Blockchain and Cryptocurrencies

[Mauro]

@FrankB

If I understand correctly, blockchain security increases and decreases with the size of the network. So a very small network will tend to be more insecure than a larger one

Yes, larger networks are much more secure. Starting a new cryptocurrency today is much harder than back in the days, because of all the attention we have. It was easy for bitcoin. No one bothered to attack the network, as no one thought it would be worth anything. This enabled the bitcoin network to become one of the most powerful blockchains in this space. I think a new cryptocurrency would have to start highly centralized and then by time eventually move to being decentralized as more users join.

@FrankB

My question therefore is how the security of very small networks can be guaranteed—networks that are designed, for example, to keep track of the transactions in a very small production supply chain. Moreover, how are the nodes (or miners) in such a small network financially incentivized to keep the network running and to remain honest while doing so? Are cryptographic encodings the only guarantors of integrity in small blockchain

For smaller networks, we may use a permissioned blockchain. This type of blockchain is not as decentralized and immutable sadly.

[Mauro]

@codetoliveby

Even though I read Satoshi’s white paper before the Genesis block and even though I am in the computer business and invested since 2016, I still found value in the clear concise way you some things up.

Though I want to move on to some more advanced material I am glad I’m starting by reaffirming my understandings of block chain in cryptocurrencies technologies. We have to all start with the firm foundation of understanding or the rest won’t make sense. I am ready to do things in order and really get this down. I want to teach others.

Thank you for your kind words. We really do appreciate it.

@codetoliveby

In the final analysis everyone taking this Academy has the duty to educate others. This will create the demand which will drive the space forward. Obviously people are not trying to get the truth that they need from the mainstream media outlets.

I 100% agree. Me and a couple of other moderators are here to help everyone understand this new technology. We check the forums daily, to provide support and demand for more students. We are very passionate about this space.

[Mauro]

@CitizenGain

I paid for the course with LTC. It’s the first “thing” I have paid for with crypto & it worked perfectly. Thanks Ivan & team

Awesome. I am glad to hear that people are using cryptocurrencies as a mean of payment. Its one step close to adoption. If you need any help with the course, feel free to message me back. I will provide you with the help and support you need to understand this awesome new technology.

[Mauro]

@Rasselas_Wildcat

I’ve looked around the web for a great source of knowledge regarding the industry. I feel at home here. This is a great place to learn. Ivan, I read a little bit about you and subscribed to your YouTube. You give hope to all of us. Thank you for all the hard work you and the team have put in building this environment.

Thank you for your kind words. If you ever feel you need some help feel free to message me back.

@Rasselas_Wildcat

I feel at home here.

Me too.

[Mauro]

@Avant-Garde

Getting familuar with this platform and how the course work. So far so good. Is there any exam in the end or is it a questions and answers in the forum?
How will the certificate be issued?
Thanks ladies and gents!

It is just the questions you answer on the forums. In the mean time I and a couple of other moderators will keep track of your homework/assignments. This is to ensure that you have learned everything properly. We provide support and motivation. This way we keep the academy more alive and interactive. I believe you get emailed for the certificate.

[Mauro]

@CryptoDenise

Use cases for blockchain in finance, business and healthcare have been addressed in this topic. Are there any use cases in education? All learning would need to be online and on the blockchain, but would we tolerate transparency in education? Are we willing to sacrifice privacy? I think education needs be decentralized.

I am not sure exactly if education needs blockchain but I do think that education will be more and more online as we move on.

[Mauro]

@whip23

Great to be here Ivan!

We are excited to have you on board!

[Mauro]

@Hamze_Dirir

Going through the course as on now and so far am loving this. I have my study plan and following it as suggested. I am glad that i joined the community and love this.

I am happy to see that you are loving it so far. Keep up the great work.

@Hamze_Dirir

Feel free to point any mistake on any answers that you might come across from me.

Will do. Me and other moderators want to assure you are learning everything correctly. We are very dedicated and passionate about this new technology.

[Mauro]

They are different but very similar. A lot of people use it interchangeably.

Why Traceability is not Provenance

@Orgotrucker

Traceability and transparency of the data create Provenance. They are the two wheels of the blockchain bicycle. So traceability helps create Provenance.

Answer from one of our students. Pretty good answer.

[Mauro]

@Karl

I have a question about transaction fees. Looking up latest fees in blockchain.com blockchain-explorer, the latest fees range between 1USD and 6USD. During Ivan on tech Live, you accept Donations of about 7USD. As fees are not calculated according to height of transaction but length of transaction, aren´t the transaction fees too high to make sense paying small amounts with BTC?

The 7 dollar minimum was set due to the accounting as far as I am aware. You can donate with a credit card, it does not have to be bitcoin. You can also user other cryptocurrencies such as LTC, BCH, DAI etc. You can manually set the fee to be lower than a dollar, it would just take more time for it to be confirmed. Ivan accepts and allows messages as soon as the transaction is visible as a valid but yet unconfirmed transaction in the mempool.

@Karl

As fees are calculated according to transaction length and length is depending on total number of inputs / UTXOs, aren´t many small inputs you get from small transactions like donations absolutely inefficient as they create long following transactions when spent and increase transaction fees reducing the received funds?

I would be so glad for help Thanks

This is true. Its better to have larger transactions. But it should be fine I think.

Here is a great online calculator to play with: https://www.buybitcoinworldwide.com/fee-calculator/

You can change the number of inputs and outputs, and the time you want your transaction to be accepted.

[FrankB]

That’s interesting. I didn’t think about the problem of growing a network in a high-attention environment. Thank you, Mauro, for pointing that out.

[Mauro]

No worries Frank. I am glad I could help you understand better.

[Ineka]

These visualized representations of the assignments are wonderful.

[Ineka]

Ivan, the lesson about Dapps and Smart Contracts was very helpful for me to get a grasp on the subject. Learning everyday about this space Thanks everyone who is contributing here and on the chat. It’s a windfall of knowledge for me.

[Kyle]

I am very happy that i have signed up for this. I am learning so much from these lessons and i am really enjoying learning this course. You guys did an amazing job of breaking things down and explaining everything and i really appreciate that.

[Alko89]

Thank you for your compliments! we are glad you like it

[Bitcoinstache]

Is there material in this forum we are supposed to be reading?

[Bitcoinstache]

Here is an excellent tool for trying to determine the cheapest fees but still get confirmed in a reasonable amount of time. https://bitcoinfees.earn.com/

[Alko89]

There are a lot of additional content in some discussions you can check out. Depending on what you would like to know you can check a related topic. Anything specific you have in mind?

[bjamRez]

The links do not work any longer. I did read the one about the Turing Test. I have also watched the fim about Turing, during WWII I believe. He was a homosexual and his career was destroyed because of that. But the Turing test is a test where a machine can solve any problem. You have a Turing Complete and Incomplete. A calculator is incomplete and a scientific calculator is Complete since it can solve more complex problems and is programmable. Film EX-MACHINA and Westworld talk about the Turing test.