Blockchain and Cryptocurrencies

Not sure if this has been answered so apologies if it has but in regards to the consensus model does there have to be a minimum amount of computers for a blockchain to go live and until it is considered a trusted/trustless network?

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Well when Bitcoin went live there wasn’t any metric to determine this and afaik there still isn’t any :slight_smile: but for a P2P network to function there has to be at least 2 peers in the network, or at least that the network makes sense.
Technically a node can function on its own just fine, but it would obviously not sync.

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Thanks for the quick reply :slight_smile: i guess any more then 1 computer would be considered a network but the more there is the more it increases security and all other benefits the technology offers

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Hi @ivan,
I am loving the course and I am looking forward to this section!
cheers :+1:

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Great course material thanks

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I’d like to fantasize that Edward Snowden might be involved in the creation of BTC and its blockchain, what do you guys think?

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First time I take Crypto seriously from the standpoint of learning how it works and properly understanding its benefits. So glad I found this course since I’m really enjoying the way the material is presented.

Thank you for a great learning experience.

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Good question I really don´t know the answer tho… please reply to me when you know the answer :slight_smile:

Loving the course. I hope to get a job in crypto or blockchain from the credentials I will get from this.

On YouTube, there is an interesting video about this subject. Take a look at Coin Bureau “Will BITCOIN Collapse at the 21 Million Limit?”. Here, there is information about various ways in which the BTC network can continue after 21 millions coins have been mined.

Who knows who really created BTC. You mention Ed Snowden. Snowden has actually expressed concerns about BTC’s lack of privacy, because all wallets and transactions are public information.

I really like this course!
Merry Christmas! Merry Christmas! Merry Christmas!
Here is part of my crypto discussion this evening:

  1. I’m excited about decentralized social media platforms, which run on blockchain, or partly on blockchain. I say partly on blockchain, because its good for people to be able to delete posts on social media apps! This might be useful if you want to ret rid of a statement, after changing your opinion, or if someone with access to your computer posts things on your account, such as private contact information. Also, editing is important. A DOA (= Decentralized Autonomous Organization) can be good for a decentralized social media platform.
  2. On YouTube, there is an interesting video about this subject. Take a look at Coin Bureau “Will BITCOIN Collapse at the 21 Million Limit?”. Here, there is information about various ways in which the BTC network can continue after 21 millions coins have been mined.
  3. Who knows who really created BTC? You mention Ed Snowden. Snowden has actually expressed concerns about BTC’s lack of privacy, because all wallets and transactions are public information, so he isn’t my first candidate for the real Satoshi (though he could have theoretically invented BTC, and later complained about its lack of privacy).
    Merry Christmas! Merry Christmas! Merry Christmas!

Until now its a very nice and great course. Just started. But the concept is good. Interactive and not a standard video course. Haven´t seen that in the market yet.
Big respect.

Hi

I have a few questions.

Considering that a transaction on blockhain is irreversible and true. So who verifies that the information that is written to the blockchain is true?

For example, in the supply chain there are many errorum, mistakes. In some depot, it is written to the blockchain that this package is from somewhere but it is wrong. How will it be proven etc.?

I’ll come back to how you explained the supply chain of yogurt. Who is going to verify that the sugar they supplied is really the sugar they claim it is when the sugar manufacturer can lie

I find this very complicated and almost unworkable in real life. I think blockchain will have its uses in the virtual world.

I’m not sure about the efficiency and speed of the blockchain, since records in this type of database are never been deleted. That means they accumulate, making the blockchain more and more bulky every day. Retrieving data from a huge database takes a lot of time and resources.

A blockchain is essentially a digital ledger of transactions right, if we try to use this technology in supply chain of yogurt we can only recorded the entire chain of the yogurt all the way from which farms milk was collected and its ingredients too, but the code it self cannot verify the quality of the products, what you can do instead you can blame the one who lied, using the data you have in the blockchain.

Becoming a BLOCKCHAIN guru bit by bit.
The BLOCKCHAIN Goat in Africa.

Good course, to my surprise Ive learned some things this early in the course after being in the crypto space for 4 years. Excited to expand my knowledge.

Following on from @marsrvr comment marsrvr, actually as i was answering questions through the course I kept saying to myself it would be great if at the end of the course I received a wellformed formatted document with all the questions and MY answers in one document like a word document (much like when you get the certificate at the end) but this would be like a “Book” this would not only give learners an incentive to take the questions seriously and write more full and meaningful answers but raise the standard of the course for everyone and future iterations as well as deter any plagiarism. Copying and pasting my answers to review in future for comparison is not the most effective and efficient way, so perhaps this is something you could look into. I know you can download a zipped file (a csv file) of your posts which is not the same thing as having a nicely formatted document. Thanks :slight_smile: :+1:t5: