-24 and not quite sure what I wanted
-I went to a coding Bootcamp, met an outstanding Blockchain Wiz
– I’m determined to educate myself to educate others on Blockchain Technology
-Thanks, Blockchain Guy
Nice job Frederick. Appreciate your efforts in developing these videos. Just started listening to your podcasts – very educational. I am completely hooked and there’s no doubt in my mind that we are upon the next technological revolution.. as Eric Voorhees said it on podcast #3…light bulb, then micro chip, then internet, and now blockchain.
Godspeed.
Thank you for creating these videos. It is a bit hard to wrap ones brain around this concept and your video really helped. I see tremendous potential with this new technology and you know it is here to stay when the likes of IBM, Microsoft, Airbus etc are exploring its potential. Walmart tracked the source of some sliced mangoes in seconds via blockchain vs 6+ days using traditional method. Simply mind blowing.
Could you explain how secure it is for the users to store the private keys?
What I read so far is that, the user hands over the private key to a website such as coinbase.com.
In my view that defeats the purpose of privacy. If coinbase.com stores everyone’s private keys, they could initiate transactions. That could be due to software malfunction or perhaps a rogue employee.
Whoever controls the private keys controls the cryptocurrency. Many exchanges have been hacked and people have lost hundreds of millions as a result.
The best strategy is to ensure you have control of your private keys by using “cold storage” to store most of your cryptocurrency, and only leaving nominal amounts in wallet applications and exchanges.
Reply
Kevinon November 19, 2017 at 10:33 pm
Great stuff. Do you think there is a career path for someone who works really hard to learn Blockchain technology.
I have been working as a technology manager for years but I have limited coding skills. Some but not strong.
Hi Kevin. Developers have the best opportunities right now because there’s more demand than supply. If coding is not your main skill, you can still leverage your technical expertise by learning as much as you can and applying that knowledge in non-coding roles within an established firm (Consultant, Project Manager etc). You could also just find a CTO to partner with and start your own company.
Reply
Kannanon December 13, 2017 at 9:02 am
Thanks for the great introduction to blockchain.
It’s difficult to reconcile the claim about block chains being very secure after large hacks like the day.
What has been done to make the technology more secure? Do similar hacks and pilferage continue? If one were an investor, should should one do to protect assets?
There haven’t been any hacks of the actual Bitcoin or Ethereum blockchains yet. You may be referring to hacks of 3rd party clients such as Parity, but again, these are 3rd party implementations.
The risks lie in a lack of user-friendly interfaces combined with limited education amongst the user base, especially when it comes to private key management. Make sure you read up on how to store and manage your keys securely, and your assets will be safe.
Reply
Sterlingon December 30, 2017 at 12:27 pm
Is it possible that cyber-security processes (such as facial recognition software for example) could make the need for privacy keys obsolete soon? Wouldn’t that solve the privacy key storage problem? Or am I missing something?
It would be possible to use biometrics to access private keys stored offline on some sort of hardware wallet. I believe the Case Hardware Wallet uses biometrics in this fashion.
Reply
miguel gilon January 20, 2018 at 2:21 pm
Hey, Frederick what an amazing work you have done spreading this great knowledge to people!!!
Your podcasts are amazing and how you have been able to reach big and important players in the field is quite impressive.
Hi Jon. Apologies for the technical difficulties. I have sent you an email with the link to all 3 videos. In the meantime, please add my email address to your “safe senders” list. It’s likely your email provider has been sending my messages to your junk folder.
Reply
jenon March 29, 2018 at 8:54 pm
Hi, Frederick. I enjoy listening to your podcasts which led me here and this video was certainly very helpful in understanding the technology. Thank you for the clear and easy-to-understand explanations. I’m sure there is a reason you wanted there to be some time before giving out video 2 and 3, yet I wonder if it would be possible at all to watch videos 2&3 simultaneously. It’s not just because I have a school presentation on blockchain in 3 days haha.
Thank you!
Sure! Shoot me an email and I’ll forward you a link to all three.
Reply
Josiah Umezurikeon April 28, 2018 at 6:58 pm
You did a lot of work here. Video presentations are awesome, however block chain is ripe with many issues for now.
There is a serious constraint in block chain brought about by mining and hashing. Asymmetric crypto is fine. Simple put as 10min/ block phenomenon. Two nodes cannot finalize a confirmed transaction absent mining. Therefore, block chain is not completely decentralized. I have researched on better p2p solutions. Block without a well thought out process will give rise to Internet of Threasts. Lets talk if possible thanks.
Thanks Jevon. The video links are emailed to you every other day. However, if you want to watch them all at the same time, simply shoot me an email and I’ll forward you a link to all three.
Hi Indra. The video links are emailed to you every other day. However, if you want to watch them all at the same time, simply shoot me an email and I’ll forward you a link to all three.
Reply
Antonyon June 8, 2018 at 11:45 am
Maybe it is just me, but some of the best features in blockchain isn’t quite the way it used to be
In the video, it is stated that the transaction is near instantaneous. Maybe in early days, sure, but now, I still find that it can take up to an hour or two to finalize the transaction. The fact is, because of lack of regulation, the fee incentive for miners to verify and finalize your transaction is not fixed. It is not just few cents to send money anymore. It is more like you specify how much fee you are willing to pay, and depends on the fee amount, miners may or may not be interested to process the transaction. That defeats the purpose of replacing banks and other financial institutions. At least with banks, we can get a fee schedule on exactly how much the cost would be to send money. With BitCoin, not so much.
With the rant aside, I do find Blockchain an interesting technology. Bitcoin is losing a bit of its attractiveness for sure.
You’re absolutely right Antony. This video was made in early 2017. Things have changed and will continue to change. Regarding Bitcoin, there are “layer 2” technologies like the Lightning Network that have been developed to address the issues of speed and cost. Of course, only time will tell if they’ll be truly successful or not.
Reply
ERIC VILLAGOMEZon June 27, 2018 at 2:42 pm
Great intro to Blockchain. I am a big fan of your podcasts as well.
I am currently set to continue with my blockchain education journey on EDx and Coursera.
Any thoughts on these new avenues of education?
I have also seen a University offer a masters in Digital Currency. A bit too much?
Hi Eric. This is a very late response, but here goes: I would go with Mastering Bitcoin by Andreas Antonopoulos for further education. I may also launch a “Blockchain Academy” soon. Stay tuned.
Really great summary. Thanks for the hard work putting this together. Looking forward to the next one!
You’re welcome Jon.
I shall continue to research into the phenomenon of blockchain. The concept is scintillating with potential.
It sure is 🙂
-24 and not quite sure what I wanted
-I went to a coding Bootcamp, met an outstanding Blockchain Wiz
– I’m determined to educate myself to educate others on Blockchain Technology
-Thanks, Blockchain Guy
You’re welcome Nesh.
Nice job Frederick. Appreciate your efforts in developing these videos. Just started listening to your podcasts – very educational. I am completely hooked and there’s no doubt in my mind that we are upon the next technological revolution.. as Eric Voorhees said it on podcast #3…light bulb, then micro chip, then internet, and now blockchain.
Godspeed.
Thanks Hratch!
Thank you for creating these videos. It is a bit hard to wrap ones brain around this concept and your video really helped. I see tremendous potential with this new technology and you know it is here to stay when the likes of IBM, Microsoft, Airbus etc are exploring its potential. Walmart tracked the source of some sliced mangoes in seconds via blockchain vs 6+ days using traditional method. Simply mind blowing.
Yes Marcia, we will have IBM and Microsoft discuss supply chain use cases on the podcast (soon).
Excellent
Thanks.
Thank you. Really appreciate what you put in to helping people understand this.
You’re welcome.
very good intro.
:0)
Could you explain how secure it is for the users to store the private keys?
What I read so far is that, the user hands over the private key to a website such as coinbase.com.
In my view that defeats the purpose of privacy. If coinbase.com stores everyone’s private keys, they could initiate transactions. That could be due to software malfunction or perhaps a rogue employee.
Whoever controls the private keys controls the cryptocurrency. Many exchanges have been hacked and people have lost hundreds of millions as a result.
The best strategy is to ensure you have control of your private keys by using “cold storage” to store most of your cryptocurrency, and only leaving nominal amounts in wallet applications and exchanges.
Great stuff. Do you think there is a career path for someone who works really hard to learn Blockchain technology.
I have been working as a technology manager for years but I have limited coding skills. Some but not strong.
Hi Kevin. Developers have the best opportunities right now because there’s more demand than supply. If coding is not your main skill, you can still leverage your technical expertise by learning as much as you can and applying that knowledge in non-coding roles within an established firm (Consultant, Project Manager etc). You could also just find a CTO to partner with and start your own company.
Thanks for the great introduction to blockchain.
It’s difficult to reconcile the claim about block chains being very secure after large hacks like the day.
What has been done to make the technology more secure? Do similar hacks and pilferage continue? If one were an investor, should should one do to protect assets?
Hi Kannan,
There haven’t been any hacks of the actual Bitcoin or Ethereum blockchains yet. You may be referring to hacks of 3rd party clients such as Parity, but again, these are 3rd party implementations.
The risks lie in a lack of user-friendly interfaces combined with limited education amongst the user base, especially when it comes to private key management. Make sure you read up on how to store and manage your keys securely, and your assets will be safe.
Is it possible that cyber-security processes (such as facial recognition software for example) could make the need for privacy keys obsolete soon? Wouldn’t that solve the privacy key storage problem? Or am I missing something?
It would be possible to use biometrics to access private keys stored offline on some sort of hardware wallet. I believe the Case Hardware Wallet uses biometrics in this fashion.
Hey, Frederick what an amazing work you have done spreading this great knowledge to people!!!
Your podcasts are amazing and how you have been able to reach big and important players in the field is quite impressive.
keep going!
Thank you for the kind words Miguel 🙂
Thank you , I appreciate your responding to the viewer’s questions!
Thank you Nancy!
I’ve waited about a week from watching Video #1 and still haven’t seen #2 or #3 come across. Is there another way to gain access?
Thanks!
Jon
Hi Jon. Apologies for the technical difficulties. I have sent you an email with the link to all 3 videos. In the meantime, please add my email address to your “safe senders” list. It’s likely your email provider has been sending my messages to your junk folder.
Hi, Frederick. I enjoy listening to your podcasts which led me here and this video was certainly very helpful in understanding the technology. Thank you for the clear and easy-to-understand explanations. I’m sure there is a reason you wanted there to be some time before giving out video 2 and 3, yet I wonder if it would be possible at all to watch videos 2&3 simultaneously. It’s not just because I have a school presentation on blockchain in 3 days haha.
Thank you!
Sure! Shoot me an email and I’ll forward you a link to all three.
You did a lot of work here. Video presentations are awesome, however block chain is ripe with many issues for now.
There is a serious constraint in block chain brought about by mining and hashing. Asymmetric crypto is fine. Simple put as 10min/ block phenomenon. Two nodes cannot finalize a confirmed transaction absent mining. Therefore, block chain is not completely decentralized. I have researched on better p2p solutions. Block without a well thought out process will give rise to Internet of Threasts. Lets talk if possible thanks.
Thanks for the comment Josiah. I would need to review your rationale in more detail. Feel free to shoot me an email.
Great video, very informative. Where can I find the 2nd and 3rd video links?
Thanks Jevon. The video links are emailed to you every other day. However, if you want to watch them all at the same time, simply shoot me an email and I’ll forward you a link to all three.
Hi Munawa,
Thanks for the video.
Could you please send me 2 and 3 also.
Hi Indra. The video links are emailed to you every other day. However, if you want to watch them all at the same time, simply shoot me an email and I’ll forward you a link to all three.
Maybe it is just me, but some of the best features in blockchain isn’t quite the way it used to be
In the video, it is stated that the transaction is near instantaneous. Maybe in early days, sure, but now, I still find that it can take up to an hour or two to finalize the transaction. The fact is, because of lack of regulation, the fee incentive for miners to verify and finalize your transaction is not fixed. It is not just few cents to send money anymore. It is more like you specify how much fee you are willing to pay, and depends on the fee amount, miners may or may not be interested to process the transaction. That defeats the purpose of replacing banks and other financial institutions. At least with banks, we can get a fee schedule on exactly how much the cost would be to send money. With BitCoin, not so much.
With the rant aside, I do find Blockchain an interesting technology. Bitcoin is losing a bit of its attractiveness for sure.
You’re absolutely right Antony. This video was made in early 2017. Things have changed and will continue to change. Regarding Bitcoin, there are “layer 2” technologies like the Lightning Network that have been developed to address the issues of speed and cost. Of course, only time will tell if they’ll be truly successful or not.
Great intro to Blockchain. I am a big fan of your podcasts as well.
I am currently set to continue with my blockchain education journey on EDx and Coursera.
Any thoughts on these new avenues of education?
I have also seen a University offer a masters in Digital Currency. A bit too much?
Hi Eric. This is a very late response, but here goes: I would go with Mastering Bitcoin by Andreas Antonopoulos for further education. I may also launch a “Blockchain Academy” soon. Stay tuned.
Not able to play the video on my cell phone
Hi Arvind. I apologize for the late response. If this happens again, feel free to send a message via our contact form.