Learn the fundamentals of Blockchain technology so you can start building as quickly as possible.
Hey guys how’s everyone doing coming at you from forchain build smart build easy the whole idea here is to help you better understand the fundamentals of blockchain technology and furthermore how to efficiently and quickly build on the blockchain and make yourself some real money okay so we’re going to be
Going over the big picture fundamentals regarding blockchain technology to get us going with my first video blockchain 101 okay so let’s get started we’re going to begin with the technical definition of blockchain provided by Investopedia a website I highly recommend for further research regarding the blockchain now the blockchain is a
Digital database or Ledger that is distributed among the nodes of a peer-to-peer Network now this essentially means it’s a very large and complex Network that is collectively owned and operated by the users okay now diving a little deeper we’re going to go over the blockchain basics remember this
Is Big Picture fundamentals if you want to understand the blockchain even better on a more technical level I definitely recommend you you do your own research but at the end of the day what we’re trying to do is understand just enough so we can begin building okay so when it
Comes to blockchain basis Basics sorry we’re talking about like I said it’s a very secure network okay highly secure this does not mean it’s unhackable it does not mean it’s impenetrable however it is highly secure given the structure of the system and it is peer-to-peer meaning it is collectively owned and operated by
The actual users now now the blockchain is decentralized one of the fundamental building blocks of the blockchain decentralized means there is no single person or group that has control unlike traditional systems that have an owner a CEO you know High hierarchy people that are in top level uh positions that can
Make decisions and influence over the network the blockchain is nothing like that no one owns it person or group and no one can directly influence it so it is very different from traditional systems that are you know currently existing it is immutable which means it it cannot be altered this links straight
To decentralized it’s it’s kind of like one and the same in the sense that since no single person or group has control over the blockchain it means no single person or group can alter it right now unlike like traditional systems for example banking the blockchain has full transparency which means anyone you me
And anyone that can read a blockchain Explorer is has the full capability of looking up every single transaction that has ever been placed on the blockchain now unlike let’s say a banking system where you can check your account your money your transactions but you can’t check anyone else’s because there’s a
Certain level of privacy blockchain does not have that you can check anyone’s transactions at any point in time now a fundamental block also of blockchain of the blockchain is that it’s Anonymous or it can be it doesn’t necessarily have to be there are certain situations where
You can if you were willing to you can link your activity and your transactions to your identity but this is not a requirement so again unlike traditional banking systems where you need identification you need to corroborate who you are where you live how much you earn Etc the blockchain does not require
That and if you want it to be so you can be 100% Anonymous I will be making a video down the road to teach you how to do this and how to make sure all your activity is anonymous on the blockchain and finally a very big part of the
Blockchain very once again different from to traditional systems is that the only trust needed is that users data entry what does this mean this means that when you trigger a transaction you are going to enter the data so that’s the fundamental part of this process right you’re entering the
Data as a user and no one will alter that data or interfere with that data down the line now this is a two-sided coin in the sense that it’s very cool that there are no further third parties that could somehow modify or you know make mistakes with your transaction
However the other side of the coin is that since when you input the data that is the that’s the main point you know everything is going to be based on what you input if you make a mistake if you do not double check the data that you
Enter and you make a mistake there is no turning back there are no refunds there is no way to undo what has been done so I will get into this more down the line but I do recommend you always double triple 10 times check the data you’re
Entering to ensure that you do not make a mistake because it can be very costly and there is again like I said no way to undo a mistake that you made okay okay so moving on we’re going to be going going over a little bit of the blockchain history nothing too deep but
Just so you have the fundamentals of you know how it came to be and who was behind it okay so the first and granddaddy of all blockchain was and is Bitcoin here you can see the name and the ticker the ticker is essentially just an acronym or a shortening of the
Name so the name is Bitcoin the ticker is BTC here you can see a sculpture made in honor of Satoshi Nakamoto the sculpture if I’m not mistaken is in Canada and this is the you know the person that well not person it’s actually Satoshi Nakamoto is a pseudonym so we don’t know
If it’s a person or group there are of course a lot of theories not relevant to what we’re going to be discussing right now but just so you know the official creator of Bitcoin is Satoshi Nakamoto and it was created in 2009 okay down the line came ethereum
Ethereum name ethereum uh ticker e eth and this is vitalic beran’s brainchild he created and launched ethereum in 2015 he pitched it to the public in 2013 and 2014 already had some movement but the official launch was in 2015 and now more recently came salana named salana ticker soul this is this
Handsome son of a gun is anat yakovenko he is the creator of Sana and it was launched in 2020 okay each one has their own obviously personalized logo you got the Bitcoin logo you got the ethereum logo and you have the salana logo now diving just a little bit deeper
Not too much you know how it goes here are some specifics for each of the blockchains that I think are relevant now for the first number you can see on each one is the current value of each one of these coins okay so Bitcoin is around 52,000 ethereum is closing on
3,000 and Solana is at 10767 now each one of these blockchains have fundamental differences okay and are used for different things so Bitcoin the majority of the activity that goes down on bitcoin is buy hold and sell okay what does this mean that that’s just what people do with Bitcoin there’s
Not much building I’m not saying there is no building but for the most part it’s buy hold and sell ethereum is was construct constructed with the idea of being similar to Bitcoin in the sense that’s on the blockchain however it was designed to allow users to build on on
The blockchain and with the blockchain so what you do on ethereum is you can also buy hold and sell just like Bitcoin but you can also build and finally salana same thing very very similar to ethereum much more efficient and in and in many ways much cheaper but you can
Also buy hold and sell and like Bitcoin and also build like ethereum now fundamental differences between ethereum and salana when it comes to transacting is that ethereum uses gas also known as guay this essentially is the cost to carry out transactions on the ethereum blockchain so if you’re sending money
Let’s say you’re sending $100 of ethereum when you send it you’re going to send you’re going to pay obviously you got to put up the $100 that you’re going to send and you have to additionally pay the gas which is determined by the network Usage Now this
Can make it very expensive to to transact on ethereum if gas is high now salana anat to’s brainchild as we discussed previously the whole idea of salana was to be similar to ethereum but more efficient and cheaper to transact okay so salana unlike ethereum does not
Have gas okay this means that if you’re sending $100 you will pay a transaction fee above the the the1 $ however it is very very low and it doesn’t really make transacting on salana that expensive so it’s a much much more efficient and cheaper option than ethereum okay so
Overall of course there is a lot more information to be researched there is a lot more to the blockchain like I said it’s very complicated it’s very complex and I do recommend you do your own research so you f understand what you know the aspects that you wish to understand but at the
End of the day remember here at forchain I want to give you enough information so you can get going get building and start making money as quickly and as efficiently as possible so without further Ado this came to you from forchain thank you for watching the video remember build quick build easy I
Will be releasing many more videos as we move through the blockchain understanding what we have to understand as quickly as possible and getting to building and to making money have a great day guys