Reverse currency war in the world

What is the blockchain or the chain of blocks in the Bitcoin currency? 

As aforementioned, there are no banks, credit card companies, nor any other parties because Satoshi, the inventor of the most important digital currency, will cancel this third party in the first place Therefore, the Bitcoin transaction will be between two entities only here came the role of a group of people scattered throughout the world.

What is Genesis Block?

A Genesis block is the first block of a blockchain in the Genesis block there are no transactions because the Genesis blocks block rewards the first tokens ever created on that block check in general blocks in a blockchain a cryptographically linked to the block before them this link is called the nonce and finding a nonce that works is how miners compete and successfully add a new block to the chain the monks must factor in the hash of the previous block in order to be successful however for the Genesis block there is no previous block so the hash of the previous block is just a string of zeros even with no transactions and no previous block the Genesis blocks nonce is still difficult to compute all those zeros doesn't make the problem any easier the genesis of all Genesis bitcoins Genesis block came on January the 3rd 2009.

What is the genesis block?

The genesis blog is essentially the first block in any blockchain so essentially it's known as block zero it's the very first block and this is where you start that whole process of the blockchain now you can have multiple different chains and each one of those will have its own genesis block so it effectively the ancestor of every other block inside that chain, you can trace this lineage back to that genesis block and it doesn't matter how many blocks you've got but that's essentially what it is this is the starting point of your blockchain so it's really the most important block that you've got so there's some really.

Unique properties

unique properties to the genesis block sometimes referred to as block zero and the biggest one is that its previous hash value is going to be set to zero x zero or just a big long line of zeros because there's no processed data before that genesis block all the other blocks will have sequential numbers um not starting with one or some other nonce um they don't need to be sequential I have the previous hash set to a previous block so again it's just kind of neat that in technical terms you're going to have that genesis block without previous hash zero value of zero and then everything else builds on top of that including all other blocks you know having that sequential number um to go along with it and in terms of the not so they need do not need to be sequential right so a hash of a genesis the block is added to all new transactions and the new block a combination is used to create this unique hash and again this process is repeated until all new blocks are added to the blockchain and at some point, you know that blockchain does have an inbuilt limit so there's some kind of fun history but this is a .

Fun history

• Very famous copy of the initial bitcoin um genesis block and they actually embedded um a headline in there for January 20, 2009, and a chancellor on the brink of a second bailout or bankruptcy because of it. 
• Remember back in 2008 all the banks failed and everybody freaked out so that bit about this genesis blockade can contain any data including what the blockchain is for and that's important right especially if you're going to be doing something or voting if you're going to be doing something like a.
• Student transaction I could have my own educational transaction blockchain for all the education that I have or all the videos I've watched or all these other things I've done to improve myself along the way so this is really a good and interesting way of having historical.

Why do we need a Genesis Block? 

1. The trace that you can do or use from day one and it doesn't just need to be bitcoin it can be anything else that has a sequential record of it that deserves to be in the blockchain itself so that the genesis block though it's really the cornerstone of all this and without a block configuration.
2. Do you know other miners will have a hard time trusting the blockchain and knowing when and how it started again, it is impractical to always have a starting point in theory while no real need for it is necessary to have a starting point?
3. That everyone can trust right whoever created this genesis block is really important if it's just Rando elementary school that started my genesis block for education I'll be fine that's not really where I went To school for the first time and I don't.
4. know who you are so trust is important for that genesis block then again each physical chain has to start with a single physical fork so that the genesis block is the first single link of the whole chain of blocks as you go so you can see it like the foundation you know without it Have.
5. The good solid starting point this whole thing breaks down you could also do this as a starting point in a sprint it depends on how you need to visualize it to make it work but if each miner just starts where they want you don't have a point of consensus so there's no basis for trust within the blockchain so everybody

What's in the block?

It's the genesis block that really allows people to have the initial foundation of trust and gives everyone a good place to start in the process, so what's inside the block is actually kind of interesting because there are a number of different data fields and there are a number of transaction fees. This shows that The block height timestamp node prevents the difficulty and the data and there's a really interesting about how that goes together because what's inside the block is really the important part right so the number of transactions and that transaction is basically a transfer.

What is the transaction number?

• A transaction is a transfer. Of value that's broadcast to the network and collected into blocks and bitcoin would be the number of coins that would be the value right so that dan transferred 100 bitcoins to blah blah spend a lot of money right. 
• A transaction typically references the previous transaction and outputs the new transaction. inputs and dedicates all input Bitcoin values to new outputs so basically it says if I moved a bunch of money over to tatami then that would be that transaction output and then Tommy would be having a new transaction input of however many bitcoin that I gave them.

• Transactions are not encrypted so you can view every transaction ever collected into a block if I send 100 bitcoins to Tommy then you know there may be tran there may be tax implications in there because the IRS could pull down the. entire blockchain and see who got what so when Elon musk bought a couple of million dollars worth of bitcoin and when he sells them if the IRS is involved in there they'll know that he sold some money and made some money off of it and can you be taxed for what you make off. of bitcoin interesting question I don't know the answer to that one but it is just kind of interesting right and the idea is that these.
• Transactions are buried underneath enough confirmations that they could be considered irreversible so if I send 100 bitcoin to Tommy and it's only registered once we might be able to reverse that later on. down the road um it's sort of like what happened with that 14 million nft theft that happened over the last couple of weekends so we were able that guy was able to recover some of his 14 million dollars. uh, worth of nfts um because there weren't enough confirmations and so they're able to reverse some of that which is interesting that bitcoin kind of had a problem of being able to reverse transactions because they do want to make these things permanent so the other thing that makes this.

Transaction fee

really kind of interesting too is that transaction fee I've done a previous video on the transaction fee because that kind of surprised me so basically and I love this part of being a minor it's almost worth just opening up a full node you know in your basement and letting it collect bitcoin fees over. Overtime right not worrying about it so.

1. the blockchain fee is a cryptocurrency transaction fee that's charged to users when performing crypto transactions and right now especially if you look at some of the nft markets you're looking at transactions of only about 250 dollars a.pop so that's a really big barrier to entry right and that fee is collected in order to process the transaction on the network so if you wanted to and you saw a business opportunity you could actually do a low-cost transaction fee that did not require a second. Seconds worth of processing time right you could do one that had a slower delay for a shorter or lower processing fee and again there is just some kind of interesting things that go along with that transaction fee um.
2. you need to pay the blockchain fee to ensure your cryptocurrency transfers arrive in a timely manner so if you're doing cryptocurrency transfers then that transaction fee is basically hey I need you to do this in four seconds or I need you to do this in one second all right and it arrives in a timely manner that blockchain fee is one of the main tools used to speed up crypto transactions because we do have a congestion issue with that blockchain network You can only process so many things given the size of the network they only have so many transactions per second so you.
3. Basically, pay your way to get to the head of the line on that transaction process so the fee will increase especially if there's a major world event if you're a crypto account it's got a lot of micro-deposits like referral bonuses um how much congestion there is on the network and how much stuff is moving around so that's the interesting part to all this that you can get a higher fee the more there's congestion on the network the lower the blockchain fee is lower the priority of your transaction in the.
4. blockchain network you know when we were looking at nfts you know I really didn't honestly care if it actually went into the network or not I wasn't going to pay you to know 250 bucks to get it in there as my transaction fee so I just kind of like went well no I'm not going to do that all right so block height.

mass elevation rates

1. block height refers to the specific location in the blockchain so your blockchain has its genesis blocks and they have you know 17 000 blocks after that number is how many confirmed blocks preceded so if your block height is 100 then you're a hundred blocks away from the genesis block if your block is seventeen thousand then your block height is seventeen thousand you're seventeen thousand steps away from the genesis blocks and it's.
2. Block height is an important measure of the rate at which new blocks are being added to the blockchain in question Right so as you go through.
3.  It's also used as an identifier for each individual block so you can see if blocks are missing so that's kind of a neat thing on that block height it kind of gives you a path on who's got it this should be a very specific unique number to each of the blocks of themselves so they know how.
4. Far away from the genesis blocks they're at so sometimes you may get a duplicate block especially if it's someone if two minors are working on the same problem at the same time they'll have the same number and when two blocks are created With the same block height you may fork it accidentally you may fork that blockchain or you may result in a block being orphaned and if a block is orphaned no one gets paid for it right so that can also be another the problem, as well as orphan blocks, will cover in a different lecture on this one so whatever outcome occurs duplicate blocks.
5.  cannot appear on any one given blockchain right so if you've got two people working on block 17 000 the first person to get block 17 000 wins the race so if they've got better hardware or running you know to hundreds of thousands of GPUs down in the basement and they're able to process data much quicker then there you go or they got to it early they got to it milliseconds early can be a problem sort of like when you're watching the Olympics right shaving milliseconds off your time running down the hill that's the same kind of concept and you don't want to have that orphan blocked.

Time stamp

1. though so but you do want to make sure that you are using that block height as a way to measure where you are in the blockchain the other thing that's interesting too is the timestamp so it's just basically a standard Unix timestamp right and the interesting part about this is an unsigned integer so at some point it will run out of space so I think that's something like 68 years from the time I recorded this but again it's just that universal time code it's just a standard time stamp it's nothing special um anyone that's ever worked.
2. any kind of timing mechanism will understand the timestamp without a problem, again the interesting thing is that the timestamp should be accepted as valid if it's greater than the average timestamp of the previous open box, so you have a processing time of 10 minutes right now, so The time must be set to the network in plus or minus 2 hours, the previous 11 blocks are also accepted as valid, and these timestamps are used as a way to synchronize the data and ensure that the data is in sync.
3. Blocking timestamps are not completely accurate and they don't need to be accurate but they just need to be accurate within an hour or two so there's some time delay built into the networking process that you can understand as you go along and do things so that this network is the time adjusted from the extra node.

Nonce 

• local universal time right and again it's just one of those things to kind of be aware of and then the non-number only used once and that's a number to be added or encrypted a block in the blockchain when rehashed meets the difficulty level restrictions and restrictions the nonce is the number that the blockchain miners are solving for in order to receive cryptocurrency so interesting right so nonces are used for a range of computing um networking applications authentication of purchases two-factor authentication or other kinds of account recovery electronic signatures.
• The declaration is some kind of blockchain-important nonsense where the number is added to a hashed or encrypted block in the blockchain so that you've got it and again as you've only used it once and it won't be used twice kind of an elegant way to make sure that Block is also authenticated then prevent difficulty,

Block difficulty

• the block difficulty is more abstract and that's one of those weird things that after all 2016 blocks the scale is constantly recalculated so that's basically hash power being thrown at the network the more difficult the process of solving math problems becomes for minors on the network making it harder for them to earn that block reward that proof of work right and right now that proof of work is about 10 minutes and then that resets every two weeks or every 2016 blocks so if fewer miners participate in the network the block difficulty can adjust downward if there are more miners on the network then that The difficulty will go up and it will take longer to process those specific bitcoin or transaction blocks in there.
• the bitcoin network has a global block difficulty all right and that valid blocks must have a hash below that target that is a fluctuating global block difficulty you would need to go through like bitcoin explorer to find out what today's current global block difficulty is and the other thing that's interesting too is that mining pools will also have a very spool specific share of difficulty setting all right and they're going to be trying to get to that lower limit because then they can process that information quicker so again.
• block difficulty is really kind of interesting it's a metric that continuously recalculates and adjusts after a certain number of blocks and it's all about that hashing power being thrown into the network and again it can raise or lower depending on how many people are in there doing mining and then there's the data that's stored in each side of the block and depends on the type of blockchain so like when I sent 100 bitcoin to deny that would be the data right if I was voting I would be having that data inside the block would.

The data store

The data stored inside each block depends on the type of blockchain so like when I sent 100 bitcoin to the genie that would be the data right if I was voting I would be having that data inside the block would.

be attached to the polling place the date and time who I voted for how that worked at the national level because my genesis block would probably be at the state level or the federal level right in terms of how that would all work the big drawback to having it for voting is that it needs to be a lot quicker than every 10 minutes for the processing power otherwise the news channels will probably freak out because they're not getting instantaneous results but again that data can be anything depending on what industry is being used for but again the issue we're going to have is the velocity of the data when it comes into there and whether it's suitable for being in a blockchain or not so kind in summary on this one right the way that a block is set for genesis block sets the stage for every other block that comes along each block of specific fields and then they provide the authentication and the immutability for the data hashing signing and then where it fits in the nonce all that kind of good stuff and then the transaction fee to make sure it gets in there and gets processed some people that don't pay transaction.

fees may never get into the blockchain because no one will touch it all right the data itself is in the block it can be anything it can be dan sending 100 bitcoin to Tommy or my voting or anything else that's in there and that's considered immutable once it's been approved and put into the blockchain so again it's kind of interesting how that genesis block works and how it feeds into the rest of that blockchain network whether it's bitcoin or whether it's anything else that comes along the way so thank you for watching this lecture I will be back with the.

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