Steemjet World Cup – Day 19 – Blockchain Tool School - A Fundamental Analysis of Cryptocurrency

in steem •  3 months ago

At the request of Mrs Meflyn Awana, we created:

Blockchain Tool School - A Fundamental Analysis of Cryptocurrency

Lesson 1 - Blockchain Tools
Lesson 2 - Why are Tokens Valuable? (exact measurable scarcity)
Lesson 3 - What can Blockchain Do for Me? (utility of secure and immutable data transfer and storage)
Lesson 4 - Adoption


Mrs Meflyn Awana

Lesson 1 - Blockchain Tools

A true blockchain, like bitcoin, is a "math contest video game" called "mining" where calculators are allowed.

The first student to solve a math problem correctly wins BTC tokens in their wallet address code, then another math problem is generated, forever. After every correct answer, spectators can send BTC and a small of information data to each other.

Weather you consider bitcoin to be a currency, security, or property, true blockchains all share an identical capital structure.

supplemental materials – the evolution and natural limitations of true blockchains:

https://steemit.com/steem/@dimimp/steemjet-world-cup-day-17-the-elimination-round-games-begin

Today, 80% of all bitcoins have been mined by the kids who built the best robotic calculators and the prize purse is eternally shrinking.

There are easier true-blockchain math contests where you can win less valuable tokens like LTC/DGB/VTC/PASC/DOGE/MEC/MZC/ZET.

Lesson 2 - Why are tokens valuable? - Exact measurable scarcity (EMS)/Utility/Adoption

Like fire and electricity, the discovery of exact measurable scarcity (EMS), will never be as celebrated as its engineered use cases. EMS was neither discovered nor perfected when bitcoin brought the true-blockchain sector to life in 2009, but for the first time in recorded history, humans were allowed to perform truly-secure data storage and transfer of truly scarce virtual objects.

This is possible because unique large numbers can now be used as wallet addresses to store bitcoin balances. The total number of bitcoins is exactly 21 million. Printing only a limited exact number of bitcoins was the easy part in creating a useful tool out of the theoretical concept of scarcity. The difficult part was creating a computer program that could generate infinite unique wallet numbers on which to store a finite number of bitcoins as a ledger balance.

Now that blockchain tools have been engineered and proven robust, the next generation of data security systems will be built using these neew tools.

It is virtual scarcity to be exact, but it is the “scarcity,” and not the “virtual” that allows the technology to function usefully.

Nobody knows, to any acceptable statical degree of certainty, how many atoms of any element exist in the known universe nor can they predict how easily elements will be synthesized or extracted ten years from now. No further discussion of the concept of scarcity is necessary at this point. Please refer to the supplemental textbook Olivia and the Superstar for any further clarification.

https://steemit.com/steem/@dimimp/the-steemjet-world-cup-day-7-my-personal-ronaldo

The parallel concept Olivia's unique DNA is used to explain the application of infinite unique large numbers as blockchain tools which make her digital wallet unique so that she can send her own Olivia coins from her own unique wallet number.

Here is Olivia generating her first unique wallet number, her face implies uniqueness like the code in her DNA:

Here is Olivia sending her wallet balance to many unique wallets around the world. The power of instant global transfer of a virtual token of true measurable scarcity in the hands of a child:

Olivia provides the reader with a clear and natural understanding of scarcity and its new application.

Here is a review of the 2-dimensional vector in our 3-dimensional space that makes blockchain tools possible:

Still not convinced?

Try this experiment:

Generate bitcoin private keys until you find 2 that match the first 4 characters.

Just kidding, it might take you days until you find a match. It might take you a week to match the first 5 characters and a month to match the first 6. It can take you anywhere from 1 to 30,000 years to generate a complete matching bitcoin private key. Yes, this is not perfect uniqueness, but for all real-world applications, it is acceptable proof of statistical capability. So for all practical purposes, science considers this margin of error good enough for personal and business use where the first rule of security is to never put all your eggs into one basket or never leave all your tokens in 1 address.

Conclusion: The theoretical power of exact measurable scarcity (EMS) has been effectively harnessed by blockchain tools like bitcoin to improve our current level of security for both storage and transmission of valuable information.

Lesson 3 – What can blockchain do for me? - Utility (of secure and immutable data transfer and storage)

There are limits to what blockchain tools are capable of, therefore, the chief business sectors that stand to benefit from secure and immutable data transfer and storage are:

  • The secure value and data storage business sector (BTC)
  • The secure value and data transmission business sector (LTC)
  • The secure unique identification business sector (DGB)
  • The secure immutable transparent business accounting/performance tracking/record retention business sector (STEEM)

How do you measure blockchain security? It is a function of the amount of energy required to:

  1. Slow transactions
  2. Restrict certain transactions
  3. Trick another user into thinking that they received tokens for a limited period of time (double-spend)

Any of these 3 actions is considered an attack. The more energy it takes to perform an attack, the greater the security of the blockchain. Remember that a true-blockchain is just a series of single question math contests where the chain security increases (higher hash rate) as the competition grows stronger, and vice versa.

supplemental materials – the evolution and natural limitations of true blockchains:

https://steemit.com/steem/@dimimp/steemjet-world-cup-day-17-the-elimination-round-games-begin

Lesson 4 - Adoption (market penetration) – Who else owns your crypto?

Recall that the value of a token is based on a combination of 3 value factors:

A) Exact measurable scarcity (EMS)
B) Utility
C) Adoption

A) All blockchains have EMS weather the total number of tokens is limited or increasing based on blocks produced (STEEM) or time (NXS). Supply and demand principles indicate that, all else being equal (utility and adoption specifications of the 3 valuation metric variables), a token with limited supply will hold value better than a token with an unlimited known quantity. This is the most easily comparable metric of all the 3 value factors.

B) All functional blockchains have utility. This is the second most easily comparable value factor because public blockchains publish these utility specifications:

recall the chief utility benefits of blockchain tools:

  • secure value and data storage (BTC)
  • secure value and data transmission (LTC)
  • secure unique identification (DGB)
  • secure immutable transparent business accounting/performance tracking/record retention (STEEM)

this translates into

  • most secure data storage = most expensive blockchain to attack = BTC
  • next most expensive blockchain to attack = LTC/DGB = insignificantly less secure than BTC, but significantly cheaper and faster transactions

  • most secure true blockchain with unique ID feature

  • most secure immutable transparent business accounting/performance tracking/record retention (STEEM/Steemjet)

Quantifiable utility metrics (blocktimes, transaction fees, total nodes, transactions per second, blockchain size) are easily measurable and comparable.

Adoption metrics, however, are both quantitative and qualitative.

C) Adoption – Who else owns your blockchain?

The network effect that a community has is not as easily cloned as the code from the blockchain tools that they use. This is the most esoteric and enigmatic concept of the entire course and frankly the one that poses the most liability to the benefactor, but I promise to publish a limited liability version of this module soon.

Please point out any errors, thanks!

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Nice one Uche
I'm waiting for when we'll do our own o

Hi Dimimp, why does it seem like you don't take into consideration some people? 🤷🏻‍♀

Well, I'm just being concerned because I feel there are lots of people who haven't been opportune to get your attention yet.

Well, I did a music for you after one of your world cups posts that got to me and I felt I could talk to you with a song

I didn't ask for anything, I only asked that you listen to it🤷🏻‍♀

It wouldn't be nice that the person for whom I had painstakingly done this, didn't even see it.

Here's the link to the post.

https://steemit.com/steemjet/@julietisrael/all-i-ever-need-is-steemjet-dimimp-4a27de44d714e

Cheers 🍻

This is a great lecture on blockchain.

I think I was able to decode this. "I’m the guy at 1:19"

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Please, check the head and the hair in the pictures, is that you?

I need a response please

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lol! you got me!!!

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To the desk of the lannister


Hello @dimimp, I'm glad with uttermost joy that you are making our steem dreams come true through your consistent outstreched hand on steemjetters. @steemjet-support has just recieved 24k sp worth of Jet-Fund to begin with to raise funds and we have also started moderating with our new intro as fund review board and fund raiser - https://steemit.com/steemjet/@steemjet-support/steemjet-support-fund-raiser-and-moderator-management-outline-and-work-review

We will be awaiting liquid steem to kickstart long term and short term initiatives alike as the new steemjet fund review board as you have highlighted.

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As stated by your grace, @steemjet-support is yet to have liquid steem to carry out moderation activities.... We are yet to bloom with our self-voting fund raiser activities and there are no funds for the fund review board to begin with.

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Am planning on making a new dance video with great dancers for the anticipated steemjet dance crew with the next song that is going to be published by @philip6 but the problem we have here is that we don't have good video camera, dance outfits, sound instrument to make this video a blast!
We need your support on this, Thanks @dimimp

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Don't you think I should get a Steem bath for that, say like 2000steem.
Lol.......... 😂

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Fatherfaith, I never seen heard or seen you sound this funny.

I think we need a department called STEEMJET COMEDY

The Boss DIMIMP can get you this with just a snap. Hope you came along with your SteemSoap and SteemSponge for this SteemBath because I might likely come with my SteemTowel

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You will come with SteemTowel?

Baba, na you funny pass o. I think @dimimp should just appoint you as the HOD of STEEMJET COMEDY

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Anywhere someone needs steem bath....you always cock blocking

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Lol... Is that really you?

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Lolz... This is hilarious

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Woo-hoo! Now that's an ageing hair boss. Are you really that old?

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Helo boss @dimimp, it's nice hearing from you again after a while,please I have waited so long for you to respond to me on my project on the steemjet kids outreach (BRINGING CRPTO TO THE KNOWLEDGE OF KIDS), i know you may have skipped it due to having so many comments to read, please visit it and see what I have for you.

https://steemit.com/steemjet/@cherylsonty/cherylsonty-bringing-the-knowledge-of-crypto-to-kids-steemjet-kids-outreach-project

Thanks as i await your response!

Any of these 3 actions is considered an attack. The more energy it takes to perform an attack, the greater the security of the blockchain. Remember that a true-blockchain is just a series of single question math contests where the chain security increases as the competition grows stronger, and vice versa.

I vividly agree to this quoted text of yours
Blockchain is a greater accuracy of numerics pragmatically.
Sadly, some folks are only enthused with Bitcoin and are yet to understand the concept or theory backing it.
Bitcoin popularized Blockchain though but the later is the powerhouse and lifeline for the survival of the former and Cryptography.
In essence, Blockchain verifies the belief that there is power in numbers

I call this BLOCKCHAIN 101
Just like a kid, I will have to take out a book and a pen and take this lesson being taught by you. The most expensive to attack is BTC, they can't attack BTC when the inventor Satoshi has not been seen. Before the emergence of BTC in 2009. The Movie MATRIX remind me a lot of coding of invisible number that can only be mined by selected few. I await the the limited liability module of the Adoption.

Hello Boss, thanks for the steem. I was surprise to see it because I wasn't expecting it this early.

I don't know if it skipped your mind or maybe I have to wait for another batch. You promised 1000 and i got 500.

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@Dimimp, did it skip your mind or I should wait?

Thanks

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oops, I will fix it!

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okay Boss, I thought as much. Just too many work , so I knew the figure might have skipped your mind. Thanks Boss

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Thank you Boss, I have seen it.. I deeply appreciate.

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Wow! Wow!! Wow!!!

This lesson is most valuable.
Thank you so much sir, actually didn't expect this much.
You're always full of surprises.

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Wow... Oh well.. This is superb..indepth and deep.. Cryptocurrency in the simplest of terms.. A whole lot to learn from here..

I got goosebumps with your maths analogy of bitcoin miming. A while lot of persons don't grab the concept of miners discovering blocks on the blockchain and adding them. The fastest and efficient ones being the first. It's a whole vague concept when I try to explain..

But you just broke this down so simply. Man! I'm so stealing that analogy!!..

Really glad we're getting to the main aim/objective for the creation of STEEMJET. We can finally reach crypto to the world and to anyone. My 7 year old little friend will understand this. Same thing with my 'ol man.

STEEMJET : Always words and steem.

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Thank you for the explanation @dimimp.

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This is the most esoteric and enigmatic concept of the entire course and frankly the one that poses the most liability to the benefactor, but I promise to publish a limited liability version of this module soon.

Thank you @dimimp for the knowledge, wisdom and understanding.

Please point out any errors, thanks!

Perfectly written boss, no errors made @dimimp.

hi @dimimp
this is my entry for the color the logo contest
hope you like it

4.png

WHY I NEED TO DO THIS PROJECT
The future of crypto currency depends solely on how we can train the kids. How can we train our kids? By bombarding them with lectures? No.
the use of crypto based games will first open their minds and hearts to blockchain related activities. Crypto based games can also be used to capture the attention of kids before any formal lectures is introduced.

"thanks for loving the idea but I really need some funds say 1,500 steem to light this up. Teaching more up to 10,000 people about cryptos through games will be cool and will boost global adoption
QmbigxCBU7xF7HnBE73keyyxLGsxgAz8fqYdmank4q4H3v.jpeg
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You said we should self-upvote to achieve our dreams but the 600SP delegation you gave to me cannot generate 1,500 steem in a year
Time=Money

I'll be pleased with 1500 steem and a promotion in the steempower delegation so that I can use it to self upvote other times that I have new ideas to create

Thank you.
Yours sincerely
steemjet Creative star @sancti
SF7

Hello boss @dimimp, I know your very busy and your time is very precious so let me steal a little time of yours, I have some of my faculty and school mate who would love to join the steem blockchain but opening an account is not that easy any more to be approved,but with some amount of steem I could easily open the account for them, the are 11 of them but I could only open account for 1 of them from my small sp. So i need your help to open the account for them. Some steem will do.

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Please sir I noticed You did not do as you said, am quite sure it skipped your memory!
I understand how busy you are and the fact that youvkeep to your word, if you can please do as said, I will be honored. Thank you @dimimp

I've pinned this down and I'm going to read this like 3 times more and extensively too until I get the whole lesson here.. This is awesome and power packed

There can never be a better blockchain instructor than you

Hello @dimimp Good morning from here. I really do hope you see my last post Proof Of Work to Dimimp so my project can get verified for some steem too. I've been sending this project for so long and I felt you havnt seen it. Please do check it out and I hope to get a really positive response. Thanks in anticipation. Blessings

Mrs Meflyn Awana is now on the steem blockchain

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Great information. Thanks, @dimimp. I resteemed your post.

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I did a SteemJet/Worldcup Logo sequel to the ongoing FIFA worldcup on a contest by @dimimp
See link here https://steemit.com/steemjet/@mickyscofield/steemis-winning-the-crypto-cup

Hello sir @dimimp I haven't started anything (work wise) with @mindtrap probably because I don't have the sp yet to prove that am an SF sir.

great evoloution of transfer BTC by this,good info sir @Dimimp.This evoloution reach the top of the blockchain community.like this creative thinking.keep it up.

Happy Steem

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To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.

We know a lot from you. I never knew before. You are a great person You are not comparisons.
Upvote and resteem done @dimimp

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Whao! Waiting for the next limited liability version @dimimp

Cryptocurrency 101

The best way to give the masses a way out to live financially stability is to teach and mentor th3m about it uses and the possible ways to earn from it.
I too surely need this lectures

Hi Dimimp, why does it seem like you don't take into consideration some people? 🤷🏻‍♀

Well, I'm just being concerned because I feel there are lots of people who haven't been opportune to get your attention yet.

Well, I did a music for you after one of your world cups posts that got to me and I felt I could talk to you with a song

I didn't ask for anything, I only asked that you listen to it🤷🏻‍♀

It wouldn't be nice that the person for whom I had painstakingly done this, didn't even see it.

Here's the link to the post.

https://steemit.com/steemjet/@julietisrael/all-i-ever-need-is-steemjet-dimimp-4a27de44d714e

Cheers 🍻

Hi, just finding out about steem jet, can i get a working discord link for steemjet .... Thanks

I love this
This is a higher and practical concept of STEM (Science, Technology, Engineering and Mathematics).
I love what you doing @dimimp explaining the theory behind Crypto...Awesome!!!
Blockchain is bigger than ever imagined

Sir i think you have missed to see my design logo for Steemjet ... sir I want to be the part of Steemjet community ..... please just look at my logo for Steemjet I have spend days on design such logo for Steemjet logo contest I hope you like it and give you valuable comments on it
Here is the link
https://steemit.com/steemjet/@mohsinparray123/steemjet-modified-logo-of-steemjet-for-steemjet-logo-contest-held-by-sir-dimimp-da2fafac017b319CC12BA-60F4-4580-BF40-A6812118BD7E.jpeg639485DC-221A-451C-93D0-E79340A6E818.gif

Very educative, I must read this again and again.

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@dimimp You have received a 100% upvote from @introbot because this post did not use any bidbots and you have not used bidbots in the last 30 days!

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its another creative work @dimimp.the lessons are really good.