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In this video I explore further into Blockchain technology and this time discuss the big picture as to its purpose and driving force. In this Part 1 video I specifically look at the concept of digital ownership, value, and the numbers on your bank account. In the physical world, the concept of ownership is taken for granted because we can physically hold in our hands the physical objects that we claim to own. But in the digital world all we are holding is copies of information, or more specifically copies of a series of pulses of light from the magical all encompassing internet of inter-connected computers, linked through a grid of deep-sea fiber optic cables. Thus the focus gets shifted into replicating physical objects through mathematical one-way functions and understanding just who owns the numbers in “our” bank account.
To change the numbers on our bank account without needing to go through the bank requires developing our own ledger, which is just a history of events, and ensure that only one version is upheld through the science of cryptographic consensus. The numbers on any ledger only has value when the network believes it has value. And the ability to digitally form decentralized consensus of a history of events and laws, means blockchain based ledgers can be viewed as digital countries. And this transition is of profound significance and which I will explore in more detail in Part 2, so stay tuned!
The topics covered in this video are listed below as well as their
– @ 1:16 – Topics to Cover
1. @ 2:35 – Recap on My Earlier Blockchain Videos
2. @ 5:08 – Introduction
3. @ 5:42 – Note on Part 1
4. @ 6:21 – What Do You Own?
– @ 7:03 – The Numbers On Your Bank Account
– @ 8:30 – Your Entire Digital Existence
5. @ 9:39 – The Cables of Light
– @ 13:21 – World Wide Language of Light
– @ 17:09 – Decentralization of Information
– @ 18:34 – Decentralization of Information But Not of Value
6. @ 20:14 – What is Value?
– @ 22:27 – Physical and Mathematical One-Way Functions
– @ 24:26 – Physical Boxes and Cryptographic Hash Functions
– @ 27:48 – Digital Keys, Passwords, and Cryptography
– @ 33:38 – Digital Signatures
7. @ 35:45 – The Numbers On Your Bank Account (Again)
– @ 37:34 – Whose Ledger is it Anyway?
– @ 38:50 – Where Are the Ledgers Located?
– @ 40:13 – Value is in the Collective Belief of a Network
8. @ 42:21 – Trust
– @ 44:24 – Chain of Signatures
– @ 45:12 – Copy and Paste and Double Spending
– @ 47:29 – Chain of Digital Signatures
– @ 53:02 – Consensus is Everything
– @ 58:03 – Digital Consensus via Mathematical Work
– @ 1:04:36 – Digital Consensus via Network Stake
– @ 1:07:18 – Variations in Digital Consensus
9. @ 1:12:30 – Decentralized Everywhere and Nowhere
– @ 1:15:23 – Digital Countries
Stay tuned for Part 2…
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