are already happening in the world, but taking it on chain. The blockchain itself, I feel like there's still more to be explored and. Yeah, that's it. Sure. There is still more to be explored. And I always love talking about the blockchain. This has been intriguing so far. So I'll hand the mic over to the next person. Thank you. Thank you. Thank you. Thank you. Thank you very much for that.
Introduction to Blockchain
All right. All right. It seems this question has been very much enlightening, and this topic. Sorry. Has been very much enlightening. And a lot of you guys do not have questions, all right? So, okay, let me give a little recap, all right? Earlier on, I stated that the blockchain, okay, the blockchain is just a database, all right? And this data is stored in blocks in an, in a chronological manner. That's, the blocks are aligned. Basically, they're following themselves one after the other, all right? And then the data in these blocks cannot be changed. Meaning is immutable, okay? And if you check what was pinned up from the definition that Rick's axis or dropped, right, which I agreed to definitely, it encompasses the five concepts, you know, of the bitcoin of the blockchain, you know, the blockchain technology.
Understanding Blockchain Characteristics
What the blockchain technology works around. Sorry, right. I. And it just says that the blockchain. It does put it down. The blockchain is a decentralized, distributed digital ledger, right? That is transparent and immutable. Okay? So that's the, that's just the basic of, you know, what the blockchain is all about. So it's decentralized, right? Decentralized. First, it's a distributed digital ledger. Second is immutable, meaning that the data cannot be changed whatsoever. Data has been imputed on the blockchain. It's very difficult, very difficult to change it, all right? And then it's transparent, meaning anybody in any part of the world can see it.
Public Blockchains Explained
Like I said, for what we are working with now currently in the cryptocurrency ecosystem, the. The blockchain is a public blockchain, okay? We're working with a public blockchain. So basically, everybody anywhere is transparent to everyone, right? So. And the last is that it makes use of a consensus mechanism, right? Be it proof of work, be it proof of stake. I know. I'm certain there are definitely other consensus mechanisms, and I will encourage you to, you know, dive deeper into those. But that's basically, you know, it's about what the blockchain technology is all about. All right? So this should, this.
Exploring Blockchain Functionality
This topic should not be new to you, wherever you come across it anywhere. Again, like I said, all these databases, how we, you know, in the cryptocurrency space currently we assess this database, right, is through explorers, right? These explorers basically show us all the transactions that are happening on any blockchain, bitcoin, Ethereum, Solana ton. All these blockchains are different public blockchains, right? And they have their native token allocated to them. Okay? So be the bitcoin blockchain, the Ethereum blockchain, the Solana blockchain, the thumb blockchain throne, you know, whole lots more of blockchains. There are a lot. There are a lot.
Exploratory Assignment
In fact, I think I'll give this as an assignment. All right? Aside from these blockchains that I just mentioned now, just later on after this space, when the space is all over, just go back to your books, go back to the Internet, just go play around, go search on YouTube, search elsewhere, and find me ten other blockchains apart from the one that I mentioned, and then coat this street with it. Just coat the streets with it. I'll be checking around. So after, you know, after we gave the definition of the blockchain and the concepts that make up this blockchain technology, I went ahead to show you what I explained, all right? I sent a transaction on the Solana blockchain, and you can basically see it.
Transaction Visibility
Check the jumbotor. And I pinned the transaction hash to it, all right? I sent the transaction to Donny on the Solana blockchain. From the transaction hash, you can go and check the data of that transaction, okay? So you can go to the hash, you can see the exact time I sent it to Dhoni. You can see the exact value of Solana and the words that I sent to Donnie, you know, and other, you know, transactions that in this hash, all right, so like I said, every. Every block, right on the blockchain has its unique cryptographic hash.
Understanding Hashing in Blockchain
Every single branch. No one is the same. No one. You can check it out. You can keep sending out transactions and keep checking it out. All right? No one hash is the same. And this is what makes the blockchain technology truly beautiful, truly awesome. So, yeah, I just want you guys to do, you know, some little. Some little work for me, whatever you learnt on this space here today, right? I'm still waiting for our guest speaker. I wanted to. I invited someone on board today to come and speak a little bit about the project. The upcoming project, actually, is the rules.
Project Introduction and Expectations
It's rules. I invited rules come and speak on the project. But I don't know. I don't know what's up. I'll reach out to them in a bit and see what's up. So, yeah, what I want you to do for me, whatever you learnt on this, basically coat these tweets with whatsoever you learnt. And don't also forget to. So I want to see your ten different blockchains that you learnt about, you know, aside from the ones I mentioned. So I mentioned bitcoin, ethereum, Solana Thon, blockchain. Right? Aside from this four, I want to see ten other blockchains that you learnt off.
Final Thoughts and Reflections
All right? So, yeah, that's that from me today. Thank you very much for having me here. Let me give the mic over to Giga. All right, let me give the mic to Giga. I think Giga wants to say something. So over to you. Giga, let's hear from you. Did you say Giga? Did you? Are you talking to me? Yes. Yes, that's you. It's your name. It was written on your book. No, I. I couldn't hear you very well, so I thought you were calling on another person.
Conclusion of the Blockchain Discussion
Oh, yeah, that's all good. That's all good. Maybe one day. One day we'll get her on board, or we'll give her a special invite to come and speak. So, yeah, with this, I'm gonna leave you guys here tonight. I'm very sure, beyond any area of doubts, that you guys have learned a lot about the blockchain, right? So we spoke about cryptocurrency yesterday. I'm 100% sure you guys have learned a lot about the blockchain. And if you go out tomorrow and somebody asks you or you hear somebody talking about, oh, what is a blockchain? Or what is the blockchain technology all about? You'll be able to, you know, pitch in one or two to him or her. All right, so, Jane. Jane accepted our invite. Welcome to the space, Jane. So let's. Let's. Let's hear from you. Can you talk a little bit about the bitcoin blockchain?
Introduction of Jane
Hi, everyone. Hi, Fujizu. What's up? Like, I'm surprised I came up, so if I wasn't expecting, I'll be up. I just saw you and I was like, okay, let me join your space. This one. You brought me up to speak. I came to learn and you're making me to speak. No, no, Jane is a mass of knowledge by herself, you know? Yeah. Very, very nice to have you here, Jane. Jane says she came to learn, but she will still tell us a little bit about the bitscreen. So how has your, your journey being, you know, on the bitcoin blockchain? You know, I'm very sure I am 100%. You deal with a lot of ordinals, the stocks ecosystem. I know all that.
Jane's Journey in Bitcoin Blockchain
So let's just hear. Okay, just tell us about how has your journey basically been on the blockchain or using the blockchain tech? How has it been for you since you first came into the space? At first, at first, it wasn't that funny in the sense the gas day was actually I, or not. You know, since we're using BTC, there was no much, that they were still building, they were still trying to find way of reducing the gas, making it easy and fast transaction, you know, BTC, transactions speed is slow. So now I'm trying to now incorporate it into minting nfts and all that. It's somehow. But, I saw it was new and due to, you know, this, our space, if you see, a, an aspect that you think a lot of people aren't much on it, I think that's the way I work.
Challenges with Gas Fees
I feel like, okay, let me get into this. I feel I might see something, I might get gained something early. And you know what I mean by that. So that's, that was what brought me into it. And getting into it has been. At first, I could remember paying gas for like, $200. Yeah, $150 just to mint an NFT. At the end of the day, I think only the first. The second one I just randomly minted. I minted like five and each went to Aza's one key plus one k dos. And then I was not like, okay, oh, shit, this is good. This is, this is what I'm talking about.
Exploration and NFT Creation
And I started exploring. Then I started creating tokens. At first it was just NFT. That was last year. Then some tokens, Audi and all that was just coming up on it. I missed on that. But then I was just involved in the NFT. Then BRC. They decided to bring runes. Runes is a token. Usually it's token. Just creating tokens and just like the way you trade token on your ethereum. Solana and that's how rune and they brought it up and the first one that actually did well dog. But now one thing about being early into an ecosystem or a blockchain is you gain this. It's more like an early access.
Opportunities in Ordinals and Shape
I'll call this early access to every opportunity coming in. So when they decided to create room they decided to airdrop some people building on runes that I think the first token was dogs. Then I decided to airdrop to those people that has been waiting on ordinance. And the airdrop went as seven k doors. They dropped to more than 110 wallets. So that's one thing I would say to people that in this space don't just focus on what you see out there, just go out your way. And the chain might not be popular but find a way to make money out of it. Do you understand? I get, I get bitcoin and other analysis is actually very big ass.
Current Bitcoin Ecosystem
But currently nights minimize. I think if I want to minimum they'll be paying like ten dollars to twenty dollars. And well the ecosystem is wonderful. It's really wonderful because not much people on it. You get to get whitelist, you get to get connect, meet with top chad. It's easy to meet with different. I'm talking to different devs on that ordinance and I get to see most of them building, most of them having different plans. At the end of the day to me it's a win because I'm in for this, I'm in for the money. I'm in for the tech too.
Exploring Stark's Ecosystem
I don't want to say anything but you know we are in for all. We are in for all. And then I got into starks ecosystem due to stage I got into stark ecosystem. Well the cooking hasn't been really that's it for me. I don't know for other people but I feel I'm still early resting early into it. That's what I would call stack ecosystem then there are different aspects to make money into stack ecosystem. If you're in this web three like jobs you can get there and start looking for jobs. I think they're trying to gain that traction. So they're doing different things.
Connecting and Engaging with the Ecosystem
That's the way I'm combining the two. The ordinance. Ordinance I look for there are different nft coming up, different whitelist to get a see, if you're on this phase and you're new to web three, you can get on ordinance grinding. I think it's easier because you tend to get what it least easy. A lot of people are making noise on it. The only thing you just seen cooking. That doesn't mean some projects doesn't flop. Not much, though, but projects flow up on it. Do you understand? And that's it. I can see for these are.
Long-Term Commitment to the Ecosystem
All I say is I'll be that ecosystem for a long time. You know, we're here. We're here for the money, you know? You know, and that's it. We're here. We're here for it all. We're here for it all. Thank you. Thank you very much, Jane, for that. So, what. What's, you know, what's. What's a crypto wallet? You know, yesterday I spoke about cryptocurrencies, and they asked me a lot of questions about, you know, crypto wallets. So what.
Discussion on Crypto Wallets
What crypto wallets are the most prominent wallet, you know, on the bitcoin ecosystem. And is there any difference, you know, is there some that are specific to, you know, some. Some blockchain? no, it's just the. The one people use or the wide range or. Can I say. The one I use is SVs and Unisat. Now, Svas is mobile compatible. Like, you can just use it anywhere, just like the way you have your metamask. Why? The Unisat is usually on your PC.
Comparing Wallets
You need your PC for it. But the two are both good. Yes, for me, but SVas is just. I feel it's user friendly. Like, it's easy. You can easily just navigate it. It's just like your metamask. It's easy. You see your tokens and all, but Unisat, you have to connect to their site office, and they're upgrading. You know, there's still lots of things coming up in that ecosystem. So they're upgrading. They're trying to make it, I think, for some. Soon.
Using Wallets for Beginners
Soon. They also make a mobile compatible Unisat wallet. So body two I could recommend is Svaz and Unisat. That doesn't mean there's no other way. There's this leather wallet. Not popular. Used that much, but you get me, you can use that and start your journey with it and get on it if you. Yeah, let me just stop there. Thank you. Thank you. Thank you very much. I think. I think I've used. I've used all those wallets.
Recollections of Wallets Used
I've used xvas. I've uniform unisat. I think letter was another name. Then they rebranded, if I'm not mistaken. Yeah, I can't really remember what the previous name was, but yeah, that's a beautiful one. I think the alpha on, you know, on the bitcoin ecosystem now on ordinals, right? Is this right? That's their first social file, if I'm not mistaken. I'm hoping you get to hop on it. You know, I saw this thing on your timeline that day, and I spoke, and then I don't know what happened, but I'm still yet to open it.
Involvement in New Projects
I think I'm going to hop on that right now. Right now. So you guys should give Jane a follow. Give Mike on a follow, you know, and then also check out this. I think I'll make a tweet on it. So you should also see it from there, definitely. And do well to, you know, engage on it when you see. So just. Okay. If you want to speak about the order, I think it's all the not mistaken a little bit.
Insights on Social Farming
Just tell us something about it. deserve social farming, first of, you know, it's forced on the runt. It's forced. The first social farming. And again, the duration for the farming isn't long. It's ending on 14th of, October. So I just. I'm just like, okay, they have their planning. They have what they want. They don't, they're not just coming out there to just make people be farming and don't have a date to lunch and all this thing.
Planning and Execution
When I spoke with the team, they were like, they're going to end the famine on 14th. And I think it would take two weeks before the airdrop or stuff like that. But, I just believe beginning or ending of October to beginning of, November, people will be claiming their za token. Like they're really ready to launch. I feel this, socia file is just to make and create awareness. You know, how it is now, and that's it.
Building Community Trust
And defaming lots of people entering it. So hopefully it cooks. Except, you know, this health care system now anything can work. But ordinance, I know those guys. I think those guys have bastard money and all that. And farming it is easy. And if you are scared, you use your odds. So that's just it. That's what I can say. You can just easily farm it.
Trust in the Ecosystem
It's not, it's not a long time. Something else. I think this just is the one. Like, I said, but make good reward out of it. Make good use out of it. And that's it. Yeah. Definitely does it. Yeah. I believe more. I believe more in, you know, season ones because I feel season ones will have the highest allocation.
Market Predictions
Exactly. Before. Before everybody comes in and starts saying, oh, this is, this works. Exactly. Imagine, imagine if this season one cooks, you know what will happen next? You, you know, no, I'm ready. You know what will happen next. Now the whole city Ng and everyone will just be on easy. So that's just it. But get on ease as soon as possible and hope for the best.
Closing Remarks
And the family is in London, so it's cool to win. Yeah. Thank you. Thank you. Thank you. Thank you very much, Jane, for coming up here on both day. I don't know, I don't know when you popped a in, you know, or which aspects you had, but I believe this space was very, very enlightening. So if you ever want to share the word of blockchain to your friends, you know, just do well so you can send them this space.
Sharing Information
I'm hundred percent is going to be enlightening. All right. This space is very early and the more you understand, the more you utilize, the more the space becomes fun for you, to be very honest. And new things are coming out every day. So you can just, you know, merge yourself in somewhere and then, you know, grow with a blockchain. All right. You can go with any blockchain that you agree on.
Encouragement to Participate
You can, you can grow with them and you won't have much fun. All right, so, yeah. All right. Thank you so much for teasel. Thank you very much, Jean, for coming on board. Thank you. Thank you very much. So I'll be putting out a tweet on the zar. You know, all you need is to go download an X verse wallet.
Final Thoughts
You need your x account also. I'm definitely, I'm going to put out a tweet very soon. Right, so these are the two things you need. Okay. So I think that's that for today. Thank you very much all for coming up here to see the blockchain versus cryptocurrency. Thank you very much for coming to hear this. We spoke a lot about the blockchain I gave you.
Blockchain Education
What exactly is the blockchain? How does the blockchain work and all that it entails? And I'm very sure you were more than educated. So do not forget to quote this space with ten new blockchains that you found out after the space. You know, you know, I mentioned for I mentioned the bitcoin Ethereum turn and Solana blockchain.
Conclusion and Call to Action
So you coat the space with ten new blockchains. I don't want to give you know, much work to do. Now, I said, you go ahead to even get their explorer links, alright? But just cut the chain if you can do that. Also add it to the chains, alright? Get the explorer links, get the tendency blockchains that you discovered, aside from the four I mentioned, and then put the streets with it so that I'll be able to see it later on. All right, thank you very much. Thank you all for coming in.
