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This Blockchain Course 2024 covers all the important skill sets required to get you a Blockchain Developer job!
In this Blockchain Course 2024 we will cover Introduction to Blockchain, Blockchain and Bitcoin, Bitcoin Mining. Then we will into Ethereum Work with Smart Contracts and Setting up a Private Blockchain Environment. Later On, we will also dive into the Hyperledger and Hyperledger Composer and lastly Create a Private Blockchain with MultiChain. Then we will conclude this Blockchain Tutorial with Blockchain Interview Questions
This Blockchain Course suits those who aspire to become Blockchain Developer
🔵 Following topics are covered in this Blockchain Full Course 2024
00:00:00 – Introduction to Blockchain Course
00:03:36 – What is Blockchain?
00:06:31 – Transformation in Trading Units
00:08:05 – Introduction to Bitcoin
00:09:34 – Introduction to Blockchain
00:55:01 – What is a Node?
01:04:57 – Transaction in a Distributed Network
01:13:12 – Bitcoin Address & Wallet
01:32:15 – Bitcoin Mining
02:50:20 – How Bitcoin Started
03:04:55 – Blockchain vs Traditional Databases
03:15:29 – Distributed Ledger Technology
03:44:36 – RSA Algorithm
03:58:23 – PBFT
04:04:22 – Proof of Work vs Proof of Stake
04:34:04 – What is Bitcoin?
05:14:01 – Bitcoin Mining
06:28:11 – Ethereum
07:58:30 – Decentralized Applications
08:14:54 – Solidity
10:02:16 – Creating the Testrpc.sh File
10:47:09 – MetaMask
11:41:06 – Blockchain Interview Questions
✅ Is blockchain worth learning in 2024?
It is still worthwhile to learn about blockchain in 2024, despite the collapse of the cryptocurrency sector. Distributed ledger technology, or blockchain, has the potential to completely transform several industries, including supply chain management, healthcare, and finance.
✅What is the demand for blockchain in 2025?
Forecasts suggest that global blockchain technology revenues will experience massive growth in the coming years, with the market expected to climb to over 39 billion U.S. dollars in size by 2025
✅Where will blockchain technology be in 5 years?
By 2024, global investment in blockchain technologies will amount to $19 billion, predicts Statista. Hundreds of billions of dollars more need to be invested in this technology. From 2022 to 2029, the blockchain market is expected to increase at an average annual pace of 56%.
➡️ About the Blockchain Course
With this Blockchain course, you will become an expert in distributed ledger technology, Ethereum, Solidity programming, and more. In this online Blockchain certification training, you will receive additional courses co-created with IBM, namely, ‘IBM Blockchain Foundation Developer’ and ‘Deploy a Web-based Blockchain Insurance Application’.
➡️Who should take this Blockchain Course?
Anyone interested in this field or looking to enter it can enroll in a blockchain training course from Intellipaat.
✅ Key Features – (Course Features)
👉🏼27 Hrs Instructor Led Training
👉🏼27 Hrs Self-paced Videos
👉🏼40 Hrs Project & Exercises
👉🏼Certification
👉🏼Job Assistance
👉🏼Flexible Schedule
👉🏼Lifetime Free Upgrade
👉🏼Mentor Support
➡️ What’s Covered in This Program? –
✅Introduction to Blockchain
✅Detailed Study of Blockchain
✅Blockchain and Bitcoin
✅Bitcoin Mining
✅Ethereum and Working with Smart Contracts
✅Setting up a Private Blockchain Environment
✅Hyperledger
✅Hyperledger Composer
✅Creating a Private Blockchain with MultiChain
✅Blockchain Use Cases
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Hello everyone welcome to blockchain full course 2024 by intellipath you must have heard and traded in cryptocurrencies such as Bitcoin ethereum and Litecoin and for all of these cryptocurrencies blockchain is driving force currently there are over 85 million blockchain wallet accounts the oldest cryptocurrency Bitcoin is valuable is $125 million us this tells
Us how quickly this blockchain technology has grown and how fast people have adopted it blockchain is not just limited to digital currencies it can help across multiple Industries such as Supply Chain management Health Care food delivery system voting system Etc on no.com there are almost 23,000 blockchain Developer jobs available
Across the India coin cubes reports that more than 40,000 blockchain related jobs available in in USA the salaries offered in this role are attractive as well in India blockchain developer can earn between 6 lakh to 22 lakh whereas in USA they can earn between $889,000 to $200,000 companies are always on lookout
For skilled blockchain expert who can develop decentralized system for them so if you like the concept of def5 and want to make a positive impact on business it’s time you start learning blockchain skills and to help you with that we bring you a free blockchain full course this blockchain course has been taught
By top industry expert from companies like PayPal IBM cornado Etc and aims to make your job ready this blockchain tutorial for beginners is curated to get your job we have strictly aligned all the topics in this course to blockchain developer job description towards the end we will also take you through the
Important and most commonly asked blockchain developer job interview questions but before we get started started make sure to hit the Subscribe button and click on the Bell icon for intellipath YouTube channel to never miss out on any updates coming from us now let me take you guys through the
Agenda for this session we will start with introduction to blockchain then we will move ahead to blockchain and Bitcoin then we will understand Bitcoin mining and ethereum and working with the smart contracts then we will see how to set up a private blockchain environment moving ahead we have hyper legit and
Hyper legit composer after that we will start with creating of private blockchain with multi-chain we will conclude this particular session with blockchain interview questions what is blockchain blockchain technology is a way of recording and storing information in a secure and decentralized manner it is a digital Ledger of transactions that
Is maintained and updated by a network of computers rather than a single centralized Authority think of it like a digital Ledger that keeps track of all the transactions made in a certain Network each time a transaction is made a block is added to the end of The
Ledger and a record of that transaction is stored on it this block is then linked to the previous Block in the chain hence the name blockchain how does it work in a blockchain network transactions are verified by a group of computers called nodes when a transaction is made it is broadcasted to
The entire network and the nodes work together to validate the transaction and add it to the next block in the chain once a block is added to the chain it is extremely difficult to alter or tamper with the information stored on it this is because every block in the chain
Contains a unique code called a hash that is generated based on the information stored in the previous block if someone tries to alter the information stored in one block it will change the hash of that block making it easily noticeable by the other nodes in the network benefits of blockchain
Technology one of the key benefits of blockchain technology is its security because it is decentralized and each block in the chain is linked to the previous one it is extremely difficult for anyone to tamper with the information stored on it another benefit is transparency in a blockchain network
All transactions are record and stored on The Ledger for everyone to see this makes it easy for anyone to view the history of transactions and verify that they are accurate finally blockchain technology also has the potential to increase efficiency and reduce costs by eliminating the need for intermediaries
Such as banks in trans transactions blockchain technology can speed up the process and reduce the fee associated with traditional transactions applications of blockchain technology blockchain technology has a wide range of potential applications it can be used in finance health care supply chain management and even voting for example
In finance blockchain technology can be used to make crossborder transactions faster cheaper and more secure in healthcare it can be used to securely store and share patient information in in Supply Chain management it can be used to track the movement of goods and ensure their authenticity conclusively speaking blockchain technology is a
Revolutionary way of storing and recording information that has the potential to transform many industries by providing a secure and transparent Ledger of transactions it has the potential to increase efficiency reduce costs and increase trust in the digital world whether it will live up to its
Potential remains to be seen but it is a technology that is worth paying attention to in the coming years transformation in the trading unit so of course everybody knows this that uh from the ancient times we have not been using fiat currency or the paper money initially that there was barter
System then came gold coins or copper coins something like that and after so many things then we evolved to get printing money or considering paper money as the mode of payment or trading then after a long time when internet came into picture then we moved into online banking or digital representation of
Money then came certain type of tokens called digital money and then we have the recent one is decentralized digital money and that is what is called is Bitcoin okay so now Bitcoin is one of the cryptocurrencies or you can say it is first cryptocurrency and uh it is also called as decentralized digital
Money so now we will see what is what Bitcoin is why it is decentralized and why was it introduced so what is bitcoin so the brief definition about Bitcoin is that Bitcoin is a type of cryptocurrency which is nothing but a digital money so it is called as
Cryptocurrency and it is nothing but virtual money or digital money and the underlying technology that enable the moving of digital coins or assets among individuals is blockchain so Bitcoin is the first application of the underlying technology that is blockchain so it is the first cryptocurrency application of under which this
Technology was based on that is blockchain okay so so I think by now everybody knows that Bitcoin is the first most popular cryptocurrency and the technology that is built on is called as blockchain earlier a lot of people tend to mix up these two that Bitcoin blockchain or
Same thing but uh it’s not Bitcoin is the application and the technology underneath that application is blockchain so that is all you need to understand so what is blockchain so blockchain is an Incorruptible digital Ledger of economic transactions that can be programmed to record not just Financial transactions but virtually
Everything that has a value so a blockchain as you as it is said here that Incorruptible or temper proof or immutable so this words when you hear or you cannot modify not modifiable Ledger Ledger means a book of records or a way to keep your records records as in transaction could
Be any anything any records so so blockchain is nothing but a non modifiable Ledger of economic transactions that can be programmed to record not just not just Financial but anything that has a value or we can call it asset information weet means that which has a value so that is
Blockchain all right so it is uh immutable digital Ledger of transaction that can be programmed to record not just uh programmed to record any anything that has a value so that is the basic definition of blockchain okay it’s temper proof it’s a digital Ledger and it can store anything that
Has a value so this is what is said here so we will see more stuff more things things about blockchain in the further slides so now it’s like broken down to many definitions that blockchain has okay so we will see each it is a simply a data structure
Where each block is linked to another Block in a time stamp chronological manner so here if you see these are blocks right there is block one block two block three block four so basically what it is saying is it is a link like it’s a data structure the structure is of block and
They are linked together and they are created in a sequential manner with a it’s like on in a chronological order with a time stamp so what the time at which they are created it is stamped onto this block and that’s how in a sequential order they are created and that’s how they are
Linked with each other so this linking how they are linked we have not spoken yet but they are saying in the definition that they are linked blocks with time stamp okay so this is what they are saying each block is linked to another block in A Time Str sequential manner right that is
Clear now we move on to the next part that is it is a distributed digital Ledger of an immutable public record of digital transaction so as I mentioned it is immutable you cannot modify the records inside those blocks or inside the blockchain and The Ledger which we speak is
Distributed so it’s not just one person who has the ledure there are people various people could be part of this blockchain network and uh that that’s how the Ledger is distributed so like uh maybe for example in a office there are many people in the office let’s say 10 people and whatever
Accounts uh any Ledger is accounting Ledger is that your accounts what compan is doing and everything so any Financial transactions so it’s like no one person can hold it in the blockchain everybody those 10 people in the office will have that same Ledger with them they can check how many transactions are being
Done or already that transaction has been done if somebody is trying to modify it they cannot because 10 people are there in the network to check whether the transactions are intact or not so you cannot just modify one copy because everybody will know that you are modifying so something on this line so
Ler is distributed among people who are part of that Network and uh it stores digital transactions so whenever we speak about blockchain and Bitcoin so there are all digital transactions I you there are no physical transactions all are digital transactions so every new record is validated across the distributed Network
Before it is stored in a block so this information or the transactions that we speak about how are they stored in this blockchain ecosystem so these transactions are stored inside these blocks okay so these blocks hold the certain number of transaction based on some things which we will see later so
For now these transactions are stored inside these blocks and before storing them in the block they are validated so these transactions are checked across the network or the blockchain ecosystem by the people who are part of this blockchain network they check the transactions first and after
Validating it they store it in a block okay so these blocks hold certain number of transaction inside them and these transactions are stored after validating it okay how it validates who validates that is something that we will see so all information once stored on The Ledger is verifiable and auditable but not
Editable so whatever the transactions we store in the block right so they are verifiable you can audit it but you cannot edit it so once they are stored inside the block then you cannot modify the details of those transactions okay so that is one thing which is the fundamental of blockchain
That is it is immutable right in the second point we speak about this that it is an mutable public record of transactions so this is what it is saying you can you can check what is there but uh you cannot change it so each block is identified by its
Cryptographic signature so each block has a cryptographic signature through which you can identify that block so this signature is something like uh block ID an identifier of the block using which you can identify the block okay so and the first block of the blockchain is known as the Genesis block
So whenever a blockchain network is created so ultimately the transactions are done and they are stored in the block but firstly there is one configuration block that is called as Genesis block where the configuration of the entire blockchain is stored so it is the first block in the blockchain it is also known
As the zeroth block which means the entire blockchain is based on this block and the information inside it it is a configuration block and it is called as Genesis block so in this slide we can Define blockchain again again that it is a data structure where each block is linked to
Another block with a Time stamped chronological manner it is also an immutable distributed public Ledger yes no a new record will be stored as a new record it will not override override the old record if you are doing the same transaction now now that depends okay there can be various cases
Now if we talk about purely Financial transactions of sending some amount from one person to another then it will be if you are sending if you’re trying to do the same transaction again then it will not happen but uh the new new Transaction what you are seeing it will
It can be stored as a new record it will not override the old record and Genesis block does not have the transaction it has just the configuration of the blockchain the transactions or the record go into another the subsequent blocks which are created based on Genesis
Block time stamp means it has date and time the time at which the date and time at which the block is created okay if my block is created now at 829 so if my transactions are there validated and I put them inside the block the block will have the time stamp of
829 which means I will get to know which when that that block is created and uh chronological means sequentially so if this block uh is created so now at 8:29 I have sent the block to uh to be a part of the blockchain and if the 830
Another block comes to be a part of the blockchain the my block will be the first 829 W block will be in in the blockchain first then the subsequent block will be attached to the blockchain whenever after 829 it and it will check the seconds and everything so that’s how that’s why it
Is time stamped time stamping is date time seconds everything and sequentially it is then stored no it will not be considered as a duplicate transaction it will be entirely new record so yeah so it will be a new record it is not a duplicate record what happens here is so now
This can be confusion later so different Frameworks work function in a different manner so now if we are talking about Bitcoin so Bitcoin May there is just coin transfer right Bitcoin transfer and each coin is traceable so if you are trying to spend the same coin twice then there then that is not
Possible as Bitcoin avoids double spending so it will check the coins identification and it will not allow the record to be overwritten or to it will make sure that your transaction fails but what happens is if you are modifying certain details now in Bitcoin you
Cannot modify it as we are just doing a transfer of coin right if we are if there is another blockchain framework where we are storing some information or data and if I want to modify it I can update it and it will be stored as a new record in the blockchain older record
Will be there the information of that old record will be there but the update one will be added as a newer record yeah so data redundant redundancy is can be so here the data is stored not in the directly but it is stored in the
Hash format so they are in the form of hashes so if so that is very a good way to store so data is hashed so there is no not like your normal database your SQL your data is stor by no no SQL the data is stored in a Json
Format so here it is stored in a hash so that’s why the redundency is avoided so you see here so we have our block one as Genesis block we have the subsequent blocks and uh inside the block we have transactions and the way that these blocks are linked together is is using
Previous block ID or previous block information so as I said every block is has a or a cryptographic signature that is block hash or block ID and what happens here is this block will have block ID of this previous block this block three will have block ID of previous block two and
Block four will have the previous block ID and that’s so on and so forth that’s how they are linked to together and uh so if you try so every block will have different ID right and the transaction so this block ID and block hash uh okay so why why they are like
This what is the purpose of having this block hash three block this block hash of the previous block and that’s the linking is happening on the previous block hashes the reason behind it we will discuss that later but for now you just see that every block is linked with
The previous block hash and every block has their transactions to access data of the first ever created block you have to deuss it from the last block created to the first block so to see to access data of the first block so that you have to Traverse through the blockchain from
The last block to the first block so here there is no data as such in this Genesis block there are no transactions but some information is there metadata but if you want to access information of the previous blocks then it will Traverse through the blocks from the last to whichever block
You want to access or wherever the information is there so that’s what it means okay okay so blockchain tectonic shift in 2017 The Venture Capital flows around $10 billion were invested in blockchain then in 2023 that is now the development phase is going on the age of Consortium Alliance and governance 10 next
Platforms product launches so that was planned predicted to be happening in 2023 then in next year there will be blockchain inflection point attain critical mass and then in 2025 point of no return return blockchain being used sorry blockchain will be used by 85% of global technology so these are blockchain dipping points
And how it will impact the society so in 2023 the tax collected by the government one trillion sensors connected to the internet digital transformation Outreach is 80% of the population car economy 2.0 perer to perer P top economy maturity 2026 Smart City fully operational and in
2027 10% of the world GDP will be on blockchain technology so this is through some of the uh articles from Gartner maybe yeah so this data is taken from there okay so we’ll see now how the current system work and ultimately what uh we are we can do about changing
It using blockchain do we really need to change or why do we need blockchain in the current system so before going into the details of blockchain let’s see how our current system works so how does trading happening in the current using the current system so a trade is recorded in the
Bookkeeping an offline Ledger where the transactions details are stored bookkeeping is isolated and close to public for this reason we use trusted third parties or middlemen to facilitate and approve our transactions the problems with our current system is the banks and the third parties take fee for transferring money mediating cost increases transaction
Cost minimum practical transaction size is limited cutting off the possibility for small casual transactions Financial exchanges are slow checking and low cost wire Services take days to complete system is opaque and lacks transparency and fairness also the central Authority in control can overuse the power and create money as per their own
Will so in today’s Uh current today system we have Banks who are who can we can consider as a third party or in intermediaries who settle not settle who help us to do our transactions be it mainly Financial transactions so in that process they have a fee To cut when they are doing uh helping us to do the transactions mainly if you can see if you do imps transactions they have a fee to do that they cut a fee to do your Ms transactions or so this mediating cost increases the transaction cost then the system here is
Op so there is no transparency of what you cannot trace your money which has been put in the saving account maybe so it is shown is in the saving account but maybe the bank is what they are actually doing we do not know you cannot trace your every
Penny the and this banks are also the central Authority or the RBI can be the central Authority which ultimately holds the power to print the money and uh do whatever as per their own will so this is what we think as some of the problems in the current system and that could be
Changed using the blockchain technology so here what we proposes of having a system wherein we eliminate this cental Authority or third party or intermediary making transaction cost nil or negligible it enhances the transaction execution speed and can facated instant reconciliation so this distributed system will increase the transaction speed and also the
Faster transaction finality or the reconcilation that your transaction has happened so this process will be much faster can be much faster is transparent so this will be more transparent and temper resistance in order to avoid manipulation or misuse so more transparency will come as it will be stored in a public
Distributed Ledger which is shared with everyone ensures that currency creation is not in control of any Central Authority so this will also ensure that you we are not printing anything or so the currency creation is not in control of just one Authority or just one person it could be done what with
The consensus of the people who are part of the network and it is regulated to maintain the value of currency so we require a system which is as regulated as the current system is to maintain the value of currency so we need to eliminate the middleman we need
So using our solution which will enhance the transaction execution speed and a faster reconcilation it is more transparent uh transparent and system which is ramper resistant which will not allow any one person to have authority to create currency and it has to be regulated to maintain the value of the
Currency okay so this is what is proposed solution and what we call this solution is a distributed system so the distributed system enables a network of computers to maintain a collective bookkeeping via the Internet this is open and is not in control of any one party and it is
Available in one Ledger which is fully distributed across the network so in this distributed system is nothing but a network of computers which will maintain a books or maintain The Ledger and they are connected via internet this is open and is not controlled by any one party so this is
Open anybody in this world can join this distributed system anytime and there is nobody who is asking for permission or there is no one to control the admission of any person in this network and it is available in one Ledger which is fully distributed so
There is just one book so book is there but it is distributed among all the people who are part of the network or this distributed system so this brings the sharing of leure brings the transparency the there is because there are multiple people and they equally have opportunity
To maintain the network so that is no Central Authority there is no control over this network by any one party and and uh this having such system will makes our will make our transactions faster yeah so what will happen is now you will see some words and some concept or some
Things that I say which we have not come across in these slides but eventually everything will be clear as we will uh uh what pick up each concept and deep diver into it and then ultimately we connect everything then it will be like clear now of course I see
So there are so many terminologies here where the concept of what is happening and what is uh actually is there that is important here second point this one this is open and is not in the control of any one party this point okay so this network or this distributed system that I’m talking
About is open meaning it is is anybody can join this system or be a part of this network so if I talk about Bitcoin okay so how do we become a part of Bitcoin Network so what do we do is a separate part but uh how do we become part of the
Bitcoin Network it’s just that you download one software and uh there has to be certain things and you become part of that Network so anybody can download the software you don’t require any permission or any only I think some Hardware configurations that is the name so you
Can buy that or you can upgrade your laptop you can do that so anybody can become part of the Bitcoin Network or for that matter any public blockchain network any any person can be a part of that Network so being part what you do what is benefit that is a different
Thing okay that I’m not talking here but you can be or I can be right now can be a part of Bitcoin Network whatever we are doing but we can be part of it so that is how that is why they are called open or public
And it is not in the control of any one party means there is no there is no one person sitting allowing us to enter the network no there is no control of any one person to do that so you it’s your choice if you want to join the network
Or not so anybody can join without as in there is no control of any one person or any Central Authority yeah to be the software it is open source yeah it is open source so you can be part of that community and uh yeah so basically that
But I was talking in terms of proper Network as this second line suggest or this topic suggest that being part of the system okay so right now anybody right now currently at this point of time I cannot be a part of any bank I have to actually study about
Banking and answer a few exams maybe and then join a bank to see the particular bank’s transactions or whatever the job whatever I’m doing but here anybody can join into this system and see all the transactions that are being done in this Bitcoin Network or any public network that is the
Point blockchain depends on any company’s project what can you elaborate it could you please elaborate more on this blockchain depends or any company’s project meaning you mean blockchain Network are created by any company is that what you mean okay but what is the dependency you are talking about I got the IT projects
In the company okay but what dependency of blockchain you are talking about so it so okay so does that mean the which blockchain to use that depends on the projects in the company or whatever blockchain we want to use has relation or depends on the company that project being worked on by
The company is database important in your software application or web page application whatever projects you are doing is database important you need databases has anybody worked on database there is database for the projects right so blockchain is nothing but a database where you store your data in certain
Manner and and it is more secure than your current databases so the think about the concept that we spoke so they are transactions being stored so storing of your information that is you directly equate it to your databases so at one point we will discuss why what are the traditional
Databases and why blockchain so this will we will talk in further sessions but so blockchain is necessary or can be used that depends on the company and the blockchain uh skill the skill if company there there are resources for it it depends on that but as I said in one of
The slides previously 85% of the global companies will adopt blockchain technology in their projects so one second give me a so this registration is not really required in the what I’m talking about yes registration when the companies do project so there is this main uh differentiation of public blockchain and
Private blockchain so they work in a separate manner in public blockch you don’t need registration and anything you just need to download some software and then you can be part of it that is it there is no registration process okay but yes in other permission blockchain or private blockchain there
Is proper whatever you are saying the system access to register and all a registration for system access that works there in private blockchain networks blockchain consultant what it does for to understand firstly of course the blockchain fundamentals has to be clear then whatever the framework that you
Choose you have to be clearer on those how that uh that framework functions and whatever the features that are there in the in that framework okay so fundamentals are of course there but the features of that particular framework or maybe all the popular Frameworks like eum hyper laser
Rcod or if we talk about the public blockchain Solana polygon uh Optimist optimism so and the concepts that are there like zero knowledge Pro the consensus mechanisms so that is like a big uh very vast uh space so right now it is so it is not just about right right now the current
Condition as per my research and experience uh that 2 three years back only few things if you understand about blockchain then it will be like okay for that but now you need to understand more so this training session will cover the uh the main things on which the
Other things are based on so ethereum is a public blockchain where the polygon and other Frameworks are based on so if you get this idea then featers are keep they keep on adding or keep on removing that is your that will happen day to day
So that you have to be updated about it but the fundamentals of all the things that will be covered in this session for sure blockchain is like a database which store cryptocurrency transactions that is correct and but the important is for now it is we are on a part right part
That Bitcoin and something cryptocurrency related it stores cryptocurrency transaction but it stores something that has value or information of certain assets as well but that is not important important is how it is storing that is important the security that bring that blockchain brings that is important why it is better than
Traditional database and why we use it that is important so yeah so that is what we will cover so also U since blockchain doesn’t have any kind uh to Central Authority this is actually a current problem with the system that there’s a central Authority in control and it can overuse
Its power to its own benefit and we have seen many examples in this world that okay uh some kind of scam happened because one kind of uh vice president didn’t want the transaction to flow like they that that is a level of uh things that can you know
Uh uh make the system work in their own good and so blockchain doesn’t actually has this problem since being it on a distributed Network itself so we’ll also be seeing uh solutions to it uh like what kind of system we need we need kind of we need a system which would actually eliminate
The middleman of the third parties thereby making the transaction cost n or negligible uh so yeah so Technologies like uh blockchain can be one of the most important thing here it will enhance the transaction execution speed and can facilitate instant reconcilation so yeah so transaction speed is actually one of the most
Important things that you like say suppose if you want one thing to be sent to the other person so it should be done in like a nan second or seconds then only it will be uh a you know a good form of uh transaction being done amongst the
Network otherwise it will take like say suppose I wanted to buy a TV so I’m in the net uh I’ve gone through this uh store itself but uh if I try to buy that good and if it takes like say was 5 days or maybe like 30 minutes to transfer the
Amount to that particular vendor then it will actually be a big problem for me have to wait for like was there 30 minutes and if I’ll have some kind of solution for it if that can be done in seconds so that will be a great thing so
That is what uh blockchain will be doing it will increase the increase the transaction speed execution speed and can facilate instant Rec consolation is what we are trying to say here it is transparent and temper resistant in order to avoid manipulation of misuse we have already seen that the
Transactions are actually visible for any address any uh one who has done the transaction but it is also Anonymous at the same time because it is not linked to uh the part particular person so anyone could generate an address and just start to do the transaction you
Don’t need any kind of kyc or any kind of AML that will be in between to you know uh uh in in between uh to you know uh make an obstacle for you you can just do it with uh just an address by creating one in just like few seconds so
It ensures that the currency creation is not in the control of any Central Authority that is also a point actually being distributed system every node is connected to a software and every uh everyone who is connected with node is connected with a other different nodes as well so any uh
Pier on the network is actually connected to them so it uh circulates the information in the form of gossip and so it’s like uh one node that I’m connected to is actually telling the other node and other node is telling to other node and in the same
Way it is getting all the information gets uh uh circulated in the form of uh uh distribution itself so there’s no Central Authority who will be just bringing it to a notice that okay this particular thing has happened or not so that is one of the main thing uh for the
Solution of it that we require so the other point is it is regulated to maintain the value of the currency itself so yeah that is also a solution for the problem that we are facing with the current systems itself so a distributed system to solve the problem the distributed system
Enables a network of computers to maintain Collective bookkeeping in the via the Internet so as we have seen here itself so the bookkeeping is actually done on top of the blockchain Explorer itself so everything that you want to see can be seen or can be viewed with the help of this blockchain.com
Explorer you see this is the Explorer itself any kind of trans uh transaction you want to see you can just search it here any kind of address you want to see you can just search it here and you’ll be able to find its current uh uh transactions what has happened on
It and what what is done so if you can see here transaction it’s not having so mind as of now that might be a reason for it but you get the idea of seeing the transactions into it yeah these are different different other uh aspects of it how many confirmations are done and
Everything is actually can be seen on this particular uh system itself so what is the distributed system distribute a system where two or more nodes work together in a coordinated fashion to achieve a common outcome uh so that is what a distributed system is connecting to each other with
No particular things so like this Speer is actually connected to immediately to this and this spear but this Speer is connected to this Spar and this spear so information is circulated in such a way itself and uh everything is actually modeled uh that the end users will see
It in a single logical platform itself which is one software for all so what is a node node is anything uh maybe a computer or a thing that is connected with the software to that particular Network itself a node can be defined as an individual Processing Unit in a
Distributed system uh yeah as you can see every computer this is a node this is a node this is a node everything here is a node itself all nodes are capable of sending and receiving messages to and from each other so yeah so as soon as you have connected to the network there
Is no restrictions for you that you cannot send a message or maybe a transaction as soon as you’re connected to it you can do whatever you want to do uh uh on the network itself uh in case of sending and receiving as we just learned earlier that what is a node a
Node is anything any computer who is connected to the software is actually termed as a node there are different different types of node as well one is a node that is just there to do the sending and receiving the transaction one node is there to mine the network
And audit it and make it as a uh mine the transaction make it as a validating thing that everything it will validates whatever transaction happens on network and in in return for it they get uh uh tokens in return which uh just we learned as uh it is called the gas fee
Itself so whatever uh if you provide some kind of services like validating and auditing then you’ll be getting something in return and that is what minor does in the network itself and we’ll see like uh what distributed technology what are different different distributed Technologies in the this landscape
Itself and uh uh what they are doing so there are different different in blockchains like hyper leure is one through which you can create your own blockchain and system organization uh on top of blockchain itself we have R3 Koda we have pddl who is also doing this particular uh swap
Reporting and record keeping on top of uh to create to help you create the blockchain itself so what is hyp hyper Leisure is actually a tool uh and uh we have different different HP uh Technologies under it or tools under it called Fabrics or too in in Indie and
Aries to help you create a blockchain or a network where in uh p uh you know you can just do some kind of uh transaction in a closed group itself so it is kind of a private blockchain uh and it is not available to any uh person who wants to view it only
You can view it if you have a particular invite or certification or certificates to log into this network and do the transaction itself so that is what hypure is helping you to create private blockchains and why is it Ed we use basically for finance and Commercial payments or maybe Healthcare Industries
Where and we have the sensitive information and we don’t want anyone to just come and view it so we use these kind of solutions to um have uh you know uh we use these kind of solutions so that people could maintain a uh you know maintain uh privacy as uh also uh
In the same time it uh stores the uh uh uh feature of immutable ability and security itself so yeah that is one part of it of creating a solution on top of hyper leure we have R3 Cod also which is also more or less similar but uh it is
Specifically for finance Solutions and uh you can create different types of cryptocurrencies and accounting and Assurance on top of it we have the PDL group itself so which is also uh helps us to create these smart contracts and do the St straight uh trade settlements on top of
It and record keeping on top of it so these type of solutions differ like very minutely and is only different in the form of the functioning like what all consensus mechanisms they use what all uh uh uh what all uh flow they have how they stay over the transaction is what
The difference is otherwise more or less the these are the same things that can be used for creating a solution for your uh Network itself so as you can see this is a consensus algorithm that they use there is one called leader based one is called propriety distributed Leisure
Consensus infiltrated one they also is a pbft or raft which is like a bis and fall tolerance and raft is like the same thing what is we have in the theer Bas itself the R3 has uh these uh no to node uh as a consens algorithm proof of work
Proof of stake and different proof of authority as well so these can be plug in these blockchains can be plug in play and can be used with different different consens algorithm as you wish and as you require for deriving your own solutions for the PDL group you have the delegated
Proof of stake and Round Robin and pbft so these all things are actually the consens algorithm which help us to come to a mutual agreement that particular transactions has happened open the network and uh these transaction is getting validated with the help of these consensus go let’s have a quick question guys and
The question is what makes a blockchain different from a traditional database option A it uses a decentralized network instead of a central server option b it is immutable meaning records cannot be altered once added option C it relies on cryptography for secure data verification and storage or option D all of the
Above just a quick info guys intellipad offers you a blockchain certification course which will help you become an expert in distributed Ledger technology ethereum solidity program and many more through this course you will also receive additional courses co-created with IBM namely IBM blockchain foundational developer and deploy a web-based blockchain insurance application
With this course we have already helped thousands of Professionals in successful career transition you can check out their testimonials on our Achievers Channel whose link is given in the description without a doubt this course can set your careers to a new hype so visit the course page link given in the
Description below and take the first step towards career growth with the blockchain text tab itself which is used by the miners then again uh to validate it on top of uh this Network itself so what all platform and technology and providers are using these so you can see NASDAQ settle and Intel
Sawtooth is one of the uh uh users of providers who will be providing solutions for a ripple Ripple is again another form of uh organization who helps you to build around uh blockchain around your solution itself and these can be like cbdcs which is again a banking Solutions or Finance
Fex solutions for your uh traditional problems we have our three kodas for the private consortiums and the senal is one and Koda is one for this r3c itself Mage chain and Hyper fabric is also one kind of a tool to create your own Solutions on top of uh blockchain itself and uh this
Pddl group will again then be having this ethereum Bitcoin and coin prism as a top which is like a open blockchain public blockchain which is view to everyone and everyone could see what what is happening into it so these are the actually the providers and the basic technology providers who help you to
Build around blockchain with their predefined Solutions on they have so this can be uh uh built on the blockchains are usually built on top of these Cloud platforms called as or Google clouds uh AWS and uh to have a network to create your own network and
Which will be acting as a nodes uh and connecting and providing their contribution to the network itself or you can have your own in-house system or your laptops or data centers if you want to connect to your infrastructure with these blockchain itself these are also different there are different different kinds of
Services in this uh era uh like Amazon web services providing their own blockchain Solutions Google is also into it IBM blue miix is one which provides like uh hyperia solutions for a fabric and uh compos itself and this Microsoft asure is also having one certain kind of solutions for itself
Okay so moving ahead transaction in a distributed Network so how transactions happened in the distributed network is what we are going to see till now you have I think I hope you have understood uh what distributed system is and if you have any doubts uh please to let me know so
That uh I can clarify it so how how does a transaction happens in a network if uh happens in network in a distributed in a distributed Network so we have a scenario wherein we can say that let’s say James wants to transfer money to his friend
Kevin so here is James who wants to transfer the money to Kevin so how will it happen since there is no Central Authority in the system there can be certain questions that might cross your mind are like how to verify from where the transaction is going to initiate who
Will how it will reach to K itself how is the transaction faster than the present system how is uh currency generated and who is validating these transaction is actually the general question that comes into a person’s mind if uh it comes to distributed Technologies uh distributed Network and uh encountering your curiosity is
To uh to satisfy your curiosity first let’s see how a transaction is initiated in a distributed Network so let’s say uh to initiate a transaction Jame uses two pieces of information private key and public key so that these are the keys when you create your own wallet itself
On top of blockchain Network as soon as you create your own wallet you’ll be having these public and private keys with you and these are the these are like uh your uh let’s say you have account on Facebook and uh these what uh is a public public will be representing
Your uh your email ID which is uh or your uh username which is accessible to all uh and every anyone could find you with your uh address uh your username uh so this is what it will be denoting to the public key and your private key is
Your password so that is like uh a thing that you keep it safe with yourself and you don’t share it with others and this is actually used like uh these two actually things are used to uh uh commun help you communicate in the network itself so if you want to transfer your
Money you need these two items itself the private key and the public key and uh here is James saying that he will be paying you $500 and what happens is as soon as he tries to send them uh initiate a transaction he will sign the particular uh uh digital transaction with these
Private Keys making an encrypt so that no one could hack it and once it is encrypted it’s encrypted it will be sent to Kevin itself which he can then uh decrypt his uh particular information with his own keys and receive the amount that has been initiated by James and received by G
Itself so this is the concept of public Keon uh cryptography where in that plays a major role in actually the blockchain itself wherein uh what happens in public uh cryptography is like uh some kind of uh text you want to send is like in human readable it will convert it with its
Keys uh into uh encryption format which is non readable and can be only decrypted with the keys itself and uh will be that will be particular you particular things we used to you know transfer the particular assets say Le from one person to another person over the distributed Network
Itself so what approaches it involves is like two different Keys one key is purposly kept private as I told you earlier also private keys are like passwords which is not to be shared by to anyone otherwise it will be had and mostly uh the hacks that have happened in the in
The blockchain technology is was not because uh the technology has some flaws but people tend to share their private keys or might keep it somewhere uh where the hackers have access to that particular key and they open it and uh you know uh swipe all the funds inside their
Wallet itself so that is uh actually the private key purpose to actually keep it safe so that you know no one can hack it because the technology doesn’t have the flaw the the flaw is actually with the humans how they save it but uh if we
Practice the safe thing so we might be able to eradicate all these problems of hacking and we can enjoy the benefits of uh distributed techn distributed Network itself and uh the other is actually the public key as we have earlier also discussed which is the username itself and uh in anyone
Could uh see this uh and uh if they want to communicate with you they can use uh communicate like find you with this public key and communicate with your uh particular node or wallet whatever it is if you use private key to encrypt then public key can decrypt it so like if say
Suppose James wanted to uh send the uh money to it uh so money is what nothing but uh uh a digital form uh of message which is actually get encrypted with the help of these private keys and these uh once uh it has been send this particular
Key of uh this particular key public key themes public key will be used to decree decrypt no sorry K public will be used to decrypt that particular information and it will get the whatever the digital message has been sent by James itself so yeah that is how the public e
Cryptography will work and this is how the whole uh process will work and the whole what this whole process is called this whole process is called actually the asymmetric encryption that is happening over the network itself so how do you stort your keys so this is actually a very critical
Question uh where are the keys stor when James transfer the money to his friend and KY Kevin so these keys are stored in James wallet itself so it won’t be seen by Kevin but it will be stored with uh in within the James wallet who has
Created on with the help of the software of the network uh on the blockchain itself so and these keys are also as I mentioned earlier these keys are have to be stored somewhere uh secure wherein no one could access but uh you but you guys itself so that is one thing that you
Need to make sure that the keys are safe within your reach and no one else could access it Bitcoin address and wallet so this is what a Bitcoin address would look like it will also like a create a QR on it you can just scan it and this will will
Be uh representing this particular address itself and this is what an identifier what Bitcoin addresses are the identifier of 26 to 35 alpha numeric characters it won’t be making a sense but it will be alpha numeric random generated characters which will be uh in the length of 26 through 35 and uh the
Beginning of it uh will be one or three itself it won’t be different so like if it is one it is a valid Bitcoin trans uh address if it is a three it is starting with the three then it will be a valid Bitcoin address and uh this Bitcoin
Address can be of two types also like uh Bitcoin main net and Bitcoin test net so what we are here we are seeing is 1031 is of actually the main net itself which is the one having the value of uh the particular Bitcoin itself and when we
Talk about test net it will start with either M or n and uh that particular Bitcoin network doesn’t have any value so if you have to be cautious uh also that if you’re in future trying to do this cryptocurrency exchanges or maybe trading people tend to have fraud other
People by telling them that this particular trans transaction has been sent to you on testnet and then will be later on uh uh converting into main net itself so that is actually a scam please don’t fall for it and make sure that you whatever the transactions you are trying
To do that is on Main net itself which actually has the value of particular Bitcoins that will be given to you otherwise it will be null and validated and you will be a part of not a you will be uh you know uh fall for this uh scam itself so please
Do make sure that it is actually a transaction which is on Main net itself and the address starts from either one or three it represents a possible destination of Bitcoin Pia that’s that is what is being used for uh sending out the payment so it’s just like uh if you
Have these uh UPI IDs so let’s say suppose on the PTM part you can see that the p PM part has your phone number to it and in the suffix part it says at theate PTM that is what exactly it is it is the ID to it and the password will
Be like a random generated Keys only uh alpha numeric characters but that is not to be stored or to be shown to everyone for that part itself so a wallet uh as we have learned um previously also it’s basically the Bitcoin equivalent to bank account it’s
Similar to what you have like a account and uh through that account you can send or receive the transaction it will allow you to receive the Bitcoin store them and send them to others we have learned this previously as well uh once a Bitcoin wet is installed on your
Computer or mobile device it will generate your first Bitcoin addresses so you can generate through the different softwares like Jack’s paper wallet maybe or maybe through Hardware wallets which is like a pen drive or maybe uh something that is not connected to the internet anywhere you can create your
Address and you can uh start to send and receive the transactions each address has its own balance of Bitcoin so yes so every it won’t be pre-configured or pre uh like given to you like you can create an address with zero amount and uh you can then uh start to buy them from
Either these exchanges or anyone you could know uh you can just pay out to them and uh buy those Bitcoins for yourself and uh you can how once you have bought it you they’ll just transfer the particular equivalent amount of Bitcoin to your wallet itself however the addresses can be
Changed whenever you want to so you can create like n number of addresses through in your wallet itself because we have those cryptographic algorithms which will actually be pointing towards your particular uh address itself uh if you even create a new address to it or
Maybe another form to it so that is like a very technical part of it we’ll be learning further ahead and uh yeah we’ll now be seeing uh what kind of types of wallet do we have Bitcoin wallets and functions so we have these software wallets called Bitcoin Armory
Is actually the most popular stable and secure software wallet so we most of the people in the industry use these kind of wallet to uh do some kind of trade for Bitcoins and uh actually it is secure but the most secure part is actually the cold
Wallets which are simply uh any kind of uh wallet that is not connected to the internet so you might think if it is not connected to the internet then how it is uh getting uh transferred so these we have some kind of softwares for it actually which will be uh connecting it
To your particular machine and then these machine will be able to be connected to that particular cold wallet so these are the most secured form of wallets where you can you should store your Bitcoins if you have them or if you think that you need to purchase them for this in your future
Network we have other web wallets as well which is like uh not secure as much but these are some kind of wallets and a level of convenience that a software wallets cannot such as being able to access your FRS from any devices so wallets like metamask is actually
Earlier the these are the wallets which are uh accessible on the web and uh uh you can just it is a lot more convenient uh to have these uh wallets as uh it is uh on the go available on your devices itself what is brain wallets brain wallets uh is like a computer
Makes up a passphrase of random words that the user commits to memory so it’s like not sure what kind of wallet these are this is a wallet but uh these wallets are basically uh yeah I won’t recommend this so brain wallets is like you memorize your uh wallets uh pass
Keys your passwords and everything on your brain itself and uh it won’t be a good thing but I would recommend not to use it so it is some kind of wallet to store your Bitcoins but yeah so what is Hardware wallet Hardware wallets are those that can cannot be
Accessed by physical contact to the wallet they can they have hit the scene this here so Hardware wallets is like your uh wallet just that has showed you this Leisure is like your Hardware wallet that is applicable to people and uh you can store it uh offline without the use of Internet
Itself these are the hardware wallets and this is the software wallet so yeah this these are the types of wallets we have paper wallets is uh What uh we have here uh accessible to all this like my ether wallet is paper wallet so this is the biggest example of what paper wallet
Is and you can do your transactions on top of it but this tend to be also have been had earlier but but uh this can be used for making a very small transactions to your network itself so you can also go and check these USB drive is more or less the same
Thing um the pen drives that you have you can store it store that particular data on the pen drive but uh if it gets uh you know uh corrupt I think you won’t be able to recover it or if you can then it would be good but it is
Uh also a form where you can store your wallet your particular uh tokens on the USB drive itself this is actually a life cycle of a transaction on the distributed Network itself so life cycle of a transaction is uh transaction you can request it through your software wallets or maybe your Hardware wallets
Or exchanges and uh these Exchange es will actually initiate a transaction for you or the particular person you want to send to a block that represents the transaction uh a transaction will then be sent to the network a distributed Network and that particular transaction will then be stored in a block itself uh
What is blog block is actually uh the uh uh collection of transaction data into it which is is then being stored on the network and what will block consist of the transaction is one the previous Ash to the other block is one uh the time stamp is uh actually one of the
Components in the block that will be required and uh yeah so these are the things that will be there inside a block which is then bu mined by a miner to store your transactions uh on uh to validate and audit that this particular transaction has been uh sent
Over the network and there is no amount of money either deducted properly from a person’s account and being credited to B person’s account this is actually what uh is the job of minor and the transaction uh that will be happening on the network once the block is sent to
Every node in the network yeah so then uh as soon as this particular thing has been updated minor as mind the network this particular information will be then circulated inide the network itself using different protocols maybe gosip protocols or maybe other uh protocols to uh inform everyone that okay this particular transaction
Leisure has been updated and that particular Leisure copy will be distributed amongst each and every uh node who is connected so if I am in say suppose Kerala right now and I I’ll be having one Leisure that has been completed by uh let’s say five rupees
Was transfer from me to Pru so that particular transaction is actually being stored on the Block and the block uh is verified and that particular information will be stored on the Leisure itself and that particular information s uh will be shared with uh someone who’s actually sitting in Seattle uh that okay this
Leiser has been uped so every one will be on updated and uh on the same page of the Leisure uh itself so yeah that’s how the transaction will go and it will actually get validated uh on the network the nodes will receive a reward for the
Proof of work this is what Pro mining is uh it they’ll use different different types of uh cryp uh machines who will actually uh uh solve the cryptographic algorithms to make sure that particular transaction is valid on the network and then will be stored the block is added
To the existing blockchain uh the same thing that we just uh saw right now and then the transaction is completed to uh whomever he has transferred transaction is broadcasted in the form of digital message so it is nothing but uh message that has been shared from one person to another transaction just like
A signature provides the proof of ownership on the document the digital signature provides the proof of proof that the transaction is genuine so every time you uh send a transaction you sign a uh transaction with the help of your private key so that private key is actually your digital signature that mentions that
Okay so TR has send your uh transa TR has made this trans transaction and this transaction is genuine because this has been verified with his private key and has been sent out from his wallet itself unlike a handwritten password the digital signature is unique for every
Transaction so it will not be uh same for every PE person it will be different for every each and every transaction that you initiate on the network itself transaction propagation after a transaction is created propagates an distributed Network how is the transaction faster than the present system is generally a question that
Comes into everyone’s mind uh as soon as uh uh we dis discuss about the transaction part so in a distributed architecture a transaction is transmitted from peer to peer the transmission of the transaction across the network takes around one to two seconds not it it can uh take take more
Than that for different different blockchains but usually the time is around 1 2 seconds to uh you know send out the transaction in the form of uh Gossip or maybe some kind of Ripple network uh uh through which the transaction is been processed to uh every note on the on the blockchain
Itself so say suppose like we see a transaction propagation in the distributor say suppose we have a scenario over here where in a node a uh net a node in the network finds the transaction Kevin pay five coins to James so they found that Kevin has paid
Five coins to uh James so what will happens is Nord a will broadcast uh the transaction with by signing it with this private key and once it has been broadcast uh broadcasted to the PSB andc which is the imediate uh person in the network node a b and c check for the
Basic formats of the transaction and forward the transaction to the peers so they will then again forward the to them this person this person this node and similarly the B person will send to this person and this person like this the transaction propagates raply across the networks
It’s just like a gossip so he tells it to this person he tells it to this person he tells it to this person this will T to this person and uh uh this person will test to uh this person so that is how the communication is uh
Made amongst each and everyone and uh say suppose some people also ask what if the transaction has been communicated twice so like he is connected to so this person is connected to B also and this node is is also connected to see also so this information sent to him will also be
Communicated to him and him so it will actually be verified that this particular uh transaction is genuine because same thing should happen same information should uh be transmitted from every node to in the network to other nodes so that is also kind of an authentication that this transaction is
Genuine and everyone will also be trusting to it coming out to a consensus which is a general agreement that okay that uh givenin has actually paid uh five coins to James CA we hear same things from each and every note so that is how uh level of security is also
Maintained and trustability is also maintained inside a distributed Network so since uh we communicate in such a way so it makes it faster and cost efficient as there is no middleman you you see that no particular person is responsible or will be charging some
Kind of fee to uh you know send out this information you you are only uh you the only form of communication you are reliable on is actually with the image PS you are connected with so that is how transaction propagation in the distributor Network happens and that is
How everyone gets updated with the latest information that is happening over the network itself so the validation part who validates the transaction as there is no Central Authority is actually a good question because we have to trust some kind of uh uh you know source to make sure that the transaction is
Actually genuine and has been uh done by uh is actually genuine and no one has tempered it to their own benefit so there comes the uh you know people called miners there are some special nodes in the network that verify the transaction and maintain the Leisure
They are called minus as I have also previously mentioned there are some people who will validate all your transactions uh and uh audited basically uh it will be basically like miners are basically Auditors on the network itself so let’s see what is written here miners are special nodes that hold the copy of
The Leisure and verify the transactions happening in the network they make sure that nothing is fraud and no one is trying to uh no one is trying to manipulate it uh they use the uh this state-ofthe-art cryptographic algorithms wherein they validate the transaction across the network itself so they use like this uh
Proof of work proof of stake is some kind of uh uh you know uh consensus algorithms that uh is being used by uh the miners to make sure that the transactions are genuine and they run this heavy systems called uh ant miners or maybe other software there uh
Graphic cards with heavy part of it which will stall the the computation uh algorithms to actually find out if the transaction is uh real or not and if they find as soon as someone finds it they will be getting rewarded for that particular person for with a particular token so uh a question
That uh here arises is like what if two person tries to solve the same comput uh same uh this uh try to validate the same transaction but how that will be you know distributed the price will distributed so there’s nothing else at the same time they will be checking out
Uh who has done the work for mining it and who is actually uh correct with the uh CED with the solution and it is actually measured in Nan seconds to eradicate these problems and only one person will be allotted with the uh uh you know the price and the other one
Will not be getting this on the network itself for a digital monitor system to work minus must be able to confirm that yeah so miners basically work for uh these uh uh tokens that will they are getting in reward and they This Is How They will earn because they are
Investing heavily in these uh softwares not software but Hardwares like uh andt miners or these graphic cards that will be able to uh run your system faster and to solve these particular things in uh jfy yeah so that is what is the role of minus to just to validate the
Transaction and as soon as they validated the network automatically becomes audited and every information is you see on the network is actually audited and and will be providing the correct information in in like few seconds that is what uh onu the gases required for to give out
The incentives to the miners who are working uh with the machines to solve the uh problem of auditing so this is what the role of miners are okay so verification now the question comes of how to verify from where the transaction is initiated and whom it is
Sent so there are certain certain forms of verification to it uh on the network itself if you see in this diagram James wallet is actually we have seen that it is transferring the money and it is sending out a digital message which is then encrypted with its uh keys that is
The private key which is then uh make sure that it is sent on the network Itself by encrypting with the different different cryptographic algorithms like EDS and E uh this sha3 sh 256 are also one of the algorithms that are make sure that it is impossible to
Break the what kind of message has been said by James and uh it will be actually being uh sent to the network and that particular information is shared as is it wouldn’t be uh encrypted uh by the network but encrypted at the end of James
Itself so James will be the one who will be getting the encrypted messages itself digitally signed signature and with the help of James public key this particular person he’ll be able to know that okay this particular person has encrypted it and public key will be required to you
Know open that particular message and will be sent uh will be getting using this decrypted Keys you’ll be able to understand uh that particular James has sent 5 BTC to initiate the transaction and transaction message is actually authenticated using these James public key itself right so as soon as you
Encrypted it will be only be decrypted using that particular person’s Jam Keys itself which will be then sent in the digital message itself and uh it will be unlocking all the information for that particular person generate your Bitcoin addresses again and again and you’ll get
To know what exactly this is so this is you can see this is a donations address which is actually a Bitcoin Main net address if you like the uh particular uh website so you can just provide some kind of donations to him if required uh
Yeah so uh we saw the Bitcoin wallet uh we saw why what is wallet uh what different types of wallet we have sorry so different types of wallet we saw uh and we saw how the transactions are happening over the uh Bitcoin Network itself uh which is Will
Basically mimic what uh is happening on blockchain most of the blockchains but uh different different blockchain might have some different architectures or the flows that might have that uh how the transaction is happening over uh that particular blockchain so this might vary little bit but mostly most of the
Concept is is similar to what Bitcoin how Bitcoin is sending out the transactions uh so we saw the transaction propagation uh how uh what happens after the transaction it is created and uh we saw like how many uh how much time does it take to uh get it
To the complete system or a node and uh this is ex exactly what we saw how the transaction is floating around the distributed network using the gossip protocols how the transactions are getting validated is also uh there and who is actually uh authenticating it and these are some nodes which are called as
Miners uh and who are minus miners are some kind of noes that are eventually like that are also called as validators and how they are validating we’ll see further ahead in the course itself and this is just an uh idea of what miners are doing and how they are and why do
The minus M the transaction in the network itself uh we have also seen the how it is getting verified uh where the transaction is initiated and who and to whom it is sent it everything is get gets verified on the blockchain network itself and uh now we’ll be starting with
The storage part so as you know that blockchain is nothing but a group uh like everything is just a chain of blocks and and inside the blocks we have different types of transactions and everything on the blockchain is communicated through the transactions itself so the data that is getting
Transfer to each and every one is shared through the transaction itself so the storage uh is uh nothing uh but the transactions that are getting stored inside the block so that is what is the storage and the where it is so where the transactions are stored the transaction
Are stored which each and everyone’s nodes computer like uh say suppose I’m getting a copy of of the Leisure so that particular leisure will have some kind of uh you know uh uh what do you say uh you a data attached to a data me memory attached to it uh through which
It is stored on your local computer itself so a lot of memories allocated to that particular chain which eventually grows and grows and grows and that is how the blockchain is actually storing the network with each and every individual who is connected to that particular chain that means the storage
Is uh taken from uh a node who is uh actually connected to the blockchain so what does it say once the transaction is verified it is stored in a shared Leisure across the network itself so the transaction gets verified by the um minus as we earlier saw and then once it
Gets mind that particular updated Leisure is actually given into the nodes that are connected to the blockchain itself this is a example of a distributed Leisure like says suppose this James is a minor he updates it to the Kevin and Kevin gives out the same
Thing to Paul and Robert this is how it is getting uh uh you know uh sent out to the network so what is the order of the transaction so the order of of the transaction since the transactions are passed from note to node there’s no actually guarantee that the order in
Which you receive them represents the order in which they are created so like if you see uh in the previously in so there this actually represents on your latency of the network itself so say suppose C uh Network work is uh really fast maybe it’s having like 300
Mbps or 400 Mbps of uh speed of the internet so it will try to fetch all the data ear uh quite possibly faster than what B has so say suppose B is working on 50 Mbps of data so they it all depends upon the latency and it will not
Actually be sent out on immediate uh like uh bases itself so it all depends upon the latency and it will be different from each and every users node who are connected uh to the system so that uh this is why we don’t receive everything in sync but we uh there’s no
Guarantee we’ll receive everything in sync but in a chronological uh manner that is as and when it is happening to agree about the order of the transaction is a challenge in a decent system uh because we don’t know uh like uh if everything is there in the manner we
Have received so that is a big challenge in the decentralized system but we have different solutions for it as well which we’ll see furthere therefore the cryptocurrency system orders the transaction by placing them in groups called blocks and then linking them in a chain itself which is the overall Prospect of blockchain
So this is an uh overview of how miners are grouping the transactions inside a block so minus group the transaction into block uh by running a different uh by solving these cryptographic algorith algorithms and this is like a mol where the all the transactions are stored every time a transaction is happened it
Directly goes into the memory pool of uh uh memory pool of the blockchain and from there the minus come and pick up the transaction and try to uh validate it and make sure the transaction is authenticated uh as soon as they try to solve the cryptographic puzzle and uh
Find out the solution to it it then becomes the uh Val uh then the transaction becomes validated and other miners also verify it and send it to the uh uh make a block out of it and send it to the uh updated copy of the leiser to
The network so that is what is Happ happening inside the behind the scenes for the minor itself so uh this is uh miners in the network are working on the existing blockchain itself and uh so uh every time time they try to solve the uh uh puzzle they’ll create a new block and
Then propose it to the chain itself so you can see this is a block uh uh proposed by Paul and this is a block proposed by Lisa and various miners are trying to construct uh construct the uh blocks on top of the existing blockchain itself there could be several options to
Choose from but the question is how does the network decide fish should then should be next in the chain so what if someone is actually uh proposing the block uh block with different different transactions and uh whom to uh uh like uh you know trust if that particular block has all the
Validated transaction itself is what we are going to look further ahead so whose block to consider there can be number of minus constructing a block whose blog will be choosen by the network is the real questions over here so proof of work is the algorithm uh which
Determines uh that who’s uh what are the uh like the number of work that has been done by the minor which will actually be given as a proof that this particular minor has worked and solve the trans uh the cryptographic puzzle to uh make sure that the transactions uh that are there
Are validated and it’s correct so what is proof of work proof of work is a piece of data which is difficult like a costly and time consuming I think some of you had asked the question earlier also that proof of work is actually cost and time consuming
Yes it is time and cons costly and time and consuming because you waste a lot of resources onto it to solve that particular cryptographic algorithm and uh to produce uh what does it say next it says to produce but easy for others to verify and satisfy the certain
Requirements to certain uh to keep the coin distribution predictable puzzles become increasingly difficult uh to solve as more and more people work on them so what happens in proof of work is as soon as you solve one cryptographic uh algorithm the hash of it is be actually becomes difficult and
Difficult every time the you try to uh U mind the transaction so as of now uh mining Bitcoin hash rate so this is According to which the total hash rate which is actually considered as something uh through which the uh miners try to solve the problem and they have
To go like uh to guess they have to guess like uh this much of hashes like 32 if I’m not wrong 26345 hashes per second to actually try to solve and uh uh make that make sure that the transaction is validated so the and and as and when they are able to
Guess the correct hash of it which will consist the block number the time samam and some other uh components as well they’ll be considered as the uh correct uh person whose chain should be uh you know trusted because uh this person uh minor will actually validate the
Transaction create a block and send it out to the other people as well and these miners will then uh verify it and we’ll then consider it as a uh updated uh Leisure that is to be trusted that is proof of work and a part of Bitcoin solution is that each blog
Must contain the answer to a special math problem that is the algorithms solution and that is how the uh blocks keep on getting added to the chain itself so you can see this is like a block which consist of a previous block hash which is this and inside it there will
Be different different transactions and it will also consider of nons which is uh like a random number and we’ll see in detail further ahead what exactly it is and they are trying to find like a guess a number which is actually the answer uh to like conf confirm that the transaction is
Uh like it is uh uh it will determine if the transaction or if the block is verified or not like it’s a legitimate one or not so in a proof of work uh the inside a proof of work solution there are three components which uh helps to achieve the solution uh one
Of one is the nons which is a random uh number whose value is set so that the hash of the block will contain a run of leading zeros so uh the rest of the fields may not be changed as they will have a defining number in it so a nons
Is like something generated by the blockchain which is a random number alpha numeric also and uh so this number will be uh like a set of uh Set uh in such a way that so that that the hash of the block will contain the Run of leading zero since before it it will
Have like number of zeros and hash of it what is Hash Hash is like a fixed length of number which results in large unchanged data when Dre so no matter what kind of input you provide it will provide you with a hash which will has a
Fixed length to it so if you say suppose uh I have given uh the uh input as a 64-bit uh uh 64 bit it will provide me a fixed length of uh number e even if it is small or big it doesn’t matter it will provide me that particular length of
Output as well which will be uh termed as hash and uh what is this uh next thing next thing is the transaction which is the authentic transfers of Bitcoin ownership collected and recorded in the blockchains like Whoever has traded or sell or bought whatever it is
It will be terms as a transaction it will be stored inside this particular solution itself so this is like a new uh uh you know a graphical representation of it a block number 845 uh which is the hash of it uh is uh having the previous block hash which we
Saw earlier as well the trans number of transactions there can be ample number of it and a random number that is a not that is getting generated and a minor has to guess this particular number or get close this number to get his uh blog verified as uh the uh
Uh block to be trusted throughout the chain of network itself and if he guesss this so it will he will be able to propose a new block which is this and which will contains the same property what has been earlier predefined as well so it will have the block of uh block
Hash of this uh particular block the new block hash again which will is the fresh block of this particular blog and the transactions and the random number which is again generated by the blockchain itself and now the minor is competing to guess this number and uh this number
Will uh if guested he will be the uh person who will be generating or creating a new Block in the blockchain itself so finding the puzzle why is it hard so there are certain uh cryptographic algorithms running behind it uh one of them is sha256 it is a one-way function when uh
Hence it will cannot be brute force uh to get the output value so what is Brute Force it’s like a providing of uh you know forcing uh the uh uh calc trying to calculate the answer for that particular value itself so bro force can be like
Guessing the number it’s either 0 1 2 3 4 so it cannot be done like this because these sha256 make it very difficult and uh to uh guess that number and hence it becomes like a oneway function to it which is uh redundant to uh like you know it was like a uh
Hackable proof for uh guessing the hash of it so on on average it takes like random guesses takes many random guesses to find a solution and thus the challenge is tough so it keeps on guessing like if this is a solution or this a solution it is actually not
Possible because these values are like in the form of uh like uh 256 to the power of something of thousand or something like that to calculate the hash of the particular block so that is that we saw that you know the network power of it the T per seconds that is
The exact thing uh which you need to have a power which is like the power to calculate the block itself so it’s like for an U minor it takes around like 10 minutes to you know confirm uh go through this whole uh process itself of Cal calculating the
Nons finding out that particular nons and then uh getting it verified with other miners as well to make it as uh the know uh the uh solution for the uh new uh block to be added to the chain itself so this is how you get the a new
Block created after every 10 minutes in the Bitcoin Network itself so what are the security properties of hash functions so it is Collision free it is able to hide the secret value uh easily it is puzzle friendly so what is Collision free you if even if you give an input it should
Be difficult to find the a uh different in input B such that the hash of a is equal to Hash of B so if you provide an input it should be uh like not easy for uh minus to calculate the this particular hash uh itself so these are
The given one and he needs to find the hash of B which should be like a collision free thing uh inside the network uh to guess the that particular nonself hiding what does hiding mean a hash function H is hiding if a secret value R is chosen from a probability
Distribution that has a high entropy then given HR concatenation of X it is infeasible to find X in this particular uh uh in this particular form from this particular formula itself so this uh these two pipes means concatenation of two strings which happens which makes it like uh uh easy to
Easy to hide the particular uh uh problem of that particular solution itself what is puzzle friendly puzzle friendly is it will be puzzle friendly when for all probable output value B if m is chosen from the distribution with the high entropy then it is infeasible
To find X such that h m or HM is concatenated with X to find out that particular solution of B which we just discussed here in the time significantly less than 2 to the power of n so there is also a certain time limit to it uh to find a solution it’s not
Like you can just keep on going on and on but you have to find out that particular solution within the provided time to make sure that the block uh gets easily added to the network itself why do miners invest their resources in validation as we all know that miners actually invest their
Resources because there’s an in incentive for successful solving of a block so running all these uh different uh machines the heavy machineries require a lot of time resources and resources which actually needs a monetary value to you know uh compensate them so uh this can be like
An uh earning for the minus uh on the network to solve this particular block uh not uh guess the uh solution for that particular block to get it uh created on the network itself minus reward what do they get this minus try to find the key to the complex puzzle as per the
Algorithm uh so that particular key is the nons itself they are trying to constantly find out that particular key and as in when they get it they’ll find uh they’ll get the rewards to them search for this key is random hence a minor needs to invest huge computational
Power and electricity so that is the main thing that is required uh computational Power and the electricity to solve that uh cryptographic algorithms and on the Bitcoin Network we have this machine called bit main which actually is ant minor which actually is used to uh by the minus to solve that
Particular uh uh cryptographic algorithms so you see the this has like 151 terab hashes per second of capabilities it will require three to four seven vs and uh yeah there are different different M uh variants as well if you want you can just buy them and start your own mining
Farms uh you can look into this you’ll see that what is the price of this earlier it was uh like way cheaper around 2,000 but uh I think these have upgraded models as of now and it will give you the exact uh values how to solve it and how much
You would you be able to earn it which is like a calculator to help you understand what is the hash rate and how much can you earn if you provide the hash rate itself where will you find the hash rate this is like an hash rate for
It and uh you can just go inside it and read certain all details you’ll be able to get it specifications and everything and what all uh it will give you in return the payment method is for the uh this particular machine but it will return if you’re trying to become a
Minor on particular blockchain it will return you that particular token itself so say suppose if you’re doing it on uh BTC so it will return you BTC token if you’re doing an ET ethereum it will give you ETS token as well these are the specifications for it you can go through
It and have an understanding of what these machines look like and how how powerful they are and this is a c calculator to just uh understand like what electricity cost do you have it’s on the units number uh the units uh amount like rupees per unit you have in your
Uh in in in your locality or in your area the consumption it will take you’ll see be able to see it and the maintenance fees again you will be able to see it on the uh Network itself to calculate the profit from here minus repeatedly guess new keys until the
First key is found that matches with the puzzle so this is the job of the miner and he’s trying to find uh the solution to that puzzle itself miners who finds the key publishes the block to the network so the first one who will be uh able to able to you
Know find the solution uh match uh find the solutions to that puzzle will actually be the one who will be sharing their uh leisur to the network itself other miners stop creating their blocks and take the published block validated and added to the leiser so this is like
The whole process of mining the first one will create and others will validate it and then it will added it and the blog will get added to the chain itself so you see this is the representation this is a graphical representation of the block setting mined over the network
Itself the reward since uh miners use their valuable resources to validate the block they’re given monetary rewards what uh what are the monetary rewards the Bitcoin tokens so as we all know the Bitcoin tokens have certain value to it uh right now it’s I’m not but uh bitcoin
Price is around think so in Indian rupees around 21ak 40,000 for 460 is the value in the INR as of now and it keeps on increasing and decreasing as and uh if person is able to you know uh guess the that particular uh puzzle he’ll be
Able to get certain rewards right now I think so the reward is around uh 6.25 Bitcoin to for solving one particular uh for uh solving one particular puzzle to get that block verified validated on the blockchain Bitcoin uh mining reward so yeah it’s 6.25 blocks so you’ll get around 6.25 block into 21
Something is the reward that you’ll be able to get if you are a Bitcoin minor with the help of those machines and uh so in terms of Bitcoin they get some newly created bitcoin as a reward that we all know if he’s gen uh making it uh validating it then it will
Be uh given some kind of rewards exhausting resources to solve the puzzle means the minor has actually solved the puzzle and which will which eventually means that it has the proof of work for uh solving that P particular puzzle on top of the blockchain network currency generation so how is
The currency getting generated on the uh blockchain how is currency getting generated we’ll see we’ll see we see that to Avo the incentive to The Miner new Bitcoins are generated and sent to the minus address so as in when the uh he becomes like the first fun to uh
Solve that particular uh blocks puzzle he will be uh incentivized with some rewards to his address whatever has he has associated with the network to become a minor a predefined schedule limits of total number of Bitcoins that can be earned so that they gradually approach to a total of 21 million so
What does that mean is uh theit there are like 21 million uh Bitcoins that will actually exist in in the uh uh you know in the ecosystem of blockchain so uh as in when he solves and tries uh uh the tries to solve that puzzle he is exhausting that particular
Uh number of uh Bitcoins so in total like uh in in circulation uh if the block gets created in circulation it will add 6.25 6.25 uh Bitcoins again and again and this happens over the net uh every 10 uh time frame of every 10 minutes and every 10 minutes you are any
Particular minor is actually creating 6.25 uh Bitcoins the limit of 21 million Bitcoins at Hardware so it is actually hardcoded on the Genesis block of Bitcoin uh which is what is the Genesis block uh if you recall we recall that uh jensa block is the first block which has
All these value use inside it like how many uh Bitcoins will ever get uh created and so on and so forth and uh uh there will be no more Bitcoins uh than this unless of course if they update the protocol in the future so which is
Nowhere need U seen to be like in the near future but this is the number of uh Bitcoin that will a be created and who will create these Bitcoins these Bitcoins are generally created by the uh miners itself so uh Bitcoin is like 19 million has already been generated till
Now and 15 uh I think around how many 1 million is 1 milliion 5,000 like 1.5 million is yet to be left uh Bitcoin issued is around 92.7 92762 8% is only remaining and every day 900 Bitcoins get uh m and uh which is actually like 8 8 lakh
800,000 uh 6 uh bit Bitcoin blocks get generated every day uh yeah so that is the calculation of uh the Bitcoins that is getting generated every day and how many Bitcoins blocks have been created as of now so according to this uh the hash is also like getting complexed and uh it it
Will be like uh generated till I think so 2100 uh and uh it will be around 21 million itself so it is buil like that so illustrating the proof of work what exactly is the proof of work so if you see this is an existing blockchain and this these are
Like uh the blocks getting uh mined by a particular Miner itself so the this is block that is following the uh solving and trying to following the longest chain Rule and what is the longest rule which longest chain rule is like something similar to uh a chain that is
Uh the longest and it is the authenticated and validated chain itself and you see these are other blocks also miners who are trying to uh generate the block but are not able to generate ated and uh yeah so no in the block is this thing and the blue thing is the blocks the
Winning block is actually getting by mined by the Bitcoin miner he’ll get the rewards we saw this earlier uh this is some kind of calculation if x has more zeros greater difficulty to find the proof itself so leading number of zeros will validate that how difficult it is to calculate
The uh nons of uh the solution for that particular uh you know uh algorithm challenge for proof something this if more blocks get solve at the same time then what will happen uh so if more blocks get uh so if more blocks get solved at the
Same time uh actually it is possible but uh such a contradiction is solved by the consensus rules what are the consensus rules that same thing that will be happening in the proof of work so consensus algorithms are the central to the function of any uh blockchain without it the blockchain won’t be able
To function properly when there is a contradiction among nodes about the blocks in the network such contradiction is resolved by the consensus rules so what are the consensus rules we’ll see further ahead and what is consensus consensus is uh the task of getting all the process in a group to agree on a
Specific values based on the votes of each process so everyone will agree that okay this particular block has been mined by this particular minor everyone has to agree to it otherwise it won’t be coming out to you know a agreement that okay this blockchain will run like this
And eventually will lead to a folk or some other uh consequence for that particular blockchain itself with the consensus algorithm we need to get unanimous agreements so uh consensus actually means agreement itself General agreement so you have to have the unanimous agreement so that the blockchain can function as it is meant
To be any algorithm that depends on multiple processes maintaining a common state relies on and attaining a consensus itself so everyone every blockchain has to come to a a consensus with their defined roles inside their algorithms itself several branches so there can be chances that uh several branches are
Created although the problem is tough uh there are chances that uh more than one blog will be solved at that uh same time several branches of the blocks are responsible in such cases and everyone should simply build the blocks on top of the block uh blocks uh of the first
Blocks that they receive so they have to create on this block itself but they can uh create more than one block at that same time itself so you see other nodes may have received the blocks in a different order as we know that blockchain works in a
Chronological way so it will received in different it will receive the blocks in different order itself so they will be building on the Block they receive first so like say suppose this block is received to that particular person and some this block is reive to that particular person he’ll try to build on
That particular uh block itself so Paul’s blockchain Paul received the green block first hence he builds the next block on top of the green block so he’s building on this Robert is uh received the orange block first so he builds on the next block on top of that
Particular orang block itself and same way the Lisa has received blue uh this particular blue one and she’s building on top of Blue Block itself what happens when the next block is soled the the tie gets broken actually whatever is here the tie gets broken and when someone solves the next
Block uh next block because it is very rare the situation doesn’t happen very often uh this situation is rare for this situation to happen multiple times in a row so it might happen like once or maybe in the blue moon but uh it is like very difficult to H happen that this
Particular uh everyone is creating uh their own block on different different blocks itself mostly it it gets St uh for most of the nodes itself blockchain quickly stabilized the situation uh through the longest chain rule uh that we were discussing earlier and whoever is trying TR has the longest
Chain with the blockchain itself uh that chain will be considered as the most uh uh validated chain and everyone will follow that particular uh uh uh particular Leisure itself uh with them and uh uh the rest of them will be considered as the orphan blocks and
Which will remain inside the uh uh n network but uh the transaction then again gets inside the M Pool and uh becomes in like then again miners need to mine that block to confirm that particular transaction itself so this is a graphical representation of the longest chain B’s
Blockchain is one of these things he has been building upon Roberts will be one it will be seeing all the longest chain who is has been building properly and and that particular person will be considered as the uh minor who has validated the blocks and will get the uh
Uh this uh rewards itself blockchain quickly stabilizes every node comes in an agreement with the current state of the Leisure is the solution for that particular problem transaction in short branches what happens to transaction which find themselves in short branches so the transactions are legitimate so even if
They end up in getting the uh inside a block which has been inside the short branches what will happen to them transaction in short branches uh will go back to the pool as I was just telling of unconfirmed transaction which is the mol itself and will be picked up later
In the block by the miners and then again it will be uh given uh to the minus to solve that particular problem and get this transactions confirmed and validated inside a block itself okay transaction in the shorter branches lose its place in the longer chain and then again inside the me pool
And then you know shorter branches go back to the unconfirmed transaction part and will be included later in the block itself what if a minor tries to cheat the system so since we have like a monetary Val gains to to uh mining this block in itself uh the uh actually some of the
Miners can you know manipulate it to get more Rewards or like uh make it in uh like for their own good uh and cheat the system so what will happen in that case since there is a reward for solving a block there are chances that miners
Might give a wrong solution to the block or they might give out like okay I have solved the block and please give me my my you know uh reward so to eradicate the problem problem uh what can be done so after creating a block a miner has to
Publish the block with a proof of work to the network so it has to authenticate that okay he has tried this with this much uh uh you know proof uh that he has tried this much uh rounds of uh to solve that particular algorithm solution uh on
The net work otherwise it won’t be considered as the uh genuine uh one others miners will validate the block to ensure the authenticity so as soon as he provide the solution it will be given to other minus to validate yes it is getting confirmed uh and if you go to the
Transactions you see this block confirmation these block confirmation uh like increases by time and uh it can be like 10 15 block confirmation is actually considered as the uh blocks that are like properly confirmed on the blockchain itself otherwise uh it won’t be considered as a confirmed block and
Might get you know rejected by the networks if uh uh it finds something malicious on this uh particular while resolving that particular uh proof of work G into the network itself so this is fun for blockchain we can see on blockchain Explorer as well I’m not able
To go to the previous blog to show you uh where are the confirmations here uh because that is very important for to consider that the particular transaction is successfully going to be credited to your account or not CU if you uh like see get the transactions uh before the confirmations
Then it might be that certain times the transaction of uh the blocks don’t get verified and the transactions get stuck on the network itself so it is just make sure that you have certain amount of confirmations uh uh on the Explorer uh to get that to ensure that you’ll
Receive the transaction after 10 minutes on your particular address itself that is the uh way to check if the transactions will get uh successfully through on the network or not so if the proof of work is provided wrong the block is considered to be invalid and uh yeah as
A result the minor ends up exhausting his or her resources without getting any rewards so if he tries to make any malicious move he will not be able to get any reward and hence uh it will be all was for his time and effort that he has provided to solve that particular uh
Algorithm the particular solution uh therefore the consensus algorithm does not allow anyone to cheat the system so consensus is very like very important inside uh blockchain to make that blockchain uh work smoothly so what is this this is like uh mining how mining is happening with a graphical
Representation this is like uh Miner comes to show their work that is trying to mine uh the transaction the uh blocks that what and what is a Blog block is nothing but a bundle of transactions that is given somewhere and uh he picks up these uh bundle of blocks show that
Ver verify if the transactions are valid starts to work this is the work that is doing select the header of the most recent block and insert it into the new block as a hash so as we see that uh it takes like a a previous uh hash of Lock
And then create an uh new header and inside that it adds the hash and everything and then try to solve the proof of work problem and as soon as he has the solution to it uh the new block is added to the local blockchain and the propagated to the network it will be
Sent to the network itself a copy of it what if someone tries to hack the system so it is basically impossible to hack the system because uh once a block is solved to the cryptographic uh once a block is solved the cryptographic hash output becomes the identifier of that
Particular block so if like uh someone is actually trying to uh hack it he he has to change the all the hashes of the previous blocks right till the uh uh you know uh Genesis block to make sure that uh the chain is actually the network is actually following the longest chain
Rule and to do that it might requires like I don’t know like even if it’s start is countable but it would require a lot of computation power to uh make sure that he is able to hack the system or cheat the system to his own benefit so if someone tries to alter any
Transaction in any of the uh blocks the hash of block changes so we just uh read that uh we have these hashes also inside that particular proof of component if someone tries to change anything the hash changes uh and uh he has to convince everyone in the network
That particular hash has been changed and uh has to follow that longest chain rule itself to make sure that the hack has been successfully implemented on the Bitcoin blockchain or maybe another blockchain in that part consequently hash of every block changes so since uh every block is
Pointing to the previous block hash it will change that particular hash as well nodes will not arrive at a consensus and hence the fraud can easily be detected so if he tries to like this is particular person is malicious he tries to change the hash of this particular uh
Block it will change the hash of each block this block this block this block and which will actually be detectable by other peers because they will have a copy of it right and if the copy doesn’t match then this thing whatever he has uh proposed will be becoming obsolete and
Uh will be uh banned from the network or maybe will be obsolete from the chain itself there’s no way to alter the system if you want to alter the any transaction in blockchain you have to run out you have to outrun the whole network as I was telling you if you were
You need to change one hash of the block you need to change all the hashes of the block right to the Genesis block so it would be like very difficult and at the same time you need to keep on updating the new block hashes itself to make it
Show that it is part legitimate uh chain on the network is it possible for someone with an extremely fast computer to outspace the other node so there doesn’t exist any kind of a computer that will be uh ex that fast to outspace the other node itself it is highly
Unlikely that someone can do that even with the thousands of computers uh yeah so it is that complex to you know uh change anything on top of Bitcoin blockchain itself or maybe on a blockchain part itself transactions are protected by a race it would be it would require more
Than 50% of the total computational power of the entire system to have a probability of solving 50% of the blocks faster than someone else so it’s all about the race and it is highly unlikely to have a you know such a computing power which is stronger than the entire
System that is uh around some millions of te ases per second that needs to be solved with one particular machine itself so if you have that much power then only you’ll be able to hack that particular Bitcoin blockchain to your own good otherwise it is near not possible the transaction are thus
Protected by the mathematical race itself that is the problem given to the minus and you have to uh solve that particular mathematical race to you know have have a block mind onto the on top of the network itself moving ahead to sum up in a distributed system a transaction it is
Encrypted by ASAT as asymmetric cryptography which we learned earlier the public cryptography is also called as aetric cryptography propagates to peer-to-peer uh is stored in a public Leisure is authenticated by the miners or validators of the node is secured by the consensus algorithm so these are the various aspects of what a
Blockchain blockchain is and all these concept constitute to the uh making of one particular blockchain technology so till now I think so we have uh like have little bit of idea what exactly a blockchain is and how it works and now we’ll learn about what exactly the benefits of
Blockchain so benefits of blockchain technology in cryptocurrency is removing the Reliance on uh trusted third party to maintain a central Leisure has the following benefit so there is no reliability on any uh third party uh to maintain one Leisure and uh that there are five of them given here first is settlement is
In real time we don’t have to wait for any third party to just solve it for like maybe uh days or months or years uh everything is in real time we are saving the cost we are not saving the cost on the Gen consensus but we are saving the cost of
Actually getting it uh done F in like very fast Manner and uh everyone is connected in the distributed Network so that is actually like Community which is solving the uh helping the uh blockchain to function easily so everyone is providing that input to it so it is basically saving the cost security and
Resilience so since we have these cryptographic algorithms so it basically makes it impossible for other people to you know hack it so everyone is like uh can uh attain the part of security on blockchain itself immutability so we know that becomes immutable since it cannot be hated it cannot be changed so
Every data on top of uh blockchain is actually genuine and uh it is not something that can be easily getting tampered with and you in the last you maintain a user pseudonormal so what does it mean and we are represented by the addresses we are not represented by the names on
Blockchain so there is no way that a person can know that oh okay uh this is whose address is is this and who is interacting with uh uh like it is representing to either me uh or maybe prau or maybe another person inside the network itself in a net shell access to Shared
Single source of Truth is this the use of mathematics to create a secure Leisure that enables transaction without the need for the third parties is actually the more um like in a nutshell to understand what blockchain is anonymity and pseudonymity in cryptocurrency so cryptocurrency has like two types of it Anonymous and
Pinous and uh this anonymity when it comes to anity it is like the state or quality of being anonymous on top of the network as we as I told you that there’s no name to it like so there’s no so there’s no name to it so there won’t
Be any identity on the network uh besides the address uh until unless you know that this particular address belongs to that person it is impossible to Guess Who that particular person is uh an anonymous person is nonidentifiable unreachable untraceable uh that is what anonymity means not bound or linked to any entity
Is another thing examples of anonymous dealings is an un identified individual telephoning an app entity to inquire generally about its good or services and an individual completing a retail transaction and paying for a Goods in cash so that can be a good example to understand what Anonymous dealing
Is and these are the few examples of anonymity and there are few questions and sites is this form spring you have WordPress for blogging and posting and if you want to talk to strangers it’s Omegle and for networking and there are various examples as well but these are
The few that uh maintains that anonymity on the internet itself being anonymous on a cryptocurrency network being anonymous has its own rewards but uh invisible exchanges or value double it SW is something that is also Anonymous part so but uh extremely valuable examples of some uh these are forms of truly
Anonymous communication such as political speech are uh considered as valuable uh and uh electronic harassment into trade and business this forms of anonymity has exceptional potential for illegal acts being messages uh sent and uh because messages senders cannot be held accountable for these actions so anyone can do anything and which is actually
Dangerous uh and uh it’s actually since being there’s no control over it people can go ha uh if not put a control on top of it and being anonymous makes it harder to trace that particular transactions and give higher level of privacy so that makes it like you know
Easy to launder money or maybe do some kind of activities that is not permittable or considered as uh legal illegal in the uh society as well and uh these are the anonymous cryptocurrencies like zcash Bitcoin this one and mon Monero is are the uh some of the examples of uh Anonymous
Cryptocurrencies discussing Anonymous cryptocurrency uh first one is a zcash so zcash is somewhat similar to uh Bitcoin uh but it is totally Anonymous cryptocurrency providing complete anonymity solution hiding all knowledge about the transaction so you won’t be able to figure out who who is sending you the transaction or who are you
Communicating with on top of zcash but you have to if you are aware about who to send and receive like it that is between you guys itself otherwise no one in network will be able to identify who that particular person is sending and receiving to it is a concealed value
Exchange uh it provides a user with a private Access Control to their financial information so it is nearly uh between you or the other person or who we are sending to will be able to identify otherwise even if you send it to like previous person will not be able
To guess whom you are going to send the money to if that person is is not address is not familiar to him it is an application of Z KN cryptography it is then again form of cryptography where ZK snars is considered as zero knowledge snars wherein no one is able no one has
Any knowledge about who the other person is and which maintains a complete anonymity over the network itself its content can be seen only by those who only those with the correct view key itself so as I just mentioned like the person whom you’re interactive with is
The only one who will be able to see the content of it uh otherwise it will be difficult to see it and these network will consider them as zero knowledge uh who will not be able to uh give out any knowledge to any third person if they wanted
To it user can provide view at their dis View at their discretion so anyone can view that particular uh transaction at their discretion itself no one needs other needs to uh no uh know about it zcash is a very interesting technology provided the security is not being compromised so these technology are like
Very high level technology and uh you can easily trust that these technology will not be compromise uh in near future or today itself so sority what is PUD Nority is using a ponor is like to establish a long-term relationship with some other entity without disclosing personal identity to that identity so uh it’s
Like uh you you know that particular person but if you are they are like stand out in the public it’s you it will be difficult to identify uh who that particular person is so if you can see I can’t in the network itself I can’t identify you but
I will single you out like you have an information but that’s not completely there with you a sudom is like uh is a unique identifier example like names credit card numbers student numbers bank accounts uh Etc some kind of some of the identifiers uh using a pseudonym is
The links different messages from the same person PMS are widely used in Social Network and other virual communication so it’s like you come out with the wrong like not exactly your name like say suppose it’s like uh two you identify as yourself as 210 James so
You are not coming out as your own name but some other person importance sodomity in cryptocurrency all the transactions in uh Sous network is are open and visible to all and thus it is widely acceptable so that is why it is important transaction have an origin and destination interest and
Hence the flow of money can be observed you can see that particular transaction happening over the network illegal use of cryptocurrencies can be Tried by careful analysis of the metadata so some people who don’t like maybe the government agencies don’t want uh or maybe want to trace some people who
Might use it for maybe drugs or maybe other terrorist activities they can do it by carefully doing an analysis on that particular metadata itself so if you can see there are three steps written over here wherein a sends four Bitcoins to be with this particular retress and uh this is the address uh
This is the balance of it and a address is s you know he is that particular person but he is with another identity itself Network verifies the transaction and stores it inside the memory pool and B receives that particular amount that he has sent from that a has sent to B
With the with by confirming his address that they know in the network itself programmable money so cryptogram cryptocurrency is actually programmable without programming it it won’t like Bitcoin is completely programmable otherwise it won’t be able to function over the digital Network you can write out different different codes uh to make your uh
Cryptocurrency over your network in ethereum there is a lot of hype in 2018 for creating such cryptocurrencies over the network itself and that was all nothing but a few smart contracts which was generating the uh cryptocurrency and creating out few uh blocks on top of ethereum uh itself and you can have your
Own cryptocurrency with you on the network each unit is individually identifiable and programmable you can customize it however you want users can assign properties to each unit so as we is completely customizable you can design however you want and you can assign properties to each unit and
Whatever however you want to do it users can program a unit to represent a Euro Cent or a share in a company a kilowatt of energy so you can uh like uh associate it to anything or maybe Peg it to anything uh you want so if you say suppose we have one cryptocurrency
Called usdt so that is like uh PID to the USD so its value always remain to whatever the value of USD is so it’s has to be one one usdt will represent equals to one USD itself so that is how like you can uh Peg it and you can program it
In such a way uh that it won’t go higher or lower than that particular volue itself because of all these cryptocurreny is much more than simply being money or a way of payment so you can basic basically say that cryptocurrency every cryptocurrency has some business Prospect to it and
According to that business Prospect people tend to invest in your cryptocurrency or buy your cryptocurrency if they find that solution feasible or maybe a future uh a solution that is future proof and will be used by other people as well so in that way you can program it raise money
Or maybe uh do anything with it if you want with writing such programs on top of this technology itself so if you want to build on bitcoin you need to have something uh idea about this C++ and rust itself how cryptocurrencies can be programmed for a single transaction between two parties programmable money
Can give the payer and the pay a vastly greater range of parameters to use when exchanging the value so if everything can be done uh by calling out the functions and whatever there are predefined functions within the network itself it will actually be considered as uh uh the program between the uh c
Blockchain network itself it also enables a huge array of different valuables to be exchange far more than conventional money time contracts expertise Goods services and more can all be traded on top of cryptocurrency as well so it is what how you program it and how you define it according to which
You can derive a solution and sell out your cryptocurrencies to raise money or maybe a project you want to do example Alice buy is a car online from Bob the payment will only be executed after the car has been delivered and passes uh an emission test
So you can Define out a contract on the network itself uh which is state that only uh transfer money if uh the car has been delivered successfully and pass an emission test and who will do that it will be a contract between Bob and Alice
And uh Bob will be like a car owner who should get this emission test done and give to Alice and once Alice sees it and it makes sure uh that it has received and uh checks all the test then only it will be able to confirm that uh uh the
Uh the contract is verifiable and will give the permissions and then the money will be the money that will is holding in Alice’s wallets will be then be transferred to Bob’s wallet the term verification is completely completed by the shipping agent that we were just discussing and
The mission test agent uh when both are completed the transaction is authorized in the money changes hands so that is completely programmable on the blockchain network itself is there any other implementation of blockchain yes there is there are various ways in which uh blockchain can be implemented and we’ll see further
Ahead Bitcoin is actually the very first implementation of uh blockchain and blockchains for most Implement uh however there are various uh ways in which the technology can be implemented like healthcare maybe supply chain or uh any other like uh C crossborder payment verification there few of the examples
But Bitcoin was among the first that was very famous actually the blockchain was around since 1917s and everyone was trying to implement a solution on top of it but uh they didn’t they weren’t very famous uh unlike Bitcoin which was also not very famous but gradually with time
They cons they saw the potential into it and the features and security aspects into it which makes it famous and that holds now the certain value of that particular asset which is around 21 lakh Rupees blockchain is something that is beyond Bitcoin Bitcoin is can be like
One of the use case on top of blockchain uh but it is it does not entirely sums OB what blockchain does so blockchain can be considered as a database it can be considered as like various things on the various solution use cases the monetary aspect uh is just like a tip of
The iceberg of the blockchain technology and blockchain is a groundbreaking technology for which money is merely one of the possible applications uh as we consider so potential applications of blockchain here we have uh industry flows like one of the settlements change of supplyer meter data realtime capacity
Matching few of the flows and potential applications autonomous autonomous network configuration self server maintenance uh asset and inventory tracking cross asset industry and data sharing identity management you can do fraud detection also loyalty schemes also uh eligibility of social tariffs safety and uh authorizations and a few of the smart
Cont cont you can also write on top of blockchain where you can uh Define certain aspects like EV charging how many vs do you want and uh how much money you’ll be giving out can be logged inside a smart contract and you can uh
Uh uh put it in the money which will act as an escrow and once you approve it that uh EV charging has been done then that smart contract execution can be termed as completed and that can also be used uh as an B of block uh potential application of blockchain uh database
Overview so I think so everyone here is well verse with what our databases uh so imagine a world or application uh where we don’t have an uh database so it will be like an high value application but with no memory of what has happened previously and what uh uh certain of
Information uh we are working with so it will be like nearly impossible if we don’t have the databases to give out the correct information it will be just uh gibberish words and everything will be like hay so uh What uh will we uh what if we don’t have databases did you know there
Exist an immutable and non-table databases does anyone have any idea about that uh that is actually the blockchain itself so how did blockchain get started in 2008 Satoshi Nakamoto an anonymous person or person so we don’t have any information about that who is that person justed the and implementation implemented the first
Blockchain database as infrastructure for Bitcoin the first cryptocurrency ever created and the most successful of all time so it is like everyone when they like it is much more famous in blockchain so people tend to think that Bitcoin is the blockchain and that is the only aspect or use case to it but
That is not indeed a fact because blockchain is just a very overwhelming technology and uh blockchain consists of different different uh uh use cases which can be implemented in the healthcare sector uh education sector and uh uh Supply Chain management sector as well and various other sectors mostly every
Sector is trying to implement a solution on top of blockchain but uh on on top of blockchain but uh most successful one is actually the Bitcoin and uh it is also a very first one which was introduced to the world in 2008 how did blockchain get started so Satoshi Nakamoto uh uses
The words block and chain separately in this paper in October 2008 okay so how did blockchain evolve so initially when uh blockchain was introduced with Bitcoin it was just a cryptocurrencies and payment Network which was a blockchain 1.0 that was the most uh you know uh the blockchain was
In very uh initial stages and uh they just had this use case of cryptocurrencies only uh later on we were introduced with the concept of another blockchain called ethereum which actually introduces us to the concept of smart contract and asset management and wherein uh people could uh program these
Blockchains to work in certain way that it can be termed as an escro accounts or maybe create some other aspects to it as well uh to uh make it uh in such a way that it becomes uh much more easier and convenient for us to use this blockchain
Technology uh we had this 2.5 version as well where we had these other distributed Leisure data layers blockchain Bridges and vehicle currencies as well uh now we are in the world of web3 which is where you can see we have different different smart contracts on different uh chains which
Can actually communicate with each other uh with uh various Technologies and other uh you know uh tools as well so noway you can just create a blockchain with plugin play and uh or maybe with different uh uh tools as well like AWS blockchain as a service wherein you can
Just click it create a blockchain with few steps of few clicks uh yeah so what does the Note say note says that smart contracts are unable to access external data or events based on time and market conditions earlier smart contracts were very difficult to work with and they were not
Able to access the external data or event based on time but today we can do it uh by different means and add uh like smart contast has been evolved and now we can use Uh current market uh uh data with a with a fetch of the Now API uh
Just making few calls from the smart contract itself call code or data outside smart contract of blockchain breaks a general trust barrier and authenticity of transaction so yeah uh uh nowadays like it has been improved and uh the data outside of smart contract can be called in viip 3.0 earlier it was not
Possible so what is a flow of uh how uh flow inside a blockchain how transaction happens so if you see individual try to make a transaction which is basically an event and what is an event event is anything that is occurred on top of the network itself so whatever kind of
Action you make is actually recorded in the blockchain in the form of transaction which we learned earlier and uh inside blockchain we have earlier also learned that the transaction once uh signed will be sent to an uh memory pool where all the unsign transactions are kept uh these unsign
Transaction and then picked up by the miners uh which will then compile them into a block and the block will have certain information like block hashes uh of uh a block ID and uh block hash to previous uh previous block uh a certain Tim stamp a value of nons uh which has
Leading zeros and uh uh and certain other uh components as well uh and once these miners create a block which are then uh run by uh guessing out a particular cryptographic uh uh uh uh key uh which needs to be guessed by uh people by you
Know showing them a proof of work by keep on guessing the uh that particular key itself uh once they are able to uh get that key uh guess that key uh they will be able to mine that transaction and send it to the block uh blockchain the other miners
Will actually also be competing and if someone tries to uh uh share that particular in uh block on the network the other miners will actually validate to make sure that the blockchain will have an authentic uh block and uh with the certain proof of work and once it has been verified that particular
Person’s block uh will be added to the chain and yeah so the once it is added to the chain it will receive its rewards uh that he has earned by investing its resources uh on the Network itself so if you see new blocks of transaction includes a security hash of a previous
Block is once the transaction has been generated and uh then the blockchain uh new blocks are uh added approximately every 10 minutes but uh this is actually in case of Bitcoin blockchain itself uh for other blockchains it will be uh it can be the time can vary upon how they have
Programmed it for some they have like 4 minutes or some like uh the uh fastest is like I think so a minute or two where every trans uh blocks are added to the network in like a minute or two by every nodes on the network itself multiple computer mining servers
Check the validity of the blocks in the chain the quickest to check latest block gets uh the payment is actually the role of these resources uh uh that invested by the minus these are the rigs that are used to you know solve that cryptographic PES and once the transaction has been uh
Sent uh all these blocks will be chained together and block validated as honest part of the chain uh are added to the uh Network otherwise it will be rejected and send back to the transaction uh pool unsign transaction pool sorry memory pool uh and then it will again start to
Work from step one all these transactions so this was the flow of uh how blockchain functions uh and uh moving ahead we look into the Innovations so starting from 2008 uh where Bitcoin was introduced to Earth uh and the persons or or the persons who designed Bitcoin as a part of the implementation
He also devised the first blockchain database to be used uh and is the most successful till date uh so since it has not been I think so it has been like how many years to 15 years and uh this Bitcoin is still not has been had whatever the uh reasons
Were there that bit people we saw in the news that Bitcoin was stolen from their wallets was a hack because of the uh cryptocurrency exchanges and uh the human error so that is how the Bitcoins were actually stolen otherwise there has been no vulnerabilities detected in the
Bitcoin Network till date and it is working smoothly till uh now and yeah moving ahead uh blockchain as an application was the second Innovation so we had certain other uh aspects wherein blockchain was seen as an application as well it was essentially the realization that underlying technology used by
Bitcoin could be separated and used for other operations also so they realize that okay it is not just for fch it can be also not used for only trading but it can also be used for storing out your digital assets transferring all their digital assets maintaining a record of
What where all the digital assets has been so that you have the the authenticity of that uh product which is just like uh tracing your supply chain uh management uh and it could be like an example wherein you track a product called uh maybe an apple from Farmers uh
Land to the uh shop itself retail stores like Reliance and everything you can trace that using the blockchain as well that can also be uh Prospect to where in the blockchain can be used the third was the most smart contract embodied in a blockchain 2.0 system with the introduction to
Ethereum yeah so uh with introduction of ethereum we had these smart contracts which uh uh are nothing but a few certain conditions which are written by the developers and the the developers tend to provide all the C uh certain uh steps which is uh uh followed by every
Uh paer who was trying to interact with them and it will be same certain steps and yeah it is just like a little buil computer programs directly into blockchain that allowed financial instruments so you can create uh this was the time uh actually the era of icus in I think so
20178 where people try to build certain business uh applications to raise uh fund ings uh by listing out their tokens and yeah a few of them were working very uh uh smoothly but few of them were also turned out to be scammed and people were ripped out of them so it is very
Important for you guys to actually before investing just learn what person is doing and if it is a legitimate business or not so that was the era of smart contract where people try to create their own smart contracts on ethereum network and try to run their
Organizations uh in in the way they want to and also program it in a certain functions the fourth critical Innovation is the proof of stake so proof of stake is like uh current uh generation is secured by proof s the ethereum network is actually being uh uh secured by proof
Of uh State what it doesn’t mean is it is a consensus algorithm the one which we were discussing uh earlier it is the uh it was the expensive actually uh consistent algorithm because people tend to invest a lot and we’re competing with thousands of minor at once so the person
Will the the most powerful resource or most powerful uh mining Farms or rigs will be the one who will be out out overpowering the other miners and they are competing each other to reach that particular uh key and once they able to identify that key they’ll
Be able to get that rewards they are competing with that so to a uh avoid that uh we came to uh this proof of stake to reduce the power consumption and the resources part now the proof of uh stake is like basically you stake some amount of
Money to confirm yourself as a validator over the network and uh the more the money you invest the more reliable validator you will be considered and you’ll be given out the money to uh uh you’ll be given not money but you’ll be given out a chance to uh uh validate the
Block over the blockchain itself and earn the rewards whatever the amount is As on the blockchain itself so current generation is secured by proof of work the new system is replacing them with the complex financial instruments for similar or higher degree of security so what is the blockchain versus traditional databases let’s
Understand more about blockchain see how it differs from the traditional databases and uh then later we can discuss about the distributed Leisure technology so so this is the difference table table representation where in where we have one t one row as characteristic one as blockchain one is Legacy database so the data ownership
The first characteristic is the data ownership and maintained through uh in blockchain it is actually maintained through cryptographic key pairs a native cryptographic algorithms where in the Legacy database it is established via Central Authority only one person is actually creating it and will be the owner of it and certain
Uh other roles uh can be uh declared over there but only one certain Central Authority will be there who will be handling all that database itself but in blockchain every year is responsible and which is then again maintained through this cryptographic key Pairs and Native cryptographic algorithms like s256
Sh3 elective crypto uh elective uh ecds algorithm elective curve cryptography algorithm are C certain examples of these uh running in the blockchain network itself privacy and security so we have cryptographic authentication in blockchains like there are a number of cryptographic algorithms running behind the blockchain to make it secure and
Tamper proof uh make it easy mutable wherein a legacy database configuring each row based on enforcement for for from a central Authority so every the configuration is done on the base of enforcement uh from the central authorities from the uh is how the privacy and security maintained in the Legacy databases Access Control
Inherently identical for all permissioned nodes so there’s no some kind of access so everyone will have certain same access only uh wherein uh the Access Control in Legacy database is centrally administered and only one particular person will be responsible for it uh Distributing the access to other people who wants to interact with
That particular database the trust Factor native via immutable records uh so it is uh maintaining this immutability by just adding and making it like an append only and uh nothing can be uh uh you know changed uh once uh it is stored on blockchain and uh then again uh the
Trust is established via the central Authority itself so if Central Authority says it’s uh uh the certain function Works in certain way then we have to trust that we have no other options but uh in uh blockchain we have everything on the internet itself and you can check
It on the Explorer what exactly the truth is and so that maintains the trustable factors of the blockchain data quality so immutable records with automatic conflict resolution through uh consensus for transaction so everyone comes to the same page via this consensus algorithms and uh uh on this uh uh Legacy uh
Databases we have complex conflict resolution processes and uh um it requires actually the manual intervention and wherein people tend to come in uh and uh uh only one person or maybe a group of individual will be responsible to uh maintain the quality of the data and to understand help
People understand uh that uh this is the actual source of Truth for it is uh datab base validity is actually uh maintained constantly so every 10 minutes since miners are adding the uh blocks to the network it’s actually providing the validity that these transactions are uh correct and it is
Actually continuous process throughout the Journey of a transaction over the network or like a journey of a block over a network and uh on traditional uh Legacy databases it is provided only for single instances and te so it will be like done once in a month maybe or twice
In a month uh twice like once in a quarter so on and so forth you can just decide how the database validity has to be done so yeah uh so next comes the data propagation so quick propagation all over the network node so every one is uh
Uh given the propagation of data uh at once across all networks by you know the uh uh gosip protocol itself uh but uh on the uh Legacy database the manage through uh multiversion C uh currency control mvcc and uh through custom synchronization so we have different uh
Scripts for this to make sure that the data is propagated properly uh enforce data transformation built uh into Data logic cayer uh so the data is transformed inside the data logic layer layer logic it has none as such so there’s no uh part that is existing for the enforce data transformation in Legacy
Databases concy and synchronization so consensus e uh identical copies and that identical copies is shared with everyone over the network so that uh consensus is maintained over the network itself uh it uh the Legacy databases it will involve complex checking between the central databases and the user databases to
Ensure agreement so every database has to be similar to what centrally uh information has been provided on the central database uh and the user database has to have the same uh uh information to ensure an agreement on the Legacy databases so it is kind of an actually hackable process and also not a
Trustable process when it comes to Legacy data databases reliability and availability so PE to be networking for distributed data replication across all nodes since we know the Leisure is actually distributed with each and every no so the reliability and availability is like 24 hours and it is actually a reliable
Source of information that whatever happens in the network is actually same uh which is uh same uh on my other paer who are connected to the network as well so everyone is on uh has one source of Truth only uh wherein uh the reliability and availity on Legacy
Uh databases is like potential single point failure so if the central database goes down everything is like collapse so if on a production site you’re working upon and if you by mistake uh do working with one command that drops the central databases it is actually of sorry it is actually a point of
Failure which cannot be retrieved then and everything will be collapsed so yeah that is uh one of the uh disadvantages of Legacy databases and we have the stored procedure as well so uh stored procedures is uh nothing but uh some kind of rules and regulations you provide to store the data or to
Manipulate the data uh in blockchain we use Smart contracts for that uh in Legacy databases I think so there are few availables in uh Mario DB uh it’s not currently not available but there are some kind of short procedures that we work with uh uh in uh uh in Legacy databases as well
Which will you know just manipulate the data however you want you just call those St proced fees from the uh fun uh functions and you’ll be able to uh uh manage all the data uh you want from the database itself transaction Creations available to all permission parties so
Whoever is uh uh connected to the network is actually uh uh eligible for creating or doing a transaction over the network in blockchains and uh the Legacy in the Legacy data Bas Whoever has the permission to append or read or maybe write uh maybe right so that is the
Person who will be eligible to create a transaction on uh Legacy database otherwise the person can just either view it or maybe have no uh permissions as well so fraudulent and malicious changes immutability through Reliance of previous blogs and it is being a previously linked uh chain uh
Everything is actually linked with each other maintaining it uh uh IM immutability State on the Chain itself wherein the Legacy databases is not available where current keys and check constraints remain like insufficient so it is like a little bit of not a little bit of big threat in that case because
Because you do not have the you know uh proof that it the data in provided inside data is actually genuine or not because you don’t have that particular capability in Legacy databases so we move to distributed Leisure technology uh DT uh people think blockchain technology and distributed
Technology as one of the same so interestingly enough it is actually not true uh let’s uh show you the difference actually this these are the properties of distributed Leisure Technologies distributed is all Network participants have a full copy of leisure for a full transparency it is Anon uh Anonymous the identities of participant
Is either s Anonymous or an anonymous time stamp transaction in time stamp is recorded in a block so uh there you won’t see any instance in a blockchain that is without a Time stream so everything is maintained with a time and you know when it was incurred over the
Network unanimous everyone is agreeing on one particular decision so all Network participant agreed the validity of each of the records no there will be no uh node which is working on different uh record CA uh that because that won’t be achieving the consensus and it will be discarded from the network
Itself immutable uh any validated records are irreversible and cannot be changed since we know it is just like append only uh so everything you see on blockchain is uh like uh you can add on top of it but you cannot uh rewrite or change uh What uh previously has been
Stored on the blockchain so it makes like an immutable uh form of Source on blockchain uh secure since it has been encrypted with the different different cryptographic algorithms it makes it so secure that no one has been able to hack it till yet uh we don’t know about the
Future but it is actually not possible to do it in the future as well but uh uh yeah till now the security has been maintained and I think so it will be maintained in the future as well programmable so blockchains are actually now very programmable uh with the help
Of smart contracts so you can create different different uh smart contracts to process the data or to uh uh prep function the organization in such a way that uh it is able to achieve what the business targets are uh making it programmable and easy to work with so
All blockchains it is said that all blockchains are distributed leisur but all distributed leisur are not blockchains and uh yeah that is how it is uh different and uh we can see uh for the distributed Leisure technology it is actually globally distributed with almost zero barriers for Trans uh transacting goods and
Services online payment and currencies are among the first use cases of this blockchain itself uh range of industries use cases banking Automotive Insurance Healthcare life science manufacturing retail and Telecom are uh uh you know uh use case of it uh highly secure cryptographic implementation is a part of blockchain and uh 100% digitally
Digital and programmable these blockchain uh Game Changer in iot because uh it can be storing the data inside that all the data by iot can be stored inside the iot uh this blockchain itself and uh to be network uh with no Central Authority makes it like a trustable source uh of
Uh uh data and completely transparent and auditable SC so that uh it can be seen on the network itself so it becomes like a a transparent source of uh uh uh data itself to be consumed by the networks itself comparing uh popular blockchain Frameworks so characteristics uh we have these three uh
Important uh blockchain tools uh one of them is uh e which is a generic public platform and uh hyper leure is actually a modular blockchain platform which is just like a plug-in play so you can add any type of consensus or maybe do any kind of me uh
A membership service provider like you can just take out a module and add it to the uh hyp fabric uh and it will work most mostly uh uh where in R3 Goa is also another tool which is specifically designed for people who are uh you know uh wanted to work with
Uh financial industry so it is a specialized distributor leer platform for financial industry itself the R3 Goda these are uh in this the governance is done by the ethereum developers so they are responsible for the governance on the network itself on the fabric Linux Foundation is actually responsible
And in R3 Coda they are themselves responsible how the governance will be happen happening second uh the third point is the mode of operations so the operations here in ethereum can be either public private or permissionless uh it cannot be one and uh in Hy fabric you mostly create out blockchains which are
Permissioned and private so if you have the uh Keys then only you’ll be able to log to this uh Network otherwise uh you won’t be able to uh access it so this is how the fabric create uh creates an Solution on top of it wherein R3 Coda is
More or less similar to what hypure fabric has to offer that is permissioned in private so they also create uh Solutions uh which are not publicly available but uh to are made available for a close group who will have certain uh certificates and author uh identities to be enrolled in
The network as a player of that particular uh environment or ecosystem so what are the consensus uh uh working in these uh ethereum so ethereum uh was earlier based on proof of work now it is actually being shifted to to proof of stake and uh the cons the
Consensus has been recently changed in uh 2020 I think so in 2022 to proof of work and uh yeah so that is how the consensus is is being done on ethereum and it is Leisure level itself where on the hyp fabric uh broad understanding of consensus that allows multiple
Approaches so it is basically using uh Master Slave approach uh which is like a more of technical not technical term but uh a techn very technical specific uh thing wherein the consensus are being followed by the whatever the data Masters uh generates and it is then to be distributed among the different slave
Nodes which then achieves the what uh consent consensus uh then it achieves the consensus over the network itself so the that uh particular thing is called as a pentin fall tolerance problem where uh it achieves a uh uh consensus in that way and it is also uh
In the transaction level itself so how the transactions is happening is uh how the consensus is achieved on the network itself where else on R3 codas specific understanding of consensus is actually the notary nodes uh so they are responsible for maintaining the consensus over the network and it is
Also a transactional level part of it so how do you write the smart contracts on uh uh this ethereum network you use this uh uh programming language called solidity which is uh more or less similar to JavaScript uh and uh through this you can write different different uh
Contracts which will run execute over the period of time on the blockchain network itself and uh in the hyp fabric you write these smart contracts with uh go and nodejs and you can also have different uh uh sdks like uh Python and uh JavaScript uh this Java also to write
Your a smart contract code and in hyp fabric the smart contract is called as chain code uh which is more or less similar to what smart contract is but uh it can be generally written in uh traditional languages like node jsco or Java or python uh where in in R3 Coda it is
Specific to cotlin and Java and uh uh you can write your smart contract code in cotlin and Java itself and the smart legal contract is for legal Pros only so what is a currency used to fuel these network uh in ethereum is actually ether and you generate these tokens via Smart
Contract or you can generate it via mining uh to from the network itself Hy fabric doesn’t have any such currencies and if you want to create a currency and tokens you can created via the chain code which we just learned how to we learned that we can write it using
The go nodejs or Java in here there is no concept of currency so you can just uh create other platforms like cbdcs and Etc but you cannot create any currency on top with uh R3 GAA so uh distributed Leisure and blockchain centralized or distributed Leisure a distributed Leisure is a
Network that records ownership through the shared registry so s this is the diagrammatic representation wherein every Source has to communicate with the central Authority Leisure and uh that is the only uh Source uh of sharing the Shar registry uh wherein the distributed Leisure view can communicate with any of
The paer who you are connected with it’s like you are connected with this Spar you can just directly communicate with this Spar and and so on and so forth in the network by using these gossip protocols but here it is a centralized liser and here it is the distribute
Leiser and every Leisure is maintained with each uh node itself to be on the source of the truth as well uh okay we’ll see now what exactly a blockchain structure is let’s see what goes inside of uh Bitcoin blockchain uh so we have this block uh and this block
Consists of the version number what number of block it is the nons which is the number only used ones that we previously also saw previous block hash uh so that it is linked in the form of chain the time stamp uh of that particular block that has been created
The Merkel tree uh on the root is actually some kind of uh cryptographic algorithms where in every cry hash is actually changes the form of the three uh uh that is storing the transactions itself uh you can see these are the uh three things three components basically
The header the Merkel and the list of three header consist of these three these four things contains a version information nons block ID and uh time stamp wherein the Merkel is like a hash belt from the blocks transaction identifiers so basically uh whatever the transaction are here is
Actually the uh Merk trees root uh which will identify how the transactions are getting stored on the uh uh block itself there is list of Records so whatever the transactions has been done is actually stored in uh uh this uh uh third component so identify hashes that were included into the blocks Mark
Tree so you see these These are the blocks how a block will look like the block height is one thing the state is confirmed if it is uh trans confirmed or not if we can see it I think so some older transaction maybe uh you see the transaction status
Is final time stamp is there uh every time stamp it is there on propos on or when was a block propos on so this is uh ethereum somewhat it is different from Bitcoin blockchain but it gives them clear understanding what exactly is more or less stored on the Block itself so uh
The transactions how many transactions were there uh you see if these were the transaction inside that particular block and it’s all an uh Anonymous so no one knows whose address is this until unless you carefully search and look for the metadatas and uh yeah so if you want to
See how this block structure look like so this is an example for Bitcoin I Bitcoin blockchain explor so you see this is what Bitcoin blockchain looks like block sorry still I think not confirmed yet uh yeah so this is like a Bitcoin block uh think so we can pick up like previous one
Maybe something like 6 9 87 yeah you see this is the information that is inside a block a hash what is the capacity of that block uh the BTC values inside it the Merkle rout what is uh the this is actually the hash of it what is the
Current difficulty at which uh it is getting mined so this is the difficulty uh uh which it got mined on uh what’s the vertion the size of the Block it’s actually in bites the depth of it so what is the Merkel tree is like uh how deep it is at to identify
The tree in formation is actually that uh yeah so transactions how many transactions are there uh it’s to 2560 uh input value output value in BTC witness transactions the fees that uh was charged during the transfer of f of transferring of the btcs in inside this block the height of the block is
Actually the ID uh when it was mined the time stamp uh the reward given to that particular uh person uh who has mined the block the 6.25 BTC uh is the minted part the M are getting the fees uh inside the block what was average and uh
This median fees and who is the minor the minor name is BTC you can see check this out also very interesting very informative so distance is like technical thing which is inside and tree structure formation uh that is what I think so distance means over here in sometimes uh
Uh you know uh the gas it goes the value inside the gas so that is how the value might be little different from what uh the transaction fees is so this concept also we’ll be learning further ahead uh just be wait for that so structure of a Bitcoin block
Hitter so consists of three sets of block metadata reference to previous block Ash as we have been learning over the course uh difficulty Target uh time stamp and N so what is the target uh difficulty as of now that we just the Merkle root uh which is a very important factor inside
The block hter itself so we have like size of four bytes uh the version uh field a version number of two track uh software protocol upgrades so this is four bytes of the data 322 bytes of uh data is of the previous hash uh which is a reference to the hash of the
Previous Block in the chain uh the Merle root will also be of 32 bytes uh so hash of the root of the Merkle tree of this blocks transactions so if like a hash changes the complete structure of the tree is actually uh being uh changed and uh the time stamp uh is uh
Actually consist of uh is actually has a size of four bytes and uh the approximate creation time of this block is actually the time stamp and uh difficulty Target so is the proof of work algorithm uh wherein the difficulty Target of the block is actually given so how difficult is
Actually to mine the transaction over the network is actually the difficult Target of the blocket itself block identifiers hter hash and height uh block hitter hash the primary identifier of a block is its hash uh cryptographic hash so that’s how the it it will getting it will be identified a
Digital fingerprint made by hashing the block hter twice resulting in a 32 byte hash so that is how the hitter hash is generated by hashing it twice and resulting in a 32 by of which is the output value the block hash identifies a block uniquely so it is a unique
Identifier of that particular block block hash is not included inside a Block’s data structure so it is not a part of it but uh it is attached to it so yeah block height uh so block height is the position of the Block in the blockchain so what number of block it is
Uh Genesis block being the zero block or the first block uh it is uh then again added to the new block which will be block 1 2 3 4 and certain like a sequence of uh blocks on the blockchain is the number of block the first block
Created is at block height zero uh in some blockchains they ter at once but in Bitcoin be it it can be zero each block added on top has one position higher in the block so it increases sequentially so like 1 2 3 4 5
It is also not a part of blocks uh data structure because it’s just a number that is stored on the Block itself uh not stored on the Block but on the blockchain itself just to give an information each node dynamically identifies a Block’s height uh in the
Blockchain yeah so that is uh what a block hitter hashes and block height is now let’s come to this Merkel trees what exactly a Merkel tree is so you see also known as a binary hash tree this is a concept of uh you know uh data structures and uh algorithms and uh this
Is a binary hash tree which shows the hash of every particular uh transaction stored on the Block itself our data structure uses uh summarizing and verifying the integrity of large sets of data so uh it basically summarizes for you uh uh the transaction information and verifies the Integrity of the uh
Transaction that is stored in the block contains cryptographic hashes uh so these are the hashes that will be identified inside the uh mle tree itself displayed upside down with the root at the top and the leaves at the bottom so it is working like this is the top hash
And the leaves of it is actually the uh transactions that is inside of the network itself a block of one or more records is collected and such records are then hash so it is then hash twice actually to store inside the network itself hashes are then paired and hash
Paired again and hashed again until a single hash remains so it keeps on do doing uh till until the uh there’s only one single hash remaining at the end so the single hash is called the Merkle root or the Merle tree of uh transaction so every transaction uh uh is keeps on getting
Like uh collectible and one particular hash is formed it is keep on uh hashing of every transaction until one particular hash is uh left and that particular hash will be puted out in the block which is like here so every transaction will have a uh every
Transaction will have a hash and it will keep on getting hash like one or two these hashes and uh until only one hash is remaining which will be kept here so that is what a mle tree is so even if like one transaction is changed here the root is like completely different from
What uh uh hash has been uh uh produced so if a one transaction changes this completely rout three will be uh Chang advantages of a Merkle tree Merkle tree provides uh proofs are and management require only a very small and T amount of information to be transmited across the networks uh the major
Advantage is a tree is constructed by hashing paired uh uh data that is a lease that you saw here uh and the repeated pairing and hashing until a single hash uh remains so it keeps on hashing uh the transaction IDs until one uh uh a hashes remained and that will be
Resulted in uh mer rout in Bitcoin Lees are the most uh almost always transactions from a single block Mar Tre require little memory dis space and proof are computationally easy and fast so since every transaction has been reduced to one particular head so that will be using one small uh uh very
Little space instead of a large amount of data sets uh that are be stoned as a transaction on top of blockchain network blockchain trees of even number of transactions in this example shown the Merkle tree consist of even number of transactions so block six plus blocks
Number six plus combined values of a b c d these value uh plus time stamp and non is actually the log s’s uh identity itself so these transactions are hashed to get this value transaction A and B hash value and then again it is Hash A
And B AB c d to get one particular Merkle route the Merkle root of all transaction let’s suppose that there are odd number of transaction in a block so in this case the last transaction is Hash by itself so if you say see this it is easy for people to you know
Um like you say suppose a b can be hashed together to form a there are four transactions know a b CD AB will be hashed together to form one transaction CD will be hashed to one form transaction then uh it is these all are trans these transactions are then again
Hash so it is easy for uh uh M tree to get the hash but in here we have seven like transactions say suppose so uh this part in last this will be hash the transaction will be hash by itself uh to create an hash of of the uh
Transaction itself so it’s like 0 1 2 3 01 is Hash to become 01 2 three yes say and four five is hash with uh together but six is Hash twice so six will be here hash twice so then again this hashing will be again done 0 one with
One this 2 three again so it will be 0 1 2 3 will be the hash four five is one and six is one to Hash should be like 4 56 and then the last will be the four 0 1 2 3 4 5 6 uh will be the last and
Final hash uh of that particular Merkle route so this is how the Merkle trees are done when the leaves are in odd number or when the leaves are in uh you know uh the even number itself so this is an illustration of again a block uh this are the block number uh
Previous hash uh time stamp transaction route actually mle root and uh the nons and these we saw that everything is stored in the form of hash so keeps on hashing until one particular hash is left and that is also stored inside the block uh header uh and non is number
Only once that is just a random generated number inside a blockchain algorithm as we have seen widely encryption algorithm in the blockchain techn uh we just as dimatic representation you create a digital message of sending $500 it will be in uh encipher by the public key encryption and uh the CH the
Communication Channel which you can be like an ethereum Network or any other netor and uh then it will be sent out to that particular person he will include the decryption key which can be the private key and uh encrypt decrypt all the data which has been sent by this particular
Person on top of the network itself see if we know uh we now have a public key and private key and a method for encrypting encryp decrypting with those keys let’s see an example to clear the details there are uh different approaches used in attacking the RS algorithm so one can
Be Brute Force bro force is nothing but keep on guessing until you uh get that particular uh set of secret keys that can be used to encrypt or decrypt the data so it’s like you just keep on guessing what exactly uh the possible value of combinations are second is the mathematical attacks
In mathematical attacks we are using different techniques which are similar in effort to factoring the product of two primes so these are also some kind of attacks uh that can happen to uh question the security of RSA so uh let’s talk about now consensus algorithms so consensus is provides like
The technical infrastructure layer for blockchains this makes it one of the more critical components when seeing assessing uh real world use cases consensus is key because uh without uh Central Authority the participants have to agree on the rules and how to apply them so that is actually a important
Because if there’s no Central Authority everyone has to come to one unanimous decision and that unanimous decision can be achieved using these consensus algorithms consensus just two things it ensures that the next block in the blockchain is the one and only version of Truth so it brings out to the with
The certain set of rules that this is the correct uh block and it will be the only block that will be added to the chain and that particular thing you can be uh only version of the truth that will be served to each and every paer on the uh blockchain
Ecosystem it keeps powerful advice uh adversity from detailing the system so it keeps all these uh you know people with heavy resources uh like heavy cryptography uh no heavy uh mining Rigs and Mining systems to overtake the network so it won’t allow these attacks to happen and the one of the very famous
Attacks was the consensus can also be uh termed as the heart of blockchain so initiate the transaction M so it is avoids like uh few problems like double spending uh initiate the transaction multiple parties can transact the transactions are recorded in an uh into a network block and presented and uh so
This is like a block is broadcasted to the network and validation is done via the consensus the network of no validates and verifies the verifies vi the conf sensus and confirms consensus is recorded and provide the basis of trust mechanisms and once verifi the transactions becomes a part of the new
Block of the Leisure and the new block is then added to the existing blockchain and the transaction is complete so this is like a flow of the transaction with respect to consensus algorithms uh coming into play inside the blockchain uh Network so what is the need of consensus uh in the blockchain we
Already know that there’s no Central Authority so to make a unanimous decision a consensus is required so we’ll see what exactly uh they have uh so one is basic acceptance of law rules and Norms to decide a transaction which is like a one source of Truth only common acceptance of Industries and
Institutions that can apply these laws and rules uh the need for the consensus so what are the basic parameters of uh consensus mechanism so first is to achieve decentralization decentralized mechanism a central single Central Authority must not provide the transaction decision finaly so everyone should be uh providing their input and
According to that the decision is to be made the transaction is genuine or not second Quorum architecture nodes uh Exchange messages in a predefined mechanism so which may includes uh the stages or TI so then it achieves the Quorum actually uh third parameter is validation so the process provides means to verify participants
Identities that means the transaction is actually uh a legitimate person and there’s no like malicious activity happening over there to make sure that the transaction are validated properly Integrity it enforces the authentication of the transaction integrity and validity so that is uh the again a parameter of consist mechm uh non-cancellation and
Confidentiality the uh this provides means to verify that the supposed really send the message so it’s like no third person has initiated the transaction on behalf of uh the particular sender until unless he has provided the access uh so then it means that it is a genuine person and has
Initiated the transaction over the network itself so fault endurance the network operator efficiently operates efficiently and quickly even if some nodes f fail or are slow so there might be uh chances that some nodes get corrupt and uh they die so in that case it uh makes sure that
The consensus still is achieved with other nodes that are active on the network itself fulfillment it considers throughput liveliness and latency so these are the three things that it fulfills to make sure the consensus achieved over the network itself so let’s see the consensus history so we have this bantine General
Problem the bantine Army completely encircles a city as you can see in the image the Army has uh the many divisions and each uh division has a general so if you can see every division is there inside the uh itself and every uh division will have a certain general
Which will have certain uh uh followers as well so General communicates between each others as well as between all lieutenants with their division only through Messengers so they’ll be communicating with each uh liant will be communicating with the uh generals and uh yeah so these is a uh concept of basically a
Master Slave so M generals can be uh also defined as Masters and lieutenants also can be termed as uh slaves so uh whatever the uh communication they have uh given out the Masters the slay always have to obey them and that will be only in the form of messages only so moving
Ahead all the general and commanders have to agree upon one of the two plan of actions and the exact time to attack all at once or if fails by Fierce resistance then the time to retreat all at once the Army cannot hold on forever if that attack or Retreat is
Without full strength then then it means only one thing and unacceptable brutal defeat so uh when this part comes in it is like uh whatever plan of action is there everyone has to be agreeing to that particular uh order otherwise this uh the uh whatever the plan of action is
Or plan of attack is will not be viable or will not be implemented as planned which will then uh means that it can be either successful or fail but mostly it will fail so uh when it fails it means that it will be had and uh this particular uh infrastructure that has
Been created will be Obsolete and will be deleted so if all generals and Messengers were trustworthy then it is a very simple solution so that it means that if everyone is sincere to what their Duty has been assigned the plan will execute as uh the plan will
Executed as uh planned and uh will will be a definite win but if not implemented successfully or not communicated properly then it might be a failure however some of the messengers and even few General commanders are traitors so that results in no solution exists if less than or or equal to two
Three generals are loyer loyal so this is like uh something uh if the generals of each division are not uh uh say suppose act as a malicious uh peer on the Node itself so that means uh they will not follow the order and if they will not follow the order the plan
Won’t be executed properly and it will uh be considered as a fail and uh these trators will win the uh network over the uh over the network so uh to uh to eradicate this problem we have this uh General consensus agreement of uh two if uh in the network there are three
Generals if to agree on that particular information and execution then it will be considered as the uh General agreement over the network and third automatically has to obey by hook or cro to uh the decisions that are made by the other two generals so that is what uh consensus uh
Also mean to to agree on certain to a certain uh percentage of uh uh you know uh certain percentage of people agreeing on certain information to make it as a source of Truth who created bitcoin option A Satoshi Nakamoto a mysterious figure whose identity remains unknown option b a group of computer
Scientists at MIT option C Elon Musk the CEO of Tesla and SpaceX or option D the United States government just a quick info guys intellipad offers you a blockchain certification course which will help you become an expert in distributed Ledger technology ethereum solidity program and many more through this course you will
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Without a doubt this course can set your careers to a new hype so visit the course page link given in the description below and take the first step towards career growth with the blockchain text tab is what we learn from this problem by and general problem so the solution to bisenti in general
Problem is practical the Practical bisenti fall tolerance algorithm which is used to establish consensus and blockchain system is only one of those potential Solutions so the solution of pbft was introduced to us in 1999 where the person named Migel Castro and Barbara Lov introduced the pbft algorithm pbft can process an enormous
Number number of direct peer-to-peer messages with the minimal latency and how does it work is uh we have an ASR distributed system where nodes are connected by Network and this B and all fa failure model is uh actually a faulty nodes behave arbitrarily uh so it can work in a more
Random way and uh in this we have independent node failure so even if uh few of the nodes fail to respond to how the plan has to be executed uh the minimum number of like two out of three people if agreed then it will execute the order itself and it will be
Considered as the consensus has been achieved since this number these many number of people has been agreeing to the decision if that particular decision is not been made the transaction uh the uh the process is then again repeated uh with uh a new master being elected by
The uh Network and the same procedure repeats until you uh reach out the uh consensus on the network itself so the second Point uh third point is cryptographic techniques to prevent spoofing and replace and detect corrupted messages so this make sure that uh nothing uh malicious is uh uh
Happening and uh everything is going according to the plan that has been uh written down by the uh or decided by the nodes in the network so it is very strong ad adversary and this method of establish consensus requires less effort than other methods like proof of work
Wherein you need lot of resources n number of resources to solve that particular uh cryptography puzzle to uh come down to the general agreement that okay uh uh this particular transaction is uh being audited and happened over the network itself moving ahead we have proof of
Stake proof of stake is a category of consensus algorithm for public blockchains that depend on valid dat’s economic stake in the network so to achieve uh to implement proof of stake every node who on the network should have certain amount of tokens and uh this they should min like minimum uh
Deposit that number of tokens to participate of validation of blocks over the network itself but sorry but uh this uh can not these are these are not limited to the number of tokens a person wants to uh person wants to uh you know uh stake
If he Stakes more he has a more higher chances of uh getting getting the uh uh valid getting the chance to validate a block on the blockchain set so say suppose uh a person named Jim has submitted like 32 number of uh ethereum tokens on uh to become a validator and
Uh there is also a person called Kevin who has submitted uh like 74 number of bit ethereums to uh become a uh uh minor over the Network itself to validate the block so what the proof of stakes is proof of stakes is that uh the high highest number of Revenue the person who
Uh invest in as a uh invest to become a validator will be chosen so the person who has uh uh more tokens like say Kevin will get has a more higher chance to be selected as a uh you know uh a blockchain valid minor uh which will validate the transactions
Over the uh Network itself so it is uh proof of stake is a category of consens algorithm for public blockchains that depend on validat economic state in network that we just understood and discussed uh it is a new kind of consensus algorithm which was uh pioneered by Pier coin in 2011 now there
Exist many versions of it like NXT is using tender maintain using flying foxes one and your chance of getting being pick to create the next block depends on the fraction of coins in the system you own so it’s like the stake you imple uh the number of stake you have on the
Network is uh the way you will be selected as a minor to uh uh authentic uh mind the transactions on the upcoming blocks a participant with nothing to lose has no reasons not to beave badly and this is called nothing at stake problem so yeah uh so this also actually kind of
Maintains the Integrity so that uh uh minor actually knows that there are certain number of tokens being State and he cannot uh act maliciously or provide false informations uh to their own benefit on the network itself so that if that particular person uh acts maliciously is uh tokens might be
Slashed over the network and uh will be uh uh uh also banned from the network itself so that is the kind of uh advantage to it and uh there we have proof of work versus proof of stake uh example and uh not example but the difference and uh how is it done the
Probability of mining a block depends on the amount of work a miner does is uh What uh proof of work mechanism is and stakeholders validate new blocks by utilizing the share of coins on the network we just that we just study uh the biggest disadvantage is uh
To take takes more energy uh than proof of stake and uh the first example of proof of stake was beer coin and the proof of stake the disadvantage for proof of stake is that uh the stake the more you stake the better the chance you have to
Uh uh you have to mine a block it’s like uh Rich becomes richer and uh uh that is the concept of proof of stake basically uh one example is mining which is computer cycle time to validate new transaction uh that is the uh example of proof of
Work and in proof of stake a user would need to own a majority of all coins in order to attack the network so if he has like uh 98% of ethereum tokens or maybe 51 52% of ethereum tokens then uh he will be able to easily attack the uh
Network itself so it’s just like majority of share holders can take down a company no so that is the same thing in blockchain only as a proof for State we have this another uh uh cons Al gorithm called poet which is developed by Intel and it’s alternative
Uh and it’s an alternative consensus uh protocol uh which is also known as poet a poet is uh a Nakamoto style consensus algorithm that is designed to be uh a production grade protocol it is capable of uh by supporting large network of populations so it can uh cater n number
Of populations when it comes to blockchain poet relies on secure instruction execution to achieve the scaling benefits of a knomo style consensus algorithm uh without the power of consumption drawbacks of the proof of work algorithm so it uh basically similar to what proof of work is but
Eradicate the major problem of uh power consumption uh that is the only drawback of proof of algorithm po uh Sim uh simulator provides uh poet style consensus on any type of Hardware uh including virtual Cloud environment so it can be achieved that as well so example of poet
Is uh it is used in Hypes sort so one of the exam uh hyp sort is the umbrella uh technology under the hypure umbrella and uh yeah so that is basically using the consens algorithm as poet and uh yeah so what are the advantages of Po proof of elapse time the advantages are
It is fair fair investment uh Fair sorry it is fairness so the function should be uh distributed leader election the broadcast possible population of participants and uh investment uh the cost of controlling the leader election process must be proportional to the value gained from it so uh how the
Number of um money you get get a reward now is actually uh should be less than the cost of controlling the leader election process so that you can gain from it rather than losing of the money very ification it should be relatively simple for all participants to verify that the leader was
Legitimately selected public is like everyone has access to it uh it is decentralized distributed and public digital liser that is used to record uh transactions across many computers so that that record cannot be altered retroactively without the alteration of all subsequent blocks and the conclusion
Of the network so it is like in in the nutshell it is like a a block uh blockchain is like a publicly accessible to all anyone can read uh uh and append all the data and uh there’s no restrictions to it uh and a few of the examples of these are uh
Bitcoin ethereum Das factom uh are the few examples of uh public blockchain where is in private a private blockchain Network requires an invitation and must be either uh must be validated either the network starter or by a set of rules in place of uh placed by the uh
Network starter so private is like uh uh for a Clos group people who are there for uh for close group of people who are there for uh who are there within invitation so it’s like a healthare system and healthare system has like uh uh you know doctor records of
Patients which is very uh uh critical information and uh is not uh like few people are not comfortable with the uh uh a uh availability of it to other providers so U that kind of solution can be derived on a private blockchain wherein only uh with permission the
Information can be shared with other providers so say suppose a patient is there and patient wants to uh get his uh uh chotic pain uh result so the person he goes to the doctor he goes to is the neur uh uh neurologist so uh to uh give the history of the that particular
Patients he needs to show give access to that particular uh doctor itself and no other doctor or other uh person will be able to access his uh medical history which makes it a perfect solution as a uh uh on top of blockchain uh as uh the
Healthcare system to be termed as a Prof soluation on top of blockchain then comes Consortium so it is like uh controlled by a Consortium members only predefined set of nodes have access to write the data or a block so few of them are Ripple R3 and Hyer uh can be an
Example for uh consortion uh where in uh uh only like persons like admin can uh give you the access uh over the network itself or like they will have the access to uh read and write uh but and rest can only view the uh data as well so per uh permission and
Permissionless blockchains properly permission blockchain Network differ uh from un permissioned blockchain networks solely based on the access control layer built into the blockchain nodes so the way they have given the permissions is the like if it is open to all it is a public uh permissionless blockchain if
It is closed to a group of individuals it is permission blockchain since the network is open anybody can participate in the contribute contribute in the network hence permission is restrict the actors who can contribute to the consensus of the system State hence permission so this is the way you can say that uh
Uh uh these are the way it can be termed as permission l or permission blockchain which is like public and private blockchain so here’s a tabular representation of public or private blockchain access uh public as we discuss has access to all private is just like access to uh limited number of
People speed of public is actually low because it has to cater n number of people but uh uh in private it can be very fast because limited number of people we know how they might be behave and yeah the security aspect of it is proof of work and proof of stake so it
Has to be much more uh comp the security of it has to be much more complex than what we have to uh what we have in uh private the reason being uh any number of uh peer can be uh a uh you know uh communicate uh with the blockchain
So a malicious actor can be there a normal person can be there so we have to make sure that a general consensus is achieved and uh everything remains security intact and uh auditable for the proper functioning of the public blockchain but on the private we know
Who the participants are and we know if they’ll be malicious or not so we have like certain region R uh you know region right sets uh which can be controlled by one particular person uh or the PS to either uh control the network or better functionality for the uh blockchain
Itself identity so everyone in the public is anonymous there’s no need to uh show your identity you just only have your address and you can just go through the public blockchains where in the private is like a pre-approved identities and you know like who will be inside the network and their identity is
Not uh Anonymous as such uh then comes the asset so what kind of asset public deal with public blockchains deal with is the native assets like ethereum having eth uh Bitcoin having BTC and in private there’s no native asset because you are not uh building uh for a public network
So it’s like hyper leer won’t be having any tokens R3 G won’t be having any Tok tokens multi-chain won’t be having any tokens for uh to fuel the network uh itself but on uh ethereum and BTC we might need these tokens and the reason for uh being these tokens are the minus
Because they will be uh given the rewards right so that rewards actually comes from these native tokens to fuel the network so here there are a few more uh uh you know examples and permissionless users mostly proof of work uh permissioned users permission uh public uses this proof of
Stake and uh so the more uh this diagram basically represents uh the more the uh anonymity of validators is more of the public and if you know the uh uh users on their Network it will be more of a Federated or a private blockchain where in the Trust In validators is like more
Uh when it comes to the private uh permission one but in permission list the trust is less because any number of individual can come and join and start to interact with the blockchain itself so these are few of the I think so consens algorithm which you can read later on
And yeah uh moving ahead uh we’ll understand the concept of side chains so side chains are uh what but uh separate blockchain which is connected to other blockchains through the use of two-way Peg that allow transfer of digital coins or assets between blockchains at a fixed or a deterministic exchange rate so what
Does it means is it is actually not inside a blockchain but a chain which is running in parallel to the uh network uh of blockchain and it is actually used for uh uh communicating uh like between two digital assets so one of the examples can be polygon chain which is built on
Top of ethereum chain and it works as a solution for implementing a fast scale blockchain which is like an disadvantage of ethereum so whatever it wants to do it is doing much more fastly with and with less gas implemented uh on the uh side chain uh and everything is mimicked on the same
Thing on the uh main blockchain itself so this is what is a side chain uh which is like everything happen uh in with different terms and conditions uh but is actually paed to uh what a main chain is that is uh the ethereum network so few of the examples are these
Arbitrum can also be one what do side chains offer side chain enhances blockchain’s performance and privacy protections so whatever the main chain is lacking behind is actually a solution offered by a side chains side chains is any mechanisms that allow tokens from one blockchain to be securely used within a completely separate blockchains
But still move back on the original chain if necessary the same thing that polygon network has to offer you can just go around with the polygon Network to have a better understanding what a s chain is and arbitrum as well these are like a layer two solutions uh which are designed on
The main chain itself and which eradicates mostly uh which are actually B uh designed to eradicate the problem of uh the uh what Mion has to offer like uh majorly are the uh gas soft ization gas is like a fee over the network which is incurred by the transac
Sender uh and is given to the minor as well besides the uh amount that he’s sending so that is the gas fees so they reduce that they make it much more fast since public blockchains are slow so they get much more fast by doing some scalable activities and so on and so
Forth and side chains h can offer can have their uh other side chains for micro payment so what like say you want to transfer some amount of money to polygon chain so what you can do is you can just take it back brid it to the other network do your operations and
Then uh once your operations is finished on the better version of the main chain you can come back to the ethereum because it has the uh reliability and security of it but the performance of a new uh base machine which is an updated transfer of assets and side chains so
Root stock as an example to transfer assets from site one chain to another the following are the steps so you can just follow on these four steps and uh a user on the parent has to send their coins to a special output address coins will consequently become logged and
Spendable so that will happen on the Main blockchain and after the transaction completes SPV then confirms it across the chains so these uh will be confirming uh on the other chain as well that the transaction has been completed and will uh same amount of uh money will
Be sent to the other side chain so after waiting for a contest period which is just a secretary method to help prevent double spending the equivalent amount will be created uh credited and spendable on the side chain and vice versa so once you have created a request
It will block loock your that amount of money on your main chain and equivalent amount of money is sent to the uh side chain and uh that will be credited and minted to you on your wallet and you can do to perform your normal operations
Which you have uh uh just came in to work on uh platforms for implementing blockchain there are many uh types of platform which we be use to implement blockchain uh we have initially seen hypure ethereum and R3 Koda and we have these other chain as well called
Multichain and hydr chain but uh I think so multi-chain is actually uh like not uh a chain that is being widely used now but we have this ethereum and hyperia as a main source of uh blockchain tools which I used to implement blockchain infrastructures so we’ll be learning
More of this and uh few of the examples are open chain IBM Blu miix these are the tools uh and Technologies for implementing Solutions on blockchains Iota being the one or helping you to create a DT it is a distributed ler uh Technologies yeah you can also uh look
Into the slide and play around uh with uh these tools to have a look upon what they do do these are the few other examples as well Big Chain DB open source system that starts with the big data distributed database and then adds blockchain characteristics which are like the security uh and transparency
Etc and they offered like a decentralized control immutability and the transfer of digital assets chains are separate blockchains which is connected to other blockchains through the use of two-way Peg that allows trans of digital coins or assets between blockchains at a fixed or otherwise a deterministic exchange rate so side
Chains are uh like a chain which is actually mimicking the uh exact main exactly the main chain and that particular main chain have some like of disadvantages like uh say suppose we are working with ethereum so why is there a need of side chain the side chain is
Actually uh built because there might be some kind of disadvantages or like uh limitations to the uh main chain itself so what people do is people try to uh make a solution uh which is similar to what the main chain is but is actually covering all its disadvantages and those disadvantages
Are uh on the uh covered on the side chain so let’s say suppose what are the disadvantages if we wanted to see for one main chain and if we want to say a main chain we can say like ethereum ethereum is a main chain and the side
Chain for it is polygon like we learned yesterday so what are the CH uh exact limitations uh that ethereum might have for which polygon have been created the first of them is uh expensive gas fees so to transfer uh the uh s to transfer or make a uh transaction sent to an
Receiver uh person needs to provide some kind of gas fees which is uh actually given to the minor as a reward but this gas fees can vary from uh time to time and is dependent upon the congestion of the network so say suppose if you have the congestion High then the these gas
Feed will be high and uh these G uh these gas fees if they are high they will be charged more by the center itself so that was one of the limitations that uh the expensive gas fees had to be incurred every time you have to pay for uh send a transaction to
Some person second of all the transaction took a lot of time on uh ethereum engine to get verified or validated on the network so it would be like say suppose around 6 minutes and the TR the network becomes kind of slow and expensive to use and it’s not cost
Efficient so people from uh this team of Mumbai uh had developed a chain a side chain basically which is a polygon so it is a chain that is exactly running parallel to the main chain but the operations are much more smoother much more faster much more uh cost effective
So whatever the uh kind of operations you want to do on the main chain you can do it similarly on the uh this uh polygon chain as well but the thing is the chain needs to why would they be shifting out to uh the polygon chain when they have ethereum chain and its
Security just because of transaction cost being less and uh the uh gas fees is actually being expensive with there is not exactly why they would shift they need some kind of uh like the essence of blockchain will be removed if they just swap out to polygon and uh you know uh
Make it obsolete uh make it make this ethereum chain obsolete so that was not a viable solution to uh overcome this what they did is they used the security of ethereum and they built on top of eum itself so now what is happening is these side chains are
Actually uh running in parallel and to to use those chains what you need to do is you need to lock uh some kind of uh uh this uh ethers on the uh main chain itself and uh you need to buy these mtic tokens which is the polygon’s uh version
Of cryptocurrency so similarly in ethereum you have ether po as Matic right so um being you if you purchase these Matic tokens what will happen is you change your ethers in exchange of this mattic tokens and once these Matic tokens are actually being uh purchase what happens is those ethers get logged
On that smart contract itself and the equivalent amount of uh mtic will be transferred to you on your uh wet itself so now you are actually being transferred from one chain to another chain and you can do all kind of operations which is similar to what ethereum has the security and everything
But it will now also include the uh lower gas fees and fast execution of transactions so that uh as soon as you complete all all your uh operations and everything on uh polygon which is more or less the same every syntax right of the smart contract syntax is the same
The polygon Explorer is actually the same and uh all the other operations are also more or less the same so you can do your uh thing or work on your uh uh this polygon Network and use the same erc20 address as well which you will get from
The maybe you will generate it from metamask or any other wallet and use it uh use it to connect with the polygon chain and once you done you can just uh go back with your uh mat token and send it back to the ethereum uh itself in the
Main chain itself and at that time whatever the amount of ped tokens were given to you will be actually send back to the contract or burnt or uh and the equivalent amount of ethereum you have uh you will get from the mat token itself so that is the basically the uh
Concept of site chain that you will have uh a chain which is exactly similar to what the main chain is but it will actually be uh much more uh you know covering all the merits of sorry covering all the demerits of the uh main chain itself uh so yeah that is what
Exactly uh the side changes and uh if you see the side Chan enhances blockchain’s performance and privacy protections the same thing that I was just uh telling you guys and which is and the rest of the things is actually the same itself so I hope uh I made
Sense this time and you were clear right okay you understood thanks a lot okay so now moving ahead uh today’s session we’ll be starting to cover a module three which is the Bitcoin and blockchain and uh yesterday we can cover this deling into blockchain itself so you can just go through the recording
And if you have any doubts related to it you can send us on the mail given uh by the intat team and we’ll be getting back to you as soon as possible uh okay so uh let’s start with our uh third module which is blockchain and Bitcoin and uh okay
So I hope like everyone uh of you is now well aware what blockchain is and I know like mostly people will be aware about what Bitcoin is uh but still we’ll be understanding further more ahead and if you guys like have like any some then we’ll uh identify the features of
Blockchain itself and what exactly it has has to offer uh with these blockchain technology and why is the hyp uh is there for this blockchain we’ll understand through the uh features that it has to offer the third is uh Define blockchain use cases in different domains so where all has the blockchain
Shined and how is it working uh like why are people going crazy uh to develop a solution on blockchain we’ll just see that and understand all the use cases that are currently uh executed on blockchain itself uh next we’ll see what are the trends uh and understand if the
Blockchain jobs are actually suitable for you or what kind of blockchain Technology jobs are out there in the market and according to that you can just suit yourself and apply for them uh lastly we will be uh seeing L all who all can go for blockchain technology
Jobs so that will be the one module and also we’ll be covering this Bitcoin mining as well uh which I think so is the part of it what as per the time permits we’ll try to cover the most of the things in it uh so starting with the
Session uh today we’ll start with what blockchain and Bitcoin are uh so I I think everyone has UND uh this definition as of now that blockchain technology is the latest bus in the industry today uh Bitcoin is actually the implementation of blockchains so that is exactly what we
Are trying to learn for the past two modules and uh Bitcoin came into existence in the introduction of blockchain’s white paper in October 2008 where the first time of uh white paper was actually shared with the public and I hope like I’ve shared the white paper to you blocks linked and
Secured using cryptography uh as we all know as of now that transactions are you know combined together inside a block and block has different types of details which is actually chained together to create a uh blockchain uh itself uh so uh we understood what are blockchains but what is bitcoin so
Bitcoin was the very first implementation of uh the cryptocurrency and it was uh trying to resolve this uh issue of high uh transaction fees uh uh given by these uh guys maybe I think so if I’m not wrong but uh these guys were actually a guy from havala wherein
People used to try a lot like it’s a theory as of now in the market that choshi was very fed up with the guys ending out the money from one place to other uh using this saalam so he tried to make a concept of uh you know a
Technology to eradicate this problem and everything was uh uh you know uh built kept in mind with the similar use cases but uh this is not yet been proved or given but it was just theory that uh this technology was actually kept in mind to uh you know uh make it
Easier for people to send out the money to anyone or any person uh on this planet and uh you can uh send it via like in hardly maximum to maximum like one or two minutes but the transaction confirmation will happen like after uh some time because uh minus needs to mine
That block and uh as soon as the miners try to validate it the first minor you will know get gets the reward but the other miners will also validated and there will be some amount of confirmations that will actually confirm that the transaction has been updated successfully on the
Blockchain and it will not get reversed or reverted back to any person or maybe it will not get cancelled because of low gas fees on the network so uh make sure that uh if you guys are doing these so you kept uh this uh things in mind uh okay uh next
Point is uses cryptography and mathematical algorithms as we all know that it has different different cryptog graphies like Merkle hashing and uh sha256 and uh other cryptography algorithms as well like RSA working behind it to make it much more secure and eradicate all the vulnerabilities that are thrown by the malicious
Actors uh thirdly we uh uh know that uh only 21 million Bitcoins will only be ever created and uh beyond that no one can create the uh Bitcoin until unless there is some kind of you know upgrade to it to the network and they try to you
Know Brute Forces to make the network or the agrees to that okay we need more 20 more than 21 million Bitcoins so it is estimated that uh these uh 21 million Bitcoins will be like this Technologies the difficulty will be created difficulty will be rise for solving the transactions and
Confirming the blocks on the blockchain and miners actually will need to use a lot of resources uh heavy computers uh to actually solve those cryptographic algorithms to uh mine the block over the blockchain itself also these rewards actually keeps on uh getting half uh on certain block numbers so initially it
Was 50 Bitcoins for solving like confirming a block on the uh blockchain but uh the uh Pro the process or the concept of Hing happens on certain number of blocks and this keeps on reducing in half so earlier it was 50 then it was uh uh this uh 25 then it was
12.5 now it is actually 6.25 for uh resolve uh resolving the uh block on the blockchain and the reward is around 6.25 which every Min never will get and obviously the value is actually the USD value is actually P to it uh and it holds the value for like
Uh around I think so 26,000 or 27 which is very famous website for tracking all the prices for every cryptocurrency so you can see all the trending cryptocurrencies and uh the number one is has always been Bitcoin and number two has been Eid but these all can uh
Vary and depend upon the different different uh uh you know uh the supply and demand and uh the way it is performing on the network it is actually ranged according to start right so if you see we have like $26,000 as of now for one Bitcoin so if
You go want to sell you can get this 26566 on different exchanges or maybe uh whatever the rate they are they have to offer you can check different different uh exchanges CU they have different prices for buy and sell on the network and if you want to see it you can also
See that the price of these can be actually converted in in INR itself so if you just convert it to that you can see this the price has been changed from uh 26,000 to 22 lak 7,713 Yeah so this is like a very useful and handy side you can uh keep uh with
You to check the prices if you’re interested in trading or stuff like that and uh held in the electronic dist so how is it held H it is held in the electronic distributed ledger so Bitcoins are not like it is present somewhere on the network itself so we have the concept of
Utxo uh which is actually being converted to bitcoin as soon as you make or send the transaction to a particular person and these utxo will learn more about it on the future sessions and uh understand what are the uh how it is actually being generated how the Bitcoin
Is actually being generated from the ther itself so what is blockchain blockchain is the technology behind Bitcoin so we all know that uh Bitcoin is a use case of it uh which is actually a cryptocurrency but not the technology and uh this uh uh has been using all
These Concepts and derived in a language called C and C++ and you can see uh this is the actual coding behind it and and it uses this concepts of cryptography C++ peer to-peer and cryptocurrencies and this is actually the code for the Bitcoin core and you can just uh clone it and
Try to see what all things are there and if you want to contribute it you can just raise a PR and someone from the community might see it and approve it and so you know you are just actually contributing and doing the open source work on the Bitcoin technology itself
Next part is the features so now we’ll be delving into the features part of it what exactly it has to offer why is there such a hype around blockchain so these are the few features of blockchain first off is the hashing encryption so as we all know everything on blockchain
Is actually converted into hash and then gets stored everything is encrypted nothing is shown in like as it is format every thing needs to be first encrypted and then uh with these receiver it needs to be decrypted with the keys they have and uh once these are performed uh these
Actions are performed only then it will be uh secure maintained as a secure network over the uh blockchain itself second feature is the distributed public Leisure so no single c as we all know there’s no Central Authority so there will will be no single point of
Contact whom we need to uh get to if we have any troubles and the Leisure itself we will be having we will be like giving out a copy to us of the Leisure and everyone can maintain that and this keeps on working like uh on a like M it
Keeps on getting uh updated on multi-second basis if you’re connected to the internet of of course uh and uh everyone will have the same values everything same uh with uh the people who are actually connected to the uh software as a node or a pier right next uh features of blockchain is actually
It’s more specific to bitcoin but the features of blockchains uh may include the immutability uh because it is not actually uh changing the value and it is only working on append only part or the reader append only actually so this becomes uh impossible for someone to actually rewrite or uh hack this
Blockchain itself uh proof of work is also one of the consensus algorithms that it has to uh make everyone understand or uh help people to come on one particular uh decision itself uh to maintain the uh you know uh the stability in the network and uh the last
What leaves is incentives for validation so miners are actually who are heavily investing on their resources of uh good computers will actually be rewarded with uh these tokens which have like values of around 22 lakhs for one Bitcoin itself and they get around 6.25 which will be roughly around 1.2 CR uh
Which is a lot for a particular uh minor to just confirm the transaction over the uh Network itself but the thing is that uh there is a huge competition and everyone needs to solve uh everyone is trying to uh run a race of solving the uh Pro mathematical problems to
Confirm the uh block over the blockchain itself so these are the actually core features of uh blockchain and when I say blockchain it is actually focusing on the Bitcoin blockchain itself so whatever like we are actually going to learn is around Bitcoin ethereum and uh uh multichain itself because these are
The most popular ones and every other blockchains might be different slightly different but mostly the concepts will be core around the Bitcoin itself as I previously mentioned so what are the blockchain use cases uh and how Industries are using blockchain that will disrupt uh you know these Trends and everything around the
Technology first is the financial services so as you see the Bitcoin being the biggest example of financial services these are like uh ways you can uh uh do your sending or receiving or the transaction doing trading or some stuff around it but if you want to like build around uh the
Exchanges Al which will be like say suppose uh mimicking exactly what uh uh these uh stock markets are doing or something like that then we have also Solution on uh other uh blockchain which is called ethereum and they have these uh decentralized exchanges which provide these Financial Services on top of
Blockchain itself but also if you have like these ideas certain ideas you want to give like like uh say suppose you want to uh you want to uh create a cryptocurrency which will be acting like a mutual fund so you can do it easily on top of ethereum or maybe a polyon
Network uh so that uh you know it is much more faster and much more easier to uh do with less transaction fees so you can create some kind of concept of these mutual funds or any kind of other Financial Service that are present on the current system you can just uh try
To implement it on the uh just uh uh blockchain system itself moving ahead voting part so voting as we all know like is the most scrutinized part wherein people tend to claim other people on cheat and being a cheat for uh uh adding more uh voting power to them
Or doing like uh some kind of manipulation on the EVS or so on and so forth there are like uh Solutions as of now uh who are trying to uh do these voting on uh blockchain itself so that it becomes very fair and square for every individual and since uh it has the
Capability of being transparent over the network everyone could view who uh who is voting how many votes are there and you won’t be able to identify who is voting but if you know the address who whose address is what then you will be only to uh able to identify otherwise it
Would be very diff difficult to make sure who is so it maintains that identity but it is actually you know Sous or Anonymous basically for every other individual on the network itself then moving ahead real estate so you can then again create like few of the smart contracts wherein uh you can
Mention that uh the smart contract will be considered hold holding all these uh money you wanted to transfer to your uh rent renter and the rente can you know just add the money on this uh smart contract and once everything is okay he satisfied with the stuff then he can be
Able to trans uh he can be you know uh make it uh sent to the uh this particular person who is who is the landlord and vice versa it is say that uh landlord is actually squared that uh the person who is renting his house won’t be able to
Pay the money so it is actually like an uh security for him as well because the money is uh inside the smart contracts and as soon as the terms and conditions are met they would be transferring out like automatically transferring out the money from the person who is renting it
To the person who is the landlord L itself so it’s actually a very good use case and currently our Indian government is also uh doing something around real estate they are trying to uh put all the Registries of the uh properties and everything on the blockchain itself
Wherein uh uh no one uh can actually do a fraud that uh they are trying to you know overpower the other person and try to take the their proper with fraud or other kind of scams so it is it will actually solve this technology will actually solve those uh Parts as well
Moving ahead music streaming so it is a very important use cases where uh people can uh show like digital creators can showcase their talents and get digital Assets in uh instead of that and uh these streaming apps uh are actually very valuable since I think so The
Afters of 2012 or 13s where in these application were coming into the picture so you can build a solution on top of blockchain itself so wherein if you are consuming the uh you know digital uh uh message or asset created by the Creator then you need to be paying all these
Tokens or maybe some kind of royalty given to him wherein everything is fair and square and no big way like maybe TCS or Sony Music can come and uh steal their you know uh uh money from them and not paying them uh so that can be one of the
Important use cases uh that blockchain can solve moving in supply chain and management so it is a like very uh famous use cases that blockchain is actually solving and people are trying to trace a single product from from the farm to the uh consumer plate uh wherein uh every information is actually getting
Updated on the blockchain and everyone uh has these uh you know uh information where the product has been and how it has been transferred to you uh from the farm to the field and how much also like if they have these parameters like how much money they bought them so that can
Also be added but it totally depends on the person who is actually creating the blockchain and trying to trace all the supply chain and management itself so it will be easier for people to you know uh trace the product and human errors will actually be very uh you know converted to minimalistic so
That people uh will be able to automate these stuff and make these things happen easily on blockchain itself so what are the industries uh like in financials uh B are NASDAQ are like the Pioneers who are trying to uh make their first trade transaction using blockchain
And NASDAQ is also uh will soon run the blockchain trading but uh these things have currently evolved and uh for this financial services this thing called Unis swap has been made which is actually the protocol uh on top of ethereum blockchain and it provides it very different Financial Services where you
Can swap the tokens you can purchase the tokens you can even buy these tokens with the help of these pools and Mining into stuff with that so if you want to see you can explore these things as well you can buy these nfts also uh which are trending and seeing how uh what
All uh n are there in the market which is similar to what coin market cap is doing so the we can see that mutant AP Club is actually the most trending nft which is actually has a floor value of 4.82 e so if you want to see you can just uh
Fool around with this and it will be actually a good thing for you to understand the financial aspects of what blockchain can be uh voting we have seen that Estonia is actually a small Baltic na uh which has implemented the blockchainbased EV voting system and follow my.com you can visit the website
To see the First open- Source online voting solution based on blockchain so these are the two major things uh who people who are actually disrupting the uh industry by implementing these Solutions so yeah you can go with this you can check this out uh yeah so real estate like
Blockchain solvy issue of huge paperwork and high agent fees is actually a uh good you uh you know problem that it will eradicate and ubiquity is uh like the first Enterprise ready blockchain secure platform uh which can be used to manage and track and transfer Land Titles and property
Deeds so these guys have implement the solution on top of blockchain itself so you can visit them and see how they doing and just try to maybe play around with it uh so you’ll have a good understanding uh of the you this particular use case how blockchain technology is getting implemented on it
Music stream uh so yeah as we all know artists lose up to 86% of uh the proceeds from their music because of illegal downloading cause that is the most uh you know uh common issue that digital artist face that they uh their songs as soon as they get released people tend to just
Copy it and paste it on their websites and you can just download it with certain few clicks and uh these people won’t be getting all these money and getting paid for what they have created or the in cost they have incurred to producers music so yeah so blockchain
Will actually eradicate the problem and uh won’t be uh will be issuing all these uh uh challenges uh on these streaming apps uh like these Mycelia is a blockchain based platform for artists to sell their work directly to customers so people who are interested in listening to one particular music and just pay
Some amount of tokens and uh listen to their or consume their uh digital asset produced by a music artist uh supply chain and management so middleman in supply chain takes time at cost and make mistakes very often so as we all know like if you keep on adding a
Human to a chain then there are chances uh that it can be uh uh you know qualifying for the human made error or maybe like uh they are not trying to upload the data correctly onto the uh onto the platform they have built upon but blockchain will actually all these
Things and uh will also be reducing these costs because uh the middlemen will actually be removed from the blockchain itself which is actually a forte of blockchain so provenance is uh one kind of uh platform which facilitates transfer and transferable trade through the deployment of the blockchain technology so if you want to
See these are the actually good examples given in this PPT for every uh use cases that uh blockchain is disrupting so blockchain job Trends so as we can see these data are little like uh old but uh currently also people in this technology are actually in demand
And people are trying to switch to this highend Technologies like AIML and blockchain uh to have good pay scale and uh learn more about it so these are the Futures and I would suggest everyone to actually learn it CU now in the future the people will be actually moving to
These Technologies and so since there’s being a future everyone needs to move it by either will or you know nonv so yeah so uh in like uh for the data that has been shared by with us it is actually seen that job posting for the blockchain actually increased by
.5% uh within the span of just two years and it was in huge demand and every other uh uh company is actually seeking for blockchain developers or maybe blockchain analysts or researchers because uh since this technology is actually on the nent stage there are huge demands of researchers wherein
People pay uh uh job Seekers to uh see what uh if the solution can be derived or create a p around it uh to have an understanding if the solution is viable or not so yeah blockchain researchers are also in very uh demand yeah so what are the salary Trends on an
Average blockchain salaries are 40 to 50% higher than majority of job profiles actually I would say it depends upon uh how much uh skills do you have like what all things do you have you learn and uh according to that you’ll be given out the pay but mostly like it is actually
Higher than what other Engineers are offer or other fellow uh researchers or analysts are offer like it is like since the technology is in trending and people don’t know much about it so they tend to find people who have an expertise on it and you can be one of them if if you
Learn thoroughly about what blockchain is similar Trends exist on across geographies that is in US India so everything you can see is actually starts from the US and or Japan maybe so those people are actually have these huge demands of blockchain guys who have an expertise of how these things work in this
Technology so who should go for these role so this is a very of uh uh you know common question that people who are seeking to learn blockchain have like who should learn it why should we learn it and so on and so forth so who should go for these roles
So if you see that Splat works so this has like uh opening for a blockchain developer and uh people say that if you are a cloud professional uh you can you know apply for this job but obviously you need to have the uh this knowledge about ethereum multichain hypure Ripple
Uh you actually uh to clear an interview you need to have the theoretical information of how these Technologies are working in behind the scenes and how these Technologies are helping to create uh different different block or blockchain Solutions around it so yeah so theoretical part is must for every uh
Uh job opening and uh since if you’re applying for blockchain developer you should have the understanding of the core Core Concepts of it and when I say Core Concepts you need to understand the proper working of what Bitcoin is because mostly most of them use the same Concepts uh around different blockchains
As well uh moving at experience with working with nodejs python go rust and JS so I think so sham was asking what exactly is a prerequisites so if you want to become a blockchain developer I think so these are the four uh languages that are widely being used in
CH so if you have like little bit of understanding of it or maybe understand how to write the general syntax of it I think so you’ll be fine because uh writing down this as a core blockchain developer you need to write down the smart contracts for which you need to
Learn solidity uh which is very similar to what a nodejs or JS has to offer so even if you have like understanding of uh one programming language that might be more than sufficient but if you have like uh understanding of JS then you might be having an edge over the others
Uh because everything has more or less the same concepts related to no JS a JS here so comfortable working with yeah uh so SQL and no SQL is why there can be options so knowledge of cloud infrastructure technology such as AWS Google clouds Microsoft as so these are
Like in huge demands as of now cuz uh when you try to create an infrastructure now so you need to create on some kind of these Cloud platforms so AWS as your or Google Cloud being the Pioneers in it uh people tend to find people who have
Understanding on how to uh handle these platform and these platform actually tend to have different like n number of millions of uh you know features in it like cicd pipelines you need to you can create you need to how do you manage those virtual machines the sqss data the
Rabit mq the messenging services and the obviously the database the SQL and no SQL databases so these are the uh one of the important uh things you need to have maybe uh beforehand then it will be good otherwise uh yeah so you can learn it as
And when you are doing this if you can convince them comfortable with Linux and have a good understanding of O internal so every uh developer is actually working upon Linux because mostly the things don’t work around windows but Linux or Mac works fine for the blockchain developer so if you’re using
These machines or you have these machines it is uh very uh you know widely available and uh a lot of uh forums and communities work around with uh these Mac and Linux so every solution you can see on this uh uh like stack of or different other forums will be
Related to people working around this uh Linux operating system as well so this is one another role for blockchain architect given by architect you see these are the prerequisites for them and uh if you qualify like even like 60 to 70% of them I think so they
Will be able to get you higher du in their company itself uh mining of Bitcoin is are uh moving ahead we’ll see the economics of Bitcoin and uh let’s start uh before like we get into the these detail let’s consider these economics of Bitcoin uh and uh these are
The six uh actually um important uh parts of wherein we Define the economics of Bitcoin the first one is Bitcoin is stamped after the creation of each block at a settled and a reducing rate so every Bitcoin is uh is created when the block is mined and uh whatever is the
Rate according to the price and uh you know supply and demand is actually being uh predicted or being shown on different websites itself and uh it is the second point is for each 210,000 Block Chain blocks or roughly every four years the money issuance rate is diminished by
Half in the Bitcoin ecosystem so this is the concept of Hing where in uh every four years or like every two lak 3,000 blocks whichever comes first the money issu rate is diminished by half so uh earlier in the starting it was 50 uh
Then it will go down to 25 then it will go down to 6.25 and uh in next and 2 lak 10,000 blocks it will go down to uh whatever the half of 6.25 s so yeah so that will be the uh amount that the the rewards that the miners
Will be getting for uh this uh solving this uh blocks on the blockchain S for the first four years of a uh Bitcoin operation each block contains 50 new Bitcoins so whenever people used to uh uh confirm the blocks on the blockchain uh they were used to get 50 Bitcoins as
We just learned before uh on the initial days of Bitcoin launching itself then uh the fourth part is the rate of new coins diminishes uh exponentially more than six 64 so like only 64 holls will be done until uh we get to the number of 13 million
230,000 uh mind will be like that particular uh block dos will be actually Min till the year 2140 and it has been calculated by these group of people or one particular person zoshi Nakamoto making all the calculated moves till the year which is like roughly 110 years from today and uh it
Has all these uh code written behind it and uh uh you can just check out the code given by me earlier of the GitHub and other Bitcoin paper as well if you want to have you know a little bit of understanding by yourself at your as an
Assignment you know uh so when it achieves the base uh cash uh unit of pun Satoshi uh so one Satoshi is uh about 100 million as we actually didn’t check out you guys were able to see but one sat uh uh one Bitcoin contains of 100 million Satoshi and that is the minim
Minimal uh unit or present for the Bitcoin itself uh that is minimum denomination sorry present for Bitcoin as of now this it cannot be further divisible and that is uh like similarly in a rupee we have like one PESA and cannot be divided further ahead in similarly in Bitcoin ats1
Satoshi finally after uh Nearing to about 13.44% only through the transaction fees so uh since there will be no new um uh like rewards there will be no new Bitcoins getting generated and miners will actually be getting you know rewarded on the basis of what uh the
Transaction fees uh has been uh given by the sender over the network itself to M the transaction so this is the economy of supply of Bitcoin supply of Bitcoin currency over time based on a geometrical decreasing issuance rate so it will actually as the time progresses
Or we moved into the further years it will actually start to go on a flat uh rate this uh uh flat rate wherein uh everything will be created according to the decreasing issuance rate and uh The Limited and the decreasing Supply and issuing rate makes a settled Financial
Supply that opposes expansion so since uh these are like in limited in number it might increase the value of it since uh everything uh since every uh thing in limited number is actually a valuable thing and it gets uh you know uh appreciated over the period of time so it is stated by
Financial experts that Bitcoin will uh try to achieve an amount of 1 million or 100,000 uh sorry 1 million by like 2030 but uh we are not sure it’s just a prediction of it and over the trend of uh tenure uh it might increase to 200
Million for one Bitcoin as of now it is just 26,000 but uh it has actually seen the inflation of till 60,000 and people have uh earned a lot of these Bitcoin by selling and buying at these rates itself and currently they are holding but uh yeah so these are the ways that uh
People tend to invest in it and are currently working around it with this itself so different from Fiat money which can be imprinted uh in an unending numbers by National Bank Bank Bitcoin can never be swelled by printing so uh we all know that current uh systems uh
Where Banks can generate n number of uh uh you know uh amount of Fiat currencies and which can cause different issues uh with the current system but they don’t tend to resolve it so that is like a major uh problem also and uh but in case
Of Bitcoin that can cannot be uh done because everything has been calculated and written in the form of code and everything is actually working in an uh Auto like uh pilot mode wherein everything will be happening according to the calculations made by these developers or this particular person
Called Satoshi nagamoto so since Satoshi is actually not uh known but uh they have given out like this picture of Satoshi Nakamoto uh he is like the guy claiming that he’s a Satoshi Nakamoto person but we are not sure upon that it has not proved till now because people also
Believe that it cannot like a person single person cannot write such code and with such uh sophistication of uh calculations so they tend to think that it is a group of people but uh we don’t technically know know about it and also you know a fun fact that uh as of now
This Satoshi Nakamoto has like uh uh roughly around uh 50,000 Bitcoins in his account as well which is like equivalent to maybe I’m not sure what exactly was will will be that value but it is lot uh for now so he has like pre-mined or these Bitcoin tokens uh when he created
This Genesis block itself uh so how do we mine or SLC create Bitcoins so as we know that uh Bitcoins only get created uh when some person tries to verify the block and uh uh the uh reward that has been created will only be the way uh to
Create these Bitcoins and make it uh uh circulated over the network itself Bitcoin mining uh brief note so what exactly a Bitcoin mining is the definition we’ll just see so Bitcoin mining is a process of adding transaction records to bitcoin’s public Leisure of past transactions or
Blockchain so this is uh as you all know just a process of uh carefully adding these blocks by resolving all these cryptographic puzzles uh by the use of heavy gpus and other machineries as well the Leisure of past transaction is called the blockchain as it is the chain
Of blocks so we have also seen that how blocks are getting generated how they are linked to make a chain and what is the longest chain Rule and so on and so forth so the blockchain reserve serves the to confirm transactions to the rest of the network
As having taken place so these miners are actually responsible to make sure that the confirmed transactions are all like a copy of the Leisure updated Leisure has been sent to everyone over the network so that every one is actually on the same page itself and behind the
Scenes you know that all these consensus Al gorm’s work to make sure that everyone who receives a Leisure because everyone won’t be receiving it in the same order it will be uh given to them in a chronological order so uh to come to a uh you know a basic uh unanimous
Decision or like a general agreement these consens algorithms Works to make sure that everyone get onto the same page itself so uh what are the types of uh Bitcoin mining so there are basically two types of uh mining one is solo mining solo mining is like you are
Completely on your own oneman Army you will just uh start to run on your software with your gpus and your and minor machines and you’ll be uh uh starting to solve these uh or resolve these uh crypto graphic algorithms to get these rewards so miners Endeavor to
Produce new blocks all alone with the return from the reward and the transaction expenses going allog together to himself so whatever amount of uh uh expenses he’ll generate for the internet for the uh electricity for the res purchases of resources uh it will be at the end all going to him the rewards
To his particular address and he can do whatever he wants with the bit coin uh he can either sell it or he might want to hold it and sell it in the future when the price gets inflated uh yeah so that’s totally upon it but uh the
Concept of solo mining is that every person is an individual and he’s trying to uh this confirm the block over the blockchain either by these machines or maybe his laptop or whatever it is the ENA this enables miners to receive extensive payment with higher variance a longer time between the payment so there
Is actually since there’s no uh other partners or any other minor so it won’t be divided uh with any other person so everything is given to him every sources is for him so it is like a very lucrative deal if you are a solo Miner but it is uh actually also a very
Expensive uh thing to do to become a a solar Miner because it requires a lot of capital uh to get invest to start to earn uh in today’s date but if you were doing these in back in maybe say 10 years or like 12 years so it will be
Like very easy for you to mine and you can just use your laptops or maybe any uh other uh uh PC or node uh to you know verify the block over the blockchain itself so uh there’s also so uh other type is called pool mining as we
Understand by the name pool mining is actually minor pools deployed different minor workers to discover blocks all uh the all the more regularly with the returns being shared among them in rough correlation to measure of hashing Powers they have contributed so what does this mean is that the amount of resources you
Add to that particular pool is the way you’ll be getting the percentage of share when the Bitcoin is mined so if you like uh provide a strong uh GPU which is able to resolve uh which is able to power 50% of the pool so you’ll
Be given out like 50% at the payout when the transaction is confirmed by that particular pool itself so there are a lot of people who are trying to do it and they just put in their PCS or maybe their uh virtual machines uh from these cloud like awss or to you know
Uh make sure that the transactions are actually getting mined with their computation power yeah so this enables each Miner to receive small payments with lower variance so a shorter time between payments so people T like once they get the rewards they tend to share them according to the percentages of
Resources they have allocated let’s first understand the working of solo miners how solo miners are doing it so Bitcoin consensus algorithm allows for the creation of new Bitcoins by the process of mining as we all know that uh these are what is the main purpose of Bitcoin
Mining option A to create new Bitcoins and distribute them into circulation option b to verify and validate transactions on the Bitcoin Network option C to earn rewards for providing ing computing power and ensuring network security or option D all of the above just a quick info guys intellipad offers you a blockchain certification
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Tab the way the pro consensus algorithms are the way we understand how the mining will work so inove of work as we all know we’ll just show the power of our resources and uh in uh this other crypto uh this P algorithm called uh proof of stake wherein we’ll just showcase the
Power of our uh you know the stakes that we put into the blockchain network and according to that we’ll be selected to mine the transaction it in that you can it doesn’t uh uh matter what kind of machines do you use but it actually uh like uh matters how much amount of money
You are willing to put to become a validator or a miner on that particular blockchain but of course like you cannot put in like uh uh these say suppose 702 ethers or maybe uh 32 Bitcoins over the network and just try to solve it with the laptop because that would actually
Work for that as well because you know you need to have a certain amount of power to uh uh be uh able to solve that uh cryptographic algorithm and mine that particular block over the blockchain itself so yeah so it’s like uh these are the cons algorithm on in a nutshell uh
Which we need to uh which which will help us to mine the block over the blockchain and according to rules you can do so so what are the four things we can see here so autonomous check for every transaction so everything is autonom so everything will work in these four steps
As well so proof of work algorithm comes into play when it comes to bitcoin and every will everyone will work according to that particular uh showcase the power of the resources and try to mind the block itself uh third is the confirmation so as soon as they get confirmed blocks confirm on the
Blockchain you get the number of confirmations by other other Min and as in when you get lot more confirmations you get the rewards uh accordingly so independent aggregation so there’s no other uh minor working with you so you don’t need to uh share a cut with other people and you are solely
On your own and you can do whatever uh you want to do with your Bitcoin but uh since this is like a very expensive thing I would say Cu uh that requires a lot of you know uh the uh uh these gpus and these machine resour and uh other uh other parts as
Well like electricity and internet internet not being so much in India but in abroad also it is actually a very expensive thing to afford an internet in some places and uh electricity is yet most more or less the same everywhere uh like expensive basically because these uh machineries actually use heavy
Consumption of electricity and these resources tend to use a lot of electricity to just mine a particular transaction so it is actually uh we have these calculators also so mostly people use ant miners but you can use whatever uh you can think is the most powerful one also in the previous lectures I’ve
Shown you what uh uh where you can buy these and Miners and their website itself so autonomous verification of transactions so the firstly autonomous check of every transaction by each full node in the light of an extensive rundown of criteria so this uh if you are connected to the Bitcoin and you
Want to act as a minor you have to make sure that you are made as working in a uh working as a full node and the node being the your computer itself say and we learn further ahead what exactly full node and other types of nodes are
There but for now you can just understand that uh every check Are Made for This transactions by each full node to you know uh make sure that person is actually doing the right thing on over the network or not independent aggregation of those transaction into new blog by mining
Nodes combined with the exhibited calculation through a proof of work algorithm so so every uh node is actually independent and aggregating these uh transactions into the blocks by my by combining these uh transactions with the exhibited calculations through the proof of work algorithms with these proof of work notes by showcasing the
Obviously the power and the resources that I used to mine over the network thirdly independent confirmations of new blocks by each nodes and getting together into a chain so everywhere you will be independent you don’t need to be dependent on any other uh uh uh minor to confirm the transaction independent
Selection by every node of the chain with the most cumulative consumption computation uh demonstrated through the proof of work so you have the freedom of uh making the independent selections uh and you are not limited to get in decision by your unanimous decision with the other uh miners as well independent verification of
Transaction so let’s say Andy initiates a transaction of I BTC to Bob in this network uh so as you can see this is a diagrammatic representation where in a node a is trying to send out five BTC to B and everyone is getting updated with that so before sending transactions to
Its neighbor each Bitcoin node that gets the transaction will at first confirm the transaction so they will just make sure that everyone uh uh that this guy has actually made the transaction has initiated the transaction which will uh make sure that that particular person’s identity is attached to that uh uh
Transaction that is trying to send or the transaction receipt he’s trying to send this ensures that only valid transactions are profile across the system invalid transactions are rejected at the first Noe or at the first node which receives them so if you think if these notes think that it is some kind
Of fraud or scam so it will and uh how will they detect it they will detect it according to the transaction syntax they have created in the uh for sending out the transaction so if there is anything wrong with it the algorithms will come into play and and uh will actually make
These transaction uh null and void uh checklist of or transaction so there are certain kind of checklist that we have made and you can read like uh every note confirms each transaction against a long agenda of criteria so these are the criterias that we think are required for a transaction to be a
Valid transaction first thing is transaction syntax and information stack has to be in sync with the Bitcoin protocol so whatever uh uh transaction they are trying to generate it should be according to B bip39 Bitcoin Improvement protocol and everything has to be sync with it otherwise it will be straight
Away rejected and sent out to uh and and the am equivalent amount is either reverted or is just uh deleted and never shown to the network also list of neither inputs or output puts are empty so either uh inputs or outputs are empty then it will be actually uh again uh
Making that the transaction is not correct and this is a fraudulent transaction the transaction will again be sent back to the uh person or it will just be deleted the transaction size in byes is less than a Max block size so uh does anyone know how much is the Max size of uh
Blockchain uh sorry a block in a Bitcoin blockchain if it is more than that particular size it will just be sent out as an illegal transaction and sent back each output value and also the aggregate must be within the prited scope of values so it should not be like
Uh we are trying to send out like more than uh 22 21 million coins and and uh or a negative value uh and it should be more than zero so any value which is beyond 21 and uh uh below zero is actually considered as uh an illegal transactions obviously it will throw an
Error a matching transaction in the pool or in the Block in a block in the main branch must exit so some kind of transaction which is similar to it should already be consisted in that unconfirmed transaction in the pool or block otherwise again the transaction
Might not be uh uh you know uh valid one for each input if the reference output exists in any other transaction in the pool the transaction must be rejected so uh so whatever the kind of input they are uh providing is should there kind be there should be kind of an output inside
That particular of that particular transaction uh in the pool otherwise the transaction will be rejected so there is a concept of input and output we what we were seeing yesterday wherein uh the transaction Works upon the utxo types so whatever the things they are trying to input is actually working should be
Converted back to the uh what equivalent amount of Bitcoins they would have so that concept will further learn ahead in this in details about the utxo but for now please just uh understand that whatever the amount of input they are trying to provide should be equivalent
To the should be equivalent or to the output otherwise the transaction won’t be considered as a valid uh transaction for each input the reference output must exit and cannot be already be spent so uh the concept of utx is uh we that we further learn ahead is actually uh known as the unspin
Transaction output which is actually converted into the blockchain itself so if the if the status of that particular output is considered as spent then that particular transaction will be considered as a double spending and will again then be rejected by the network itself because you have already been send that transaction and that
Transaction is not exist in in your uh wallet which means that you don’t have that particular amount of Bitcoin with you in your wallet and if you try to send it then again the bit the network will throw an error of insufficient funds and give it back to
You reject if the sum of the input value is less than the sum of the output value so it has to be show uh made sure that the input value is always less to the sum of the output value otherwise it will it will be considered as the you
Know uh uh false transaction sent out to the network itself so these are few of the checks uh that happens sorry checklist that have uh make sure that these transactions are actually correct and works accordingly combination of verified networks so uh independent aggregation of those transactions into a block by mining these
Combined nodes combined with the exhibited calculation through a proof of f so everything is independent as we just seen earlier and the combination of verified transaction is only being sent on the network itself so what does it mean so by autonomously conf uh confirming each transaction as it is
Received and before it transmitting it each node maintains a pool of valid transactions which is actually confirmed transaction like every transaction is correct according to the syntax uh uh of Bitcoin uh blockchain but it is however not being confirmed by the minus as uh as well so that particular pool is
Actually called a transaction pool memory pool or M Pool which I was trying to explain you guys earlier earlier that whatever transaction uh is actually uh broadcasted by the sender is firstly sent into a pool which is unconfirmed that we are just seeing over here transaction reaches mining nodes it has
Collected and validates and relays new transaction just like other nodes so what does this mean so this means that transaction will reach the miners node uh in the way that it has been collected same way and validates and releas new transaction just like other nodes but uh these transactions in uh it
Is not exactly picked up in the same manner by each and every minor but every minor has a different style to pick up up the exact uh uh transaction so transactions can be up and down uh according to the way the minor pick up the transaction and unlike other nodes the
Minor node will then aggregate these transactions into a candidate block and then we’ll start to uh uh make that block add those all informations that we read previously and try to start to uh guess that crypto uh solution to that mathematical puzzle uh to confirm that
Uh block over the blockchain and uh will start to uh uh fight with other miners for the reward itself in the network shown above the minor nodes in orange color so this these are the minus Aggregates a transaction in a candidate block so they are trying to uh
Accumulate all the transactions in the uh M Pool and try to make a block and uh create a valid block that is eligible for getting added to the chain itself so example let’s say Andy is a minor and a uh Mining Node contains a local copy of the blockchain so the list
Of all blockchain created since beginning of the Bitcoin system in 2009 so uh to become a Mining Node it is actually an important criteria that you have the copy of the Leisure starting from 2009 when the bit uh this bit 2008 I sorry when the Bitcoin was first started
With the Genesis block till the date they are mining so like say suppose today is 17th of September 2023 and you want to start a Mining Node then you need to have a copy from that uh 2008 to 2023 with the yourself to become a mining
Note and these not so what actually is happening we see the pro flow of that particular thing so and these node is listening for transactions trying to mine a new block and listening for blocks discovered by the other nodes so it is trying to listen for new
Transactions if any made by any peer in the network and try to mine these new blog by compiling in in compiling all those transactions to 1 MB of uh so that the block is uh almost around 1 MB of data and uh listenting for blogs discovered by other blocks and it will
Simultaneously check if other blocks have created a block or successfully made a block with those cryptographic algorithms and everything as Andy’s node is mining it receives a block say 273 816 through the Bitcoin Network the arrival of block signifies the end of competition for the block and the
Beginning of the competition for the next block so as soon as they get this notification that uh okay so and so person has Min minted uh this particular Block they’ll end those competition try and validate this block and then start to uh work on the next block itself so
The race is over as soon as anyone is able to Mint a new success mint a new successful block with valid everything obviously during the previous 10 minutes while Andy’s node was searching solution to this block 273 816 it was also collecting the transactions in preparation for the next block 273 816
So the node is actually simultaneously working on uh different other prospects as well that is not just only working to confirm the uh text block but also trying to calculate the uh next to next uh uh uh block as well like compiling all those transaction sending out the
Trans uh on the Block uh with the valid blog details and sending out to the network Itself by now it has collected a few hundred transactions in the memory pool upon receiving the block uh 273 816 and validating and’s node will also check all transaction in the memory pool
And remove that the uh that were included in the block 273 816 so to uh make sure that the transactions is not uh duplicated uh into 273 816 block and 273 817 block it is actually checking if the transactions are confirmed and added in the previous blockchain if yes then
It will remove it and search for new transaction from the memory pool to add it in the block 273 817 whatever transactions remain in the M Pool are confirmed uh and are waiting to be recorded in the blog that we already know that it will look for other transactions cu the uh
Block uh size is actually not full and still has some space so he will actually look for other uh transactions as well uh for containing that particular size of to fulfill the needs of that particular block size sorry so and is node immediately constructs a new empty block uh
Candidate block which will be a number of 273 817 this block is called the this block is called thus because it isn’t yet a valid block so and all so if uh the valid block number is on the blockchain is 273 816 the new block is actually not being created which is the
273 817 and uh this block will then again be become inside the competition to to add all the valid transactions not make sure that uh not the transaction have not been added before in the previous blocks and uh this will make it a candidate block to be added to the
Network itself the block becomes a valid only if the minor succeeds in finding a solution to the proof of work algorithms so even if he adds the pro uh transactions to the block uh block and the all the valid block number and time app and Merle rout to that particular uh
Blog but if he’s not able to find out the mathematical puzzle solution to that mathematical puzzle given by the proof of work gorithm it won’t be considered as a uh valid block and it will be made a null block immediately as soon as he
Creates it or it will not be sent to the network only and the others chain will then again will be followed whoever is creating these are all the six Fields listed in a table which a minor needs to uh have to confirm uh to construct a block with the blockchain what are these
Six fields we need to have the version so version is a number of to track the software protocol upgrades so it is something in related to what Bitcoin has to offer uh so that particular version number is to be there otherwise not a valid block previous block hash very
Important because otherwise the chain will not be uh formed so it is a reference to the previous parent block in the chain otherwise the chain won’t be able to form properly and also we see that this particular thing has certain limits so above or beyond that size is also not a
Valid uh part of block itself so this is the maximum size of everything 32 bytes merled rout so every transactions having being hashed it’s tries to be so every uh transaction that has been hashed will be hashed again and again with other transaction as well until unless there’ll be uh only one
Particular hash is remained for all transaction which is like uh that particular hash will represent the transactions that are inside that particular particular block itself so any number you create like try to find out it will validate that oh yes this particular transaction exists in that particular block itself whatever the
Block number is so that is a merled rout which we learned yesterday and uh yeah so hash of the root of the Merkle tree of the blocks transactions is there our transactions is also important part that has to be added but it’s not in the block header it’s inside the Block’s
Main body itself so next is the bites or like the time stamp so very important uh when the uh block was generated you need to add that time stamp uh and uh the difficulty Target so the whatever the uh Target was at that particular time to
Solve that block you need to add that part particular information as well with the leading number of zeros and whatever uh the uh value is afterwards you need to add that to make sure uh every person if gets if that particular block gets mined or confirmed every person should
Know that what difficulty was uh there at that particular time uh last but not these non so this is like a number only used once which is like a counter used for the proof of work algorithm so this can be anything this can it is not mandatory that the
Number has to be moving up sequen sequentially but it can be any number inside the blockchain uh uh inside the block itself so Random generated number and these people try to find these number itself to with these cryptographic Solutions and the mathematical puzzles so this is how you create a
Block header if you have all these six field it will be a valid block over the Bitcoin blockchain and uh yeah so you can just send make this as a candidate block as soon as you have all these field and values for uh yourself for this particular block
Mining and he started mining in the uh started mining the block once his node has all the fields filled in the block header in the blockchain so once they have all those value then only it will become a candidate block and with the all the other fields filled
In the block header is now finalized and the process of mining can begin so as soon as you have all these values you start to solve the particular cryptographic algorithm the goal is now to find the non’s value which results in a block header and a hash that is less than the
Difficulty Target of the block so uh as soon as you have all those details you have a goal now to find that value of the non that wased by the when fetching the when creating a block uh which results in uh block hitter and hash that is less than the difficulty Target of
The block so whatever the difficulty Target is the hash has to be less than that otherwise uh it won’t be calculated as a uh valid block by The Miner the mining Hub should uh test billions and trillions of nons esteemed before a nons is found fulfilling the prerequisites so
Every second it is trying to solve trillions of hashes per second uh tee hashes per seconds uh to actually make sure that that particular number is or that particular solution key is found by the uh user of those proof of work algorithms or the steps they have to
Offer since an approv piece have been developed by Andy’s Hub it is an ideal opportunity for Andy’s mining apparatus to mine the square toover an answer for the verification of working calculation that makes uh the square legitimate sorry so uh whatever uh uh Andy’s has been generated it is an
Ideal opportunity for Andy’s mining apparatus uh to mine the square so to find out that particular value uh and as soon as it does that working calculations it will make uh make sure that these uh blocks is legitimate and can be added over the chain itself so presently to approve the p as
Per the confirmation proof of work calculations Andy’s mining Hub needs to achieve the trouble Target let’s see how the trouble is spoken to so the block contains the uh trouble focus in just documentation called difficulty bits or just bits and uh let’s say uh a block has hash of like 0
One 90 as the difficulty bits and uh this notation expresses the difficulty targets as a coefficient exponent format with the first two exra decimal digits for the exponent and the next six x digits as the coefficient so this is actually the formula to calculate the difficulty Target from uh from this
Representation so if you add all these value uh so you’ll be able to get the target for uh that thing of numbers but uh it’s actually not for you it’s actually for these mining r to solve these particular uh thing and get the solution for these difficulty the solution for these cryptographical got
Things according to the difficulty as well so what is the condition of the difficulty difficulty recalculation happens automatically on every full Lo so it changes after like every block has been mined so every uh uh uh the difficulty keeps on adjusting according to how much time it took for a
Particular node to solve the cryptographic algorithm for every 2016 blocks all nodes uh recalculate the proof of work difficulty level so it keeps on adjusting on the 2000 according to every 226 blocks so according to that how uh the uh the uh uh the difficulty is calculated according to that 20 after
Every 2016 blocks like how are the nodes performing is it difficult or is it not if it is very easy the difficulty will increase if it is not easy the difficulty will slightly go down to what they had previously uh ofe what they had to previously solve the condition for
Retargeting difficulty measures the time it took to find the last 2016 blocks and looks at that to the typical time for 2060 minutes so it will calculate all the uh measures for uh that H that a resource has taken to solve those last 2016 blocks and according to that we
Have learned that the transaction the difficulty gets uh adjusted the proportion between the real time span and the covered time span is figured and a comparing change up time is made to the difficulty so this is how the difficulty is getting calculated the equation will be something like this uh new difficulty
The old difficulty into actual time of last 2016 blocks so what is the total time or the average time uh done to calculate the uh uh you know the solution for the 2016 blocks uh divided by 20 160 minutes and according to this you will be able to find the new
Difficulty it can be either up or down whatever the value comes is actually the new difficulty as is we have seen that Andy’s Mining Node has worked hard to reach the difficulty Target let’s see what happen next as you saw so successful mining is if he is able to
Calculate that uh Target uh that particular solution then uh it is uh you know considered as a successful mining obviously so if it is not uh able to calculate it won’t be considered as successful mining so as you saw earlier Andes node has created a candidate block
And prepared it for Mining and and he has several Hardware mining devices with the Asic Asic is basically the chip as well uh the ant minus is what Asic is here there hundreds of thousands of integrated circuits run the sha256 encryption algorithms in parallel to at unbelievable speeds to make sure that uh
The uh algorithm is actually uh getting solved and uh it keeps on calculating like earlier we DEC uh this you know learned that it uses Brute Force so it is like checking if it is either 1 2 3 4 5 six the solution according to that it keeps on
Calculating millions and trillions of solution to just to make sure that if the nons value is equivalent to what uh the mining rate is trying to calculate so they will have S formulas and uh they will work accordingly to calculate those particular value so the mining code running on Andy’s desktop transmit the
Block header to his mining Hardware so we have seen those six value details and if that particular details are uh correct then his uh desktop will just uh try to submit it to the to his mining Hardware which starts to test the trillions of nonces per second so it is calculating like
Trillions of value to estimate if the nons value is that or not almost 11 minutes after starting to mine the block one of the hardware mining machine finds a solution and sends it back to the Mining Node so it has to be actually 10 but uh it takes like roughly about uh
Maybe 11 minutes uh to make sure that the transaction is is correct and can be validated on the blockchain itself so immediately and’s mining no transmits a block to all its spear that this we have found that particular solution and this block is a legitimate candidate to be
Sent over the chain and uh everyone will start to uh receive and validate then the propagator new blocks and to make sure that if Andy is cheating or not the other min will also try to validate that proof and if everything seems to be okay they’ll provide their confirmations
Which is actually the part where we learned previously that we have to add certain number of con confirmations like around seven in Bitcoin to make sure that uh the transactions are valid and cannot be changed further ahead in the blockchain or may might not be canceled
Because of due to this uh low gas fees or any it reason so as a Blog ripples out to the uh ripples out across the network each node add its to its own copy of the blockchain and then the competition to find that block uh in the chain is over
And they start to uh uh start to work upon the next block along with the transactions and check if the transactions are already and check if the transactions have already been uh minted or not if yes then it will be removed from and the new transactions
Will be picked up from the M poool otherwise the same number of transactions will be uh sent if not picked up by the previous uh block itself so that is what uh the successful mining of block looks like and uh in now comes the independent confirmation of
Each block so validation of the new block is is happening over the network every now and then in bitcoin’s consensus process every new block is validated by every node on the network and make sure that nothing is fishy over the network itself this makes sure that only valid blocks are propagated on the
Network and maintains the Integrity of it and the nodes validate the block by verifying it against a long list of criteria that must be met so we have seen the checklist and uh that is like the valid transaction so they are trying to verify according to most of the that
Checklist St now they have certain list of uh criteria also the block structure is syn syntactically validate this is actually the not the transaction part but actually the part wherein it is uh making sure that the block is actually a valid uh uh a valid block and those uh
Criteria includes the block structure is syntactically uh valid uh the block header hash is less than the target difficulty which we previously learned and the time stamp is supposed to be there and that is the time stamp is less than 2 hours in the future so we have to
Uh they have to make sure that uh it is the value from today’s time till the next two hours it should be in between them or less than uh but not above them so if uh it is that beyond that it is actually not a valid block itself the block size
Is within acceptable limits so more than 1 MB or more than uh yeah more than one m B is not a valid block and the first transaction and the only transaction is a coinbase generation transaction so what does this mean is that transaction is actually based upon the
Uh uh coinbase as a network transaction itself so that has to be like a valid transaction otherwise the block is considered to be invalid all transaction within the block are valid and use the transaction checklist for the independent verifications of transactions so if they satisfy the transaction checks glass as we learned
Earlier then it is considered as a valid block otherwise not so last but not the least what is the independent aggregation of the Block in the chain main chain so the chain of blocks with the most cumulative difficulty associated with it uh the chain of uh so the chain of blocks will actually
Check the cumulative difficulty and what exactly is that difficulty should be added in that particular block itself under most conditions this is like the chain with the most blocks in it and unless there are two equivalent length of chains and one has more confirmations of work it won’t be added to that
Particular chain itself so that is one of the conditions that it needs to satisfy when a new block is received a node will try to slot it into the blockchain so what if they are successfully able to uh validate all the criteria that has been mentioned before
Uh it will try to push the that particular block to on the reward and the node will look at the blocks previous block hash field uh which is the reference to the blocks spent so other miners will actually try to validate and provide their confirmation
As well but it is actually of no use like uh the reward is with other person but uh as soon as they are trying to make it confirmed they are checking that if the block is actually confirmed over the network but there can be a number of reasons for which the transactions can
Get cancelled or can be termed as a invalid block so to make sure that doesn’t happen they try to throw their checks that has been written by these guys earlier in 2008 when uh starting the Bitcoin blockchain Network then the node will have time to find that varant in the
Existing blockchain as soon as you get the block you’ll try to find that hash and find the parent of that block most of the time the parent will be the tip of the main chain meaning that this new block extends the main chain itself so yeah so that is it like uh previous
Viously whatever the block hash was so that was the uh top of the uh chain cuz no other block has been mined mind above it they have to make sure and uh now since they have been mind so that will become a child but parent will be that particular block
Itself so what are orphan blocks so there is also a concept of Orphan blocks which is like a valid block uh is received and there is no parent found in the existing chains so the block is considered as an orphan block so if you like see their transaction sometimes get
Mined properly but it won’t have a parent block to it and it’s like you know a Blog with no parent so as the name suggests a Blog with no parent is called the often block but the transactions inside it are actually valid so that particular check is is uh
Not done to make that as an orphan block orphan blocks are saved in the orphan block pool which is separate from the transaction pool transaction M Pool and every that other pool uh where they will stay until their parent is received so until unless the hash of that parent is verified by the
Other minus it won’t be confirmed as the uh block uh know a candidate block over the network itself or actually successful block so it has to have a parent and it has has has to be existing on the blockchain if not it will be considered as the often block and the
Transaction will be staying over there for a tenure once the parent is received and linked to the existing uh chains the ofen can be pulled out of the often pool and linked to the parent making it the part of the chain so whoever was the uh previous block is actually the parent of
That particular block and if it is not found then it will be uh just laying around that ofen pool only ofen blocks usually occur when two blocks that were mined with a short time span between each other are received in reverse order so like they won’t say suppose like to
Be people have tried to mine a block at that particular time itself within fraction of second so one particular block might be the uh might have get got confirmed and have the parent but other one is not able to uh get confirmed because that particular block is lying
In the way so yeah so that particular thing will actually be uh considered as an offen block because the previous one has sent the transaction earlier than what the op block has sent it will be considered uh not a candidate block until UN list the previous block is
Either prove wrong or maybe get corrupted for in uh a reason so yeah so it will till then be able to call as an offen block because it won’t be having a parent block in that particular chain itself so Bitcoins are assembled in the uh longest chain uh so we all know that
Whatever is the longest chain has to be followed on the blockchain otherwise all these uh blocks are uh again an often block and the transaction will go back in that pool Itself by choosing the greatest difficulty in the chain all noes in the longest chain accomplish the network-wide consensus so everyone would
Agree to whoever is creating the longest chain he or she will be actually the uh uh considered as a valid uh you know person to share the Leisure and that will be a more trustable person to mind the block brief errors between the chains are settled in the long run as
More proof of work is included so it will broaden uh one of the conceivable chains so whatever uh errors are there uh in chain it’s actually settled uh not exactly at that moment but during the long run and as more and more proof of work is sent to do the
Chain it will actually be you know uh incre enhancing the uh one of the enhancing it as a one of the conceivable chain because everything cannot be rectified as in when the solution is provided for the block itself so Mining Node uh Mining Node uh which is the vot
With their uh mining Power by picking the V chain to be extended out by mining the next block so they will try to put on a vote uh with their mining power and they will be actually picking uh which is the longest chain and which on which
They need to start add the new block for which the competition will rice so when they mine another block and expand the chain the new blog itself speaks to the vote and uh yeah so that is how the block will uh get a get inside a chain
And will uh expand the Chain by adding that particular block inside blockchain the difficulties in Solo mining so we have seen uh how solo mining of Bitcoin Works however solo mining is becoming difficult let’s find out why Bitcoin mining is to a great degree and aggressive industry so as soon as
The difficulty gets increased you need you know a newer machine or a high a high value machine to solve that cryptographic algorithms so it is an aggressive industry because every 2016 uh every block number 2016 the difficulty gets up and down what is the process called when miners compete to solve a complex
Mathematical puzzle to validate a block option A cryptography option b hashing option C proof of work or option D blockchain information just a quick info guys intellipad offers you a blockchain certification course which will help you become an expert in distributed Ledger technology ethereum solidity program and
Many more through this course you will also receive additional courses co-created with IBM namely IBM blockchain foundational developer and deploy a web-based blockchain insurance application with this course we have already helped thousands of Professionals in successful career transition you can check out their testimonials on our Achievers Channel
Whose link is given in the description without a doubt this course can set your careers to a new hype so visit the co page link given in the description below and take the first step towards career growth with the blockchain text tab so yeah so the hashing has explained
Exponentially each a of bitcoin’s presence and uh so no there’s no instance that hashing has been uh hashing power has been uh decreased or lowered down during their course of network but uh it has only been increased uh gradually in a linear way the competition between Miners and the
Growth of Bitcoin has resulted in an exponential increase in the hashing power and the total ashes per second across the network is already being uh increased day by day the quaintance of Asic mining leads with the another G gigantic leap is mining power and by setting the sha256 work directly on
Silicon chips specialized with the goal of mining so that is how the things will work and that is how the mining and hashing race is occur so if you see this chart the total hashing power in gah hases per second over two years so this was the value
That has been increasing day by day so if you see this is actually a growth that is just keep on keep on increasing during the 10 end of here and recently it has actually increased very fastly and that all happens because of the number of miners actually get connected
To the network and try to solve those cryptographic algorithms so as the amount of ashing power applied for the mining bitcoins has exploded the difficulty has risen to match it so that is how the graph is working for it so mining by the pool of miners since Sol mining has become impossible with
The increasing difficulty in the Bitcoin Network miners have started mining pools so what is mining pools so mining pools is like you have previously understood that number of uh resources that you send and according to that a percentage of Bitcoin will be given to the amount of resources that you have
Added mining pools coordinate many hundreds of uh thousands of miners over a specialized mining pools there are basically these websites uh wherein you can just uh add your resources and those resources will be accessible to that particular website and they can uh you know start to mine the noes itself so uh
Yeah and uh individual miners can configure their mining equipment to connect to the pool server after creating an account with the pool so after you have the account with the pool you can configure how much space or how much uh memory you need to allocate uh or what all resources need to allocate
To uh participate in that mining pool the pool server will periodically send payments to minus uh on the Bitcoin addresses associated with them once uh their share of rewards has reached a certain threshold sure then it will be given to them so what like you have certain amount that needs to be transfer
Uh then only they’ll transfer you the uh reward otherwise they will just keep on adding it until you reach that certain threshold their mining Hardware remains connected to the pool server while mining synchronizing their efforts with the other minor so they tend to make a solution in such a way way that other
Miners who are trying to put in their effort is combined with the effort that you put with your resource machines and uh they combining then will try to solve those uh then uh algorithms that are associated with the blockchain successful blocks pay rewards to pool Bitcoin interest rather than individual
Minus so whatever successful blocks are there the rewards are paid to the pool of Bitcoin address but not the individual minor uh directly so whoever is associated will be getting the uh will be getting the Bitcoins from the uh pool uh whoever is organizing that pool whichever website is organizing that
Pool miners share the effort to mine a block and then share the rewards so they uh share whatever the share it is there uh so they will Sate they will transfer you the tokens according to that so difficult pool mining difficulty of targets the Min mining pool sets a
Lower difficulty Target for earning a share typically more than 1,000 times easier than bitcoin’s Network difficulty so that all individual minor are able to mine and earn Bitcoin so it kind of makes a fair game for other uh people as well uh so that it is uh easier for so
That individual miners can also participate and the pool of miners won’t take up the charge in the net uh Network itself so when someone in the pool successfully mines a block the reward is earned by the pool and then shared with all the minus in the proportion to the
Number of shares they contribute to the feres so this is very straightforward and clear that how no matter how much they uh are investing or doing the amount of resources they are providing is the way is according to that it will get the rewards also pooling pool mining uh difficulty
Of targets how does a PO uh mining pool measure the individual contribution so as to fairly distribute the rewards without the possibility of cheating uh the answer to this is that it uses the bitcoin’s proof of work algorithm and to measure each pool’s minus contribution you there will be a
Setting a lower difficulty so that the even the smallest pool Miner wins a share frequen ly enough to make it worthwhile to a contribution so these are certain set of rules so that uh it is actually a fair share game for uh mining of uh uh pool uh you know for
Pool miners to have also get a fair share in the network even if they are there with the small resources than other people with the high Hightech you know uh high-tech gpus or M mining risks pool mining types there are several types of pool uh mining payout systems so different payout systems are
Summarized as follows so payer share is one of the popular one wherein approaches to offer in instant flat payout for each share that is Sol uh then the payout is offered uh from the pool’s existing balance and can therefore be withdrawn immediately without waiting for a block to be solved
Or confirmed so you don’t need to wait for a block or a block to be solved or confirmed you can just as soon as you uh are done you can just uh get the payout and exit from the pool itself so it is necessary for pool to have a certain
Balance the possibility of cheating minus by the pool operator and the timing attacks is th completely eliminated and the method results in the least possible possible variance for minus while transferring all the risks to The Operators so the result uh of possibility of loss of the server is
Offset by uh setting payout lower than the full expected value and this is how uh you are able to get the PPS uh working for the other uh miners who are connected to that particular pool as well then we have these pay per last end shares so these are like a higher uh
Payout and this is uh for people trying out trying to mine as fast as possible and uh this will give you a wide fluctuations in 24-hour payout but for hardcore miners the law of large Miner states that you will earn more money this way so yeah so if you want more
Money then you should go for the payer loss and shares otherwise you can just go for payer shares wherein you are secure and much more safer way to get your payment from the um pool itself so moving ahead we learn about ethereum uh let’s know more about ethereum so ethereum was
Uh introduced in back in 2013 uh by this person called V alic Brin he is actually a very famous guy and uh he is actually this particular person who has introduced this uh ethereum as a concept and why did he introduce this he introduced this because of the limitations that Bitcoin
Had so Bitcoin was only used uh with uh traditional like finances itself so you can just buy sell or like trade on Bitcoin but the data uh like storage was not available so that was the biggest limitation that uh the Bitcoin technology had and we like blockchain had much more of uh use
Case potential to it so this guy actually introduced uh this ethereum as a technology as a concept because uh he want he understood uh what how blockchain could disrupt and he gave out us a machine which was basically a touring complete Machin if and uh that particular machine is capable of
Deploying uh decentralized apps and uh several other features on top of ethereum network which is in sh shared with uh everyone on real time itself so uh this was uh introduced way back in November 2013 uh when blockchain like Bitcoin blockchain was in a very nent stage and
Ethereum also like came into the picture with its capabilities enhancing the uh the enhancing The Experience on the blockchain and enhancing the uh potential of uh uh blockchain so yeah so we had this uh crypto currency called ether which is actually fueling the uh ethereum uh Network source and the basic
Idea for uh idea propos was the creation of a turing complete language uh for ethereum and it allows the development of smart contract for blockchain and recentralized apps so you can create decentralized apps with the use of smart contract which is the uh important feature like most important feature of
Ethereum itself so ethereum uh aims to enable innovation in these four key areas actually currency issuance is one uh so when you say currency issuance it is all about ether and you can also launch your own uh cryptocurrencies on top of it by creating few smart contracts and uh with
The help of those smart contracts you can create uh different standards of tokens which you can use to either raise fund or store it as uh nft so with that is like different uh topics Al together which we learn further ahead but if you wish to
See the standards so you can just Google ethereum uh standards so this is uh these token standards we have in it erc20 being the most famous one and it is actually a fungible token uh so there’s a concept called fungible and non- fungible uh where in uh fungible in a basic English language
Means interchangeable so it’s like you can change with uh other tokens as well so it is not like a very unique kind of thing but uh it’s very similar to what other cryptocurrencies are uh and it can be changed according to that particular value with the that particular function
Itself on the smart contract so when we see ERC 20721 so these are built on top of smart contract itself but the functioning changes according to the standards and you can go through the standards by clicking onto this link and you know uh read more about it why it is
Used what exactly it is used for you can use this for lottery tickets fiat currency like USD so we have like earlier also I was explaining uh the concept of usdc andt which is actually a dollar Peg to the cryptocurrency itself so every dollar that is existing on the
Network is actually paired to the uh Dollar in your real life so that is actually the concept of uh uh pegging it to the uh real Network itself and so on and so forth you can create the erc20 so if there isn’t kind of uh prerequisites to it you can just
Read through it and yeah so that is it this is a basic uh fun methods actually for in which every every rc20 uh token standard should have so the name of the token symbol decimals total Supply so you have to provide how much Supply would be regulating uh for that
Particular token and how will what is a balance of that particular smart contract on which that particular token has been implemented so you can trace on how many numbers of tokens are left and how many are issued and so on and so forth and yeah transfer transfer form
Approve Al so these are the few of the methods that you can call from your uh typical uh server which can be written in either nodejs or any other language like go C++ whatever however you’re comfortable with but uh the most famous one is nodejs itself so everyone is
Using that and to call out these function itself and uh these are something called as events so as we know that events is like any occurrence that is happening over the network so this particular is acting as events where in you if any transfer or approval is happening so
You’ll be uh get emitting an event and that particular thing will be uh you know can be seen on the uh this ether scan itself so uh this is the blockchain Explorer for ethereum specifically uh blockchain Explorer for blockchain.com is actually an Explorer for this uh Bitcoin but you can also see the
Ethereum transactions as well on it uh but to specifically we have a spe uh this specific uh website called ether scan which is actually Explorer for it but if you just want to keep it like on one website itself you can just come into this uh uh website and you can uh check
Out the details that you’re looking for so yeah that is it so this is like a market cap uh for this particular token called ethereum and this is a diluted market and this is a volume being traded in last 24 hours and uh what kind of algorithms it
Is being used for mining the network itself so previously we learned about the mining of the uh What uh mining is so most of the concept is similar to bitcoin but recently it changed actually from the similar concepts of the Bitcoin to a new uh consensus algorithm
Called proof of stake and that proof of stake is actually being used now and I hope you guys know the difference between uh proof of work and proof of stake as of now so without Smart contracts ethereum is much more like what uh Bitcoin is but uh if you’re
Having this uh smart contracts on top of uh ethereum so you can write down those smart contracts and it will the function and its function will stay on the blockchain forever so you have to like carefully write those functions and uh thoroughly um make a you know go through
It so that uh there’s no chance of vulnerability into it because if there is and if there’s a security threat to it then I think so that particular contract is actually not upgradeable until unless you’re using open zipin uh you know uh proxy smart contracts or
Other things like that so that is like a different different concept we’ll be also learning further ahead but uh let’s just keep this session simple as of now and understand uh how exactly uh the theoretical concept of uh ethereum is and are getting very famous these days
Uh so what da means is it’s like an organization wherein people uh cumulatively uh put out decisions and uh on like on top of blockchain itself so you have different kind of voting mechanisms embedded into it and that particular voting will help how the organization will function throughout
Its uh uh cycle and uh yeah so if you have like any ideas related to it like a crowdfunding source or maybe any anything else so you can Implement on Dow itself and we have different different Dow tools which is makes it easier for you to actually create a dow
So all Dow tools if you just want to look into this uh you can just go through this website it will actually give you an idea uh how many tools are there and so you see these are like different Dow on on top of it it has different different
Mechanisms uh on which it has been implemented and you can just go through inside it and read about uh how what exactly this is this St does what are the teams terms of services and yeah how is it connected to the network what what network it is using it
Is built on the binance smart chain main net so you can just go on top of it and just see what how uh they are implementing it and uh these are actually the core members of that particular D who is actually handling the functioning of the organizations and keeping an eye on the
Treasury as well so whatever funds you might be having uh that like might be getting will be uh like shifted to the treasury or like uh given out to uh the different uh you know uh the p as when the blockchain uh functions with the da so yeah you can go through these
Sites as well and learn about what exactly this is I’ll be also sharing this link uh yeah so this is uh like a general information uh they do not have uh this uh GitHub with them that is published but uh rest of the things is actually shared and you can interact with them
Through Twitter or maybe if you want to uh just work it on the snapshot itself so you can also do that uh we have different different strategies also so everything like if you wanted to understand how this particular snapshot is working you can just go through its
Talk itself uh which will also explain you how the things function on top of this network itself proposal whatever it is yeah so so snapshot is a very famous tool to deploy your own Dow all you need to do is connect your wallet and just uh these are the steps you need to
Follow uh just to deploy uh space on top of snapchot itself you can check out different tools also uh like very famous uh Dow tool wherein people actually interact with each other and do things like this and they sell their nouns as well if they can if they
Want so this is like a number wherein people just bid and see how uh how they can own this cool you know uh doodle kind of thing and yeah so these are like very famous uh you know uh Dows which you can actually you will be able to see it on
Twitter or SLX whatever you want to call people are just putting out these nouns on their images as well and just buying it out so this is actually a very famous uh uh Dow tool wherein you can just come in and propose or delegate their vote uh
Uh according to whatever the decision is yet uh proposed by an individual on the network itself so if you see one guy has put in like this as a proposal wherein he’s asking lower FK threshold to 10% so this is actually you can see this proposed by K so that eat
Is actually nothing but an ens so you guys also can create your ens with your names itself and uh then you’ll be able to interact with uh uh this particular uh Dow but uh you need to con be connected on uh a main net which will
Cost you some gas uh if you uh want to create an ens for that but uh you can also create like uh on top of test Network itself it will not be available for the main net but uh it will it is actually a cool thing for you
Guys to learn how uh uh like to own an ens on top of ethereum network itself to and if you want to communicate with them you can just uh communicate with it and uh this particular ens will be acting as an uh acting as a address basically so
You can just send out the money uh to someone with uh this particular ens or uh receive the money someone can you can interact also with their uh do chat or stuff like this buy it uh with this much amount of money on ethereum itself but you can also go to this uh
Test Network I’ll urge you guys to you know build like get some tokens on top from the faucet itself and ethereum test net uh faucet you can search for or maybe you can uh just create a new one or however you want to see so you can
Find him like on with the address maybe on Twitter or somewhere uh on the internet uh with their ID and ask them to sell it or maybe try to make a bit to it so it is a very interesting concept as of now for ens most of you the people
Who are actually interested in ethereum have their ens uh with them so ens test net you can just look for this you connect with your metamask Maybe So yeah uh with this you are just connected with the ethereum main net uh you can just go to this metamask and maybe change it to Gorly I think so yeah you can just look for uh test Network ethereum ens so you’ll be able
To get that if me see if I can find it for you so uh we have this main net and test net that I’m explaining to you so this Gorly is actually something on top of uh test Network itself so what you can do is you can just go inside
This notion Tab and I think so they’ll be able to to give out you the steps uh on how to get your ens so I’ll yeah so that was uh ethereum a basic understanding of the innovations that it was uh working with and uh now we’ll just see how is it
Difference from Bitcoin so more or less like it is based on the same concept as well uh just besides the fact uh that smart contract part has been uh added to this uh on bitcoin we do not have any kind of smart contract uh we can just put in the you use this
Bitcoin Network for financial part but uh as in when like we proceed it’s also kind of and adding the uh you know some kind of uh utilities to it like Bitcoin has recently introduced use this concept of nft so this uh de making decentralized applications uh yeah so it is the most
Secure network and uh everything on ethereum is actually much more feasible than Bitcoin so let’s see what all comparisons do we have so we have uh these Founders as Satoshi Nakamoto and vitalik B Trin and its team for ethereum Satoshi Nago motor yet not to be found uh he just implemented the technology
And vanished into th year after deploying it uh every kind of uh major agency is actually looking for him who is Satoshi Nakamoto and closely monitoring his address uh through which he you know implemented or mind the Genesis block introduce the Genesis block for the Bitcoin uh blockchain so these were the founders
For the respective uh blockchains and and what is a scripting language so scripting language is like touring incomplete for uh Bitcoin so it’s non- touring uh you know uh language being used as a PC but in ethereum it’s very like a during complete kind of thing uh
So when was it introduced so it was introduced back in 2009 uh when uh the Bitcoin like when the people were introduced with the blockchain and Bitcoin part and in 2015 this was actually being implemented yet it was conceptualized back in 2013 as a white paper and it took around like two
Years for them to you know just to implement this technology and yeah uh besides this uh what is the coin Release Technique so how do you guys uh uh you know uh get these BT or ethereum so in bit Bitcoin you get it through mining so that is the only way like if
Miner mines then only he he’ll be implementing the concept of utxo which will then be converted into Bitcoin and then you will he’ll be having that uh Bitcoins itself so fun fact do you know that uh Bitcoins doesn’t exist it is actually in the form of utxos which are
Then converted into the concept of Bitcoin and uh yeah it doesn’t exist until unless you uh spend it so that’s what uh unspent transaction output means so you just have the transaction outputs into your account and once you send it then it turns into the spend transaction
Output and change into that so yeah uh that is the only way actually you can you know uh make this Bitcoin live into the network itself otherwise you won’t be having those uh Bitcoins existing in the network so after you mine then you’ll be able to actually buy it from the miner
Or maybe uh trade it or whatever you want to do and uh through with this ethereum uh how do we get ethers we get it from the Ico so we have so the basic building blocks of programs written for ethereum platforms are called smart contract and uh let’s actually see what a smart
Contract is so you see a diagrammatical representation uh which is like in contract between two parties and it is actually written in the form of code itself and the individuals involved are Anonymous so they don’t need to know each other previously or beforehand uh to you know interact with
Each other they can use the uh they can trust the smart contract as their escrow and whatever the information they want want to uh share amongst them they can just store it on uh smart contracts and as in when they are completed with these steps they can just release those
Information or whatever kind of uh thing uh they want to give to each other once their uh deal is completed so you see the individuals involved are Anonymous but the contract written in the public is in the public Leisure so to see and ethereum smart contract so you can just go into uh
This Sor uh this is like a earlier also used had shown you these contracts I guess so these are the places where you can just find out the smart contracts and you can just read it not sure if you’ll be understanding this but uh yeah this is how a smart contract would look
Like and and it has implemented once uh cons uh considering every situation and everyone could just come in and interact with the smart contracts and uh try to you know um what uh try to implement the features that has been embedded in the smart contracts for this say suppose we
Have this token as usdt so the what this uh contract does is this contract is responsible for converting your uh cryptocurrencies like ether to uh us DT and whatever uh the number of tokens you want to uh own you can just uh exchange by giving out your ethereum to these
Smart contracts and they will give you in return for the equivalent amount of usdt to it so whatever is the amount for this I think so that huh right now it is like exactly $1 so if the ethereum price is say suppose what is ethereum price
Right now so it is 1589 so you’ll get around 1589 usdt tokens from the smart contract itself that will be implemented uh on the blockchain itself so that is the function of smart contract uh wherein everything you can see it on the network but you have these uh predefined
Functions wherein you can interact with it and do whatever kind of uh operations you want to do on top of this network itself obviously if uh the functions are written in that then only you’ll be able to do it otherwise it won’t be feasible
For you to do it so yeah uh once you have this on the public leiser a triggering event like exploration expiration date and a strike price is hit and the contract executes itself according to the code coded terms so whatever has been written is actually being triggered as an event and it will
Just give you the these things as like expiration date and uh what is the price that is actually going to hit when it is deployed and the code then Auto is actually working on the automated mode and uh yeah so that is basically what smart contract is and then me and you or
Any kind of individual who is connected with the ethereum network can actually interact with that smart contract and use it functions as a features to be uh doing your uh task whatever you have in mind yeah so that is what is uh basically a smart contract a smart contract is uh computerized transaction
Protocol that executes the terms of contract whatever has been written on the uh uh this uh contract itself and the the language is used for interacting uh like writing down the smart contracts are solidity which is the most famous one as we previously learned and we have other smart contract languages also like
Viper and lll uh so with the help of that you can also write a smart contract and when running on blockchain a smart contract becomes self-operating computer program that automatically executes while specific conditions are M so as in when the conditions are met it will
Execute uh the result to it or maybe uh call the next function and then start to executing that particular functions uh you know uh the operations that is written inside that functions itself so uh this is actually a diagrammatical representation of uh uh how smart contracts uh work in a
Permission blockchain so when it comes to permission it is called a private blockchain how it is working so if you see uh we have these physical contracts earlier within Alison Bob and uh what are these kind guys doing there they have programmed that particular uh physical contract uh in
Solidity and uh have implemented on ethereum network itself so blockchain uh is actually on once it is deployed on blockchain it is also in the permission liser uh where you know specific uh people who are in that uh group or uh blockchain can be only be
Uh able to see that uh smart contracts and uh rest of them would not be publicly available uh like it is for other tokens or maybe other smart contracts you want to deploy okay so smart contract is a software program on the distributed Leisure allowing immutable verifi secure
And record all contract and transactions so this is what smart contract is and Addison Bob will interact with that particular smart SM contract and what will it will give is low lower operational overheads and cost leading to economical and financial products so whatever uh their operation overheads
Were and cost were earlier it actually lowers it down because everything is just working in the automated way and uh there’s no other human involved or maybe other resources involved that will be uh causing them extra you know uh uh the pay or maybe an uh error which can also
Be uh termed as an uh human error as in you know the expense to it so if that the these things are removed the transaction cost or the operation cost is actually becoming less because everything is automated and written before and uh thoroughly audited and check before deploying it on the
Network so these are the banks insurers and capital marketers custodians of network and validate then so this is like uh something uh where working as a cbdc so what is a cbdc it is like a controlled environment wherein people can uh uh you know control how the
Things will be working and how it will be how will they be able to do that they’ll be able to do that by defining those functions on uh inside the smart contract itself so yeah so that is how it is actually working and uh once it
Has been deployed also it will give you a faster simple and hasslefree process with a reduced settlement time so whatever you want to do on the network is actually uh very fast since it takes around 12 to 15 only seconds to uh implement the particular transaction or
Uh maybe uh deploy it on the blockchain itself yeah so that is how uh smart contract gets on uh permission blockchain you just run up a fire up a network uh create your own permission Network and then just uh write down a smart contract on top uh with the help
Of solidity and uh then just keep on adding to that particular Network so that every individual on the network can just come in and interact uh with the uh smart contract and does it functionalities and exit the uh permission blockchain if he wants so what is a cryptocurrency used in
Ethereum so as we all know ether is like very famous uh thing so that this is like a cryptocurrency which is actually fueling up the complete uh ethereum ecosystem so if you do not have these ether like you will be just an handicap person on top of
Ethereum you can just able to see things but you’ll not be able to do any kind of uh operations on top of ethereum so if you want to do any kind of operations you ought to have this uh as in your uh Network itself so ethereum is incomplete without
Cryptocurrency let’s have a look of the cryptocurrency used in ethereum the esteem token of ethereum blockchain is called ether as we all know it is recorded under the code eth so eth is actually an Acron acronymous short form for e ether and uh it’s exchange on digit uh digital currency trades so if
You cannot find anything where to buy e ethereum you can just go onto this traditional cryptocurrency exchanges and buy it from there and then you can transfer it to your uh secure wallets and then interact with uh smart contracts with the help of that particular ethereum itself so you can
Just connect to the websites and start to interact with the ethereum blockchain so what is the utility of ethereum so the utility is actually to pay for the transaction fees so whatever kind of event uh like thing you want to do it on ethereum you need to pay a gas fees
To it so what is the uh gas fees uh SL transaction fees it is actually a fees that is given to the minor for confirming the transaction over the blockchain as we have already known about this and uh if you want to get your transaction completed you have to pay these fees uh
To get it confirmed over the network and do some whatever kind of computer service computation Services you can do it with the help of it e ether itself every time a contract executed ethereum consumes tokens which is termed as gas to the to run the computation so according to what functionality you
Have written on the smart contracts a uh gas fees is actually calculated and that particular gas fees is actually uh you know uh implemented by beforehand should be uh present in the smart contract so that it uh does all the communication with the uh network uh fluently and easily like very
Smoothly so these are the do denomination tables of ether so uh like in Bitcoin we have one BTC equals to uh I think so 100 million Satoshi so that is the smallest denominations in this uh the smallest de denomination is V which is one to one uh to the power
Of 18 so like 1 E equals to 1 the^ of 18 and uh this is the value like 1 with 18 number of zeros if you want to calculate V so uh one uh this much amount of money equals to one ether and these are uh the
Other denominations as well so 1 to the power of three so that is th that is qu M gu and micro ether saabo and fin it’s kind of mther uh like other denominations as well so this is the most famous one that is used Quay is
Also another uh part of it which is uh favorite which is a favorite by other ethereum developers so whatever calculations you are doing it is either done on gu uh on your traditional system or maybe on uh your smart contracts so people prefer to use the square itself
If not ether and yeah V is actually the uh uh smallest unit for whatever the transactions so whatever you want to do on ethereum you have to have like some kind of Base V in in with you is a smallest denomination and uh sometimes the function Returns the value in
Actually in way so make sure like when you’re interacting with in ethereum or if you are just trying to manipulate data on ethereum make sure uh to check how much gas it is required and that gas should actually be known in what denominations it is uh before you try to
Interact with other uh ethereum Network itself grass a crypto fuel for ethereum so as we all know if if you do not have uh money for paying out the gas you cannot do anything and the transact you cannot do any transactions and whatever you have to do you you require gas
Beforehand either in your wallet or in the smart contract whatever you trying to deploy let’s understand what gas is in E theum and system and why is it necessary so I hope till now uh everyone of you you have okay gas in ethereum so what is
Gas in ethereum if you guys know as of now uh the gas is uh nothing but it is uh required to be paid for each activity performed on the ethereum blockchain and any kind of activity you want to do you have to pay a gas for it a
Transaction fee is charg as some amount of ether and is taken uh from your account balance uh if you are are doing a transaction uh your transaction plus a certain amount of money for gas actually gets charged when you try to broadcast the transaction over the network
Itself yeah so that is what a transaction fee is a fee is paid for transaction to be included by the minus so that is actually to confirm the transaction over the network the more the fee the higher the chances of the transaction to be picked up by the minus
For inclusion in the block so that is actually true so the gas fee can also work as a kind of a bait for people to uh you know confir get their transaction confirmed sometimes people actually put in the uh wrong value uh to just confirm so it sometimes become much
More higher uh than what uh transaction uh fee has to be so it’s like uh some guy who was trying to send out $1 1942 and uh that was equivalent amount of like 0.05 Bitcoins I guess and uh for getting that con transaction confirmed uh quickly he actually by mistake added the
Transaction uh uh gas fees as I think so five Bitcoin uh and that was the actually the most uh amount of gas that was actually being paid PA on the network itself to confirm a transaction so that was a kind of error but you make sure that you make it like use these
Ethereum metam uh wallets functionality of adding the gas and uh check the gas that is gas fees that is going on right now just to confirm the transactions over the ethereum network itself okay uh so this is the gas fees that you can check out so you see median gas price it
Is around 027 27 cents uh to confirm a transactions over the ethereum network and that is equals to 8 gay that we just were learning previously for uh other denominations as well okay providing too little gas will result in failed transactions so okay yeah so if you
Provide any like limited number of gas it might not be a uh Miner will not be able to pick it and it will fail so the transaction will be converted to the initial stage and uh no amount uh no transaction will be done then and you
Need to do the transaction again with uh more uh gas fees otherwise it would it won’t work assessing the transaction cost so how do you assess what a transaction cost will be so the transaction cost can be estimated using the following formula so the total cost is equals to gas used
Into gas price so uh gas uses the uh whatever the functions you call no so according to that the gas is actually uh being calculated as gas use and the gas price is like the uh price that will be uh implemented uh for executing that particular functions itself so gas uses
A total gas that is supposed to be uh used by the transaction during the execution and gas is specified by the transaction or n as an incentive to the minus as well so uh if you are trying to can you see can you guys see my metamask
So this is how you add this gas uh fees itself other formula is also like uh 21,000 into whatever the number of functions uh you have used so according to that uh the total cost will be incode so what are transactions in ethereum so the transactions the most notable difference between the Bitcoin
And ethereum blockchains is that ethereum blocks contain both a transaction list and the most recent state of the uh Leisure of these transactions so trans whatever uh you are trying to do on the network is recorded in the form of transaction so if you want to see
What is happening just read go through the transactions on the network or with the smart contracts uh you’ll be able to understand uh what exactly is the uh things that are going on right now and uh let’s take a look at the transaction and accounts in the ethereum blockchain
So the term transaction is used in ethereum to refer to the signed data package that contains a message to be sent from an externally owned account uh to another account on the blockchain so ethereum actually consist of different different data packages and it will also consist of a message which
Is digitally signed and then actually get broadcasted over the network and uh it will be actually be sent to an externally uh owned account uh which is an uh a smart contract or maybe another uh uh another address and uh which actually will be sent onto the blockchain itself so
Ethereum uh that’s how you make a transaction on top of uh ethereum and as we have previously also seen what is the uh Pro process of sending out the transaction so I think you you guys have a better Fair understanding about how transactions work in blockchain and uh ethereum blocks moving
Ahead ethereum blocks contain both uh transaction list and the most recent state of the Leisure of these transactions so so whatever is actually the current state of the ethereum blockchain you will be able to identify on the trans uh ethereum network with the help of the these transaction itself
So accounts are one of the main building blocks of ethereum blockchain and uh without them I think so there won’t be any uh the ethereum uh trans blockchain will not be able to function as so accounts uh like there are two types of accounts basically one is the externally
Owned accounts which is like these transactions uh so this is an externally owned account which is owned by the individual itself and uh it’s defined as a basic form on account that interacts and generate updates on the ethereum blockchain whereas the other uh type of uh uh account is the contract accounts
So contract is also working as an individual entity on the blockchain network and each smart contract is allocated an address uh through which it communicates and uh does like receiving or sending the transaction or completes its basic functionality that it has to incur and that has been written by the
Developer itself so yeah so contract accounts they program matically executed when they receive the instructions in the form of transactions from an eoa so what is in EA as we understood that it is just a normal account that has been created by a user just like un me and
Contracts can push or pull funds and request these actions from other contracts calling on the code to perform the dynamic transaction so if you’re trying to uh send or receive funds you can do it on with the help of contracts contracts will be will have certain definitions written uh inside their
Functions and according to the that the code will uh either be able to uh pull out the funds from the externally old accounts or maybe like uh uh send uh the tokens from that particular account itself so the contracts has that much uh Authority in the uh ethereum Network so if we
Restrict uh ethereum to only externally owned accounts and there are no contract accounts then uh V D at an altcoin system that is actually less powerful than Bitcoin itself and can only be used to transfer ether so it’s basically like you are removing the functionality of daps to create the decentralized applications
And uh you basically uh like uh stealing the aura of uh ethereum uh Network and uh so that is basically it won’t be a it’s useless without these functions working in it the state of all account is the state of ethereum network which is updated which is updated with every
Block and about which the network really needs to reach its consensus so yeah uh these accounts is also very important to attain uh or to reach a consensus in the network itself how approval occurs in ethereum blockchain let’s see how transaction happens and how a block is created in
Ethereum blockchain and uh what it will do it will determine these taale blocks called as uncles or Omas and include them in the block so what is Uncle blocks so these are the blocks that are actually not broadcasted over the network itself so it is like uh transactions that that are uh confirmed
But are not added to the uh that particular self of chain so it is like a stale uh blocks uh which are not confirmed on the ethereum blockchain network so that is what Uncle block is and updates the uh next thing is updates the account balance with the reward
Earned from the successful mining of the block so as soon as he confirms a transaction that particular amount is actually transferred to his wallet and valid state is computed and block is uh finalized which is which defines the result of all the straight transactions what uh validators or miners do in
Ethereum network and these are the basic theoretical level of what actions Miner performs and how it functions uh moving ahead we’ll start with mining reward in order to incentivize uh miners for supporting ethereum network uh certain kind of block reward is given and is gu granted to the lucky miners who generate the
Current block so whoever performs the consensus algorithm and gets that uh algorithm correct the answer to that algorithm correct so his uh block will actually be added to the longest chain of blocks and that particular block will be getting all the rewards whatever the minor is trying to
Achieve and currently the block reward is set as five ethers for ethereum and uh like whoever successfully Minds the uh block over the network you’ll be getting out five ethers for just to uh confirm the transactions but I think so this is like the previous one uh in proof of State
Uh the ethers are around like 32 uh e now uh let me just check it out for you guys quickly ethers reward in proof of STI you see uh reward payments are automatically processed for active validator accounts and with a max out effective balance of 32 e so any rewards
Above that will not be uh considered as the uh valid uh amount so it is like bummed up to uh 32 e instead of uh uh 5 as of now since it has been moved to uh the particular consensus algorithm from proof of work to proof of stake so I
Think so this content is little not updated but uh we’ll get this updated uh as soon as possible now so this will contribute to the inflation in the number of ether available and hence the what is the key difference between etherium and Bitcoin option A ethereum is a cryptocurrency while Bitcoin is a
Platform for building decentralized applications option b ethereum uses a proof of stake consensus mechanism while Bitcoin uses proof of work option C ethereum transactions are faster and cheaper than Bitcoin transactions or option D all of the above just a quick info guys intellipad offers you a blockchain certification
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Tab the value of each ether so as we all know like uh when miners mind the blog then a particular uh e or any token is getting generated and uh once it is getting generated The Miner either sells it or trades it with other uh other
Tokens uh to make it uh existing in the ecosystem as well so what is a consensus mechanism in ethereum for any distributed computing system to properly function we all know that uh we need there needs to be a mechanisms for an entire network that comes to agreement or it state or its
Token Supply is divided among the registered address on the network so there has to be like uh some kind of agreement like whatever we have learned in previously uh it’s what we similarly will be learning uh in this ethereum as of now uh wherein we learn uh the
General agreement that achieve that is achieved by the consensus algorithm like proof of stake and and proof of work so at the right time of writing ethereum uses a similar proof of work protocol uh known as ether so that this was like previously being used uh
Currently it has been moved to proof of stake for better utilization of resources and it is not similar to bitcoin but it is moved to the idea of uh validators validating the block over the uh uh Network by staking out like 32 e to become a validator and once they
Become a validator they’ll be able to you know get uh those ethereum tokens onto their Network itself okay uh so it uses this is actually correct that it uses different cryptographic primitive for its hashing function uh known as sha3 and uh rather than sha256 of what Bitcoin uses so the uh
Hashing function is done using the sh3 rather than s256 so we have this thing called eash uh which is uh designed to make ethereum both resistant to the high powerered mining chips that currently dominate the Bitcoin industry so uh the mining part is actually little bit different from what
Uh Bitcoin miners use as a resource so these uh uh they use basically ant Miners and uh other resources to mine over the network for this ethereum we use these high power gpus like RTX 1080 and and uh other powerful uh gpus as well and since they have like different
Uh way of uh mining the things so we need different different resources as well and uh uh so it has like a uh more of an approach of a light client implementation that allows uh users to use ethereum without needing to download the ethereum blockchain into the device
So it’s not necessary for you to have your complete ethereum blockchain onto your uh device you can do without it as well with the mode known as light not the complete full blockchain that has to be uh that is a minimum requirment when you are uh mining on top of Bitcoin
Network but on ethereum you can just work as a light node and you will be able to start to you know uh uh mine uh mine over the uh ethereum blockchain itself so light clients download headers um and light like when you are uh working as a light line you
Will not be downloading the complete transaction the complete blocks and everything you will just be downloading the headers of the block uh for references and you can just start to work uh in that mode itself so what are some more functions of ethereum uh ethereum actually
Uh blockchain is intended to do far more than process share transactions it is designed to execute complex code where the functionality is only restricted by the imagination of uh its developers and accessible resources so whatever you uh kind of uh business use case you have if
It is uh implement it can be implemented on uh ethereum network uh all you need to do is write a bunch of smart contracts and uh then you’ll be able to implement that particular business use case on top of ethereum itself and uh yeah so that’s how you kind of implement
Uh the use case on top of ethereum network the complex code are executed ethereum virtual machines so this is actually a computer running behind the ethereum network which is called an ethereum virtual machine so whatever smart contracts you are writing is actually uh going onto this virtual machine and
This virtual machines will execute your smart contracts and put on top of the blockchain itself so this is how you get your code published on top of the network and two other uh nodes as well so what are the releases that has happened so metropolis and serenity were
The uh kind of releases that were uh done so Metropolis is like a ethereum upgrade uh that was introduced on GitHub for testing uh and uh it was just a matter of time before it goes on live it is not only uh introducing further protocol upgrades and opening the other
Doors for Casper but also this new interface is for non-technical users was also getting implemented in it and uh this uh act release will actually you know uh uh gain some kind of adaptation for non-technical users and uh this will help developers to create easy to use applications for for uh like
Other individuals to use like for you and me guys so like everyone can do that uh with the help of this update itself uh so it is also one uh another kind of release uh this is like a last phase on the uh ethereum Network and uh
This release was actually planned uh in starting of in like January or maybe February of 2018 but uh like uh due to like delays in the network maybe uh some of the other features that are getting implemented before these things were getting delayed and uh what exactly the sen goal was to
Switch from proof of work to proof of stake which is actually happened and uh this is actually implemented in 2022 uh in the uh month of June I think so and the method that was called was Casper and uh yeah so this is actually kind of a release that has happened over
The network itself so proof of stake has been implemented Casper of that uh this uh ethereum upgrade was also done for implementing the new interfaces for non-technical users so so what are the development Technologies on ethereum so in addition to the main ethereum blockchain protocol there are also supporting Technologies in
Development uh that seek to help the network so the components built on the network run more efficiently so what are those development Technologies these are the development Technologies like supporting Technologies which help to ethereum to run better so internet is one Hardware clients is like uh people miners using
Mining rigs like uh using high performance gpus like RTX 1080 or maybe another kind of uh powerful gpus whatever are existing currently in the market uh we have this uh consensus algorithms running as a ethereum node and these are like swarm for storage whisper for messaging and evm for consensus that are
The other supporting Technologies and dabs is like what uh web3 uh technology tools uh are running which is similar to what they are running on uh web2 so it’s like uh whatever they are running on web2 they’re trying to implementing on uh web3 with the name known as TS so TS is
Nothing but a decentralized application which is built with the with the help of smart contracts and implemented on top of uh this ethereum network itself and yeah so this is last of the thing missed application which is basically an application for uh adding the different types of wets in use for
Interacting with the smart contracts or the ethereum network so you can use web3js or ethers JS and the uh to interact with your smart contract you can call out your functions of the smart contract and in return you can get whatever value is being defined inside that function and uh with this
Library you’ll be able to get the addresses you will be able to uh get the responses you’ll be able to do other certain calculations uh that are to be done off off chain itself and you can push out the data you can pull out the data using
This uh web3 GS itself from the ethereum network so this is like a diagrammatical representation of what web3js is let’s see what they have written so the key connection between ethereum Network and your tab is withb 3js allows you to compile deploy and trag with your smart
Smart contract so as I was previously telling uh this is like like a gateway to enter into the smart contract world and interact with everything that smart contracts has to offer as a function so you can see the tab is just like an this is like a user interface
And uh where in compiling deploying and interacting with smart contracts actually is happening and once the you have written the solidity code on that uh uh like UI itself that is basic a remix editor or maybe gach or truffle uh type of tool which is like uh used to
Connect with the uh ethereum Network and uh once you have return the solidity code you can just uh compile using a St standard Lo solidity compiler that is an npm package uh those who are all those who are not aware of what npm is so npm is a node package manager
Which is used to uh run uh different different kind of packages that has been written for node itself and saly is one uh which is like a solidity compiler uh that is used to compile the codes that are written on top of solidity itself or you can use uh vib3
Compiler as well uh like the local ethereum node saly so what is local ethereum node salty it is like a look uh you try to mimic uh ethereum chain on uh your local network itself and a fresh chain is implemented using this tool called ganach which gives you like 10 ethereum
Accounts and some ethers uh test Ned ether to implement on top of your chain that has been locally added uh to your PC with the help of this tool called ganache so you write the all decode and some bite code is given back to you and
Uh that is called the abis and then you can with the help of that you can you know try to interact with it so once you get the bite code you’ll return the solidity bite code which is basically the ABS so application binary interfaces and uh you get these abis
From the bite code and execute the contract functions and once you do that you’ll be able to make these RPC requests with the help of web 3GS and uh local ethereum node you can run either using ganach or this is tool there’s one more tool called get which
Uh is required for you to run and to have an you know your own ethereum network running on your local machine or you can use like third Party Services uh called infura so infura is one of the most important tool uh which is has the different different apis to connect with the ethereum
Network so all you need to do is have an account here so if you see get started you can create your account from here or if you once you have able to create your account you just login and this will give you an API key
So this is like a fresh like uh not fresh but it’s actually free of course uh and uh you can do like simple simple transactions and interact with your uh smart contract using this apis and this will give you like this RPC URL which you need to connect
And add it to your uh uh local code and with this link you will be able to connect to the ethereum smart contracts so it is like a third party tool which helps you to uh interact with your uh smart contract deop uh deployed on your ethereum network and if you need like
Other uh this test net so you can just scroll down from here and it will change your link and now you can communicate with the smart contracts that are deployed on your gly network so glya spolia and Main net are like three different networks main net being the
Primary one which has the value and Gan zolia are like the test Network which is just used for testing purposes and uh also you need to have these ethereum uh uh gly e to interact with uh your uh uh you know smart contracts so you what how do you get
Your goal Eads you get your goal Eads with these faets you add your uh wallet address over here uh from you can add it like go back to your account copy your address paste it here and then just send me e so once you are you fulfill these conditions of sign up
And loing in in alchemy you will be able to get your goalie e in your account uh this metamask account or whatever account you are providing yeah so that is how you interact with different different networks and we have this linear blockchain also polyon which is like a
Similar which is like a side chain for ethereum and I have previously explained also the concept of polygon uh so yeah so you can use this as well this enable Network and they’ll be giving out these RPC URL so you can just use that to either connect it to the Mumbai
To the main net or to the test Network which is called Mumbai for polygon similarly you have different different other blockchains as well all you need to do is have this API and you are good to go we have different tools uh other than fura as well uh the those tools might be
Paid one so if you see uh simply Trends uh this quick node so this is also like a uh provider for vib3 and you’ll be able to communicate with them uh through with their uh apis through the network you’re trying to connect to either main Network testet
Whatever can also look for like more web three providers but these actually are the most important one uh for which you need to connect with the ethereum network or you can what you can do is you can just create your own node as well by running this get accounts this like
Uh you know uh web3 provider which helps you to connect with the ethereum network you can run this also and uh whatever kind of uh RPC URL it will provide at the end you can that you you can use that with the web3js library to then again connect with the so we understood
About web3js uh so it’s nothing but a library to connect with the ethereum network also similar to web 3GS we have something called as ethereum ethers JS which is like a somewhat a little better version of it uh much more faster this is like a documentation for it
And you guys want to just have a look I’ll also share this link as well so this is like uh library to help you get connected basically written on JavaScript as well and uh it also has these classes and functions uh that are available and uh to like available to import uh manually
From sub packages whereas on like web 3js these things are not available it will also be able to run from the front end or the uh back end and uh all you need to do is like add it as this as a provider and then you just add
It uh these lines to just you know connect this metamask functionality to your normal websites uh this is how you can just query your blockchains and you know what block number it is on so it will give you like it is on this block number uh and this actually completely
Works on the concept of big number so yeah so if you are working with the balances on ethereum make sure you convert this to a appropriate denominations or appropriate you know your uh data type and then work upon it so this is it for ejs guys can have a look like an
Overview we’ll be using e. JS or either web3js to you know interact with uh blockchain so I’ll just show you web 3js also so installing it like it’s not a big deal but just to add it as a a package manager just added through package manager or Yan whatever you use npm or
Yan and then you’ll just be able to use this particular Library if you want to read this also I’m pres sending you the link okay so what is M application so M application is styled as a decentralized application Discovery tool mist is actually uh is meant to serve as a
Wallet for smart contracts that features graphical user interface so you it gives you an GUI which acts as an wallet for smart contract you can able to see what is exactly happening and you can interact accordingly to with your smart contract using this particular missed application so this is like a wallet
Itself uh for interactions with the smart contracts uh it’s a de desktop application used to communicate with your node and uh it allows user to dynamically set transaction fees and manage custom tokens so whatever types of smart contracts you have implemented to as a tokens you can
Also handle that tokens on through your Mist wallet also if you want to add like custom gas fees uh to it you can do that as well sorry so what is the exact difference between Mist browser and ethereum wallet so as you can see we have a tabular representation where in it says
That mist is the browser for decentralized web apps whereas the etherum wallet is also known as a metor d dab wallet and uh it is actually used for all purposes itself the ethereum wallet app not only focusing on the uh uh uh browser Rel specific app so mist
Is still in heavy development it’s not recommended uh to visit untrusted tabs until the full security audit is done so it is actually in the uh development phases itself for the m one and people don’t tend to use this they either use these ethereum wallet apps like metamask or maybe some other
Wallets to interact but mostly the famous One are ethereum wallets but uh if you have this another uh browser called Brave browser you have their wallet as well so brave wallet is also there and uh uh rainbow rainbow wallet is also there the my ether wallet is
Also there so these are like few of the examples for what ethereum Wallet app is and you can use these uh to interact with your uh ethereum uh change to just send and receive uh the transactions but you cannot send and receive the data from that particular wallet as of
Now so the releases are called ethereum wallet as it is only offers a bundle of missed browser with a single tab the wallet the future with Metropolis releases will provide a full missed W browser that is able to open any dab available out there so yeah that is an ethereum wallet with
That and uh Miss wallet differentiations so what are ethereum clients how current is slide 37 has all this been fixed now how parent is slide 37 are you asking is it updated or or not yeah so Mist wallet and everything like these are not some kind of tools
That actually are in uh like very much of use uh people actually tend to use different other wallets but this was uh was introduced at a very nent stage wherein these metamask and everything didn’t exist so so moving ahead ethereum clients what are ethereum clients so ethereum clients are something that
Helps you to communicate with the ethereum infrastructure ethereum uh network uh so developers write up contracts with uh which are which that are then converted into evm bite code via an evm compiler and uploaded onto the blockchain using an ethereum client so there are various clients supporting
The uh the ethereum network let’s see what clients are and what purpose to they solve so client is nothing but uh uh interface to help you implement your smart contracts and interact with your ethereum network itself and with other smart contracts as well since the start of the ethereum project there have been
Very uh multiple client implementation across a range of different operating systems and programming languages this client diversity is essential for the long-term health of the ethereum network so uh people just run these clients connect them as your nodes which is actually storing all the uh leisures and updating all the
Uh Network and acting as an active participants to you know maintain a consensus and uh make the network Strong by running the client Network itself so ethereum clients are software that allows users to uh approve transactions SL blocks create manage uh trans uh accounts on ethereum send receive transactions to from your ethereum
Accounts deploy smart contracts uh on Smart contracts onto the blockchain and mine ether on the ethereum blockchain so B basically when you run a client node you actually become a node that uh has the capability to mine the transactions or just to you know uh be on your on the other side to
Either come interact with the other smart contracts or uh deploy your own smart contracts whatever you want to do you can just run them uh that type of node uh client uh to be able to connect it with the ethereum network itself itself so what are the list of ethereum
Clients get so this is like the famous one uh that we were just seeing this go ethereum it is uh like an Gateway into the decentralized web so if you want to uh uh interact with any kind of uh smart contracts you need uh your get uh up and
Running and whatever kind of uh URL uh RPC URL it will provide you need that particular URL uh to implement in your code if you want your code to be interacting with these uh your I think your ethereum uh accounts uh and also once you are uh
Like up and uh able to up and run this uh particular client you’ll be uh you know able to see all the transactions store all the transaction on your block uh local node itself so that is also one thing that it will do so it requires a
Lot of storage if you are running a g application as of now so yeah so next is parity parity is another type of client uh which is similar to what go get is doing CBB ethereum so these are like a very old one I think so they are not in use also
Uh but these are some kind of clients you can use to uh connect with ethereum as well p p ethereum JS library and so on and so forth so let’s see what go ethereum is so get is client is commonly referred to as get which supports the running of a
Full ethereum node implemented in golang so this is actually uh uh uh implemented in go language itself and everything inside it uh supports that uh uh programming language only uh what exactly it has to offer it has like integrated with the Miss browser you have the light client wherein you just
Have to download all your uh what do you say block headers and previous block headers for references uh and also you can do stuff other stuff with this uh swarm is like a uh you know uh what what swarm is actually what was it uh storage part of it and Whisper is
Just for messaging part uh when it comes to uh this get itself so it offers all these features on top of your uh when you uh run this go ethereum client so you can just go in here and see how you you get started with uh get and you need to just run
These this will be for I think so uh for Windows is also there ubu is also there and other uh other operating system as well but they are starting with Macos so for Windows if you want to do you can just do it with package install go etherum class
And you can run this in Docker as well okay uh there are no questions I see so what are platform functions so platform functions in ethereum while the architecture of the network is certainly uh impressive it’s what built on these intricate components that truly illustrates ethereum
Potential so let’s have a look uh at various platform functions in ethereum so we have seen this Dow so as we all know these are the organization that exist entirely on a blockchain and are governed by their protocols so whatever protocols they Implement is actually written beforehand itself when
You are implementing a dow tool a Unison of many long-term smart contracts between people so uh Dows are nothing but like uh a uh like group of smart contracts working together uh to you know uh uh uh maintain the flow of the Dow and other rules and regulations that are
Implemented uh are actually written inside that smart contract itself to make it as a decentralized autonom organization so it is like uh once implemented you cannot change it but uh you can change it with either the vote or like update but uh that particular thing will all uh will be existing
Forever so whatever changes you like make it to next time it will be appended only so everything is like a decentralized and autonomous a made it automated in this organization itself in the starting so Dows are designed to hold on to assets and use kind of voting system
To manage the distribution so nothing happens without the vote so everything you have to decide for the community is using the vote either they are for or against it and uh for this they used to uh the organization uh members will actually be given out some uh their organizations
Tokens uh and that will make sure that you are able to vote or not uh with their certain kind of protocols that they have implemented earlier in the smart contracts itself so that is like a main thing prerequisites uh to have if you want to interact with those TOS
Itself so like if in nouns you have to have these nouns tokens with you to be able to vote because uh voting also requires uh some kind of fees to be implemented and if you want to say yes then some kind of fees is actually being deducted from your
Account okay uh so next is two or more entities in a dow can interact interact with the each other in a fully decentralized and automated fashion so uh different different entities can also be uh able to uh have a like interaction with each other or use their
Functionalities uh when uh in like an automated way and uh in a decentralized way so it is not controlled by anyone but uh the consensus algorithms that has been implemented behind the organization itself uh Dow compromises a Global Network of nodes and members that all work together so
Uh everyone is has to offer something or the other when they are connected to the organizations and they will be like uh adding value when they are connected to the uh organization itself and DOW each actions or vs is represented by the form of transaction in the blockchain so what
Like as we know uh blockchain in blockchain everything is represented in the form of transaction so in similar way in Dow also everything is like uh represented in the form of transaction and a group of people writes a smart contract to govern the organization and uh like you predefine
Uh types of rules and protocols you want to add in the smart contract and that will uh run throughout the life cycle of a Dao people add funds to the dowo and are given tokens that represents the ownership so it’s like a membership tokens that you will get once you are in
Uh inside that particular Dow it can be either tokens or it can be nfts or it can be any kind of ERC standard tokens that depends on uh what the developers are trying to write and how they are trying to implement it the Dow begins to operate by having
Members to propose how to spend the money so the first vote is actually like asked by The General uh users who are connected to the network on where in what all part is required to spend the money and how they can improve the you know their organization itself so
Similarly to what uh we do in our normal traditional organizations how to improve it how to enhance the performance and everything so in that way uh in the similar way we do it in the decentralized autonom uh the in these Dows as well and uh uh the members vote on these
Proposal so they decide if they want to go ahead with it or not and if they don’t want to go ahead with it so they’ll uh just vote against it with their tokens and if they want they can just go ahead with it and the amount of
Percentage that is for and uh against will actually determine if the that particular uh feature or the implementation that has been proposed is to be uh implemented or not when the predetermined time has passed and the predetermined number of votes has aced the proposal passes and other fails
So yeah so similar to what there’s a kind of deadline to it and uh according to that deadline if you have voted the that vote will be recorded and otherwise it will not be recorded and the results will vary and either it will be implemented or it will not and
Individuals act as a contractors to service the Dow so yeah so any uh node can be acting as the contractors to you know uh either update the Dow or provide any kind of services to it if they want so this is like an example of it uh
These are the steps six steps so first it says a country holds an election and wants to prevent voter fraud so it’s like uh in the elections these days a lot of news uh comes up to the news media partners that uh these uh machines are rigged or the votes are uh actually
Uh rigged and only goes to one particular political parties so you these can be solved using the uh Dow or the blockchain itself as it is a very you know powerful use case for uh blockchain uh online voting system so let’s see what it has to offer a country
Holds an election uh and wants to prevent a voter fraud a dow should be created to safeguard the transparency and elimin minate vote rcking how does this happen since everything will be like in front of you like uh in on the public Ledger itself anyone or any
Person can view what is happening what is uh by looking into the transaction and who all has voted uh a person who is trying to vote will actually be getting that vote and he or she is not eligible to vote twice or maybe more than one time
Name so whatever it is it will actually be uh consistently being noticed and everyone is actually being able to uh watch that particular uh Leisure itself on the uh Dows uh on the Dow Network itself this is ensured by embedding the predefined conditions into the code so whatever you
Uh codes you whatever rules you want to write you can add it to that smart contract for the voting purposes like uh a person should be more than Modi in the age of 18 and he or she she should have like uh Adar cards or maybe uh any other
Kind of social security numbers with themselves to be able to vote or some kind of voting uh ID card uh to be pre uh given to them so then only they’ll be able to uh vote otherwise not whatever conditions that may be you can write in number of conditions for that voting
Tokens are issued to everybody eligible to vote and as soon as you get connected to it as you know some kind of membership tokens are given uh to the people who are like uh willing to vote or are actually connected to the network people start to V vote and every vote is
Recorded and processed on the ethereum blockchain which ensures transparency while allowing everything to be run by itself and to be decentralized so nothing is controlled by anyone uh once you write the smart contracts everything will be automated and will be done by uh will be done by the program itself but
No human intervention will be there which will make it like fall tolerant uh uh uh second of things it will be less expensive optimized but the only thing is uh people can uh hack it uh if you don’t write the smart contracts with the certain set of uh rules that are meant
To be written with like the best practices that you need to follow so make sure you write with the best practices so that your smart contracts doesn’t have any vulnerabilities and no uh malicious person can exploit it and that’s how the Dow works and that’s how the voting mechanism works on
Top of Dow tabs so dabs is actually a decentralized applications uh which are like a computer applications that operate over blockchain itself enabling direct interaction uh between the end users and the providers so when you create a dab all you need is a few smart contract that you will just deploy it on
The ethereum blockchain itself and uh you need a smart contract interface sorry uh a UI basically which you can develop on either of the uh languages like Jango uh angular re or any of the other languages that you know uh and call out these apis uh basically and uh
Make a interactive UI just to start your own uh decentralized applications and these dab actually uh uh can be compromised of a you know single da or even a series of Dow that work together to create an application so it doesn’t matter how many Dows are there in the uh
Uh decentralized obligations together if they satisfy an agenda there can be an N number of dows uh in a decentralized application a decentralized application has also an unbounded number of participants on all sides of the market so there are no there is no foundation for this that such and if you see this
Is like an uh game called etheria uhor which is like a Minecraft G and is a uh decentralized application on uh this uh uh ethereum Network itself so we should just visit it so you see this is like a real verse first uh land and uh metaverse uh blockchain that is uh built
Upon this ethereum itself so this is like a customized nfts and stuff like that on the network itself uh you can view these instructions on how to play and they will just uh tell you how to work with the command line part itself uh so first of
All uh you need to install a command line interface uh so you might need some kind of uh client basically a g or parity one uh to interact with this uh interact it with the command line interface and then you can just create an account with uh the uh get itself uh
And once you get get that account ready all you need to do is go to a faet and uh just try uh and get some ether and if you would like uh actually this is on Main net so you can just go and buy from an exchange and then transfer it to your
Ethereum based account that you just have created from the get itself so this is like an interface wherein uh once you have installed get and everything you can just uh start to ride uh the uh variables inside the command line interface itself and and uh then you can
Just look into the map and see what uh unknown TI is left and you can start you can just pay and start to own it and uh if uh they’ve kind of have some Network troubles with the uh this uh application itself they either you can just uh the transaction
Actually gets red back to your account and uh then you can uh there’s also this instruction where you can buy the water tiles and excluding water tiles you can just buy whatever the things are in green or maybe like yellow tiles if you see before and you can do your stuff
Whatever you if anyone has played Minecraft it’s very much similar to what uh Minecraft has to offer sorry for that uh and yeah so that is it guys if you want to like visit this uh you can just uh take this itself so I’ll just share it in the chat
Itself yeah guys if you want to play like this video game you can do do that as well and uh see what exactly this things has to offer and uh you can see this map that completely is on the game and you can just start to buy
Things and go inside what this is so before going into this I’ll like encourage everyone to just uh like read this exact documentation of how do you play a game on top of ethereum itself and yeah so you’ll be in no time playing a game itself so make
Sure like you have the main net ether instead of test net ether otherwise it will be difficult for you to you know uh have uh like you’ll be you’ll not be able to play because you need gas fees and everything to just play on the this uh uh application itself also
They have like a Discord channel uh for people who were wondering what Discord is so it’s like an uh application wherein you just uh get in and have a word with the community and ask your doubts if uh there’s any uh all you need
To do is just verify it by the phone and some uh interface will be like uh this just show it quickly so interface will be something like this and there will be some kind of channels over here uh which you can go inside and these channels will be
Specific to what the name has been mentioned over here and you can just go inside and interact with different different participants who are actually playing the game or people from this uh like who has developed this game or maybe some kind of technical supports from their this uh Network itself so
Discord in that case is actually very helpful if you just want us immediate assistance for the applications yeah so if you want like this Discord channel so I’ll just copy this also I’ll just send it to you this is like a real world example for the game itself and uh moving ahead
Uh what are the types of tabs so we have like three types of dabs uh wherein one is a peer-to-peer transaction one one is an external authorities one that is Oracles and one is a peer decision maker so like or inside the network there are
Only uh peers who will be making out the decisions like uh something in of a DA uh so what is the peer-to-peer transaction so a peer-to-peer transaction is as the name suggests uh transaction between uh one and other peers and a user may need to exchange like uh some kind of digital transaction
Maybe ether or maybe other St uh tokens inside it that is rapde or stable coins like usdt or maybe some other token like Brave uh to be uh traded amongst each other and and uh they can do also uh like uh uh use this network to uses Network to networks distributed
Computer nodes to facilitate the distribution of the data so it’s like uh whoever is the nearest peer will actually be sending out the information to the next peer until or unless it has been reached to that particular person itself so that is like a peer-to-peer transaction and we have like something
Of an external authorities as well which is like uh smart contract doesn’t uh facilitate the uh functioning of calling out the external API so say suppose uh I am working in us like I’m trying to build some kind of uh let’s say crop insurance application and actually that is dependent upon the
Weather itself so say suppose was a person they wanted to assess if the uh rainfall was there or maybe some kind of storm was there to inspect if that particular thing has uh that particular crops has been destroyed by the natural Calamity or maybe some other kind of reason so
To sorry for that uh to uh get that information we’ll be calling out those external apis using the help of oracles and uh uh that oracles will actually uh get that information uh from that apis to our smart contracts and we can manipulate those data as in what we are building
And uh yeah so the SP decision makers we have al already understood the concept of tow which is like a decentralized autonomous organization form where it is like a leaderless company and uh uh you just in the beginning program some rules and um mention how the proposals will be
Submitted and how the votes will be happening and once you are insided you’ll just be getting the member tokens and you can just start to uh uh do the uh thing that you came upon when you join this St organizations so yeah these are the three types of tabs uh in a
Nutshell and uh let’s see what a future lies for the tabs itself the future of the uh uh decentralized applications so as ethereum and other projects have made writing tab protocols quicker and more accessible a number of possible dtive daps have appeared like kyc chain which allows the users to uh maintain a
Private identity wallet which can also be used to authenticate their identification in finance legal or Commerce settings so there are some kind of applications where which requires you to abide by the kyc and AML otherwise you won’t be able to uh you know uh uh deploy your uh Network without these
Government agencies troubling you uh so in that case this kyc chain dab is actually a very functional thing wherein you can just maintain your uh identity wallet as well with the addresses and you can use this to also uh do your kyc and other stuffs uh that is required by
The uh this governing bodies itself so next we have like uh V fund which is like uses the smart contracts to enhance crowdfunding services including GoFundMe and Kickstarter so this is like uh something of a tool wherein uh uh these uh services like Kickstarter and crowdfunding use this to actually
Uh make like a smart contract to automate all these funds from the a business owner who’s trying to raise the funds and from the investors who are trying to invest their money on a good project so this actually brings out the whole thing inside that and we have stor
Also which is like a uh you know a cloud storage basically and it provides you a censorship free secure and zero downtime distributed cloud storage by sharing the data and storing it in the uh storing it among a decentralized networks of computers itself so with storj once you
Are there you can just install it using their docks itself and you can use their storage it’s around maybe 150 GB uh at first which is free and you can store your data on top of storage itself uh by just running few of the commands from the command line interface itself next
We have uh another form of a decentralized application called 4G Capital that provides microl loans to small businesses in Africa by utilizing smart contract so uh they’ll be just uh going out there and registering their addresses and proposing out their business ideas and once the business
Ideas has been proposed they can add the functionality of voting either to uh provide the uh funds to them with the help help of the organized uh like uh peers uh uh peers uh what do you say uh what are some of the tools and resources available for setting up and
Managing a private blockchain option A cloud-based blockchain platform as a service option b open-source blockchain Frameworks like hyper leure Fabric or Corda option C develop tools and libraries for specific blockchain platforms or option D expertise from blockchain consultants and service providers just a quick info guys intellipad offers you a blockchain
Certification course which will help you become an expert in distributed Ledger technology ethereum solidity program and many more through this course you will also receive additional courses co-created with IBM namely IBM blockchain foundational developer and deploy a web- based blockchain insurance application with this course we have already helped thousands of
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Growth with the blockchain text tab P like uh acceptance of the project or otherwise uh you can also make it like uh installation of the normal uh business owner loan like we provided in the traditional part wherein you just uh go to a small Capital small bank and uh
Uh deposit your fund uh your project report and according to that they’ll just give out you the uh project uh you know funds according to the uh the details that you have given and what all money do you need so something like that will be of an idea of 4G
Capital and you can also see a curated collection of various Dabs at this particular website itself and uh you can just go to the stateof the ad tabs.com and you will be able to see different other uh websites as well that is functioning on ethereum network as of
Now so so that was the basic theoretical part of ethereum now we’ll be delving into more technical stuff uh so techn when we say technical stuff we’ll be just focusing upon writing uh like understanding the basic syntaxes of uh solid uh solidity as a language and what
Solidity has to offer uh till then guys do you have any questions about TS or any that you would like me to explain it to you there’s nothing you guys want to understand okay everything is understood so let’s start with uh solidity so what is solidity solidity is actually uh the basic programming
Language through which you design your smart contracts and write all the uh smart contract related uh codes uh ethereum would be incomplete without a native programming language and that is actually the solidity language uh which is actually use used as a core concept for the theum language itself we have
Other uh programming languages also Viper and L but the most famous one is the solidity and this course we’ll be focusing upon solidity itself sorry uh so uh we’ll be starting with uh the just a theoretical part and delving more into technical stuff after the slides uh so what let’s start uh
What is all so is actually a contract oriented high level language whose syntax is more or less similar to that of JavaScript uh it is designed to Target the evm and whatever code you uh deploy it’s actually deployed on the evm itself and then to the main network uh so evm
Provide the compile compiles the language your compiles the uh code and uh gives you the output whatever it is and once you deploy it it sends out to the network uh once it has been error free and has the desired function that has it has to do uh solidity is actually a
Statical uh statically typed and it supports inheritance libraries and complex user defined types among other features as well so it is not dynamic typed so everything is uh like done one by one by one and it is uh not like other uh uh languages like JavaScript
And uh in the way of functioning but the syntax is more or less same to what JavaScript has to offer in contrast to objectoriented languages solidity is contract oriented so you have this concepts of volum morphism inheritance and encapsulation in it and you can do that that uh sort of functioning inside solidity
As well it compiles instructions into bite code so that they can be read by the network so whatever uh it is compiled it works on different different evm bite codes and once it converts to the bite codes it will be actually be seen on the network
Itself so uh what is like a layout of a solidity contract so first of all you just Define the what kind of versions you are using before that you also provide the uh what kind of licenses uh you will be using and in this can use like
Remix.ogg uh which is like uh the uh in infrastructure for writing out the smart contracts itself all you need to do is go inside a smart contract and you can just see this is like a a basic smart contracts that they provide and to start with you they provide you with the smart
Uh smart contract license identifier which if you remove it will just start to give out you the warnings and it is very mandatory for you to add this besides that you provide which kind of solidity versions you’ll be using and uh you can just provide like this or maybe
Something like a carot sign and then zero 2.8.0 this actually states that you’ll be using uh the the solidity versions which is above 0.8.0 and below this the code will actually be crashing or throwing you errors if you use like syntaxes from uh uh which are previously uh written in
Either uh solidity version 0.4.0 or maybe something below that uh yeah so this is like a contract this is how you define a contract and which is act like a which acts like a class and uh this is just a basic structure uh wherein you define the contract name and
Inside that you provide the just different uh uh variables and write down the functionality of what exactly this contract has to do so once you have provided the version which is something like this source file can and should be annoted with a so-called version pragma to reject being compiled with the future compiler
Versions that might introduce incompatible changes as I earlier was mentioning as well such a source file will not compile with the compiler and earlier versions uh than 0.4.0 and it will not work on the compiler starting with the version 0.5.0 or 0.4.0 whatever you have mentioned over
Here okay so uh what is like a comparison between memory and storage so memory and storage is like uh RAM and Rome in uh this uh solidity itself they are analogous to memory and hard drive storage in the computer itself so what is memory memory is like uh the contract
Can use any amount of memory while executing its code but the execution stops but when the execution stops entire content of the memory is wiped out and the execution will start fresh so whatever uh you have stored in the memory it will just keep on uh wiping as
Soon as the functionality of one function has been completed but on the case of storage uh you when you store the data of blockchain inside the storage it will actually be uh stored uh on blockchain permanently uh so uh it’s like persisting throughout the life cycle and once you have added to the
Blockchain it gets depended and it can never be deleted so every time you want to refer what was the earlier value in the state variable or the storage variable you can just go throughout the internet and check uh the transactions what have been previously executed so
You’ll be find able to find out what exactly the data was previously and currently so that is the role of memory and storage inside this uh solidity Network itself so also this uh memory is whatever the data you store on memory will not execute any kind of gas fees so
These uh things can since it is not getting stored on blockchain itself so it does not need to provide any kind of transaction fees and uh since the data gets vibed as soon as the functioning is over so you won’t be able you won’t need
To provide any kind of uh gas fees to it but where else uh it comes to State variables of storage it uh sorry when it comes to storage it the gas fees is actually has to be is actually implemented or provided to store the value inside the state variable itself
Because this is like storing the data on top of blockchain and as you know guys uh on blockchain if you have to do anything you have to provide some kind of gas fees or the transaction fees for the miners to mine your uh transaction and store it on the lock
Itself okay so we have these General value types which is Boolean and inteachers and since I think so you guys are technical enough so you will be having an understanding what Boolean is so uh if you don’t know so I’ll just let you know the Boolean is like uh kind of
A value of true and false and no other values can be added to it and so yeah so no other kind of values can be added to it whereas in integers you will be using two types of integers itself which is integer uh int and U in
Uh which is like a signed and unsigned integers of various values as you can Define this uh in like in NT and uh U will like U and we have different bite size to it from ranging from 8 to 256 sorry bits and uh which is same for integer and
Unsend integer and the value is like starting from 8 Bits to 256 according to that the value will be stored in that particular uh variable itself so we’ll be seeing further ahead how the values are actually getting inside the variables or if you want to see right
Now now you can see here we have defined this is how we defined a variable for an unsigned integer 256 uh this is using like uh a number till 256 bits can be stored inside it and yeah that’s how you kind of uh you know stay uh start with
The uh uh declaring of variables inside a solidity language okay uh uh yeah so next is like General value types itself and it’s like addresses so what are addresses addresses have we have previously seen so address so address is like 42 uh bits of uh exad decimal value which is stored in
20 byte uh uh uh which holds the uh 20 byte value itself that is the size of ethereum address and address types are also have members and server base for all contracts so as as we have defined earlier that externally owned accounts and contract accounts have different
Addresses as well so according to that it will function in the ethereum network itself member of addresses can do this balance and transfer uh and it is possible to query the balance of an address also of a smart contract as well using the property called balance itself
And uh to send ether to an address using the trans uh you can use this transfer function to uh transfer the value from the smart contract or from the uh external owner’s account to that particular person’s account whomsoever you are trying to send so this is how
You send this is a small example where in you just just provide the version this is an variable variable is type of an address and uh we have named it as X whatever can be the value the value will be something similar to what we have seen earlier in the metamask itself and
Uh this is actually picking up uh our address itself with the keyword this which will fetch the uh address of whomsoever is calling out the contract so just writing out a normal if condition that if the balance is less than 10 and uh the balance of my address
Is greater than 10 then you just need to transfer it to the X’s balance so yeah that is uh all about it uh that is how you just write a minimal uh contract it will Al not execute C you need to provide the contract uh this contract name and inside that you
Provide out some kind of maybe a function to it so that you’ll be able to see a value but also you can just is just given for the demo purposes to just understand how do you write a small basic function of checking out the balance for a particular person person
And uh how do you can transfer some kind of uh amounts to that particular person itself so what are string literals string literals can be written in either double quotes or single Cotes and these string literals uh like as you can see we have provided f as in double codes
And single codes both are acceptable in solidity languages they do not imply trailing zeros as in C so like uh in C if you just write hello so in the last you’ll be able to see it’s it’s implementing it as or storing it as slash Z wherein the value increases uh
To four bytes for this particular Fu uh itself but not in case in solidity as it is not implying the trailing zeros and the value that is currently stored as F will be stored as it is so that is how the string literals work in solidity and
As with integer literals their types can vary and but the implicitly convertible from bytes one to byes 30 2 is also being possible if they fit to bytes and to string itself so string literal support Escape characters also like uh sln to go to the next next line slash X
Or NN or different other uh uh you know uh functioning as well and uh if if you are from the background of C you will be knowing what exactly ly this is doing I think so pry and pru I think so are well vers with C right ramak Krishna is also familiar
With C but is also familiar with JavaScript as well uh yeah so I think so you guys be able to quickly pick it up okay so we’ll start with uh this okay so we have also explained uh What uh this is doing so it takes the he value and inserts the appropriate
Bite while the this particular value takes a Unicode point and inserts it to the UTF uh based sequence so this is also supported in solidity itself so if you want to do some kind of programming related to it you can just do it so we have ARS inside it ARS can be
Fixed and dynamic and that is similar to what other languages also provide for storage arays uh the element type can be arbitrary so it is not uh uh like uh has to be fixed it can be arbitrated as well for memory IRAs it cannot be mapping uh so make sure that
You keep in mind that uh memory arrays is not equal to the mapping itself and what is mapping mapping is something of uh like an uh data type itself wherein the values are stored in the form of uh key and values so like in other languages it’s uh called I think so
Object in JavaScript in dictionaries it’s in sorry python it’s called dictionaries and stuff like that so as according to that it is actually storing the values in key and value so uh however you’re comfortable with the language you can just understand like that an array of fixed size K and
Element type T is written as like T of K so this is like the array element type and this is the size that you want the ARR to be a dynamic is actually written as just T and you don’t provide any value and as as in when you are kind of
Adding the values to it it will kind of increase uh the array size variable of type bytes and strings are like special arrays uh we’ll see further ahead also how it is written and arrays of length members uh have a length member to hold their number of elements Dynamic storage
Arrays and bytes have member function called push uh that can be used to append and uh at the end of the array so we have this functioning of of p uh for uh appending to whatever whatever data you want to add it inside the are itself
And I think so pop is also valid in uh solidity as well so uh a portioning memory aray so creating arras with variable length in memory can be done using the new keyword as well so if you see here in this function itself when once you provide
This new uh keyword you’ll be able to uh add the value to that particular size of the are itself and as opposed to storage error it is not possible to resize memory arrays by assigning to the length of the number so in here you can
See uh the storage array is not able to add the values or change the size of the values to that particular uh itself so you see byes is like a special storage of added that we just saw but over here you can just provide like a new keyword and you can just add
This value to whatever the size of the are you want so allocating storage in variable to memory array so this is some kind of an unnamed array in storage but storage is no sensible location it could point to so it provides you like uh the uh exact
Storage from where it can be stored and uh depending upon how you handle it you can just provide it either by uh adding the keyword storage or the memory however you you want to store it and this is some kind of an example for the same where in the function G is taking
Actually an unsigned integer of a dynamic size of array and is getting stored in the storage variable and the storage array is actually the name of the variable itself whatever is getting stored in this inside integer and this is like a function modifier wherein this will tell the
Functions uh uh you know visibility and uh so it’s like an internal function and it can be only be called by the uh this function which is inside that particular contract itself no other function can call it by default the value of a function is actually private there are
Four kind of visibility modifiers first is uh uh the public which is accessible by all and uh there’s no limitations on who can access it then comes the private which is actually being able to uh called by the same function or the inherited function itself and then comes
Internal which is actually the function calling out the same fun function calling out the same function which is inside the same contract itself and uh there’s also another uh visibility modier called external which is actually used to you know call out the function from other contract itself no one can
Call that uh contract from the same functions or the other function only so this is how you provide like uh the storage and memory uh part of it and by default it is actually taking uh the memory variable itself but if you don’t provide the memory keyboard it will
Actually uh give out give you an warning that this particular uh not a warning but an error that this particular has to be uh given uh some kind of storage either memory or uh storage variable itself so here is another example as well wherein you provide the data so by
General the variables defined in the starting of the contract is actually stored as in the storage variables which is like uh of uh uh you know uh like d uh which is like uh provide the gas fees on itself it’s a state variable and every state variable is like having the
Uh value that has to be stored on top of the contract and when I say value it I mean in terms of uh gas and for the memory AR you just provide like the data location like uh this function f has the uint memory array as
We see uh have seen earlier in the previous slide as well so if you want to copy the value from memory AR to X or you can just do it by providing something like this x equals to memory array and whatever is in memory array will be added to X itself
And this y uh 7 is like acting as an uh fixed length of array which is like uh the eighth element inside it and Y do length is actually uh modifies uh X through y so whatever the value of x inside it is will be modified
By the length of two and delete is actually as we all know is for uh clearing out the array so also modifies it by the Y so whatever functioning you are doing in the state variable it will uh actually be uh you know costing you gas so the
Following does not work it would need to create a temporary uh ARR itself so what we have further ahead is the ARA literals or the inline ARA which will come to the uh part of sorry so are literals is like uh are the Aras that are written as an expression
And are not assigned to a variable uh right away so it uh like as in when function happens in the smart contract that works according to it a type of an array this is like a type of an array literal uh is the memory array of fixed
Size whose space type is a common type of giving these element so this is like an common example for it uh so if you see fun contract C with function f is actually having uh uh uh type sorry a variable type as G wherein
The U end value is of is in the form of array and you the first is uh the first indise is actually the in uh in unsigned integer with no specific value of uh uh how many bytes it is so how many bits it is so it naturally takes around uh uh
256 bit itself and two and three are already implied uh where as uh the uh that is how it is stored in the ARA literals as well and in function G if you see this U int three of data so it’s like a dynamic size of an array wherein it will H not
Have values more than uh the 0 1 and two inside this data itself so these is how you defined an array literal inside the uh smart contract itself so now comes the part of uh mapping which is like a very important concept mapping as I told you earlier it’s uh something
To uh something uh related to key and value which is like objects in JavaScript Temple uh dictionaries in uh this uh python itself uh mappings is defined something like this mapping you can just add this value and according to that you can just provide the function um sorry visibility
Modifier like public and give out the name and a semicolon that’s how you define the mapping itself here key type can almost be any type except the dynamically sized array a contract or an em minum and a Str struct so these cannot be the value besides this uh you
Can just do anything and for the value type it can be actually of any type including mappings itself so to create a listing of mappings you can just provide uh the key type which is like uh starter type ARR or maybe a normal uh integer uh
Uh normal data type like uh in uint uh string sorry C direct string or bytes and uh then you can provide mappings and then you can again provide the key and value inside that mapping itself uh to you know do some kind of an uh object inside an object type of functioning in
This uh smart contract itself so uh mappings can be seen as a hash table which are virtually initialized such that uh every possible key exist and is mapped to a value whose bite representation is all zero uh types default value so it’s something like this the similarity ends
Here though the key data is not actually stored in the mapping only its hash is used to look up to the value so the value is converted into hash and stored inside the something of mappings which is actually called as a hash table itself so this is an example for uh this
Mappings as well uh where in you can uh use to store balances of a particular person who is calling out these function so mapping is actually storing out the addresses along with what kind of balances do they have inside this unside integer so if you see function update
And uh you just want a you in New Balance uh uh to update the balance itself so you will just call out this uh balances uh mapping here with the message. sender as the address and uh you’ll store the value as the New Balance itself Whatever Whenever You
Call this function with the new balance it will update the balances of that particular address with the New Balance itself so that is how uh it will do and uh this is like some kind of another contract wherein this contract mapping user will call out this mapping example
Itself so you provide like some of a function uh F that returns uh U and integer and inside that function you’re calling the mapping example M which is this contract itself and you assigned to a variable called M which will inherit all the value and now with the new key
Uh keyword you can just call out this uh function uh call update and you just do like m. update at 100 so it will fetch give you this new balance as 100 and that particular uh contract this contract will be updated with uh contract address will be updated with
The value of 100 and uh this will actually return the m. balances. this so that is how you will be able to uh send out the balances to that particular contract itself with the updated balance so this is a very good example for how you can uh write uh basic mappings and
As in when we proceed uh further ahead we’ll be using out these mappings a lot uh so yeah now we have something called as enums as you all know enums are the way to create the user defined types uh in solidity so you can create your own uh
Enums like uh stop go or maybe uh some other kind of things like uh read write update or store so you can Define anything according to your use cases and use them explicitly in your uh this uh called smart contract itself they are enums are actually explicitly convertible to and from all integer
Types but implicit conversion is not allowed in when it comes to enums enums uh this explicit con uh conversions check the value ranges at runtime and the failure causes an exception and enim needs at least one member inside it to you know uh have a particular value be
Implemented otherwise it will just throw out the warnings to you okay so how do you write a enm so this is like a smart contract test wherein we have some action choices uh we have provided these values as go left go right go straight Still
Still and uh we have defined it as the en nums as action choices uh as Choice itself so when we call this we call inside a constant uh uh this value wherein we choose uh what kind of En we want and this is how we do it action choices constant default
Choice this is the uh variable name for it and action choices we can just provide like uh go straight or maybe sit still or go ride whatever we are trying to call we are just providing it with the dot notation itself to go inside and
Uh call these values so I think so this is very much similar to what we do it in other languages as well and yeah uh so this is how you call it and you can just Define the function set go straight and make your choice like uh action choices
To either of the enums that are available with you in the choice function itself so yeah if you want to choose like action choices. go State you can Define this variable and this is how you’ll be able to call out the enums this will be very important uh as
Well because there are sometimes you just need a predefined uh type and uh in most of the language sometimes it doesn’t exist so you want something like this to be existing in a language so that it is much more easier for you or anyone else to understand what exactly
Is going on in the code so we have structs so structs is like uh uh this particular uh that provides a way to define new types in the form of stru so strs are like custom defined types that can group sever variables together so inside this you can provide either
Integer address type uh bites pans whatever it is you can provide inside the structs itself struct types can be used inside mappings arrays and then and they can itself contain mappings array of uh and uh mappings and arrays it is not possible for struct to contain a member
Of its own time so struct inside a struct is actually not possible all those product itself can be the value so yeah so if you see this is some kind of a smart contract wherein you uh provide like online voting system and inside that sorry inside that uh smart contract uh
You have written as a ballet and create a structure wherein you have defined the values of the voter so voter should have like uh wait one to whatever the whatever the uh like uh value of that particular uh voter is you can provide if he has voted or not and
Address uh if he wants to either delegate it or if like uh Trace who has voted inside the smart contracts and uh you can also Define the number of uh voters uh how many times the voters can vote and so on and so forth yeah so this is it and this is like
A struct that can only have like 16 member exceeding which the following error might be theack too deep so inside this you can just provide like 16 members to it although you might not need that many you will just be needing I think so six to seven Max but in some
Cases if it happens then you need to just delegate your structs accordingly or maybe just you know shorten your struct uh structures uh types inside it okay so these are like uh predefined uh types of available variables and functions and the function variables are like you these are special
Variables which a smart contract actually understand and it is like a global name space so if you try to uh uh do something kind of this this will actually throw you error and tell you that this is like a global name space and are mainly used to provide information about the blockchain so
Something of that kind it will give you an error so what are these properties these are properties are like uh getting the block hash you can just do as block. block has and it will give you the uh uh uh block has of that particular block
Number itself and this is how you will be uh returning the value also if you call in the function type as well uh the coinbase is actually the uh block miners address who have whoever has actually mined that particular uh block uh will be uh with this block.
Coinbase you’ll be able to fish that address of that particular minor and this is like the difficulty of the block what uh what is the exact difficulty what TAA hashes per second is actually recorded in that you can call it with this gas limit is like uh how much is
The limit uh that is required the minimum limit that is required to execute this particular transaction and the block number is like the current number of the block uh you want to see and this is time Sam whatever the time it has been currently mind so it will
Provide you an Epoch type so those of you like uh is like I think everyone is a like well aware about what Epoch is but for mahes actually Epoch is something like this so this is like something which is understood by the virtual machine evm itself and you can
Convert it uh to the normal date also inside the smart contract or just convert it to other Epoch timing in the smart contract itself so so uh what are these Global type of available variables and functions so we have something called as message data so in solidity message data is a global
Variable that uh contains the complete call data of the current function call uh call data is a like a special area of memory where function arguments are stored and when an external function is called it also contains the function selector the actually the that’s the first four bytes of call data uh which
Will identify what function is actually being called I’m so sorry this so yeah so this function for this message data is actually a complete called Data special memory where function arguments are actually stored in an uh are stored when an external function is called so yeah so inside a
Message data uh there are first four byes of the function selector itself which is a very unique identifier generated by the solidity compiler and it uh is based on the function name and its parameter types uh message data is actually also used to determine which function in the smart contract should be
Invoked and uh the remaining bytes in uh like first four bytes as we all know is the function named then the remaining bite will be of the message data itself that will contain the serialized input arguments passed to that particular function itself uh these uh actually things are encoded in the ethereum ABI
And these if you want to see will be this is the contract uh code and uh whatever the functioning has been written is actually being stored in this contract Abi which is used for uh used by web 3GS uh for calling out your Smart contracts from the external either your
Web uh front end or the back end whatever you are trying to call with so these are the abis that is the main thing for all the functions and if you quick like read it like uh very focusly you’ll be able to see these function names and everything inside this ABI itself
Okay so this was message data uh do you guys want to see an example how the message data is actually working or should I just move on with the other I should just move okay so for message sender uh it’s like uh you’re calling out the addresses for
That particular sender who is invoking the function uh message sender will actually uh fetch you the address of the person who is actually calling out the function and uh yeah that’s that is the only job of it s. Sig is uh like another type of uh Global variable
Itself uh and it will often use to identify which function is being called in the smart contract when function uh is a uh when the function is called in a smart contract the evm encodes the function’s name and parameters into uh this unique 4 byte identifiers and which
Is called the function selector and the function selector is included as the first four bytes in the message data as we have already learned here and when the uh function is called the message s allows you to access that function selector itself so that is the job of uh the uh message s
To actually help you call out that message uh uh function selector itself uh directly without uh you know manually passing it with the other message data also uh besides this we have message. value so message. value is like a number of way sent with the message so you can
Provide any kind of information uh inside it and according and also with that you can attach the number of ether sent uh with the function uh it allows you to access uh the value is actually in V to make sure whatever the value you get getting sent or
You’re sending it is actually in V uh either uh you know uh converted into eth or maybe another kind of denomination but uh this will actually send out the messages in uh V itself so uh now moving ahead is actually the current block timestamp so whatever uh is being called it will send
You in the form of epoch that’s why it is uent this is for the transaction gas price of the transaction as itself so whatever is the current gas price of the transaction it will give out that value and yeah so you’ll be able to uh pish that uh value in the form of
Integer itself so as soon as you call it like how the number of gas you want to provide you can just provide it in v and you’ll be able to send out the transaction the transaction origin is actually the center of the transaction and it will be just used to call out the
Address and the origin that particular address will be sent to the transa uh send the transaction will be sent to that particular address itself so what kind of mathematical functions you can do you can do add mod mult mod multiply mod which is like add mod is as the name suggest adding out
The uh Computing out the uh numbers X and Y and then where the addition is performed with arbitrary precisions and does not wrap around the 2 to the power of 256 whereas in the multiply mod the multiplication is performed with the arbitrary precision and does not wrap
Around the 2 to the power of 256 itself so something very similar to uh uh adding and sub uh subtracting of that particular functions itself what are the address related functions so when you provide an address for like say suppose uh in the earlier functions if you see in the mapping
Example when you do this m do balances it is actually the address functions itself so balances is something like this so m is storing the uh contracts address and contract address will have the balances and then it can have uh uh the functions of delegate call
Which is like a lowlevel call uh and then the lowlevel call you provide low transaction fees and it is not actually advisable to use the slow level calls calls that will uh like like will not have the sufficient gas to perform the transaction sometimes so you do with the
Normal uh send or transfer itself to if you want to send out the transaction so these are the other related function wherein send given amount of way to address uh will be sent and if it is done so it will be uh returning out uh either the uh transaction receipt or it
Will just give out the failure message send given amount of way to address throw on failure like it throws in custom error if you can do that also if you want to uh when it comes to balance and transfer okay so we have one question one suggestion learning a
Programming language is best done by writing code reading out these slides is not likely to be have just a glance over these slides open for a question okay so we’ll be writing out the these codes as well we we’ll just going through the syntaxes what all we
Have in the current solidity language if you want I can give you out the examples as well but that will take a lot of time for each and every functions when we write the code so but eventually we’ll be using each and everything uh like this inside
The uh PCS that we are going to deploy in the next modules itself so this is like just an overview of what uh solidity has to offer cuz if you don’t know that then I think so you will not be able to do the coding on we’ll just
Write the structure of the smart contract that is just adding out the licenses and the solidity version and here I’ll be using solidity version 0.8 .0 or above uh to have an example uh let’s just name it as a uh example contract and we’ll just Define a basic function called get uh data
Value which uh will actually return uh us a uint value so it will be either it should be not inside this but uh public function uh it’s the uh you know uh the visibility of the particular function and returns uh U and 256 is what we are going to expect uh
There’s nothing inside it we’ll come to this later no sorry okay so once we inside it uh we want a variable basically uh with something known as value and inside this uh I’ll be using an assembly uh ew word which will actually skip the first four by and the
Function for uh selector will be given to us and the this will actually load the 32 bytes which is the 256 bits data that follows the function selector into the value variable so whatever we are going to Define here it will load into that and once I defied in value we
Should be doing it with value so and so and it will be something like M load add uh message. data and it will get the function variable 04 a simple one rather than that you went a with U and B and you just do a public function with a pure value and
Returns U and and I will return something A + B that’s it so this is getting automatically compiled here with this once we call it deploy it we’ll be able to see that it calls this particular function as well and if we add like this number one comma 2 add
It will give out this number and in the message. data part itself s which is is the input the input is actually shown as 0 x771 which is the first identifier of it and the rest of this is actually uh the uh message value of the function itself
Which comes in message. s so this is like an example where in you get the values for this particular thing in a hash uh hexa decimal form and you if you see the decoded input it says as one and two and the decoded output as three
Which will be shown as here as well so this is uh what what the data comes inside the message. data and can be seen in here itself so whatever the transaction has been done so this was a simple example for uh a message. data wherein you just get the
Value and the functions for selector will be shown in here which is something like this and we have questions can you describe what we are trying to do in this here in plain English and then proceed to show the code please so what we are trying to do
Is we are just trying to see the the message. data s a global variable inside it so that everything will be shown inside the input as well so these things if you want some uh some time to decode uh these stuff what exactly is happening
In the code you can just go into this input part of it and of the hash and you’ll be able to understand what exactly this is going you’ll be able to see it in this ether scan doio also in the transactions part as well so let’s say suppose we are picking out these
Transactions and if you go into this more details inside this we have this as input data for now I don’t think they have provided any uh input to it but uh usually you will be able to see out every function that has been called in here and you’ll be able ble to
Understand what transaction functions has been called for this particular transaction hash itself so that is important because sometimes you need uh to identify what exactly the user is trying to do with that smart contracts and it will just let you know what kind of intentions do he has with
The transaction itself so that is the way you’ll be able to call out and read all these message. data that is important to for you to write in this a contract itself uh was I clear ramakrishan who was that not yet what exact part did you not
Understand like uh like where where is the confusion so this will be actually a big code I’ll see let’s uh we have the address of the owner and then we want some kind of address for the uh renter as well and uh we want something uh with uh the value that is
Being sent or the money being paid for the rent amount and uh the ones with the rent amount is done yeah this is done then we just start to put a Constructor wherein we’ll just take the value of uh that particular owner and the uh actually the address of that
Particular owner and the amount that it will call once we start the uh smart contract and inside the Constructor we want the values of the owner to be equals to the uh owner that will be calling out the smart contract itself and if I have provide I provideed yeah so the
Renter uh will be the one who will be calling out the smart contract itself and we’ll be calling out using the MSG sender itself and the rent amount will be the amount that we have asked when the smart contract will be deployed okay uh yeah so this will be the uh your
Basic uh smart contract and now you want something of a function where you will start to pay the rent and it will be like a public payable rent and you can also like make sure you want to add a kind of a modifier to it which will be
Used uh by like uh only the uh renter should be able to call it and no other person should be able to call it so we’ll be providing that kind of uh Authority on this function for specifically for the renter itself and you can do it with the help of a
Modifier to ensure that only the renter can call the certain functions and you will what are some of the challenges companies might face when adopting hyperledger technology option A integration with Legacy systems and existing INF structure option b lack of skilled developers and Technical expertise in blockchain option C scalability concerns
For handling large volumes of transactions or option D regulatory uncertainty and evolving legal landscape around blockchain just a quick info guys intellipad offers you a blockchain certification course which will help you become an expert in distributed leg technology ethereum solidity program and many more through this course you will also receive additional courses
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Can set your careers to a new hike so visit the C page link given in the description below and take the first step towards career growth with the blockchain text tab just uh mention that’s some kind of uh statement which is like a error handling statement wherein you provide
Like uh address of the uh sender should be uh equals to the renter itself and only the renter can call this function something uh like this and once you call it you just need to close it with this and you provide it with the this is the way you call a
Modifier and once you’re calling this function with the modifier you will just make it as payable because once you are depositing the amount in the contract itself you need to make it payable and then you just do that as uh only renter will be able to call this function and inside
That you will just again provide some kind of global variable with the value so guys uh I’ll be explaining all the concepts of uh I think so uh This Global part uh Global variables in this particular example itself wherein the MSG value is the value you’ll be assigning uh to that particular transaction
Itself and uh you’ll be seeing out like a rent amount and uh we’ll see if it is the correct value let’s say the agreed amount is not what it requires so we just do it as incorrect rent amount send and we should make sure that it is already
We need something to make sure that it is paid at the first of every month right okay so let’s just deploy another uh is first of the month and uh we want it to be called by the smart contract itself we don’t want to change its state we want something to be returning
As Boolean and in that we’ll just see what the current day is for the smart contract inside that we’ll be using the timestamp and the time stamp should be the first of every month so how do you define that you’ll just uh say it as one days of every
30 days is like this it should be 30 of everything 30 for every month on the first a you need to provide that so this will be approximately month and just return uh the current day as zero I think so that will work now you need to comma instead of uh
This so that’s why just th an error I’ll just do deploy again so as you can see the transaction has been mind and in this example what we have used is we have used a message. value and not used the message. data directly and in this message. value it
Is actually showing what the input is if you see 0. 608 is actually this particular rents uh function that has been called and this particular rent function is the value that has been stored in the message. data of the call data and if you see the decoded input you see that
The uh uh this particular construction function uh which is the uh fun uh function addresses of 0787 has been called with the amount rent of eight so this is what we are trying to portray that message do uh data consist of the initial functions which are being stored
Inside the uh function value itself and the rest of the value is stored inside the function six so if you’re trying to see what exactly is happening behind uh the smart contract what is the intention the intention for this particular uh transaction was that initially it was trying to call out the functions
Constructor which we understood with this input and if we see it inside this it will be showing that Constructor was called by the owner and the rent amount was given as 10 so the Miss so the deployed contract will consist of the balance of 10 itself so the rent amount
If you see is actually 10 and if you see in the call data itself the call from this particular thing has been called for the rent amount itself so this is the call data that has been recorded or now itself and the renter amount is actually the amount coming in from here
This variable itself so if you just go inside and you can see the this particular input has been called and the decoded input is not getting shown because it is just going going to call the rent amount public variable itself so yeah so this is a little bit
Of an explanation of to be a rent to be paid on every first of the month and what we are trying to just say is that that the message data will consist of the uh function uh selector and the rest of the functions that has been exec uh
Executed in this will be added inside the input this input itself if you decode you will be able to find out what exactly it has been called so yeah these are the the these four are the values for the function function selector and this is the uh value which is called the
Parameters itself uh for that particular functions which is the owner’s address and the amount that has been called so ramakrishna did you understand now cool now uh so this okay so the error condition is this now this is the error condition that you provide require so if uh let’s say
Support an uh like rent can be paid on the first month is like something we are calling here or maybe this rent message value is not correct or only let’s say suppose we are trying to call this function parent and we are not the owner itself uh let’s say
Suppose we are here and you’re trying to call this see it gives you an error and some it gives you an error and it will I think so here it will actually provide an input where in it says that only renter is able to call so example.
Parent and it will not execute until or unless the that particular address was involved in it so if I call it from here this was the address I guess what if the renter does not have the balance can we add that sure actually let’s just shrish keep that thing for the
PC’s and then we can just go ahead like firstly quickly wrap up this uh what solidity has to offer and from the next week I think so we’ll be able to start with the ‘s of uh how the renter can be done and so on and so forth okay so for now the
Question uh let’s just see what all modifiers we had message. data is actually being shown in the transactions earlier itself or the call data whatever has to be provided and the message Sig is actually the last bite of it which is already called in the message value and
Message value is uh the amount that has been currently provided here uh in the form of transaction and if you provide like a negative value it will just keep on throwing us the uh error that uh this is actually not a transaction that is to
Be sent out uh and with the uh error message as incorrect rent amount I think so there’s something can you copy the whole code and paste sure yeah so this was the message value number way uh of way sent in with the message so as soon as you call make a
Call to it you will be just uh sending out some kind of uh amounts in v and if you want to add it in ether you’ll be adding just uh 10 and the number 18 number of zeros to send it as 10 e or
Maybe uh if you want to send it as uh some lower denominations you will be adding it 10 to the power of that particular things like uh gu is 10 to the power of n so you’ll be adding 10 and nine zeros if you want to send in
The form of qu itself so yeah uh now you have Ed for the block Tim stamp as well uh which we have used for earlier uh this itself and here we are trying to you know make sure that it is actually getting sent on the first of
Every month so it checks if it is uh first of this month then only it will actually allow you to be sent on on that day otherwise it was as we were seeing earlier it was it will keep on throwing the error that R cannot only
Be uh paid on the first of the month and uh then again we just made this owner uh get the amount itself and once you get the amount the uh once you once the renter agrees it will just send out the amount to the owner with this particular call of the function
Itself yeah so that was it and that is how the global intern uh variables are and functions are being called when you are using a uh smart contract okay uh so moving ahead addresses also you have seen and okay uh for this address related function I wanted to just write a small
You know contract where in you will understand how this is actually getting used uh simple wallet make sure you copy the structure first of all then just write the class name as simple wallet which we what we are trying to do here we are trying to use most of these
Uh functions itself so that you just get an idea how it is happening uh so let’s see uh should be right we should be seeing what all balances we have received and it’s your wish either to make it public or private and just to deposit money and the same way like we have
Earlier added for the rent as well we just make it very simple and just add it payable and just add the balance rece whatever the money you have received inside the uh what do you say whatever you have received in the transaction you just need to add it to
That balance received itself let’s make it public as well because we might need to check if the balance is correctly added so this is how you use the another form of balance and you can also check the balance smart contracts uh okay if I can just use this and I need the
Address uh or not the address actually we use it below itself so we’ll use the uh balance itself and we’ll use returns or not returns return address uh uh the this particular function address balance so this is the function that is the first function which is used to
Fetch out the balance of address and way itself so when you’ll see we’ll call this message it will actually give us the balances of it so contract simple wallet is deployed right we just deployed the Contra so s we’ll just deploy the contract and once the contract has been deployed uh we can
See uh we can provide like 10 way and you you can just provide it as ether and deposit money and you can see balance received as 10 ether yes sorry so now you can see that message value is getting added as soon as you provide it here is a bit confused uh why
It was not showing earlier so now if you see in the input itself it is calling the deposit money function with the uh input as z uh this input as 10 ether which you can see it inside the input as of now I’m not sure exactly why it is not showing but
This is what the value is inside the decoded input and yeah and uh the output is like it has received this value so if you will just go inside the balance receiv that we have called earlier oh sorry I think I’m I’m showing their own transaction yeah I think this is also
Not getting shown so the message value you can see it’s actually in this it’s like 10 and leading number of 18 zeros like 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 15 okay I 16 17 18 huh take so this
Is the value in way that is getting called and balance is actually received and if you see the contract balance will also receive the value as 10 itself so message do send the balance it is actually fetching the current balance of what it is okay uh now what was it the send
Function Also let’s see how we’ll just first call The Transfer the transfer is there this transfer as well to send out the money to or sweep out the money from the uh this particular smart contract to a particular uh function and we can just type it as a function with draw
All sweep out the complete money whoever is actually trying to call this and whoever makes the first call this is actually for demo purposes please don’t add it CU this is not an audited contract and it’s very has some kind of vulnerability so make sure you don’t add
It and uh we’ll just do it as payable dot uh message. sender and in this we do as to. transfer get Contract whatever the balance is it just sweep it out completely okay uh let’s just deploy it again deposit maybe like one ether is say like a lot of value PA it money
You’ll see the balance received as one one NE you can see here see it in the contract balance all and now we want uh to be sweeped out let’s say by this particular guy so what we can do is we can just call from this particular function and call
This withdraw all so you see the balance is actually zero and this value has been added to one 0 so has added to that particular function itself so that is how the two. transfer is working and that is how similarly the two dot send can also be done so you can send the
Given amount of V to addresses and these are mostly like the same function itself so I hope like you guys got an idea of how this is working right now write down the chart please guys if you have an understanding what I’m doing right now guys are you following me uh were
You able to follow uh mahes Ru prti ramakrishna so I hope now you are clear with the internationally available variables and functions and as well as address related functions also have showed you like this required condition as of now in the above given smart contract
And assert is similar to it but it is like if uh the condition is not meant to be used for internal errors so it is actually a condition given for true or false itself and the condition throws uh if the action is not meant which is very much similar to what a
Require is and and revert is like another form of error handling wherein the execution is just dropped and uh everything is sent back to the normal state it was the previous state itself so what are the operators and functions in solid so let’s learn about the operator and functions so we have the
Same things like we have in other languages as well arithmatic logical and bitwise incremental and and yeah so artical is like plus minus uh multiplication and division in modulus similarly uh we have incremental is either plus plus it’s like increasing the value by one and minus minus which
Is decreasing the value of both one from the variable itself so yeah it’s very much similar I think this uh we can skip Cu uh there’s uh like you guys might already know and for mahes uh uh it’s like uh these are certain operators for which we use certain types of operations
On the oper itself when we say operant oper is like this one and this so these are the operant and the operations are the addition uh subtraction multiplication and division that we do on the uh operators as well and besides this we have two other other uh operators which
Is like or so it’s like a condition which is given either this or that so it’s like something similar to that and the negation is like uh the value is uh actually not equal to something like that which is just shown us with the till day and we have the right shift and
Left shift uh which is also possible in solidity as well so logical operators is also so there for the negation part which is like from the exclamation mark we can just mention that it is uh not an correct value and percent ENT is for logical and and logical or and this is
For double equals 2 is for make sure that the value is very uh like similar to what we are trying to compare it with and not equals to is like this uh uh exclamation mark equals to so this is another small smart contract uh that has been written by the
Guys and you just have to do like some kind of uh value so a equals to 10 is like assigning the 10 value to a and Plus+ is like just adding the value from A++ it’s like 10 to 11 adding one increment value uh programming languages bitwise refers to the operations perform
Uh like on the binary level itself uh so it’s like manipulating the uh bits so it’s like this oper uh one and zero it’s like uh that’s what we are trying to uh manipulate so bitwise operations work on the binary representation of the integers and are used for tasks uh like
Uh setting clearing or checking if the state value is equal to or maybe uh is like this or uh the other value so it’s like something related to uh uh manipulation of uh binary level uh operations so it’s something like that not something like that but exactly
That and when I say binary it’s all about zeros and ones so it’s like uh to represent one it’s like 01 that’s alog together a computer terms you need to have actually beforehand to understand this if you want I can you can go in here just to understand what the bitwise
Is okay uh moving ahead uh we have seen that uh this is some kind of smart contract with the values representing the above operators as well so like AAL to 10 A++ so it will in increment the value by one after the execution like U
Plus plus a so it will Ex increment the value first and then show it in the a part and certainly we have a amp perent or double equals to which is value uh it will check if the value is equal to that particular previous operant or not and
Not equals to so it will make sure that it is not equal to it realiz it turns true or false and yeah so that’s uh pretty much what the operators are doing then we have the control structure as well and it has like similar to other uh
Control structure like FS while do while for break continue return and theary operations as well that can be used in the uh smart contract itself so it is more or less what JavaScript has to offer uh and are available in solidity except the switch and go to so you
Cannot use switch as of now but I think so in future that will also be implemented in solidity and yeah so these are the state semantics that can be used and parenthesis cannot be omitted for conditional but curly braces can be omitted for the uh uh can be
Omitted from uh around single statement bodies so that is one thing we need to take uh understand and there’s no type conversion from nonbo to Boolean types as there Isen see so it will just keep on throwing you these are that implicit con explicit conversion is not allowed
And you cannot do these types of conversions so if you try to do that it will just throw you errors so scoping and declaration the variable which is declared will have uh an initial default value whose B representation is all zeros and the default value of every bullion is
False and the value of U intendent type is zero which is very similar to what other the language uh has and uh since this is being like a statically typed uh language the statically sized arrays and by 1 to 32 each individual element will be initialized to the default value
Corresponding to its type and then Dynamic size are is byes and string are the default value in an Mt so yeah that is an examples for uh the scoping and declarations inside solidity and declaration a variable declared anywhere in within the function will be in the scope for the entire function
Regardless of where it is declared so that particular function will be only available in that local scope itself not uh globally available until it’s a state variable so input parameters and output parameters so in solidity functions may uh functions may take parameters as the input but it also returns arbitrary
Numbers of parameters as the output so input parameters are declared in the same way as variable so if you see this simple is a contract and this is how you’ll be just providing the input the same way we have been seeing in the earlier contracts as well
And these are the that are the input parameters and for the output parameters you can just see that uh these are the uh output parameters that you need to predefine uh pre like uh firstly tell uh solidity what exactly you are expected to be returning and can be declared in
The same syntax after the return keyword so you just need to let them know that this returns is actually the thing that we are trying to fetch and then you can do your operation inside that function and return that value which You’re Expecting uh okay uh so one thing uh for
The slide number 81 actually Constructor is not called like and it is called with the same name of the function it is called like this with the Constructor keyword itself so this is how you call a Constructor instead of function name which was earlier uh part of it like if you just
Use this uh par uh 0.4.0 version and above then you’ll be able to call these uh Constructor with the same name as the contract name but uh from I think so version six or seven this has was updated and and you now need to call the constructors like
This so Constructor are the first function that are executed uh when a contract is actually deployed as uh it is like in uh classes in the other uh languages so yeah so it is very much similar to other languages as well and these are the function call and return types which you can
See also but I would suggest you to avoid this uh because uh this is uh written according to the this version itself which is like a very old version uh will ask the intellipad team to update this particular thing uh but make sure uh that you just deploy these codes
Like this itself as I’ve shared in the chat okay uh now we have the function modifiers which we already shared so it is like uh modifiers can be used to easily change the behavior of the function for example the they can automatically check a condition and prior to executing a function so say
Suppose if I have wanted uh like if this particular contract had an admin and I wanted that particular admin to only be able to call that function or maybe only that uh admin is responsible for calling the function itself for like withdrawing of the funds let’s say
Suppose so for that we can just add out this modifier keyword and add this function wherein we just add the cons uh condition of what exactly the admin can do and that can be added as a modifier inside the function that we have done here itself
Sorry for that uh so yeah this is how you call a modifier and these conditions can be checked even before making the function calls because they have been declared in the function definitions in the smart contract as we have already been seeing and modifies are inheritable properties
Of the contract and may be overwritten by the derived contract so these are like uh values uh that is inherited by the contract itself and can be overridden in the derived contract where in we will see the concept of inheritance so that is uh how the contracts can be modified with
The in the derive contract itself okay so this is an example if you want to call a kill contract function through the only owner or the creator of the function then this is how you can do it you can just call out a function modifier contract then just tell the
Take the address function uh modifiers will be equals to this message sender whoever is the uh uh creator of this uh contract and then you can just add this modifier like this if message sender is not equals to Creator then throw error and it will just provide that error and
Once you call that function kill contract you can provide this only Creator modifier this function will not execute uh if an exception occurs so yeah if the uh fun uh Creator won’t call it uh then it will not execute but uh in the derive contract if
You just call out in the another Contra let’s say suppose uh Contra function should modifier and in that particular only modifier you can update or override its value to whatever function you’re calling okay uh there are also fallback functions in solidity and it’s like a contract can have exactly one uh unnamed
Function which is is deployed in the end and uh if you want to deploy like a say suppose fall back function it should be only call like this receive uh external pable and yeah so this is like a function fall back function so if like no other
Function is uh this function cannot have any arguments and cannot return anything it is uh only executed on a call to the contract if none of the other function match the identifier so say suppose some person is trying to call withraw uh withdraw only uh withdrawal and but he’s mentioning it as
Withdraw so there’s no function like that so it will just uh run this particular particular function itself as it is a fallback function and we execute the transaction and nothing will happen it has to check uh we can also give like some kind of conditions inside it uh
Wherein uh we can tell that this function does not exist in the smart cont contract some kind of condition we can give in here uh either it can be with require or assert or uh with uh uh yeah require and assert also you can just give that no function is existing
Okay furthermore this function is executed whenever the contract receive plain ether so when uh it it receives either V or any other kind of denomination it won’t occur but uh when he calls with the plane ether itself like one e two e then only it will be executed otherwise it will just revert
Back to the original state contracts that receive ether directly without a function call that is used for send or transfer but do not Define fall back function throw an exception sending back The Ether so if the fall back function is not there it will just throw an exception that uh
Throw an exception and return the transaction into the state that it was originally on so if you want your contract to receive ether you have to implement a fallback function so this is like a make sure thing to uh make sure thing that your contract if anyone tries to call we should
Receive ether for that particular contract when are we going through blockchain practical after this module everything is like practical from that state today also you saw some practicals I think so how was the like uh information in that practical like did you get it what I was doing
If you like guys for getting uh like understanding what I was doing on the remix editor just give me a thumbs up on the chat or like something yes okay no so like from the next time onwards I’ll just get to know like how you guys understand well so if some kind of
Feedback you can just provide it to me on the chat So yeah so we have seen the example for fallback function as well uh and uh we now come to the part of inheritance so so inheritance is also like as we have learned earlier inheritance was also like a part of uh solidity like object oriented uh oops principle are also uh available
In solidity and solidity supports multiple inheritance by copying the code including polymorphism all function calls are actually virtual which means that the most derived function is called except when the cont contract name is explicitly given and when the contract inherits the multiple contracts only a single contract is created on the
Blockchain and the code from all the base contract is copied to that particular created contract so you can see uh this is how we uh call the contract using the is keyword and the contract own is actually getting copy to this particular contract so all the uh properties from the
Derived uh uh from the base contract is actually inside the derived itself so you can call out this function owned and yeah so you can do whatever uh you want to do with the help of this uh in type of inheritance and if you want to call both of these contracts you can
Just mention as contract user is owned comma model so it will copy the values of owned and model contracts and will uh have you to access in this particular contract itself so uh username function and you can just try to maybe call this owned function kill function in here itself okay
Uh contracts and in solidity and Abstract contract is a contract that cannot be instantiated on its own but uh like it serves as a blueprint for the other contracts and Abstract contracts Define a set of functions that must be implemented by any derived contract these contract are uh actually declared
Uh without an implementation in uh the the abstract contract leaving it it to the derived contracts to provide the actual implementation so this is like uh example if you can see uh this contract F in is actually equ calling the function utterance return such contracts cannot be uh compiled as we
Just talked about but they can also be used as a base contract itself so if you see here the contract uh cat is fing so it is just actually uh providing the uh abstract contract itself and it is on the derived contract how it it wants to use
It so yeah it’s just providing like meow to it as a by 32 and if someone else calls the TR it will just provide the string value as meow so now now comes the interface uh interface are similar to abstract contrast but they cannot have any functions implemented so inter you can
Create out interface and inherit all the values from the uh that particular contracts and like there are further restrictions and such as they cannot be inherit other contracts or interfaces so if you call interfaces it should not be calling out the other uh uh contracts or inheriting other base contract values it should
Define The Constructor Define variables Define structs and enums itself so you see you can create out interface like this interface token and you can declare a function wherein you have declared a function called transfer wherein you have provided an address recipi re address for the recipient and the amount itself so
This is how you can create an interface and you can then call it to the uh other uh smart contract and just call it as just make sure you have imported uh on the top as the interface and then you can just start to uh use that particular
Interfaces okay so event is uh also there and it allows like uh the convenient usage of evm logging facilities which in turn can be used to call JavaScript call backs in the user interface of a app so events is nothing like it just tell you that it has
Something has been emitted so earlier like uh before hard had introduced uh the concept of console.log or maybe printing was not uh like available on the smart contract itself so what we used to do is we used to uh use this events basically to and Trigger emit it
As soon as the functioning was done to make sure that the logs were implemented and we knew that how the uh uh that function has been executed or not because earlier uh it was very hard for us to debug so we used to call out these events particularly use these events as
Uh the printing statement to just uh get an idea how the smart contract is functioning and and events are inheritable and inheritable member of contracts and when they are called they cause the arguments to be stored in the transactions so uh to start with we’ll be not following this actually test RPC
Doss this is like little bit of an old one with the help of VM but due to some technical difficulties we might not have this VM available with us but instead uh we’ll be using our local machines only and that will be the obuntu as operating system so are you guys familiar with
Obuntu or uh do you guys work on Windows only ramakrishna is familiar pru works with Windows what about the rest so our audience is like a 50-50 uh they working with u and most of them are working with the windows itself uh but don’t worry it’s very easy
Once you have the habit of using ubu you will be using that mostly but uh let’s see for today’s session we’ll be focusing on obuntu itself okay uh so uh uh we’ll start with the let’s just skip this because we do not have the test RPC and uh the prerequisites for
This is to be having uh nodejs machine uh in nodejs as a programming language install uh go as a programming language installed and yeah so we’ll be just focusing on these IPC itself and uh let’s start so I’ll be just sharing my complete screen now
So to make sure uh thata node J is installed we’ll just do as node hyphen V uh actually to install nodejs all you need to do is sud sudo app get install node js and once you just provide your passwords it will directly start to install the nodejs and since I
Previously installed it will just like take a few seconds but if you have not it will take like uh 3 to five minutes to install nodejs and and it will also be installing your npm itself not the npm but uh yeah see npm itself and you can see the version is
6.1.4 if that is not visible then here the version says 6. uh 14.8 also if you would like to keep these things in handy you can just directly uh actually move to uh this NVM itself and if you see NVM so this is like a short guide which will help you
To toggle between different different version managers and it will help you to install like uh node version 18 and a node version like any node version within a JY so there’s no dependency on how fast you can do it and uh if you want you can just follow this guide I’ve already
Installed this uh so I’ll not I’ll not be wasting your time with the installations but I’ll be sharing this on chart itself so this is an installation guide so which you guys should I would uh request everyone to follow so that uh you can just install it so it will give
You like uh different different platforms installation so you can install it with uh Linux and Mac also previously you have seen that it can be also installed with uh Windows also so I even if you’re using any operating system you can just download and start
To work with it so uh since we have it uh we’ll just see as NVM I’m sorry you’ll not be able to see this uh please let me know if you are able to see the screen right uh the I’m currently working with the terminal so guys you are able to see the
Terminal right okay uh so NVM uh hyph hph version so if you see I have this version installed and if I I’m currently using node hyphen V you can see I’m using version 10.2.3 and uh if I want to see what is the versions that is available I’ll use this command
As just a second yeah so it is NVM LS so you see the these the versions available with it and you can install whatever versions you want and if you like get stuck so you can just use NVM help uh like the way I have used
Here and you can just be able to uh see what all commands you can perform with the help of NVM itself so if I want to like use the LTS version uh so I’ll be just say this particular terminal to NVM uh install NVM install uh let’s see what the command is
See NVM install iph iph LTS so will directly install the long-term supported version I just say FN LTS so it’s directly installing the LTS version which is version 18.1 18.0 and as you can see I have just moved from version 10.0 to version 18.1
18.0 sorry I am not in using it so it says once you have installed it you need to use it as well are you facing with some technical difficulties with it I’m facing little bit of trouble with the version 18 long-term supporter not sure why but we’ll debug it later on but
Currently now I’ll be using node version 16 as well which is much or more latest uh to what we are using so yeah so you can now see the node version is actually 16.20 point2 and the npm version is also upgraded to 8.1 19.4 yeah so now we have installed
Our uh node versions uh now we’ll see what else is there uh we’ll be installing go as well uh so go install for uh obuntu I’ll be using so this is the one that you guys should also have the link for if you want to work with
Go so I think I have go installed in my system as previously I’ll just do Go version and you can see I previously installed this Go version here you can follow the commands uh from this link that I previously shared just quickly share you the UI part as
Well so this is the installation part you can just directly go into it few of the commands only if you have any previously installed go you can just remove it and you can start with the exporting of the path and then you are all set so I think so that will be it
For Windows people you can just directly download it if you have the UI and then just click double click on it it will automatically be installing everything for you okay uh so this part is install this is uh everything I think so is done but before moving to to the uh
Complete uh this uh how to set up your own private blockchain we’ll be also just quickly visiting the remix solidity browser uh so previously also we have actually seen how to work with the remix and also we have learned how to write a smart contracts so I think so
Two or three of the participants we were working with has not into it I’ll just quick I’m sorry there’s little bit of network latency for me but I hope you guys are able to hear me right uh this is not causing anything okay so these are the contracts that we were previously working
With so we created a simple wallet wherein we were check uh depositing a money uh we were checking out a smart contract balance we were also trying to uh withdraw everything that we have deposited in our smart contract and uh we have also seen what a fallback
Function is and it is like something where you can create a uh function and it will accept uh the money uh even if nothing has been passed to it but you can also provide some kind of conditions wherein you can let the uh contract know on what conditions to accept money and
How to if you if that particular person has sent it by mistake how to retrieve it and so on and so forth uh yeah so that was the previous part and also we were working with the uh paying of the rent as I was earlier telling so this was the smart contract
For that this is like the version that we were working with this was the license that we were working with for the smart contract this is kind of an uh structure of a class something related to class and uh yeah so once we have declared uh the smart contract uh name
To it we can just start to provide out the uh variables that we want them to be working with a Constructor which will initially be which will be the first function that will be called as soon as uh we deploy our smart contract to the network itself we have provided some
Kind of modifiers as well wherein we have uh wherein it will it will work like some kind of restrictions for the functions to be called and according to our conditions the fun uh functions will allow that particular thing to be executed otherwise it won’t be allowing
Anything else to it and and you can see we have used this modifier earlier as well as only renter and some kind of these messages for the required statements which is like uh check uh checking of the ex uh if the particular condition is meeting otherwise it will provide this kind of
Exceptions and yeah so that was it uh we have also deployed like a first of every month uh the some a random function wherein it will give out like the date of uh that first of the month for every uh F first date of every month so
You can call it with this function and we are calling it you can see here to be letting it know that we can be able to if it’s only the first of the month then only it will be allowed to deposit the money to the smart contract otherwise it
Won’t won’t be allowing it and you can add these uh other you know uh uh this fallback function as well if uh you don’t want the money to be lost or you want the money to be actually with held within the smart contract uh if he has uh if he or she
Has tried to you know uh execute the smart contract with the balance itself so yeah this is like how we write a smart contract and in this we can either we can let it Know Remix what kind of uh languages to accept if you want some kind of uh Python language to be
Accepted you can just do it as this pi and uh it will include that kind of languages at well so this is like a solidity compiler version uh what compiler version you have you have different like starting from 0.1.1 to basically 08.21 and latest local version whatever
It is and every version has different different new upgrades and uh yeah so this is it whatever like uh compiler version you want to compile the code with you can add that and you can check for the autoc compile or maybe you want uh the some like say suppose you are
Doing some kind of uh code wherein we get some kind of warnings you if you don’t want to see it and it’s unnecessary for you you can just use this checkbox itself and you’ll be able to do it so it’s not necessary you would just want to come here and click on
Compile again and again as soon as you uh write your code you can just uh check this autoc compile and it will work and if you wanted to like compile and run script so it will just run the changes and do the stuff for you okay uh so you can publish
From uh on ipfs well from the smart uh from the streamx itself uh ipf is like a a storage system where in everything uh like uh is stored in the form of hash and you can use that particular hash to store uh on the blockchain since uh
Blockchain is like very expensive to use if you want to store like a movie or maybe some kind of audio files so it might be very expensive for you as it cost gas and uh the money to store it you use these kinds of alternative to
You know kind of send uh store the data on top of blockchain and make it completely onchain itself so if you want uh I previously explained about ipfs right to you guys uh ramakrishan can you elaborate what exactly do you mean with the previously said question so these are the sample codes
That will be displayed as soon as you go into this remix uh website and yeah so you’ll be able to see that code but these these are like some custom codes that I have written for myself and I’m been working upon other tutorials as well for learning out these
Marketplaces and how to deploy it these are like a soft questions for you guys to just understand how the workings is okay now we were learning about ipfs so ipfs is nothing but and uh you know some kind of file system wherein you can uh use to store your data and it is
Actually free of course and ipfs is uh uh like most of the people who are using these nfts and uh other uh platforms as well they are using these ipfs itself to you know store their a high uh uh you know uh size dat uh High
Size like Mo siiz uh data and to they are storing in it they’re using the hash whatever it is given by the ipfs and storing that particular thing on blockchain cells to make these things easy to use and you know not uh so that no heavy kind of uh ethers are to be
Used for you know storing these data itself so this is like a peer-to-peer content delivery Network and is actually built around the content addressing so you can store retrieve and locate data based on the fingerprint of its actual content rather than its name or location so they
Kind of gave you an ipfs uh link or hash which you can directly use to find out your content whatever you have uh saved on top of ibfm so you can check out how it works so uh I’ll be sharing you this link as well so just to get an idea this is
Actually a very good tool to store uh large data sets uh on top of blockchain itself and uh you can also host data and websites on ipfs to make it like completely onchain and decentralized kind of thing and you have different different cids uh on ipfs uh wherein you can be
Able to get those content quickly on top of blockchain C so we have a question ipfs full form so ipfs full form I think so it is interplanetary file system it’s might be written somewhere here not sure uh maybe in the docs itself so I think so for the introduction part you
Can you see the interplanetary file system if you guys want to like explore more of it you can just go through this talks so this is actually actually a very good tool and if you want to like deploy your own Marketplace sometime in the future once you are like familiar
With uh solidity uh you can just try to use this tools and you’ll be able to publish your content into it and retrieve your content through it on top of blockchain itself so yeah you can also like do some kind of assignment with it like where in
You can just try to install it with the desktop app basically and try to you know push on some data to it and retrieve some data some Basics nothing more to it cuz uh if you want like some high like deep understanding you need to code it but uh
This will give you like an high level kind of understanding on how the ipfs is working and how the data is will be stored so try to set up like an ipfs desktop app and try to uh you know send the data to ipfs and try to retrieve it
From maybe some other machines so we have these uh things in details over here and you can go through it yeah so this is ipfs and so we were discussing uh we can deploy our code on ipfs using our remix itself and these are also other tools
Wherein you can try to uh deploy the your code as well okay uh so this is how we’ll be able to uh like if you want your uh local machine to be working with uh some kind of other network besides the this network that is provided by remix
Uh you can change it from here uh or you see this custom X HTTP provider this is the provider wherein you deploy your own private blockchain and you can add this link and it will actually connect to your blockchain and you can write the smart contract and whatever smart
Contract you’ll deploy it will Deploy on that particular chain itself so this is how you’ll be able to connect with the remix smart contract itself you see it has a support for K as well the one we’ll be learning today and yeah so if you want to just run a
Node and connect this remix to that this particular node itself you can use these commands what we’ll be learning today itself okay uh so most famous one is the goie that we use and uh all this uh one that is provided by the uh the stream miix
Itself it will give you like 100 different like maybe 10 to 20 accounts with 100 ether and you can write your smart contract and do some kind of testing whatever you want you can provide the gas limit uh what you want to uh provide so the gas limit is
Actually set to 3 million and you can just adjust it however you want and uh uh uh this value if you want to say suppose provided to like this paying of the rent itself you can provide it here and you’ll be able to just uh call that
Function and it will actually pick up this value and send it to the uh function as a parameter you can also like uh say suppose we are working on multiple contracts you can just let it over let it know over here what contract right you want to deploy first and if you want
To see an example let’s say contract Test example and you’ll be able to see that oh this contract needs to be deployed first or whatever this is the contract you want to make it as a base contract you can do it and you can deploy it on top of e uh
This remix smart contract itself so you this deploy button is actually used to deploy the smart contract itself and yeah so if you have some kind of arguments that you want to provide like in this we have these arguments as the construction functions wants the owner’s address and the rent amount that
Needs to be call for uh the the smart contract to be particularly deployed so you can add that address and the amount and as soon as you let’s say add this and like say 10 ethers you’ll be able to deploy it and the deployed smart contract I not just
10 but there high value so you can see you can use the deployed smart contracts here so this will turn into uh you can see these functions are written whatever is public is actually getting displayed over here so you see this parent is actually kind of a function here that is
Actually termed as public so it is getting displayed over here and whenever it is payable it will turn red and uh if you are like setting the values as uh it will turn orange I’ll just show you with the other example as well and if you are
Just trying to get the value not setting the value then you’ll be just uh seeing it as blue uh yeah so that is it for uh this solidity you can also uh get your debuggers started with this wherein you can just provide the hash where you which transaction you want to work upon
And you can just start to work with it so if you like want to see the supported docs for we have this sourcify docs you can and so look with this thing okay I wanted to show you an example of Setter and getter functions I can just show you with what
Storage okay I think so this will be a good example but first we have a question hi I’m not feeling well I’ll go through this today session from this recording if any queries I’ll posted the question on the class TS okay brao so uh if you see the smart contract is a very
Basic smart contract wherein we have one variable called number and we have one function that will be working as something as a store which is like a Setter function so this will work as seter functions so whatever value you want to store will be stored here and whatever function this whatever value
You have stored in this function will be actually retrieved with this itself so this will be our getter function so if you get it deployed yeah remove this we don’t need it anymore you deploy this we’ll be able to see that whatever value we will be
Able to store it here as a transaction you see the transaction is actually getting uh sent and this is the transaction receipt for it so as we have seen previously also you see this is a transaction hash for whatever value we have stored here as soon as we deployed it with the retrieve
You’ll see that this value will turn into one so whatever number we’ll be changing it to it will override it and St this value accordingly so this is how the setter function will work and this is how the get you’ll get to know this is a gter function but in real word
Scenarios this is actually not there uh but uh we have different uh like kind of UI but this is specifically for remix for better understanding also if you want to like call the uh fallback function you can do a lowlevel transaction and the call data will be actually sending this to the
Fallback function itself which is the value sent to our fallback function which is the function that is uh comes into play when no other function is to be seen on the smart contract and still there’s an execution so that is how you can do a lowlevel transaction for uh inside a remix smart
Contract so yeah this is like a quick intro to what uh uh this remix was and do you guys have any doubt related to what uh related to this remix IDE yeah so as I was explaining this is the environment that you’re talking about the remix VM shangai which is actually the simulation
Environment for solidity so whatever is happening on ethereum Main net you can mimic it here using this VM itself so these are different different kind of uh networks you can choose whatever you want to work with and uh yeah so these are these latest kind of tools which
Everyone is currently using but uh this will be like very uh like coming into play in very later stage once you have a grip on how the solidity how you write your code with solidity and once you have that understanding then these are like tools which are are helping you to
You know deploy your smart contract much more efficiently and in very optimistic way and these are are different test net as well which will have its own features and uh different different advantages over others can you share the link to get can you share the link to get to the
Smart contracts developed so far uh um I have sent like the code previously and it’s not actually deployed somewhere it is like a code that is on my local machine itself and that code I have actually shared it previously so what code are you looking for the smart contract for the renting part
Or the scod that I’m explaining yeah for that you need to like send a mail to these intad guys and I think that will be like a headache for you let me just give you this example quickly and you know you can just take it from today’s chat and try
To deploy it and play around with it you can try to update some values or maybe some kind of other stuff you want to do with it so just to avoid hustles I’ve shared the code and everyone can use this code uh I would highly suggest to take this
And try to like break it or maybe some kind of add some other functionalities as well I’ll also give you like a simple wallet code with where in you can use your imagination to actually write some other contracts as well did you copy here I have copied in the chat you not
Able to see it h uh in the chat like guys you are not able to see the Code remix code like solid code that I just sent am I allowed to send the txt file no I’m not oh I think so that was a mistake from my end it was actually getting sent
To the host and panels only okay H so you have like got the smart contract for the simple wallet I’ll also I’m sharing you the smart contract for the renters now uh let me know if you have receive it cool so now you have both these smart
Contracts you can just play around with it and try to write something of your own and if you get stuck then you’ll just carry forward from there itself cool guys uh so this was remix we had a particular in depth look into remix IDE so we have covered this topic and yeah
So you have seen everything related to it later on we’ll try to uh maybe tomorrow I think so we’ll try to uh deploy some kind of smart contract on a private blockchain and uh we’ll be able to you know uh deploy it on R and the transactions related to it
So whatever the transactions are here so it is like similar to it but not exactly like this it is like in very detail that will be much more like an high level view of what is happening in the Explorer part of the blockchain itself okay tool which is called the E fiddle this
Is this is similar to like uh re are remix itself but if you like have an idea of what is going on like you just want to test out like one smart contract that just came into your mind once you are just familiar with it you can also
Use this e fiddle itself so you just like a very simple tool if you want you can change your you know solidity versions accordingly currently we using 4. 1.18 and you see whatever uh we are trying to like use we’ll be able to view it here in this this is something getting deployed
By the loom Network let me see if I can just put it like up think so I’m canot just the screen but yeah this is the uh by the loom Network itself and once you have like deployed these smart contracts you can just compile and just deploy and this is
The wallet address it will get uh you know uh it will get deployed from and there are other kinds of values if say suppose you’re deploying Constructor values you can just add the values of what you want to do you can just do a deploy and over here you can see the
Hash what exactly is the transaction hash uh which is like this that is given to you you can see it’s here you have the inputs as well and the gas price and everything as a transaction receipt and now if you want to call these functions you can just call these
Fun functions and you’ll see you’ll be asked if you want this particular what kind of parameters do you want to provide so if I say 23 4 5 6 this is the function that I want to send so you see it is actually updating it and the transaction hashes this with
The value set as 2 3 4 5 6 and if you just call this get function you see the value have been set as this so this is like a very basic part of it if you like feeling that remix is much more complicated you can just come into
Here and start to write your smart contract very easy to use no complications you can fiddle around with it try to use different accounts as well for this particular smart contract only uh maybe you say owners smart contract here and you just see if the message you’re trying to send
Is actually from the owner or not you can just try to take it as assignment and do it on each fiddle so that you have like two tools uh basically tools of understanding on how these things are working so I hope you guys are with me
Till now uh there’s no like lot of technical details but very basic understanding of the tools because these are like very powerful tools and if you don’t uh have like a proper understanding to it you won’t be getting your full potential out for for with this solity okay so that was
The text files so you can just remove the txt and txt in the end and just run the solidity or copy paste the solidity file as it is on the remix browser and then start to fiddle around with it try and adding like uh say suppose uh To maybe remove the uh on the every first of month or you can just try to deposit it like that itself and try to you know uh fetch the values uh as soon as uh you have the money inside the smart contracts maybe try that that’s like very simple basic one for the
Assignment try to like it will be very much similar to what uh simple wallet we have like how we have executed simple wallet it should be very much simple to that and try to add that function and remove don’t you be using these uh like
Uh to get the value of every first month don’t first uh date of every month don’t use that but uh instead just add the value and just sweep out the value as soon as you execute it me I think so that will be much more easier for you guys
Okay moving ahead uh we have metam mask so to download metamask you just need to go to like metk browsers like Firefox Brave Chrome whatever the uh it has quickly seeing okay so let’s just start uh now we have this metamask also uh that we might need so this metamask is actually
Available for different different browsers like uh Firefox Chrome and you can download uh its extension and you can also download it on the your local machine itself so you can just click on download and it will give you like if you whatever browser you’re using if it
Is compatible you can just install it like this and it will be something like this given to you so it will actually be working on the main net initially so as soon as you enter it you will be able to see what kind of uh Holdings you have and what kind of
Assets you have and you can move on to different different other networks from here so ramakrishna actually you can uh uh if you want to like uh go connected to your local host Network you can just click on Local Host 8545 and actually see on which uh Port
Are you running the your uh local private uh you know your local private uh chain and uh you can then connect your metam good so that is how you canect and uh this is uh these are the different networks itself if you want to see like huge chain of uh what networks
Actually it is supporting so you can just visit this chain list so these are actually the chain that is actually supported by uh e ethereum or evm based wallets and evm based wallets are these wallets like metamask so these are are the uh chains that you can connect to
And mostly we work with something called as Sly and uh if we click on this so we’ll see that this is like a test net and if you click on connect you’ll be seeing that it is able to connect to this particular wallet right so these chain IDs are
Actually very crucial and it differs from each and every chain so the main net ethereum chain ID is actually one and different other uh networks are different other IDs so yeah so if you want to see with what polygon is also doing just approve it and will just
Switch to that particular network if you want to work with uh polyon so by is the one you see add to metamask and you can just quickly add it to the metamask itself approve and you’ll be able to switch from one network to another within just
A clicks few clicks so it will actually give you uh the current information so this is like the chain ID for Mumbai and you can add it custom also so how do you do that you can just go into like your settings andine uh I think so it’s not in general just a
Second yeah sorry it’s in networks and add a network we’ll open this tab and then you can either add a network manually if you have like a custom lockchain for yourself or you can just do it from uh this website side chain list I’ll just give out this as well to you
Guys so this will easily add it to your like whatever famous uh networks are available it will add it to your metamask easily so this is one of like a important website you can go play around with okay that’s how you’ll be installing metamask and once you have
These metamask you can do whatever you want to do with it and uh yeah so let’s just see uh metamask brings ethereum to the browser let’s see how to install metamask as a Chrome extension we have seen this and uh to like little bit of theory uh wherein we get to
Understand that metamask is a bridge that allows you to you know visit the distributed web of tomorrow in your browser today so you can basically inject it in ethereum as well if I want to show you that what you can do is uh so guys does anyone of you want to
Take a guess of you can integrate the metamask with ethereum anyone okay uh so uh if you want to like connect to this metamask itself you can just do this wallet connect no sorry connect to so injected metam mask and you see you click on next connect and now you are actually
Connected to ethereum it’s that simple this is how you will be able to connect to remix so now whatever code you write uh as soon as you click on deploy it will be connecting to whatever the metamask is connect whatever network is the metamask connected to so since it is connected to
Gly so it is connected to gly you can see over here it is written as corly 5 Network so if I want to switch it to Mumbai you see it will switch to that particular Network Mumble so whatever Network you want to connect with it’s actually being will be connected to that
Particular Network and these accounts one of the basic steps involved in creating a private blockchain with multi-chain option A Define the network participants configure access rules and set up the Genesis block option b choose and download the appropriate multi-chain node software for your operating system option C
Install and run the node connect to network and start creating assets and streams or option D all of the above please do mention your answers in the comment section just a quick info guys intellipad offers you a blockchain certification course which will help you become an expert in distributed Ledger technology ethereum
Solidity program and many more through this course you will also receive additional courses co-created with IBM namely IBM blockchain foundational developer and deploy a web-based blockchain insurance application with this course we have already helped thousands of Professionals in successful career transition you can check out their testimonials on on our Achievers Channel
Whose link is given in the description without a doubt this course can set your careers to a new Hye so visit the course page link given in the description below and take the first step towards career growth with the blockchain text tab will not be coming into like these
Accounts will be actually the account that are shown here you see this account if you move your account to this you suppose it will and connect on click you see it actually changed from uh the old account to your new account so you have now two accounts and it will
Show as zero ether because we are actually working with uh uh this Mumbai testnet itself but uh the value whatever you provide I think so it will take the value as that particular thing so yeah it’s now updated so you can provide these value on uh this M’s Matic itself and this
Value will be actually used in matx not in ether so that particular thing will is actually pending here or is a glitch it’s not getting properly picked up so yeah that’s how you can it uh remix with the metamask are you clear guys to dark yes Mumbai is a test Network and its
Main network is called Matic polygon so you can see that here in the the uh in the chat I provided one link called chain list right guys you can see that right so this is the polygon Network which is like in okay guys uh I explain this uh
So anyone of you would like to take a guess what kind of chain polygon is what is the term that it is called I’ve explained this in the previous sessions cool yeah it is a side chain and uh we have other other networks as well you can see
Here whatever Network you want to connect with you can actually connect with Arbitr one is also similar to what polygon is it is actually used these Network for gaming arbitrum one and was the only uh Network which was like not sinking when we had the bear run and it was actually moving in up in price and it is like a fast version of
Ethereum and uh it’s making like ethereum much more sustainable and it’s like Advanced scaling solutions to it with the rollups and the zero knowledge proofs so zero knowledge proofs is like kind of an L uh technology wherein you don’t provide the information but you know who that particular
Person or uh this uh and addresses so you have an identity of it so that is something called as zero knowledge proof where you have the proof that who that particular addresses uh yeah so these has these kinds of solutions with it and it’s also a very fast scalable solution which is
Improving ethereum’s quality and it’s working as the side chain and whatever you do you do your operations into it and then you can just go back to ethereum so it will put all your transactions into a chunk and then send it out to ethereum and that will be registered on
Ethereum as well as on the side chains itself so yeah that was metamask and everything now let’s move ahead quickly uh you have learned uh guys do you want me to explain how do you install metam mask on your this machine or is it like fine you can guys manage it by
Yourself just adding an extension to your uh browser as you want me to continue or should I just work with this installation of metamask explaining you how to add it to your browser extension no ethereum is also on proof of stick so actually uh um actually
Might be tad bit wrong but it is actually using poly bft polygon which is like uh you know uh a consensus algorithm customized to you know Bridge uh with the support of bridging mechanism that enables the uh passing of you know the random messages between the uh ethereum Network and the
Proof of stake blockchain which is the root Network itself so it is not on POA but on POS so I think so you have Tred to rrishna if I’m not wrong you have tried to to uh set up your own network and in that you might be working with uh uh consensus algorithm
Right uh which was I think so click and eash and click is on POA if I’m not wrong that’s what you meant yeah so click is like in that we use click because because uh it is kind of a very fast setup and it is just for understanding and the main net is
Actually running was running earlier on proof of work has now been converted into proof of stick I’ve previously also told you guys uh that it has currently been shifted from proof of B to proof of stake uh do other guys remember that or is it like yeah I think so there also might
But future is proof of stake to proof of authority no future is proof of stake and it will be I think so that for like few couple of years uh we are not sure if these hasn’t any kind of limitations as of now but it just recently shifted from proof of
Stake proof of authority is not uh it’s not actually like better than proof of stick so you just okay I want to be sure to learn future value yeah so proof of stake we focus on proof of stake so for Uh custom your uh setting up your
Network you might be using proof of authority we’ll be also using proof of authority but uh proof of stake is the one that you should be using if you want to set up your own private chain or else uh you can also use uh the other uh uh Network
Called hyper fabric which is also very good example for setting up uh private chains like uh sorry private uh uh blockchain Okay cool so this is like adding the extension itself once you install it from the website that I just gave you earlier uh once you click on this download
Option so these are all the browsers that it supports Chrome Firefox Brave Edge and Opera and if you’re using any of these uh browsers you’ll be able to add it here so all you need to do is uh install metamask for Firefox it will just
Download it and it will then ask you if you want to add it to your network itself so that’s how you’ll be just adding it the extension you see add metamask this is extension will be will have permission to access your data for all websites input data to your clipboard display notifications
And yeah so these are all the things that it will access will have access to and uh if you don’t agree you won’t be able to uh use metamask so yeah just agree and lered access your information it won’t be signing off your uh you know uh the
Transaction or maybe hack it in that way so yeah in it will just read it it will not do any kind of write permissions from the function itself yeah so that was uh metamask uh and uh you can also follow these ppts to create a basic uh uh this uh wallet itself is
Just sign up few uh just same as like how you create your Facebook B account similar to that add a password they will give you like this uh seed itself make sure machine or maybe some write it down somewhere and uh copy it and this is like a seed phrase which
Will be of 12 words and even if you like lose your password uh you can get it back with the help of the seed phrase so you as soon as you add it you will be logged into your uh Network your wallet itself so you won’t be losing out your
Uh tokens if you even lose your password okay so once you ready we have seen how to access a uh networks you have seen it automatically creates your own account a new wallet maybe say suppose for demo purposes you don’t want to use uh the this network itself so what you can do
Is uh make sure you are on the correct Network and then just uh click on accounts and add accounts and you can name like anything to it like testing wallet and then you can just create it it will name it a texting wallet and give you a new
Address and uh now you can do whatever kind of operations you want on any website uh using this uh address and if you want to like access it so private keys so you can show it here add your password and then it will actually give you out your your password for this particular
Address so this is like uh called as non-custodial wallet where in the complete custody of your the wallet is actually with you rather than the wallets that you get on exchanges that is like a custodial wallets wherein the private key is actually with the cryptocurrency exchanges and uh they
Just give out the addresses to you with the mechanism of creating the evm uh able wallets from one seed and uh yeah so it’s like basically they have the control over your wallets and they kind of have some mechanisms wherein uh they work with their operations and sweep out these balances from your
Account uh to their account and just give you access to little bit of funds whatever you want to access so if you want to like uh sweep out all the balances you need to request or raise the request from your w it itself just by doing this send function and then add
The addresses and once you add that address it will actually go go as in a request to The cryptocurrency Exchange and the money will then be transferred from a different account so that is like some kind of custodial wallet thing going on uh you can just if you want if
You are interested you can guys you can look for it how exchanges are handling their wallets okay so that was custodial and non-custodial wallets and now comes the fun part of uh deploying our own private blockchain so these will be the steps and uh here you can see this is the website
For get we have previously also seen this uh so this is like a communication portal to ethereum from your between your local machine to the ethereum network and using this uh we will be like able to communicate with ethereum network however you want so this is like they have different different kinds of
Uh implementation you can just look around but uh today we’ll be just focusing on deploying a private Network on top of our local machine so yeah I’ll just be sharing this to you as well okay uh this is 10 this is 10 this is also so once you are installed get uh
We’ll be just registering an account on ethereum blockchain and once you have register your account on ethereum blockchain you you can create an autonomous private blockchain which will be a small group of yours and you can perform transactions internally from this particular local node itself or
Whatever node you want uh you want this uh node however you want to connect it with so you have to give out the access to or make it like public if you want it uh if you want others to also connect with it so installing let’s start with the installation
Part so as we see saw previously that uh we need uh go uh language to be installed that we can see here is actually actually I’m not able to see it yeah so I think so now you’ll be able to see it so now you have seen that I have
These score versions also I have this node version with me and npm version is also with me now to get started uh to build our private uh blockchain we need need to install G so how do we install get we’ll just do Pudo add appt repository by uh etherum Slash etherum
So you can see these commands here as well uh installing get for whatever operating system you want to install you can install it from here and it’s using VPS that we are doing we this is the command and and uh we’ll be just following it and adding
The G to our local machine so let me share this link with you as well guys make sure you save these links CU I don’t think the team will actually be sharing it to you again so make sure you share it like save it by yourself also guys you are able to see
Properly the the screen sharing and everything right yeah I I’m facing a technical difficulty where in says okay no worries we can just do sud sudo app get update where just add a force command to it we’ll be just waiting out the dependencies to get installed I think so
Dependencies are are getting a Sol but this is kind of in hindrance but I don’t think that will cause a problem so let’s just go and install this ethereum into our machines it might take a little bit of time uh to get installed so it’s just of like 5 MB
Not sure what uh why the speed is not coming in uh but uh this is since this is getting installed okay let’s just uh add it as MK some kind of uh name to it and make a folder where we’ll be creating out this Genesis uh.
Json and that will be let’s say suppose uh what do we say my blockchain maybe uh yeah my blockchain so you’ll just go to my blockchain and you can just use uh Genesis Jason and uh we’ll we’ll just find this genesis. Json uh this template uh which we’ll copy paste
Into our system as well okay we can find maybe here Genesis yeah this is it we’ll just copy paste it here I’ll share this with you as well so you guys also can copy it and create your own Genesis meanwhile this will take little bit of time to download okay uh till
Then we can see what all things are to be actually added to the Genesis block I think so this thing we might be we might need to continue tomorrow because this might take a little bit of time uh because of the internet speed uh we might need to uh resume
Tomorrow but for now we’ll just see what uh all things are there and uh so inside this as we have see this is like a config file basically in which uh we provide kind of one chain ID and uh we know that uh chain ID is different for different
Networks so it can be if you want to use qu you can just use it as five and uh different uh if you want to use main net so you can use one but I would suggest uh using this chain ideas 1 2 3 4 5
Itself uh so yeah this is uh the thing that we going start and from the homest state Block it’s like zero this is because we are trying to started from the uh first official stable version of ethereum protocol and if you plan to use this Le the attribute should be actually
Set it as zero and uh next is actually the uh difficulty that is uh determines the difficulty of generating the blocks which is here you can set it as maybe 1 2 3 4 whatever you want to set it and the next is actually the gas limit uh
What is the uh this indicates the current Network wide gas consumption limit per unit and gas is as we all know the fuel that is used to uh pay the transaction fees on the ethereum network so we have to provide some kind of GH to actually uh initiate the transaction and
Get the transaction confirmed then we have this ack as well which is like uh used to start some accounts with the positive balance in the network and at this case we do not Define any account because uh uh this will actually be used further ahead so the other attributes refers to
The protocols and they attributes that will be used on the network we set the default values for the ethereum network as of now and uh yeah let’s see if uh think so this might take little time to download uh so till now we have just uh we are just
Actually downloading the G and once we have installed G we’ll just use this command as okay we need to save this and uh once you have created this genesis. Json file Inu you can save it with either Control Plus o or in uh uh Mac also you can
Actually use control o uh to save uh it on the Nano editor so yeah crl o and then contr X to exit so once you have created this genesis. Json file uh all you need to do is like check if the G is installed properly so you
Will be using g.y Edge and it will actually be giving out an idea if uh G was successfully installed on your Prof uh uh this network itself it will actually show the history uh help helper command for this particular function okay and uh once we have actually cloned this like install this particular
Commands we can just go into the tag of AA or maybe we can we’ll not be using the Eda as of now but uh this uh our own custom thing that has been given by the ethereum network itself also guys do make sure that you have installed
Git and uh if get is not installed you will not be able to get this get code also so till then also we’ll have seen that how to install goang and uh yeah so these things will be skipping out if you want you can guys follow this
Uh PPT for uh installing goang it for only uh but otherwise it’s very simply given out on the uh link that I shared you previously for installing out the goang let’s see besides this what el else we can do okay chats questions the steps on the slide don’t match the ethereum website which
One should be the following I follow the ethereum website steps and got the private blockchain started yeah so actually you guys can use that particular particular uh ethereum website itself because that is like uh updated one uh I’ll just share that link as well so rakish if you want to share the
Link which you are actually using you can share that on the chat so this is the document we’ll be following and we’ll be creating the Genesis blog according to it okay uh so that was to install uh this Co version and uh we might have to uh postpone
Our session two tomorrow because uh this this one prerequisite that is actually might be in hindrance uh I think most of you guys left Rish we’ll be joining in tomorrow and we might add one more hour uh for smooth versioning of adding this network so Poes for the inconvenience and we shall continue
Tomorrow we’ll take 45 minutes extra uh Cu uh if you guys also want to code along so you can just add this command sudo get install I’ve shared these links previously also with you yeah what problem do you are you facing did you try adding the network like
This the way I showed you to connect with the network here go in here select the network and then on what port is it actually running local host 8545 or any other I think 8545 it will be running on you’re running the node right
Okay uh as soon as you click on here and Then where do you go like have you settings I got to add Network okay you add network uh not sure if that is possible with me do I have the access for that I am not sure for that so when you run this uh network uh did
You create a wallet as well your first account on G I think so you did import the Min yeah that is correct so did you switch to that particular network from here to just Locos 8545 something like this did you try okay uh once you have created the wallet
You you like see that uh let’s get set up and you need to import that particular wallet into metamask how you can do it like import account add your private key from that particular account in here and uh once you add the private key here you’ll be able to see that
Account in here and uh then you need to add your blockchain network with the let’s say uh okay we try to do this for connected SES details settings just drop it for a minute okay you need to go to settings networks add Network and in this add Network you add Network manually
And then you add it as my blockchain then you provide the network URL that is HTTP this 127.0.0.1 8545 and then the chain ID whatever you have added in the Genesis blog to start the network so I think so so in our case it will be this and uh currency symbol whatever you
Have earlier if created a network let’s say suppose you have added a what you add my loction only see uh very okay BL CH go and you just click on save so this is not valid maybe this so yeah this is like you have to add the
Chain ID here and once you are be able to do it you’ll just save it and think so they’ll be having your network itself you have questions this is the error I see as well no error appears before that okay I’ll explore further and see yeah this is how you add your custom
Network to your metamask itself that’s the only way if you want you can just try to do it another chain ID maybe five or actually you need to you might be need to provide it in the hash that might be the problem so let’s see chain
List you see the chain ID as one right if I’ll just go for cly cly to we test n this is the one right okay for me I think so the error is cuz I it is not able bble to fetch the 8545 since I’m not running it so
That might be the case for me so coming to the first question on this blockchain interview questions and answers set it is compare blockchain with relational database well whenever we think about comparing a blockchain with relational databases four points are very important to to be discussed
The first thing is the unit of data in a blockchain the data is stored in entities called as blocks while in the relational database management system it’s stored in the form of tables and then the second thing when we talk about is the point of failure in a blockchain
There does not exist a single point of failure which might end up catastrophically but then when you think about rdbms there are many many points where uh if it fails things can end up completely bad now when we’re talking about the third point it’s centralized control in blockchain there is no such
Thing as centralized control the data is maintained in the form of ledgers uh and then it’s worked on BAS based on that and of course when you’re thinking about rdbms you do have the database management system and the admin who sits as the centralized control admin uh
Basically working on uh the data and then when you’re thinking about editing and deleting data as per your wish in the case of a blockchain that is absolutely not possible because again of The Ledger the hyp lgers uh and the data scheme that blockchain is built upon but
Then when you think about a relational data base yes it is possible to add data edit it modify it and of course delete it as and when you require here again in both places there are many authorization uh techniques and safety measures that are put into place but at the end of the
Day it is possible very easily uh to change data in your rdbms now coming to the second question uh it says what is blockchain technology well you do have to know the answer to this in a clear and concise way because if you’re at a blockchain interview there is a very
Good chance you can get carried away with this answer but then try to keep it very concise see a blockchain is nothing but a very simple incorruptable Ledger that consists of multiple transactions that happen over the web all of these transaction actually get recorded or they get programmed right it doesn’t
Have to be a financial transaction but it can be anything that can be put down in a text editor you can have ledgers of these you can have all the data stored in it and you can have multiple copies of the data across multiple Ledges to
Make sure that even if there is uh one entity that fails in a blockchain the rest of the chain has the data backed up such that it can pick it up and begin work and in fact continue work without having any disruptions as well so the technology that allows for this uh is
Blockchain and it’s been one of the most revolutionary Technologies of our time and it was made very very popular To Us by a cryptocurrency called as Bitcoin and more on this in the next couple of questions now moving on to question number three uh it states what do you
Mean by blocks in the blockchain technology whenever we refer to blocks right understand this a block is simply a list that consists of the records of data that’s present in it whenever these lists are combined with each other right when there are more than one list uh they’re called as blockchains the chain
Of blocks right a block contains a list of Records there are multiple lists these lists individually become a block and eventually becomes a blockchain it is as simple as that let’s say uh you know for example there’s an organization that has uh let’s say 100 Ledger books
Uh combination of which we entirely call it as blockchain but then with these 100 Ledger books if you you start picking it up one by one uh at a time right so there will be 100 different blocks and there’s one entity that’s called as a blockchain that consists of these 100 uh
Ledger boxs it’s just a way of naming it but then this is how it goes it’s a very important thing that you should know at this point in time moving on to question number four it Sayes how is a block recognized in the blockchain approach well uh when you think about these
Blocks this list the amount of data that gets stored into it all of these blocks has uh something called as a hash pointer these hash pointers basically link to the block and it makes sure that it has a link between the previous block uh the transaction time in case if
There’s a transaction that happened in the data and of course a very clear and a concise way of stating uh the block there was a transaction at this point in time this time this date up to milliseconds as well so whenever uh having the recognition of a block is in
Concern think about talking about a hash pointer and how it links uh one entity in the block to another and any transactions performed in a block will be recorded uh with the timestamp of the transaction now moving on to the fifth question it states is there any network specific conditions for using blockchain
Technology in an organization but then when you think about it right it has to be a peer-to-peer Network and it has to have all of the wired protocols to ensure a lot of safety parameters and continuous connection from end to end so what it really does is it validates the
New block simply and helps the companies or helps the people who are willing to start up uh you know this kind of a blockchain and bring it into their organization uh it does it very easily because you really do not require any sort of thirdparty application you
Really do not require any sort of expensive Hardware to get started to be honest but then having the network is a basic requirement so do talk about having the network and the protocols that govern the blockchain technology but then do understand that there are no specific or expensive uh solutions to a
Blockchain requirement while beginning now moving on to question number six it it states is it possible to modify the data once it is written in a block once a data gets written into a block in the technology of blockchain the answer is no it cannot be changed because if you
Require any sort of customization or change of modification uh you know all of the data that’s present in all of the blocks must be removed and then whatever modified data is that it has to be put in uh to all the blocks this is one very important reason that forms to be the
Entire foundational concept of blockchain because at the end of the day uh you know data is extremely cared for in a blockchain technology aspect and here when you’re when you’re doing this if you just modify it in one block and leave it it really doesn’t work because
Blockchain doesn’t work that way so if you have to change something you have to change throughout the entire blockchain architecture that exists and then only you can have your new data or modified data to be present in a block so when you asked this question make sure to
Present yourself this way now uh coming to question number seven it states what type of Records can be kept in a blockchain are there any restrictions for the data that are kept in a blockchain again a very straightforward question this is a very very important question that gets asked a lot well the
Answer is no for the second part of it is there a restriction to store any sort of data no you can store whatever is required but then you must note uh you know what you have stored because at the end of the day storage can be limited sometimes because uh you know technology
It works in a way where records get duplicated multiple times to make sure that your data redundancy is kept in check and it is very much required to keep your data safe so in that particular case even though there is no restriction it is always very valid to
Take care of the data that you put into a ledger now what are the common types of records that are usually put in think about medical transaction think about identity management right so uh you know in India we have something called as the adhar in America you have something
Called as the uh Social Security in America you have something called as the SSN the social security number and more and then you have the transaction processing details you have organizational details management activities key documentation events and a lot more so when all of these data are
Concerned you might be asking a question of saying is this all can I store only six types of data uh no because as I just mentioned when at the start of this answer you can store whatever you want but practically blockchain is used for this purpose now with this moving on to
The eighth question it states what is encryption and what is the role of encryption in blockchain encryption as you might know it is a method you use to keep your data safe uh by changing its format or by changing something in a way where it doesn’t give out what it’s
Meant to for the naked eye uh you know you can have a lockin key system you can have multiple uh ciphers you can have multiple uh methodologies that you can use to encrypt your data so whenever you encoding a data you’re converting it from one uh kind of a format to another
Where uh you know you can have it sent out through the network then and then uh having the ability to know that you know someone in the network can capture your data and may misuse it is very important because if you just send the data as it
Is someone sitting in the middle of it during a fishing attack or whatever it is can take up all of your data and uh you know misuse it right so that’s not what we want So to avoid all of this so we encode the data in a very strict way
In in a way where only the receiver knows how the how the original data can be obtained from whatever was sent this process is called as decoding the data and doing this will make sure that you know there’s overall security your blocks are valid and of course at the
End of the day your entire blockchain is kept secure uh because of this so at this point in time it’s very important that you understand encryption and you know how it works whenever data moves around in blocks especially in the case of blockchain now coming on to the ninth
Question it says what exactly do you know about the security of a block here’s a very important question and the answer to it is very simple a block cannot be customized by all of the users on the network it’s only on priority uh you know authorization is required and this authorization methodologies and
Protocols that are put into place will make sure that your data security is at topnotch that is it has an excellent level of security and when we thinking about every single block right each of these block can be secured using cryptography where you can have a lot of
Methodologies put into place where uh the organization or the person maintaining the blockchain really need not uh break his or her head head about the security of the data because at the end of the day if it’s in a blockchain structure it’s secure plus added parameters for the network makes it even
More secure and then individual Block Level cryptography methodologies will make sure uh you know the data is almost bulletproof in the network of a blockchain now coming to the 10th question it states uh why blockchain is a trusted approach there are many reasons why one would go on to trust a
Blockchain and here is why the first thing what happens is that it is compatible straight with any other business application one because blockchain is open source second as we discussed it’s completely secure and third even if it was intended originally for online transactions you know developers have paid a lot of attention
Especially to the uh field of security because in today’s world cyber security keeping your data safe and all of these are primary concerns right so to make sure all of this is put into place no matter what business you own no matter if it’s an online business no matter if
It’s a Medical Institution or whatever you can think of that you’re planning to implement blockchain into do understand that the data will be secure it’s open source so you really don’t have to put in a lot of money at the start and if you have proficient developers who can
Handle it then you will have a very effective chain and moving your data from one point to the other so a blockchain is easily considered because of all of these factors but the primary one being Security in my opinion just a quick info guys intet offers you a blockchain certification
Course which will help you become an expert in this distributed Ledger technology ethereum solidity program and many more through this course you will also receive additional courses co-created with IBM namely IBM blockchain foundational developer and deploy a web- based blockchain insurance application with this course we have already helped thousands of
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