What Is a Blockchain? | DASH School #1
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What Is a Blockchain? | DASH School #1

Hello, and welcome to Dash School I am your teacher, Amanda B. Johnson And this video series is going to provide you with a complete and basic understanding of how a blockchain works As well as how Dash uses one, and how Dash in general works and serves as a digital cash. This series requires no special pre-knowledge on your part, and is intended for everyone. With that said, lets get started. So, speaking of Digital Currency, How could such a thing exist? How could I send you some bits over the internet that would somehow be interpreted as money? Well, lets think about something we’re all familiar with. Email. So how about this? Could this email, which states that it represents one e-Money be used to buy things that cost one e-Money? Technically, it could. If enough people start passing these around and accepting them for goods and services. This would be a primitive sort of digital currency. It wouldn’t be a very good one however, in that I could do this: If I had sent you this e-Money for say a subscription to your Weekly blog (Thanks for that!) I could also send that very same email to my friend Sam, to my cousin Bob and to my neighbor Mary. Now all of a sudden, where we started out with just one e-Money, We now have 4. Poof! New e-Moneies were simply created out of thin air. And I could technically do this as many times as I wanted. You can see how this is problematic. Because it means that our money supply can be rapidly expanded, in a completely unaccountable way. If I can create as many money units as I want, This currency would be what is called “infinitely inflatable”. Why wouldn’t we want unlimited, unpredictable inflation? Lets consider Gold for a moment. You know, that really valuable metal, shiny rock. What would happen if say, and Asteroid would hit the Earth That was made of gold, and suddenly increased the available supply of gold by …. a Trillion? So that there were gold coins lying around everywhere you look. You wouldn’t even be able to step out your front door without kicking over a pile of gold. If gold were as common as pebbles, Do you still think people would be willing to trade…. say …. oh a car? – for an ounce of the stuff? I don’t think so. In the same way that Gold would be devalued if it’s supply were increased by a Trillion, same goes for money. Kind of like this. As the supply of money increases The purchasing power, or what goods and services each individual unit of that money will get you, goes down. As an example, in the United States, there used to be something called “Penny Candy”. That was because one penny would buy you a piece of candy. Now, a lot of people simply throw their pennies away; in the trash can. because it will no longer buy them anything. If any new monetary system is to be considered worthy of your attention, it’s got to not be like that. So going back to our email example; ^THAT^ How can we be sure that anything digital is not infinitely inflatable? Is the digital realm not the land of copy and paste? Yah, like that. To prevent the copy and paste problem “inflation” from taking place on our special email money, e-Money, what if we tracked every email that was sent on a kind of ledger? Like this. And what if we built a kind of wallet software that read this ledger, so if I tried to send you 2 1/2 e-Moneys, my wallet would know I only have one. This concept of a digital ledger makes up the entire foundation of digital currency or as some also call it, crypto-currency. And that foundation has a name. A Blockchain. And now you can be confident that any time someone drops this fancy word around you, all they’re really saying is Digital Ledger. But if it’s a Digital Ledger, why call it a Blockchain? What does that mean? Well, it has to do with how this ledger works. Going back to this concept of a ledger, The most important thing we have to make sure of, to make sure that our monetary supply is open, honest, accountable, auditable – we have to make sure that the numbers are trustworthy. How can we make sure, for example, that I won’t do something like this: Wouldn’t that be convenient for me? Or how do we make sure that I don’t do something like this: Alice never should have crossed me. Well, the answer is that no one gets to change the ledger. They only get to update it. Let’s shrink this down…. Here’s that shrunk down copy of our ledger, And it’s time stamped If we want to change who owns what, We have to add an update. And on and on, so that anytime that I, you, Bob, Alice or anyone using the e-Money system wants to send e-Money, it gets included in an update. After a bit, you get to see where this digital ledger gets it’s name. Each update to the ledger is called a block, and the cumulative result of this, is a chain. Hence, Blockchain. Now you might be thinking to yourself, hum, that seems like a novel way to try to do money, but who gets to make entries into the blockchain? Ah, when do they get to make entries into the blockchain? Any old time they want? And why should we trust that people making entries into the blockchain are making accurate entries? Well, my friend, that you would even wonder such a thing, tells me that you are clever enough to have a complete understanding of all things Blockchain and digital currencies. So why don’t you hop over to episode 2 to find out the answers to your questions. (preview of next episode plays)

About James Carlton

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100 thoughts on “What Is a Blockchain? | DASH School #1

  1. Why does every speaker of any sort feel the need to throw their fingers up in quotations when speaking. Can we just understand the point without it already? Sorry but its so annoying.

  2. Love the way you explained email money, and how it could be expanded. It pretty much explains the criminal, fractional reserve banking system.

  3. Sounds like the Federal Reserve only hopefully this one isn't owned by the Jesuits. If any of these crypto-currencies really take off I suspect some kind of brutal measures will be taken at high levels (central bankers,Jesuits) to prevent it or control it.

  4. To whom it may concern,
    Dash.org or Amanda, I'm planning on using a couple of videos during a BlockChain 101 presentation at the University of Virginia this afternoon to a bunch of students and professors. Just wanted to make sure this was ok with you all. Also I will be giving a presentation at the Richmond, VA Bitcoin and BlockChain Meetup next Wednesday at 6PM EST. I may use the videos there as well.
    Perhaps we can catch up sometime on the Dash Masternode Forum.
    Thanks for all the great content. Long live DASH!

  5. Hahahahahaha… I'm a big fan of u now teacher u are a good teacher#👀✌🙏💕( thanks teacher)🙋💖✌🍻

  6. This series of videos made me started our own group advocating "tunai digital" ("digital cash" in Malay language) for Malaysians particularly or 300+ million Malay-speaking folks: https://t.me/senangclub some 6+ months ago 😉

    Thanks Amanda!

  7. Such an example with email almost exactly illustrates how the federal reserve bank create a new money, and due to that increase a debit on a stock market. Just brilliant

  8. Спасибо!!! Очень доходчиво и понятно Вы всё объяснили. Жаль, что английского не знаю. Одновременно любоваться Вами, и читать субтитры не получается, перематывать назад приходится.

  9. You gotta be kidding me. What's smart to blockchain? This is someting I'd expect a first grader to think of.
    The only thing that's novel to this whole bull, perhaps, is that technology allows a such thing to work nowaddays.

  10. @Amanda: i must say you are incredible at explaining the most complex things with ease. Always enjoy learning new things from you! Really appreciate your content. Keep up the great work.

  11. With billions of transactions won't the data mount to at least thousands of Gigabytes and won't it keep on increasing forever? How can individuals store thousands of Gigabytes of data?

  12. The first 6 mins was all i needed. It's a good video as it is suitable to send to people who you've failed to explain blockchain too, which is like everyone!

  13. Somewhat diceptive a Blockchain is an AI System programed to model Human Intellectual Growth, Crypto Currency is simply 1 thing it can do.

  14. Love the gold analogy. Reminiscent of an out of control government printing fiat currency, infinite printing lol. Brilliant how "most" cryptos can only be mined to a finite amount. Thanks for this.

  15. She's a great International tutor, especially for guys with English as a second language. Share it with your friends that are new to cryptocurrency. Thank you very much

  16. That graph is great, it is like increasing the supply of labor in the US through immigration, the more labor available the lower wages will be, wonderful for corporation, not so good for workers. I wonder what would happen if the US were committed to importing 200,000 qualified journalists each month, yes, that's an exaggerations for purpose of example, would journalists in the US object?

    With the example, we should easily know how workers at McDonald's, Home Depot, Walmart and any given restaurant feels. I mean deeply feels as the US imports people from around the world that isn't as educated as the people already in the US. Feel it people as if whatever you do for a living, the US were importing a massive number of people doing your job.

  17. Beware – her terminology use is a bit loose and therefore may confuse. For example, the crucial point about the open ledgers is that existing entries are immutable (cannot be changed), therefore at 6:09 when she talks about ‘updating’ the ledger that’s technically incorrect, because an ‘update’ operation in computing means to change existing data. She should really be talking about appending blocks.

    So instead of saying “when we want to change who owns what we have to add an update”, it’s more accurate to say “when we what to change who owns what we have to append a record or block”.

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