First, I want to thank Vero, GDG and Zinio for this event, for organizing everything
and also I want to ask you all
how many of you have heard of Blockchain before
or have read something about it?
Could you raise your hands?
Good.
How many of you have invested before on Bitcoin or any other cryptocurrency?
Other cryptocurrency apart from Bitcoin?
Little by little we are increasing these numbers,
this is a good thing and as we can see.
We can check this on Google Trends, that the searches of Bitcoin
and the interest over time is increasing,
we can see on September there was a peak
maybe because of the last months
that were really promising for this technology
we can see is a topic that more and more people is interested about.
So before knowing what is Blockchain and what is Bitcoin
we will need to know from where we are coming
we need to know some concepts
One of those is
Could somebody tell me
What is money for you?
"Money is debt."
Is debt. Could be ok.
Money is basically an accounting system.
Money is a record of what we have or own,
what we owe to somebody else
That's why we can go to the bakery without a wallet
ask for a bread and tell "I will pay you later"
and they will write it down in some account book
basically is this
So that's basically what is Blockchain
is an account book
that instead of..,
until now with money
we needed some third party to issue that money
and to guarantee us that that money is real
till now that paper was made by the governments
with Blockchain we don't need that anymore
is basically what is Blockchain
a distributed accounting system.
So, how this story started?
In 2008, in September we suffered one of the biggest
financial breakdown in the history
and it cost to taxpayers all over the world
a lot of billions of dollars
or maybe more, some people are saying trillions of dollars
only for rescuing these banks that provoked it
Behind that money that was created
there's nothing to back it up
It was created out of thin air
There was no gold backing it up
There was nothing
How could we prevent this in the future?
It was ironic that few months later
In November of 2008
Somebody known under the alias of Satoshi Nakamoto
Nobody knows who he is
published a whitepaper
where he was presenting some kind of innovation
some kind of solution for this problem with third parties
not having to trust in somebody else
and for that what he created,
the most innovative part of what he created
was the Proof of Work (PoW)
with this, he could create a distributed trustless consensus
as there are a lot of concepts here
that are difficult to understand
we are going to see them one by one
to know exactly they mean.
So Blockchain is the technology
that is behind Bitcoin
Bitcoin is just an implementation of it
and we have a lot of others
So what is consensus?
basically is an agreement, a set of rules
that we all in the community decide what to do
and that's basically what is language
in a language you are assuming a lot of rules
when you are talking with somebody
when you are saying something
that person is understanding you
that person also knows that you are understanding him
is basically that
if we have a common language, a protocol
then we have consensus.
Another thing is how we can manage distribution
for all of us to decide exactly
that we are applying those rules
we need to distribute this information
the fastest as possible
If I'm the only one with this account book
I can modify it, I can do whatever I want with it
and I can be corrupt
and alter a record for myself
just because I want
but if we share this information, all of us
is more difficult that all of us decide
that this account book is going to be manipulated
There are two ways of managing distribution
one is waiting until that information
is distributed over all of us
or just if a percentage of us
decide that this is good then we decide that is enough.
Trust of Safety
for this he was using a mix of technologies
one of those is cryptography
that is letting us to distribute a message
through an untrusted channel using cryptography
because if all of us decide that to verify something
this needs to be signed with some cryptography
it doesn't matter if the message
is going in a channel that is not secure
is what happens with email, for example.
For creating this distributed trustless consensus
what he offered was this Proof of Work
that it might seems really difficult
maybe some of you have heard before about Miners
and you said: "Why there are miners?"
"Why this system has something so difficult to understand?"
and is basically for validating those transactions that we are creating.
Is a very careful balance of game theory
that creates conditions where participants on the network compete
to solve a mathematical problem and get a reward for it
It is the entire security basis of the technology
because in any competition
there could be honest players and dishonest players
So for making that there are more honest players than dishonest
we need to have some kind of reward that is bigger than the reward of being dishonest within the system
for breaking the system or attacking the system
right now it would be needed 30 billion dollars
just for making one transaction fraudulent
that's because the more people are using it the more secure it is
right now is in a global high security status
not even a country could attack it
and going to be more difficult in the future
For understanding better Proof of Work
there's one of the biggest minds in this cryptocurrency world
is Andreas Antonopoulos
he said that the best way of explaining it is with Sudoku
We all know how Sudoku works
and it has a lot of similarities with Proof of Work
because is an asymmetric algorithm
what it means is that is easier to check the solution
than to actually do it
for example, for a 10x10 Sudoku
for solving it we could take 10 minutes
but for verifying it is just a few seconds
Let's imagine that for example I have 1 million dollars
and I want to play a game with you all
and I give you the same Sudoku for all of you
and the first one that is solving this Sudoku is getting this 1 million dollars
I'm giving you 10 minutes for doing it
and maybe somebody is going to solve it
and the game is restarting and is continuing
so the next time you are going to think
"OK, for winning the other people, I'm going to bring other people to help me with this Sudoku"
So instead of doing it one person, is like a "Mining Pool"
a group of people trying to solve the same Sudoku
So maybe instead of 10 minutes is going to take them 8 minutes
So what I'm going to think is
"OK, you are playing your way for doing it in the fastest way and winning the others"
So I'm going to increase the difficulty of the game
next time instead of 10x10 and going to do it 25x25
so you going to take more time to solve it
Basically that is how is working Blockchain's Proof of Work
What this all means is that Blockchain is a secure record of transactions
collected into blocks grouped in chronological order and distributed
over different servers to provice reliable origin.
With this we are making a system that
it cannot be hacked attacking one node, one server
It needs to be hacked by the 51% of the servers of the whole entire system
The technology uses digital signatures and consensus mechanism
for ensuring that participants can agree on which transactions are valid
The possibilities that Blockchain could give us
one example is Bitcoin that is a digital cash solution
but we could have unlimited cloud storage
any computer that is connected to the Blockchain
could provide its storage to the system
so you could store everything in there
Unlimited computing power
there are projects that are using this
for solving any kind of difficult problem
that could need a supercomputer, with this you could do it
that will require a lot of resources
Identity management
if all the identities are in the Blockchain
it would be easier to verify the people that are connected to it
Smart contracts
Bitcoin could be a smart contract
is an app that is decentralised
is running on every single node of the Blockchain at the same time
voting, ruling a nation, executing legal contracts...
there are a lot of solutions and the sky is the limit
now I'm going to talk about the two biggest projects
that exist right now in the cryptocurrency world
that are Bitcoin and Ethereum
Bitcoin is a peer to peer electronic cash system that enables online Bitcoin payments.
And is the one that was in that whitepaper
that Satoshi Nakamoto released.
what is keeping is the track of the ownership of the bitcoins all over the world
there are no governments that can control it
It's decentralized
it's easy to set up
easier than opening a bank account for sure
in a few minutes you can have your own wallet
where you can store your bitcoins
it's anonymous (kind of)
because as it is running on internet
somebody could track the IP address
from where the transactions are done following the path of who has use it
it's fast
faster than international transfers
that right now you would need two days for doing it
with Bitcoin, in more or less one hour you could do it
the transaction fees are lower than an international transfer for example
everybody can see the transfer that has been done inside the Blockchain
"May I interrupt you here for a while?"
"talking about transaction fees"
"I have different times tried to buy or sell bitcoins"
"I have never done it before because what I have noticed is that"
"around an 8% of the money is payed on fees"
"when i'm going to buy from euros or dollars to bitcoins"
"I got noticed that if the value of the bitcoin let's say is 1:1"
"I loose a big percentage when I buy it."
What exchange are you using?
"I haven't use any, I just tried with Coinbase and a few of them"
"and I have noticed that if I'm going to buy it I have to pay about an 8% more"
"in order to get the bitcoins but I also loose an 8% when I sell them"
"so from an investment point of view..."
What you are...the fee that you are paying on this
is the fee for those miners to get your transaction before others
in this case of Coinbase
it is a centralise exchange that is the same as having a bank doing the operation for you
so they want to get some part
so you are paying Coinbase for doing the transaction and also the miners
that's why the fee is so high
"How can I get bitcoins if I'm not using Coinbase or similar?"
There are others with not so big fees
"Thank you"
Compared with transactions of international transfers
they are lower, they should be lower
Ethereum is instead of adding to the Blockchain a currency
what it's adding instead in the Blockchain are apps
they are called smart contracts
and is computer code that can facilitate the exchange of money, content, property
shares...everything that you can think of an app
they can communicate between them
you can run an app inside the Blockchain
and that app can talk with other apps that are running already there
the potential of this is huge
right now is in development
yesterday we had a big change in the test network of Ethereum
the creator is a 23 year old russian guy
that is quite intelligent, quite smart
that's why the hype is so big right now
because it could compete someday with Bitcoin
maybe not as a currency but for the potential it has
the ups and downs that decentralised apps have
one is its inmutability
once you deploy an app inside the blockchain it cannot be changed
is running forever
it is corruption and tamper proof
if you modify the code in one node
it is not modified in the rest so it cannot be hacked
that's why is so secure
it's zero downtime
it never can be stopped
once is deployed in the blockchain, it never can stop
if one government wants to shutdown some website
it could do it, but inside the Ethereum blockchain it cannot be done.
but one of the downsides that Ethereum has
is the bad coding exploited
if you dont write your code well
it can be exploited
and somebody can take benefits from it
so it's really important to write your code well before deploying it inside the Blockchain
These are some of the projects that you can find
these are more or less the most important or more known
but there are more than 1300
and its increasing day by day
there are cryptocurrencies for gambling, for media advertisement
BAT is one of the most promising ones
of the creator of Firefox and Javascrypt
There is nothing you cannot do without Blockchain
is not that this is something new that you need to trust on it
the way this is deployed is the best we have seen in a lot of time
you could do any of those projects in a centralised way and it could work
but what history has tought us is that
trusting in some central government, bank or company
maybe they are doing things with the best of their will
but sooner or later they could be hacked
and information from you could be stolen
like what happened not so long ago with Equifax
that 143 million USA citizens
Equifax was hacked
and all the information from these people
social security numbers and everything was stolen
and those are things that you cannot change
you cannot change your name, you cannot change your social security number
it's difficult to change
so that's the thing, with this is more secure to do it
it is a higher security solution than centralization
This is the community that we are trying to create
we are in all of those social media places
and we are glad to get you get in
and learn more about it, about cryptocurrencies
and if you have some questions...
"I look on internet a bit of information about the Blockchains and all of that"
"and I think one big issue why people is not confident on this working"
"is about scaling, because over time, to be a miner"
"it will require every time a bigger capacity"
"and at the end this can mean that maybe only big companies"
"can be part of the system, so what do you think?"
About this, actually there are a lot of thoughts about it
because with the Moore's law
the computation power is going to be cheaper over time
and the way is distributing these bitcoins for example
you can have more computation power to enter in this
but this is a big problem, the scalation
right now, inside Bitcoin there is a...
the community is divided between the people that think that they need to increase the block size
and others that think is enough with the last hard fork that we had on the 1st of August
and also in Ethereum they are thinking about how to solve this problem
for sure, I agree, scalability might be a big problem in the future
there are some other blockchains that are scalable
they are zero-knowledge proof for hacking that is another big issue of blockchains
little by little, is still an early technology
but its development is increasing really well
"Ok, thank you"
"Do you think that governments are going to start regulating the use of cryptocurrencies more?"
"Now on United States already some states are limiting wheter you can trade"
"cryptocurrencies using your current banks"
Actually these last weeks we had this problem with China
on Internet there is a famous rule that says that
"Everytime China bans something, invest on it"
this is the best you can do
and I think that China banned it, not because they don't think is good
is because they are afraid of it, they want to regulate it
they want to do it properly because this is going really fast
and increasing really fast
but there are other countries, like Australia for example
they have accepted not having to pay double taxes
so when you are buying a coffee you don't need to pay
the government, here is the 21% of taxes
and also the taxes for doing the bitcoin transaction
only one, that's it
So I think little by little we are improving in regulations
and this year is exactly what is happening
a lot of countries are saying, ok, we are going to position in one place or another
and little by little I think Bitcoin or Blockchains are going to win
because even if they try to regulate it I'm not sure if they really can
that's the problem
"You just have said some interesting thing"
"that this is anonymous, ok"
"that's a very good thing"
"but what about people who don't want to pay taxes?"
"for example, that unfortunately are needed right now"
"I mean, if you can use this like an money laundry system"
"is it any kind of fraud around that?"
it is a ghost that has been following Bitcoin since it started
that is only for criminals and it should be pursued just because of that
the thing is that in some countries maybe is going to be used like this
because there is a lot of corruption and they want to use it badly
for avoiding taxes or other criminal actions
but in some other countries like for example the one we are living
there is not that need
the use of Bitcoin is just because like in the 80's
people were storing value in gold because they didn't trust in dollar
now people are storing their value in Bitcoin, this generation at least
is thinking of this like a profitable solution for their future
more than other generations
and that's the thing, little by little
for sure there are going to be people that would want to use it for this
but the majority of the people, we need to get to that point
of having regulations for making it more mainstream
and more useful for people
so this kind of criminal acts
would be chased
"if you want to create a Blockchain"
"What do you think about how many nodes we have to implement for having in production a Blockchain?"
"If I'm a small company and I want to use the power of Blockchain"
"not for cryptocurrencies, for smart contracts what do you think I would need to do?"
If you want to create your own Blockchain
you could create it for example in Ethereum
and you don't need to...you can create a token that is your own currency
or your own way of making these transactions
inside your own Blockchain
but if you want to make it decentralized by your own
the bigger it is, the more secure
so the best way and the solution that a lot of companies
are using right now is the ICOs
Initial Coin Offerings
what they are doing is giving a supply, a number of tokens
in exchange of ether or any other cryptocurrency
so in this way they can make a more decentralised system
If you are doing it with your colleagues or with somebody else it can be hacked
that's another thing that happened not so long ago
with one of these ICOs, that the address for sending the ether
was modified because it was in a small group of computers
the more decentralised and the bigger it is, the better
"One thing I didn't understand correctly"
"If you are a miner"
"you are a bitcoin miner, an ether miner or both at the same time?"
"is not that you are mining in the global Blockchain"
No, in the global no
there are completely different Blockchains
but for doing the Proof of Work
that is in what is based these Blockchains
you are mining one of those
or Bitcoin or Ethereum
"So if I want to create an startup and create a distributed storage on a blockchain"
"they I decide to build my own Blockchain for this"
and I release an ICO with all the work...
Can I use the Ethereum Blockchain with my current solution?
Yes, you could use the Ethereum Blockchain
to create your own smart contract
with your own rules inside
like Bitcoin could be running for example inside the Ethereum Blockchain
because is an app, is an implementation of Blockchain
"What is the most used blockchain for this? Ethereum?"
The biggest Blockchain for doing ICOs is Ethereum
Bitcoin was used before also for that
but now what they are doing from Bitcoin is creating forks
you can have the same security that Bitcoin has because the technology is the same
but implementing it your way
if you want to change the rules...
for example, another thing that I didn't say is that for Bitcoin
the rules that are set in consensus are that
you cannot make a transaction if you don't have the money for doing it
and you cannot make a transaction that is less than zero, for example
so there are a set of rules and also computer rules that need to be validated
and these are two of them
"I have a technical question, if you want to do your own implementation of Blockchain"
"in which platform or language you need to develop it?"
Ethereum created their own language that is called Solidity
and is basically a contract
is written more or less like Python
but there are other blockchains like NEO
that is known like the chinese Ethereum
in which you can develop in Java and in a lot of other languages
and this is going to be good for developers' adoption
Now with the banning of ICOs and stuff in China
the project is still a little bit new
they are trying to open the market
"Now that you mentioned the thing of the forks, I saw that Bitcoin"
"is in Github and is open source, so you can see all the code in there"
That's another good thing, a centralized company
it's going to audit their own code
and if they find something, you'll never know
you are screwed
but with this, all the community can check the code of it
and if they find something they can tell to the developers or the community and it can be improved
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