Full technical explanation of Blockchain technology behind bitcoin. How does self-healing network really works? What is “Nakamoto consensus” and how to overcome scaling problems in Bitcoin?
Fear not, brave Steemians, Andreas Antonopoulos knows how to explain complex programming concepts with simple language understandable to a layman persons. And the one who endure through whole lecture, will have much better understanding of Bitcoin protocol, proof of work, forking, and the rest of serious questions that divide serious eCoins from scams.
Consensus Algorithms, Blockchain Technology and Bitcoin (UCL, June 30th, 2015)
00:01:00 Recipe of Bitcoin technologies
00:03:15 SHA256, HashCash & Proof of Work
00:07:00 Zeros, Difficulty target & Fingerprint
00:13:41 Brute force and proof of work
00:15:41 Header, Fingerprint & 68 zeros
00:21:00 Bitcoin does not waste electricity
00:28:45 Longest difficulty chain & Genesis block
00:34:34 Race for Block & Fork
00:40:00 Voting through mining power
00:47:45 Spending only after 100 blocks & Geological history
00:51:00 Mining: cheap electricity and low network latency
00:51:45 Bitcoin mining is now driving the development of silicon fabrication
00:53:25 How often does a fork happen?
00:54:45 “Oh, s*it” moment in Bitcoin (changing database)
01:06:14 Self-healing network
01:08:30 “Nakamoto consensus”
01:08:30 Global resistance? Only Bitcoin
01:10:45 Consensus algorithms – New scientific discipline
01:13:30 Five Bitcoin constituencies
01:15:33 Ossification of the protocol
01:17:33 Transactions in 10 minutes
01:19:00 Proposals of scaling
01:21:40 Aircraft carriers or cup of coffee?
Another extremely interesting lecture of Andreas M. Antonopoulos:
Bitcoin and the coming “Infrastructure Inversion”
Here you can find two excellent books on Bitcoin by Andreas M. Antonopoulos, and a few more of his lectures:
Andreas M. Antonopoulos – Mastering Bitcoin: Unlocking Digital Cryptocurrencies