You are viewing a single comment's thread from:

RE: Cryptacademy - Introduction

I agree education needed. Even the blockchain experts do not know the basic ramifications of the best audit tech ever invented. That is the fundamental basics of blockchain.

I am fascinated by algorithmic protocol that uses cryptographic hashes & public key cryptography to reward participants with another protocol that retains value called bitcoin for validating a ledger called the blockchain on a peer to peer decentralized transparent public network you don't have to trust.

It should be explained like this:

You see we are moving into a world of computational trust as people, governments and companies lose trust in each other. What do I mean by 'computational trust': hundreds of thousands of computers witnessing a transaction. New technology known as a token called bitcoin blockchain is a 'utility' and since it can be used like money some are doing such like me and my friends. The utility is: the most secure data base ever invented. As simple as that. My analogy is: picture it like a big spread sheet (an excel spread sheet) with 21 million cells. Each cell has a password assigned to it and that is called the keys to that cell. These keys can be transferred to other cell keys and are then owned or controlled by the new keys. There is even an open source protocol that releases these cell ownership controls over time ensuring decentralization and utilizing consensus systematic for any updates.

So now, what's the big deal in having a spread sheet that you can transfer cell ownership rights to each other? This spreadsheet is validated by lots of processing power every 10 minutes. Validated; means witnessed or notarized by the community and to date more processing power is validating the bitcoin blockchain than has ever been used for a single purpose in the history of mankind. Now then how does it become money or a type of currency: it becomes money when a value is attached to the controlling or ownership of the cell. Why would someone want to own such a utility or a portion of it? There is value in someone notarizing (witnessing) contracts in a manner so secure it has had zero down time and zero hacks or errors from the early stages - currently (bitcoin) now running over 9 years worth of 10 minute blocks of transactions. I call it triple entry accounting: a transaction 1) buyer 2) seller 3) witness by ledger and community (hundreds of thousands of witnesses). Or debit, credit and witness. You can sell services on this backbone and therefore owning control allows for a return on investment.

I support your efforts 100% and am willing to travel to Chile to help if needed and requested.

Sort:  

It's awesome how everyone develops their own favorite way of explaining it. :)
Of course we'd appreciate any help you can offer. We're thinking that, in the spirit of old ways and forgotten wisdom, we should do a sort of Amish barn-raising. Would make for a fantastic video.

Count me in for barn raising and anything else that's hands-on.

Great, we'll give you a shout when the time comes!

Coin Marketplace

STEEM 0.16
TRX 0.16
JST 0.031
BTC 58861.70
ETH 2499.51
USDT 1.00
SBD 2.48