Oh maybe. I'll be recorded. In. The blockchain if, you want to talk about the blockchain and what the technology exactly. The. Best example, but the blockchain is definitely, we have to talk about the, Bitcoin mm bitcoin is the first and foremost example, we. Know already right I explained, in the first session right so. Here, or. What, will happen is in. 2000. Okay. In, 2009, the, Satoshi Nakamoto, has released one white. Paper in. That he, has mentioned the, some like wow. What, are the rules and how the network. That. Bitcoin network will, work. And everything he written on that so. First. Of all before going, moon into. The deep, into. The blockchain first, of all we have to know about like. What is a Bitcoin and. And. The Bitcoin, and, how. The consensus. And how the transaction. Validations. And how, all, this, happened, without, the, third party we are in. In, general case what we will do generally. We will depend on some other like, DB, or something and it, will validate like, whether transactions. Whether whatever it is it. Will be we, will depend, on that and we will write based. On that conditions but in case of Bitcoin, what is happening so, here we are not maintaining, any, middle. Person and all the transactions. The network, itself, it has to validate right the, network it has to valid, and all, the transactions, it has to store then. Network, right so, for all these things what are the necessary things on the background, work and how these all these things work with the algorithms, what are the algorithms we are using for this like, how, the network, congestion, will, okay. Like up. And, downs how how, it will be handing, and all these things very easy and the, basic things and the way we have to know some about some. Of the things about the Bitcoin. The, first one is decentralized, be. Centralized. The. It's. A decentralized, digital. Currency so. We are not storing any particular, TV or anything okay. And next, one is. Not. Back and by Amy convent organization. Right so. We, are not maintaining any like. Central. Authority, and next. One is it's. Not back and by any government or organization see. If, suppose. If any product, is organized, by any one. Company or any like, back-end, system, so, in that case, what will happen so anything, happened. In, with. That particular, thing, they, will take care of all those things if you take any example suppose if. I take I say, say Bank is the 101, example. So, what. Will happen so that, I say is a bank, will. Be handled by some of the people and the be how some organizations. And to see how some banks, right so, this is some branches, so, suppose. If I have any accounting, that I see is a bank Oh what will happen if suppose if I forgot any ID or suppose, if, I if, I lost some, money in, the bank a corner from. My bank account what will happen I can. Go to the particular branch. My own. My. Branch and then I can query, that what is happened, and can. I get to my password, like I I forgot. The password can I get a record. Of, another. Password right so, by, the easily there, is a possibilities. Of like. Adjustments. But, in case of like. Bitcoin. Here. No, one is maintaining, this particular, are like. Cryptocurrency.
Or This network right so, in the in this case because. Of these suppose. If anything, happened, in the like, network. Suppose. I have, under. Greek coins so, that hundred, bitcoins, are have in one hard disk so, if I further that, or, else other I have one or one. Wallet, so, in that valid, I forgot, the password. Password. And, the pass phase both, I forgot so, in that case we cannot do anything if you, have the thousand, bitcoins, also. Arabic. Any number of but. Without these pass phase and the password, now. With without. These two we, cannot open, the valid, and we cannot do the transactions, on the ballot. So because. Of B these, are the some of the some. Of the issues suffering. With the Bitcoin but. Because. Why, because all these issues is because of no one is organizing. Break no one is organizing, and no one is back-end of the Bitcoin. Know so this, is the problem next, one is the main like. Instant. Instantaneous. P2p. Transfer. So, you say like p2p. Dancer obviously. You know that in the, first class I told that whenever. Like. Done. Either. Maybe a transaction, or a data. Sending, whatever so, the, data will be sent to the piece all the piece directly, I am sending I am not sending today any any. Central or any. Place. Directly, I am sending the data to the particular. Person see. This. Is about the Bitcoin okay so. Now. The, blockchain is evolving, so, based. On the some of the problems, here, they. Are taking and they, are doing their like, according to their business requirement, they, are doing into the like. Different. Level like we. Have too many blockchain, platform so why too many blockchain. Platforms. Are coming into the existence, means so. Some. Of the features actually some of the features are not required. In particular, domain if you take suppose, if, it is, finance. Domain phenoms. Are banking so, in, that in, that case what. Will happen so I don't want to reveal my transactions. To the other Vic you right so in that case definitely, we. Have to keep our transactions. In a privately so. Definitely, we will go for. That the etherium network is not possible, aetherium. Didn't. Never definitely, it's not so, that is a reason so, we got a hyperlink, so, in, the hyper ledger, we, have the private transactions, but what, will happen once the transaction is happen, so the transaction, will be broadcasted. To all the people right so. Some. Of the people thought that so. This is also not that much, like. That. Much privacy, so, they want more privacy for that purpose, we, got one more platform. That, is coda in, coda what will happen so that data the, flow will be. Like. Person-to-person, suppose, if a and B are the two persons, are there if, they want to do transaction.
Once, The transaction is completed, what will happen that transaction. Will be stored, in between, people not in, the network, not. In like all the people in, case of high-polish ever DiNapoli if once the transaction is done. The. Transaction, will be broadcasted, to within the network, whoever have, like private. Network so, it will be store right so but in case of here, so in, the. In. The coda what will happen that transactions. Whatever happening, or in between the people between the people that means if a and B daily. Any transaction. The. Transaction will, be stored in between these two only okay. There, is like. No broadcasting. Of other people, that validations. All these things are it's a high-level concept, so so. There. Is a. One-one, Authenticator, that we call it as notary and all these things I will explain that way, so just I am telling that what. Is the difference like based. On the requirement, we are getting to many platforms like, too many blockchain. Platforms, we are getting, right. And. That. Is it like instantaneous. Means, Danton that means it's a it's, an immediate transfer. To the people. Anywhere, in the world like suppose. I can send the Bitcoin to the US people directly I don't want to go to suppose, if I want to send the money to the US people what will happen there is a time delay definitely. Because I have to send it to some other Bank an, international, bank from there there. Is a like a problems. Are they right so in case of Bitcoin. It's a direct, transfer from, within. The world anywhere. Connects and I can, send the Bitcoin to one people to the another. Because and. Next. One is no third party involved, so. Here I explained. Already we are we, are not using any third parties, or anything. Directly the network itself, itself, itself it. Will handle the like, whatever. The transactions. Are whatever it will handle, network. Itself and cryptographic. Security. So. We. Are. Using the some of the algorithms. Forever. Like what like. Transferring. The transactions, in between, like. Before. Transferring, we how to authenticate, that, whether the, transaction, is valid not, a validation, the, transaction. Is happening, by the rightful. Person or not, and once. The transaction is came, whether, the transaction, is, did. Any changes. In between the network, or not so, these are the things necessary, to know that whether, the my. Message has. Been hacked, or not so, for that purpose we are using some. Of the crystallographic security. Algorithms. Okay. So we we, will see, in the next, screens. Okay what exactly the, fog, repeat and how, how, it will be sick to our and everything okay.
And. Next. One that's intestine. For. Two questions. Hyper. Ledger on earth so. So. Bitcoin, or chassis. It. Is. Transmitting. The same message in. The network kind of publicly are the hyper ledger, it, is also doing. The same so basically it is broadcasting, to everyone in the network but it is private. Yes. Yes it, is a private network. Private. Network, okay. Yes so. Quadra JC it. Is entirely between only two people. Right. Yes yes and, yes not. The internet work. Yes. Yes not. Intended, because, they live here some concepts. And notary and all these things and actually. So in between the two people also there is a possibility of transaction, but we have one we have the one question if suppose if you send the. If. The transaction is happened in between the two people then how the validations, will occur right they there is a question possibility. Right because, in, Bitcoin, that is possible, because the transaction. Is broadcasted. To all the people and - will validate, right whether this transaction, is correct. Or not but in, case here we will get one, question in Port au the. Question was suppose you, guys are sending only NPS. Doing. The transaction, right so in that case we will get one question then how the transaction, will get it so that is the question so for that question, we have the concept, called notary, is the one concept so the notary will, deal. With transaction. Verification and, everything okay, that we will see in the nine-minute next level like okay. Understand. Yeah. Encoding. Put code right is. Being developed by Chase right JP Morgan Chase right, no. No no that is for 'mentally forum, or on forum actually. Actually. That folder was developed by r3 r3 company. R3. Okay, yeah. Okay. Any, questions, Mahendra. No. Right okay okay. So. In. The next level so here, the. Bitcoin, is no intrinsic, value, so here, the intrinsic, value is nothing, but it is like a, digital, gold right we. Don't have any value physically, actually. We the. Bitcoin itself it's valid, in the like. No, Alex and direct. Through, the digital transfers only we cannot transfer. By. Using the. Physically. Or in. The form of any like. Physical. Value okay, and next, one is currency. Based on the mathematical, and cryptographic security. So, here, the, algorithm, itself it, will generate, the new, bitcoins and, it will transfer. The bitcoins, in between that the, people. Everything is, in the form, by. Using the cryptographic security, and, all these algorithms and mathematical, calculations, only here we, are not using like physical. Money if you deposit and, we will increase some, number. In a it. Is a general, scenario, where suppose if I deposit, at 10000 in my account what, will happen my, account value, will increase right, so, it's a happening. Like we are intentionally increasing. The like, account, number. Right so here there is. Nothing. Like that here automatically. Based on the transactions. It will calculate. Everything, okay. Next. One is algorithmic. Governance. So here everything everything. Actually I I. Explained. This point already, so. In. In the Bitcoin what we happen is whatever, happening, in the network, everything. Will. Be honest that means maintained, by the algorithms, only Artem's itself it has already, conditions. And rules and everything, with. That and based. On that rules and everything, it will be I, it, will work like that okay we, are not changing anywhere, any. Rules or anything so. Any, rules are changing that's a different, case actually, it will be the like next, level I will explain how those. Will be happen and all of these things but, mainly, the network will work based on the like, these algorithms, funding, and a, deterministic, supply in the Bitcoin there is one like we, have the only fix of supply of 21. Million. Bitcoins only, so, because, of deterministic, supply. Also so there is a possibility of high demand for the Bitcoin and now, the value, is very high. Okay. So, this is the basically, the, what, a Bitcoin, is okay. And next. One is how it works it. Is like. Yes. It, I. Think. In the last video so, when I saw Mira, Nair up or even around a so. - mining chase today at the back end of a little history and the algorithms. Run ie so. It will validate and another so, no no so. So. What if over Milan shake put. No. Sorry, sorry my knee say. You should a patella, or, mine. Same I have not seen away. Actually, mine shape ottomanism double at the starting a play them on network and a the start I mean though start, a enough to do, satoshi, chase a border okay then, later the, people started, like they are getting the bitcoins right, so, starting, at the starting of Bitcoin, they, use it to get if you mine one block you will get 50, bitcoins ok. 50, bitcoins means, that we know right that value, is very huge nearly, file I for one. Okay. That time not that that much value but the people who are very interested in the digital currency so, that time they have started but, now it's purely, a business like.
If, You do mining, if you get the bitcoins, to, be will earn right we are. Ending so, definitely, it will not stop if it is stopped no one is doing mining. So. Definitely. It. Will not like it. Will stop definitely. So. Prove the negative side. Saddle. Oh there we go it sure but, it will not happen so because. Of that only he. Is giving the reward side so because, of that for, every transaction even, now, the. People are getting the yellow 12.5. Bitcoins for, one block mining okay. Yeah. Including. About 51%, of the people undermine chair it. No, no no not no no no no, no no not like that actually that, is different. 51, percent, like if, the people now miners are less suppose if the 51, 51. Percent, of the people are acceptor, the transaction, so the, transaction happened. We'll be valid okay. Yeah. Any-any. Okay. Okay. Okay. And, next one is how it works how it works it works. It just generally. Like sending, an email, see if suppose I can send the email by using your ID if you if. I have. Directly. I can send them in right so, like that the same process in the Bitcoin suppose. If I want to send the Bitcoin to some other people so, directly I can take the address of the Bitcoin. Some valid address is there so, that valent was address, I will take and a direct line and send them on to that particular. Address so, it will be transferred to the particular does if anything, any, mistake, and we cannot do anything so, it will be transferred to the some other people, and we. Cannot get back because, there is no authority and. Nothing. Right if you did miss day so that mistake, will be like that only we cannot do anything and they did they, will not send, that if that, guy is good, guy so he, can send but in, the maximum of the cases it is not good okay and, there. Is no third party and so who who, when so, sender, like the base question already we have the answer so there. Is no third party in the Bitcoin. So, how the. Validations, will occur so the violations, will be occurred by. After. By the - and - will validate, why. These, miners will validate means, because of the these, prophets. Like they, will get some rewards, and they they will get some transaction, fees also here with. The like. Rewards. We will get the transaction, fees also so, that transaction. Fees is somewhat, in little then, compare it to the rewards. But, they even get both rewards, less. Transaction. Fee both what. They will get and. Next one is basic, things - to. Know these. Are the like. Four basic things one, is address address is, nothing. But for, every, valid. For very every. Valid, for the Bitcoin for, the Bitcoin you will have some address, not only Bitcoin if you have the 10, currencies. With you suppose I have the I have, the Bitcoin how, they enter I have their ripple and I have this teller okay, okay, I have the for crypto currencies with me for, these for crypto, currencies, I will have the different undressed for each for. Ripple I have the different interest and for, Bitcoin and how the different orders if I want to say. If. Someone wants to send me the ripple they. Have to send it to my refill address okay, same, same, like that even what if someone wants to Bitcoin so they have to send it to my Bitcoin. Valid, address okay, there is real difference, in the Bitcoin valid, like. Based. On the currency that dress, will be changed okay in the valid, okay valid, obviously, we know, that we. Will store all the crypto currencies or whatever we have we can store it in that valid. The violent, main feature is one she saw over the past days and the password, so, we cannot and get, back all this, even. It may be crypto currencies or whatever so, we cannot. Get back we have to remember. That like, these, past days and in the password are very important, okay. -. Yes. I put void, so. I, address. So. If you violate key, you, put real world Oh a, typical. Directly in the sights of event owner on either side truth and on lower than the password into just some to, transfer. You. Are asking them what address are valid, valid. Twilit yeah. Valid, key valid. Case ie something like a valid. Valid, and so, a valid law Donna key in premier a nice rental play the middle open, yes sir if, you are trying to create a valid, so that time it will give the automatic, pass phase okay, so, that automatic, pass phase you have to store it somewhere because. Whenever. You lost the password, or anything so by using the fastest, you can get. Back okay so, because of all the. Fastest. PHAs. See, the. PTSD. Huh. One, minute. Phe. Phe. RAC Phe, is he okay fast-paced PA our arm to me and I. Mean. And a printer the word you. Want need a transfer case you want to change okay I understand. Wait-wait-wait-wait. Media media, to some torrent and a still see you choosing that exchanger, to Center. Kind. Is granny BitFenix, canning. Yeah. In their own this, is different this is like some. Other. Event. And didn't. They like, Mulligan, mana banking system, lab all. Of the grant a moment with coins while, the Wallach rally root of it, is separating. Ukrainian.
Sunday My. Exchanger. NEMA know we are living. On exchange, so. We are going. We. Are we. Are buying and selling the crypto currencies with the hexane and finally. If you want money you can take it from there but. The, rarity is different where it is different it has separate. Features if you want to create the valid so. We. Have to like, it. Will automatically, generate all these things pass phase and pass. Phase that pass phase we have to give and password we have it with you once, it is done then in. There we will add like, cryptocurrencies. Whatever, we have we. Will. Get all the cryptocurrencies, so in that case if you forgot anything so there is a problem it is it is different it is whatever, you are talking about that, is a poor exchange, and in. The later I will show you a ballot, how it will work and valid. We. Are going to use one meta mask is like. A sample, and how the etherium, works and everything we we, can see in that okay. That. Is a exchange this, is a valid okay that, is the difference, okay that. Is like a trading. Trading. Selling. And buying the, October. Okay and next. - you, know already so who, valued, the transactions, is the -, like, so. Whenever. Any transaction, is happen so who, whoever. Validating, the particular. Transactions. Or whoever, like. Creating, the blocks so those we call it as -, right so, in the net a network is nothing but they, did all these like, nodes. Will, will. Be connected, so that we call it as a network, so. These are the basic the. Basic things, to know about like. Bitcoin, before. Going into, that deep sessions okay and. Next. One is advantages. Of Bitcoin so all these you know already like it's a decentralized one, there, is no authority so because of that only so all these features are happening and here. They there is no permission so if you want to join in the Bitcoin directly. You can download. That full node and directly, you can operate in your system so the, we, don't. Want to take any permission, if you take any like, any in a any, bank related, account so, first, we have to go to the bank and we, have, to do some work right so but in case of this we don't want to do any, type. Of work directly, we can download, and. Directly. We can download and. Okay. Directly, we can download and we can start like, doing. Transactions, and all these things and it's. An open access, so. Like, we can do the transaction, anytime so if you take some other, like. If you take the banking's or anything we have some liquids now it's better but the previously we have the little mix is. Working, times only we have to do so, but in case of Bitcoin. We don't have any. Particular. Problem, so we can do 24. By 7 and 365. Days and unlimited, amount also there is no amount the restriction. Also I can send that like. Thousand, bitcoins, also thousand bitcoins means thousand, into if you take it is Indian. Indian currency thousand. Into, five, likes it's a very human trait we can send in one transaction all so. There is no that, much really there. Is no limit on the one. Transacting. The bitcoins or everything, okay. And. Negligible. Transaction, costs if you send that much thousand. If. You send the thousand bitcoins also the transaction. Fee is very less in, case of if you take any banking, it, will take too. Much amount but in case of Bitcoin. It's, a very less, amount for, one transaction. It. Will take only that, much amount if you if, you send one before, although ten, bitcoins also almost. Equal. To that if. You send the thousand, bitcoins so. The transaction will be like that only. Okay. Next borderless. So we can send the Bitcoin. To anywhere, in the world okay. So. You, know already no need to explain no and the next one is secure. There, is no possibility, of like repeating. The transaction, because of these miners will, take care about, these.
Validations So, that is the reason it's a very secure. And the. Transactions, will be will, not be repeated, that's, the double. Spending is not happened, and the, visa and nothing has been able to stop or break it because it's. A algorithmic, right we cannot stop it it will be automatically, it will run until, and unless the, miners are there the. Network. So, it, will not break, okay. Nobody no, one is in the back or back, end right. If. Someone, is maintaining, some organization, so, if if, we want to intentionally. Stop that particular organization he can but here there, is nothing like that though not the network itself will be started, so it will we, cannot stop from, our end so no. One can stop only, that. The people are going out of the, network. Then, only it will stop all the people went out of this network they know but that will not happen in the way. So. Definitely, so a more these algorithms, and all these things we can talk tomorrow, so this, is the what might. Be basic things about a Bitcoin okay, because, of actually, he here and, even my charge also very, less so that is reason. Yeah. Yeah. 15, is more easy but. Sorry. Actually, today we stop, the class because, actually some power. Countries day yeah so. Also. Not. There but see I don't, think it is like, coin. Like, this from Monday onwards, it will be very continuous, and very short time okay I won't. Do. In delays, and all these things I will be sharp its 7th. API will finish at 8:30, for sure. Ok. From Monday anodes excuse. For ago only to, a podium tomorrow, because. Of quarterly, I came about the city okay okay. Okay. Thank you please glass, or plastic or. Laser. Actually.
2019-12-09