Cryptocurrency Full Course | Cryptocurrency For Beginners | Cryptocurrency Explained | Simplilearn

Cryptocurrency Full Course | Cryptocurrency For Beginners | Cryptocurrency Explained | Simplilearn

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00:15
hello everyone welcome to this interesting video on cryptocurrency full course in this video we will explore all the important features and concepts revolving around cryptocurrencies and will also come across some of the very interesting facts and figures about them starting with understanding what cryptocurrency is then we will explore some very important and popular cryptocurrencies according to market cap starting with discussing facts and components about bitcoin followed by how to mine
00:45
bitcoin after which we will understand what ethereum is and will explore its upgrade as well as how we can mine ethereum after that we will have a comparison between bitcoin and ethereum then we will explore our third crypto dogecoin and its various components like dogecoin mining dojo and wallet and its comparison with other cryptocurrencies then we will jump into the other side and explore some of the other popular aspects of cryptocurrencies like nft salana and shebainu coin
01:17
we will then conclude this video by discussing the recent downfall of crypto market by the end of this video i can assure you that you will have thor knowledge as well as a clear picture of cryptocurrencies and crypto market for this training with me i have i experienced blockchain specialist rahul together we will take you through the various important keynotes of cryptocurrency so let's start with an exciting video on cryptocurrency full course before we begin make sure to subscribe to our youtube channel and hit the bell icon
01:48
and never miss an update from simply learn meet frank and daniel one day they decided to go for a trip to venice they made a budget list for all their expenses like residence flight etc they thought of making their bookings online from a site that offered discounts to the first 10 visitors on that day while making their respective flight bookings daniel's transaction failed and he missed the offer going on on the other hand frank paid his share very quickly and easily and became one of the three lucky draw
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winners daniel was surprised and asked frank how he could make the transaction when daniel himself could not to which his response was it's simple i used bitcoin a type of cryptocurrency daniel was confused and he asked what cryptocurrency is and since when has it been in use frank stepped up and explained to him cryptocurrency is a virtual or digital currency that works on blockchain technology and is designed to work as a medium of exchange online to buy goods and services and make payments which was introduced
02:50
to the world first in 2013 by satoshi nakamoto daniel felt that it sounds similar to other online payment options he asked what makes it so different frank explained cryptocurrency is decentralized and free from any third-party interference which means it is not issued and controlled by any government or central authority unlike other payment systems that banks or governments are handling and that's why a cryptocurrency transaction never fails there could be many reasons for why daniel's transaction failed
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like he may have exceeded his transfer limit for his account must have been hacked or there could have been some technical issue with his bank server or maybe due to high transaction fees imposed by the bank but on the other hand cryptocurrency charges almost no or very low transaction cost there is no limit for making transactions in fact you have 24 7 access to your money there is no extra delay or extra charges on making international transactions and the best part is that anybody can use cryptocurrency
03:53
without the hassles of paperwork all you need to do is create an account on any digital wallet of cryptocurrency this is what makes cryptocurrency different from other online payment options daniel was impressed by cryptocurrency but he wondered how it works without the control of an external authority upon research he found out that cryptocurrency works on blockchain technology blockchain is a set of blocks that record information of transactions like who made the transaction to whom the amount of trade in the form of a digital ledger that is distributed
04:24
across the entire network meaning the data is replicated and stored on each node across the entire blockchain network making it more secure and impossible to change hack or cheat the system then it is verified and validated by every node to proceed with the process of making the transactions the crypto in cryptocurrency stands for cryptography which is a method of using encryption and decryption to secure the data in the presence of any third party with ulterior motives now daniel was completely aware of the
04:55
whole technology and concept behind cryptocurrency and was influenced by frank to adopt cryptocurrency in his daily lifestyle too he did that by booking his ticket but sadly no discount like daniel cryptocurrency has influenced and impacted an enormous number of people worldwide due to this increasing popularity new companies like metoo and paypal are coming forward and investing in cryptocurrency every day in 2018 malta an island located in the mediterranean sea
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south of italy was titled blockchain island as it led to the economic stability of the nation many fintech companies like binance and okcx have already begun to take advantage of malta's financial incentives and have moved their headquarters to the blockchain island so here is a question for you which hashing algorithm does cryptocurrency use a script b ethash c sha 256 d none of the above please give it a
05:57
thought and drop your answers in the comments section below three lucky winners will receive amazon gift vouchers cryptocurrency is revolutionizing finance and banking around the world thanks to cryptocurrency now anyone with an internet connection can trade spend and borrow money around the world and nobody can stop them people like bill gates co-founder of microsoft corporation and elon musk ceo of tesla support cryptocurrency as it is much better and secure than physical money and also holds a great
06:28
future for the world's economy and on the other hand some people think of cryptocurrency as a bane to the world's economy like warren buffett ceo of berkshire hathaway and ajay benga ceo of global mastercard feel that cryptocurrency is a platform of criminal activities and will destroy the world's economy well one thing is clear that this conflict is going to stay put for a little longer hi guys today we're going to talk about 10 things you didn't know about bitcoin firstly we have the mysterious creator
06:59
now in 2009 a person or a group of people known as satoshi nakamoto introduced bitcoin to the world he vanished off the internet in late 2010 he hasn't been heard from since now just like his identity is shorter than mystery nobody really knows if he's even alive or dead the only communication people had with him were through emails and forums his bitcoin wallet holds around 980 000 bitcoins which makes him one of the richest people on the planet next up we have the satoshi now as a sign of respect for the bitcoin's
07:29
creator the smallest unit of a bitcoin is known as a satoshi one satoshi is valued at around 0.000 669 for us dollars which is a very very low value now to make one bitcoin you need approximately 100 million satoshi's now according to the current bitcoin values which fluctuates a lot to make a dollar you'd need close to 15 800 satoshi's losing bitcoins losing your bitcoin address which is also known as your private key not only means losing your unique identification it also means you lose
08:00
all the bitcoins in your wallet research shows that at least 60 percent of all bitcoin addresses are ghosts which means a huge chunk of the population that's using the bitcoin network have lost their addresses now these are the people who have lost their addresses and have no way to access their wallet liberland now in april 2015 a micro nation between croatia and serbia known as liberland was born now this was founded by virgil a politician publicist activist and the president of liberland now the official currency of liberland
08:31
is bitcoin now the government took this move believing that bitcoin and its underlying concepts of blockchain provides a secure and transparent method for recording electronic financial and physical assets processing power the process of mining bitcoins is a expensive process now you pay a high toll to do this like your money your time and electricity now mining bitcoins require servers that are used for that specific purpose alone now the faster you process the data the faster the block can be added to the blockchain and the faster you're rewarded with bitcoins power consumption
09:02
now just imagine how much electricity ireland consumes in a year approximately 5000 kilowatt hour now how much do you think all the bitcoin mining farms together consume sixty terawatt ah which is approximately six into ten raised to ten kilowatt hours which is a large amount of power now the entire country of ireland which is the second most populated city in europe and has 84 421 kilometers square of area consumes lesser electricity than all these farms combined bitcoin ban now although several
09:33
countries around the world like canada and america have wholeheartedly accepted bitcoin there are some that haven't countries like bolivia iceland bangladesh and ecuador have completely banned the usage of bitcoins there are also countries like india thailand and iran who ask their residents to be careful while using cryptocurrencies they haven't completely banned it however they do not accept it as a legal tender law limited number there's a limit to how many bitcoins can exist in the market this number is capped at 21 million bitcoins
10:02
as of this moment 17 million bitcoins are already in circulation to give you an idea that's almost 80 percent of the 21 million already done but don't worry until 2140 we'll still have bitcoins to mine this is because of how miners are rewarded now miners are rewarded with 12.5 bitcoins for each block added to the blockchain and every four years the reward reduces by half the next halving is supposed to occur in 2020 where the reward reduces to 6.25 bitcoins the power of b the terms bitcoin with an uppercase b
10:34
and bitcoin with the lowercase b mean two different things the only thing that differentiates the two into two completely different things is the letter b the lowercase b in bitcoin refers to the cryptocurrency that is used to perform the transactions the uppercase b in bitcoin refers to the ledger that stores information regarding these transactions faster than supercomputers the world's fastest supercomputer the summit works at 122.3 petaflops which is nothing but a quadrillion floating point operations per second now if you take the bitcoin network completely into consideration
11:06
the processing power is about 80 million 704 290 petaflops but the only thing here is that a supercomputer can do several different things but the only thing the bitcoin network does is add blocks to the blockchain let's talk about what is bitcoin mining so what is bitcoin so let's check an example so there is someone who wants to send five bitcoins to rachel now we will see how this transaction can happen now bitcoin is based on the concept of digital currency anyone across the
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globe can transfer amount in bitcoin irrespective of the geography from anyone to anyone so basically you need to just open an account on the bitcoin network have some bitcoins in it and you can transfer it either you can purchase the bitcoins online through some exchanges or you can mine it so once you have bitcoins in your account you can transfer it to someone you want whose address you have now do you want to know how this transaction work well this transaction is done by bitcoin mining
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so we will go deep and understand that how the bitcoin transaction works what all entities are involved behind the scenes in order to maintain the sanity of the bitcoin network and make sure that whomever you wanted the bitcoin to reach to has reached and there is no loss of bitcoin in the network and it is a successful transaction so let's understand certain basics so what's in it for us today we need to know what is bitcoin we will understand the underlying technology blockchain so we will talk
12:38
about that then we will see what are the advantages of bitcoin as compared to other digital currencies and other digital technologies then we will go into the concepts of bitcoin mining then what is bitcoin mining and we will do a demo on certain aspects of bitcoin mining now what is bitcoin bitcoin is the first decentralized digital currency that allows users to transfer money peer to peer without any intermediaries like banks governments agents brokers nothing is involved
13:08
and all this is done using blockchain technology so as we saw in our previous example two parties wants to exchange money transfer money they don't need an intermediary now bitcoin can be used for online purchases e-commerce transactions it can be used as an investment instrument and it can be primarily used for payments to buy goods and services now it was created in 2009 it came into existence by a person or a group of people called satoshi nakamoto
13:38
now bitcoin helps transferring of assets faster than regular fiat currencies it has definitely lower transaction fees because as it has removed the intermediaries from between the cost of transaction also goes down and it is cryptographically secure it uses cryptography infrastructure and thereby the identities of the sender and the receiver are also secure and entire transaction is cryptographically signed and the users information who are doing the transactions or are part of the networker is also hidden and secure
14:10
now what are the advantages of bitcoin so it allows fast and quick peer-to-peer transactions it is impossible to counterfeit or hack the transactions which are running on a bitcoin network and it's an overall decentralized process there is no centralized body which is controlling the transactions or charging a fees in order to validate the transaction it is the participants in the decentralized network who are taking care of the sanity of the network thereby making sure that the overall transaction cost is low
14:42
all the information is accessible to public it is available publicly on a public ledger anyone can go and view the transactions and the volume of the transactions happening on the bitcoin network and it is a low fee transaction it is comparatively low to other mediums and channels through which today digital transactions are made now what is blockchain so bitcoin runs on the underlying technology of blockchain blockchain is a public distributed ledger in which transactions made in bitcoins or any other digital currency
15:12
are recorded in a chronological order so let's see certain features it is cryptographically secure signed using your private key and then shared on the network with the public key it is immutable any record or any transaction added on the blockchain cannot be modified or altered it is run by a decentralized system there is no centralized authority of the body and the transactions are stored in containers aggregated in containers called blocks so a block is the smallest unit of a blockchain
15:44
which records all the transaction a basic structure of a block is something like this it has four fields these are the primary attributes for block it has something called as previous hash so the previous hash attribute stores the value of the hash of the previous block and that's how the blocks are linked to each other data this is the aggregated set of transactions which are included in this block so these are the set of transactions which were mined and validated and
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included in the block nonce so in proof of work consensus algorithm which is used in bitcoin nonce is a random value which is used to vary the output of the hash value so every block is supposed to generate a hash value and nonce is the parameter which is used to generate that hash value and the proof of work is the process of transaction verification done in blockchain now hash is the resultant hash value obtained by passing the previous hash value
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the data and the nonce through the sha-256 algorithm to generate the hash of this block so this is the digital signature of the block which is generated and this is the basically identity of this block now sha-256 is a cryptographic hash algorithm which produces a unique 256-bit alphanumeric hash value for any given input and that is the unique feature of this cryptographic algorithm whatever input you give it will always produce a 256-bit hash now let's understand the concepts of
17:16
bitcoin miami what is bitcoin mining bitcoin mining is the process of verifying bitcoin transactions and recording them onto the public blockchain ledger in blockchain the transactions are verified by bitcoin users so basically the transactions have to be verified by none other than the participants of the network those who have the required hardware and computing power and those entities are called miners so we will be talking about them later
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but the point to be highlighted is that there is nothing like a centralized body as in case of legacy transactions where we used to be dependent on a regulatory or governing body or a bank to make our transactions go through now in bitcoin here any user with mining hardware and internet access can take apart that kind of computer can be a participant and contribute to the mining community process is solved based on a difficult mathematical puzzle called proof of work so every miner's job is to solve the mathematical puzzle
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which is called proof of work in order to validate the transaction and earn the reward and all the miners as they are competing amongst themselves to mine a particular transaction the miner who first solves the person gets the reward now users trying to sell the puzzle as i said are called miners they are the participants in the network who have the necessary hardware and computing power to do all the transactions to validate the transactions and validated they are called as miners now in order to understand bitcoin mining we need to understand three major concepts of blockchain it is
18:50
based on distributed public ledger it uses sha-256 encryption algorithm and proof of work is the underlying consensus algorithm for bitcoin mining so distributed public ledger a distributed ledger is a record of all transactions maintained in the blockchain network across the globe in the network the validations of transaction is done by bitcoin users called as miners sha-256 now blockchain prevents unauthorized access by using a hash
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function called sha-256 to ensure that the blocks are kept secure they are digitally signed their hash value once generated cannot be altered now seq 256 it takes an input string of any size and returns a fixed length 256 bit output value and that is the primary feature of shf 256 encryption algorithm you give any input it will always give you a 256 bit output and it is a one-way function you cannot derive the input
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reversally from the output what you have generated and third is the proof of work in blockchain mining is a process to validate transactions by solving a difficult mathematical puzzle called proof of work now in order to do that the primary objective of the minor is to determine the nonce value and that nonce value is that mathematical puzzle that miners required to solve in order to generate a hash which is less than the target defined by the network for a particular block now in the bitcoin network
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users trying to solve mathematical puzzles are called as minus now the puzzle is solved by varying a nonce which produces a hash value lower than a predefined condition which is called as the target miners verify the transactions and add the block to the blockchain when confirmed and verified as of today the miners who solve the puzzle gets a reward of 12.5 bitcoins now once a block is added to the blockchain the bitcoins
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associate with the transactions can be spent so once the block is validated then the transfer of bitcoins associated with the transactions aggregated in the block the transfers are made then from one account to the another now in order to generate the hash let's see you use the sha-256 hashing algorithm you define the hash value if it is less than the defined condition the target then the puzzle is deemed to be solved and if not then you keep on incrementing nonce value and
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you repeat the sha-256 hashing function passing on to the nonce value and you define generate the hash value again and you keep doing this process till the time you get the hash value which is less than the target now let's check an example so for example beyonce wants to share 10 bitcoin with jennifer now in order to do that what will be the steps so beyond transaction data is shared with bitcoin users the miners from the memory code the transaction goes and sits in a memory pool of
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unmined transactions so in a memory pool set of unmined or unconfirmed transactions wait until they are verified and included in a new block they remain in that unconfirmed transaction pool now miners competing to validate the transaction using proof of work they keep on continuously pulling the unconfirmed transaction pool they pick up those transactions and start validating those transactions they aggregate in a data block and start validating they start solving the puzzle the miner who solves the puzzle first
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shares his result across the other nodes the other set of miners now once the block has been verified the nonce has been generated then the nodes will start granting their approval if maximum nodes grant their approval the block becomes valid and is added to the blockchain now simultaneously the miner who has solved the puzzle will also receive the reward in the meanwhile which will be of 12.5 bitcoin which as of today stands at 98k around dollars now the bitcoins the
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10 btc for which the transaction was initiated now will get triggered and will get transferred from beyond to jennifer now let's take a look at certain facts in proof of work a predefined condition the target is adjusted for every 2016 block which is approximately every 14 days and an average time to mine a block is 10 minutes so basically the target keeps automatically adjusting itself to keep the block generation within the 10 minute time frame so this is the representation
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so in order to keep the time frame for block generation within 10 minutes the target keeps on adjusting itself now the difficulty of the puzzle changes the target changes depending on the time it takes to mine a block so this is how a difficulty of a block is being generated it is the hash target of the first block divided by the hash target of the current block so this is the difficulty which is being changed after every 2016 blocks so basically it is very hard to generate the proof of
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work but it is very easy to verify by the miners so once you have solved the puzzle and you have broadcasted that yes you have earned you have validated a record you have determined the puzzle for other miners it is very easy to verify what you have done and once they give their consensus the majority then the block gets validated and gets added to the blockchain now since the difficulty depends on the hash target its value keep on changing after every 2016 block as i said and as you can see in due course
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from the day of inception of bitcoin in 2009 till today difficulty has increased exponentially and it has been increasing and thereby the entire effort of mining and the computing power is also increasing so as of what was the resources which were required to do mining in 2009 you require more hashing power more computing power in order to do the mining today now what if someone tries to hack the data so let's see blockchain is a chain of blocks abc
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now each block has solved a puzzle and generated a hash value of its own which is its identifier now suppose a person tries to tamper a block block b and tries to change the data which is aggregated in the block so if the data of the block will change the hash value which is the digital signature of the block will also change thereby it will corrupt the chain which is subsequent to it basically the blocks ahead of block b will all get the link because the previous hash value
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of block c will not remain valid so in order for the hacker to make the entire blockchain valid for the block b which he has changed he has to change the hash value of all the blocks ahead of block b which will require huge huge amount of computing power which will be next to impossible so as you see the results in the following block being invalid so with this whole thing the blockchain is making sure that the entire sequence remains non-hackable and prevent data modification now
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let's see what are the underlying hardware requirements for bitcoin mining and how the hardware is evolved so in the early days miners used to solve the puzzles using regular processors the controlling processor unit cpus now but it used to take a lot of time for mining though the difficulty levels were low but still it used to take a lot of time now as i said the difficulties never keep on changing and growing so the miners also had to increase the processing power so this discovered that graphical processing units gpus proved
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to be more efficient than regular cpus so but this also had a drawback of consumption of electricity so any miner who has to calculate the return on investment on the hardware he also has to accommodate the cost of electricity and other resources which are going in in order to do the mining so finally as of today they are using a hardware called asic application specific integrated circuit which was specifically introduced for mining which consumes less power and has a higher computing
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power and a better hardware for mining so miners are profitable when their cost of resources to mine one block is less than the price of the reward they receive so definitely they have to have the investment less than the reward what they own so as of today in blockchain miners use their resources to verify a transaction they each time a block is mined new bitcoins are created in the network so the bitcoin total supply is limited it is at 21 million dollars approximately 21 million
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bitcoin are in supply 17 to 18 million bitcoins have already been mined so only three to four million are left as of today a reward of 12.5 bitcoin is given to the miner on doing the transaction verification but the bitcoin mining reward goes by the huffing principle the reward given to a miner is half every 210 000 blocks which is approximately every four years so then after that threshold is reached the bitcoin reward will go down to 6.25 bitcoins so let's take an example of
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a lottery ticket where your chances of winning is difficult so we are talking about what is bitcoin mining pool your chances of winning the lottery is difficult but in a community if individuals buy multiple lottery tickets and pool their tickets together then this will increase their probability and chances of winning more so suppose you won the lottery then based on the contribution the reward is distributed among all the participants bitcoin mining pool is a similar thing it's a process where multiple nodes
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share their resources together to mine a block now when a block is solved the miners split the reward equally based on the amount of processing power they have invested so it takes the pool members to generate a final hash value then it checks how much amount of work was contributed by each pool member and as a result the bitcoin reward gets distributed proportionally amongst the participants now let's take a look at a demo on how can you see what is the
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bitcoin reward now this is a actual block of the bitcoin network as you can see this is a block and this is the block reward 12.5 bitcoin so this was a block which was mined this is the block number and these are the set of transactions which were part of this block now once this block was mined by the miner all these transactions then be done these are the transfers of bitcoin from one account to the other
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this is the nonce which was generated by the miner or the mining pool in order to mine the block and these are the other attributes and if you take a look at this url this is an example of a mining pool it's a demo account where the participants have shared their mining resources and they are mining it in a pool and see this is the reward for which they are mining this is the unconfirmed reward this is the confirmed reward this is what they have already validated and this is what they have
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earned so far so these are the hash these are the block numbers which they have mine ethereum and its concepts ethereum simply put while bitcoin is defined as digital money ethereum is a decentralized platform that runs the smart contracts exactly the way they are programmed without any downtime fraud and third-party interference and also has its own cryptocurrency
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called ether ethereum aims to enable innovations in three key areas currency assurance through ether which serves as an innate currency for the ethereum blockchain decentralized autonomous organization smart contracts features of ethereum the first feature of ethereum is that it is secure because it is almost impossible to tamper with the transactions in the block or to add
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any fraudulent blocks in the network the second feature of ethereum is its community following ethereum has attracted a lot of attention from people all over the world the third feature of ethereum is its corporate friendly structure the platform is being leveraged by a number of corporates to test and build various applications the fourth feature that we will take a look at is the possibility of creating new assets on ethereum blockchain that can be used as
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currency a representation of an asset a virtual share a proof of membership or anything at all the next feature is the ability of ethereum to process the transactions fast while bitcoin requires a block time of 10 minutes in ethereum it's only a few seconds the last feature that we will discuss is the fact that ethereum is uncensored ethereum's open source network allows complete transparency to view every transaction all right
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that's all about the features of ethereum let me tell you about an important concept in ethereum called gas gas in ethereum gas is the fundamental block of ethereum ecosystem that is paid for every operation performed on the ethereum blockchain it is the crypto fuel for ethereum it can be considered a transaction fee which has to be paid when one party sends ethers to another party
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even when a person deploys a smart contract on the ethereum blockchain a transaction fee needs to be paid for that as well this payment has to be made regardless of whether the transaction succeeds or fails gas price is expressed in ether and the miner decides whether to refuse the transaction process or not based on the expected gas price one can see their transaction fee in eth or usd when searching for the transaction
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on etherscan.io when somebody refers to gas they are either talking about gas price or gas limit the total cost of a transaction is the product of gas limit and gas price the gas limit is defined as a limit since it's the maximum amount of units of gas one is willing to spend on a single transaction this avoids situations where there is an error somewhere in the contract and you end up spending a very high
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amount of gas however the units of gas required for a transaction are defined by the amount of code executed on the blockchain lowering the gas limit below the amount required will not help much if enough gas to cover the computational resources of the network is not supplied with the transaction the transaction will fail due to an out of gas error so gas is a commodity which is essentially a cost
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of using the system like bitcoins ethereum also has its currency which is called ether ether it is an incentive that the client of the platform pays to execute requested operations it ensures that the developers write error-free codes because unnecessary codes will increase the cost ethereum is a blockchain-based platform and ether is the cryptocurrency that fuels
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the platform it is commonly denoted as eth let's have a look at the differences between bitcoin and ether bitcoin versus ether the first difference is in the hashtag algorithm used by these cryptocurrencies while bitcoin uses sha-256 to encrypt blocks of blockchain ethereum uses eth to encrypt blocks technically both are one-way cryptographic hash functions
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the second difference is in the use of bitcoin and ether as we have discussed earlier bitcoin is only used for financial transactions like purchase and sale of goods and services however ethereum being a touring complete platform also supports smart contracts and decentralized applications the third difference is in the price of the two cryptocurrencies currently
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the price of btc is approximately 3 500 u.s dollars while that of eth is approximately 100 u.s dollars the market cap of btc is almost six times greater than that of btc even though eth has a higher circulating supply the fourth difference is in the vision behind creation of these two cryptocurrencies btc is a currency created to compete
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against the gold and flat currencies by acting as an alternative however eth is created as a token to facilitate smart contract deployment and operations lastly the transaction speed of btc is much slower than eth while btc's transaction speed is measured in minutes eth is just a few seconds like bitcoins ethers are also stored in cryptocurrency
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wallets let's understand what our wallets in ethereum ethereum virtual machine ethereum wallets a wallet is the place to securely store ethers and other cryptocurrencies basically a wallet stores the means of accessing your currency using the private key now that i have told you about the ethereum and its currency it will only be fair that i explain evm
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now evm ethereum virtual machine abbreviated as evm is an engine which executes translation code smart contracts are compiled into bytecode which an evm can read and execute the ethereum virtual machine can be regarded as a quasi touring complete machine it possesses its own programming language known as the evm bytecode once the code
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is written in higher level programming languages the code can be compiled to an evm byte code the ethereum virtual machine uses a set of instructions called opcodes to execute specific tasks thus if a user triggers a transaction of five eth using his desktop wallet the wallet sends the message to the evm which connects with the wallet address on the ethereum network to process the transaction
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and send it to the receiver smart contracts are written in ethereum specific programming languages let's learn more about these languages ethereum languages every contract written for ethereum is compiled into the evm bytecode and deployed to ethereum blockchain for execution ethereum uses the following languages the first language is solidity solidity is an object-oriented
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high-level language used for implementation of smart contracts on the ethereum blockchain solidity was influenced by python c plus plus and javascript it is designed to target the evm the second language is a low-level lisp like language abbreviated as triple l it is one of the original ethereum smart contract programming languages and is similar to assembly it is meant to be a very simple and
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minimalistic language essentially serving as a tiny rapper over coding in evm directly the third language is viper which is a contract oriented programming language influenced by python the fourth language is serpent which is an assembly language that compiles to evm code that is extended with various high-level features the next language is mutant mutant is similar to c like language and
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supports a dynamic full higher level language it compiles to native ethereum assembler however mutant is now deprecated the last language is julia it is an intermediate language that can compile to various different backends like evm 1.0 evm 1.5 and ewasm let me now tell you about the accounts handled by ethereum types
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of ethereum accounts externally owned accounts eoa is an account controlled by a private key that has the ability to send ethers and messages from it following are some of the properties of an externally owned account firstly it has an ether balance secondly it can send transactions thirdly it is controlled by private keys and fourthly it has no associated code
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smart contract smart contract is a code running on top of the blockchain containing a set of rules for the nodes to agree upon so that they can interact with each other as an account it has the following properties firstly it has an ether balance secondly it has an associated code thirdly a code execution is triggered by transactions or messages received from other contracts and fourthly
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when executed it performs operations of arbitrary complexity some of the advantages of smart contracts are as follows first smart contract is the simplest way of implementing decentralization second it provides a high degree of security third it eliminates the need for a third party fourth it provides automatic agreement enforcement fifth it turns legal obligations into an
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automated processes and lastly it lowers the transaction cost characteristics of smart contracts smart contracts are self-verifying and self-executing they operate autonomously to execute the terms of the contract and verify the transactions without the need of a third-party intervention the elimination of third parties reduces the cost of operations and further makes the contracts tamper resistant
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process of smart contracts in this slide we will understand how the smart contract works first an optional contract between the parties is written as a code into the blockchain the individuals involved are anonymous but the contact is made through a public ledger then a trigger event like an expiration date or a strike price has hit and the contract executes itself according to the coded terms next regulators can use the blockchain
43:21
to understand the activities in the market while maintaining the privacy of an individual's position let me show you the implementation of smart contract in a simple use case smart contract example here we have an example showing the purchase and sale of a house thus once a buyer is matched with a seller all assets are sent into the contract the contract then distributes the assets based on certain predetermined conditions
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agreed between both parties and coded into the smart contract thus the settlement is automated and the ownership becomes undisputed due to the transparency of blockchain eoa versus smart contract in this slide we will understand the difference between an eoa and a smart contract based on four critical properties nonce in an externally owned account nonce represents the number of transactions sent
44:23
from the account's address however in a contract account the nonce is the number of contracts created by the account the next property is balance this number shows the amount of whey owned by the address whether the eoa or contract account each ether is divided into one e plus 18 wei the next property is code hash it is the hash of the ethereum virtual machine code of an account
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this is the code that gets executed if this address receives a message call it is immutable and thus it cannot be changed once the construction is done for externally owned accounts the code hash field is the hash of the empty string for contract accounts this is the code that gets hashed and is stored as the code hash the last property is storage root it is a 256 bit hash of the root node of a merkle tree
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that encodes the storage contents of the account encoded into the tree as a mapping from the key cat 256 bit hash of the 256 bit integer keys to the rlp encoded 256 bit integer values this tree encodes the hash of the storage contents of this account and is empty by default that was all about the ethereum concepts and accounts let's understand the process of mining
45:57
now ethereum mining ethereum mining ethereum makes use of proof-of-work mechanism to ensure security the algorithm used in ethereum is called ethash each time an ethereum transaction is made a miner is responsible for ensuring the authenticity of information and updating the blockchain with the transaction let's consider an example where bob wants to send one each to alice now we will take a
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look at the step-by-step process that is followed in order to confirm this transaction through mining first bob attempts to send alice 1 eth once bob's transaction is initiated it is combined with other transactions that have occurred in the last block the miners will then validate the block with a new set of instructions once validated the miner creates a new block and is rewarded for it thus alice receives one each after the
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transaction is validated ethereum mining the term transaction is used in ethereum to refer to the signed data package that contains a message to be sent from an eoa to another account on the blockchain ethereum blocks contain two things a transaction list and a recent state of the ledger that comprises these transactions in the example shown on the screen we can see a transaction where one
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wallet sends 20 eth to another wallet the diagram shows the previous state and the next state for the transaction state storage the states are assembled into a state tree that is linked to the account and the block the ethereum includes state routes that store the root hash of the hash tree which represents the system state when the block was created now we will take a look at the step-by-step process
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to see how ethereum stores transactions first a hash is generated for each transaction then pairs are selected and a hash is generated for each pair this way the last remaining hash becomes the root the block header as seen in the image on the screen contains the previous block hash and three merkle trees these trees are to maintain the state to maintain the transactions and to maintain
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the receipts also each block always refers to its previous blocks hash ethereum ecosystem types of ethereum tools the ethereum ecosystem consists of eight major tools they are geth ganache parity metamask missed wallet swarm ipfs
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whisper now let's move forward and take a look at each of these in detail geth geth is a multipurpose command line tool that runs an ethereum node implemented in go it is the official golang implementation of the ethereum protocol and is commonly used to interact with the ethereum network though there are several ways to download gif the fastest one is to get it from the ethereum.org
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website next we have ganache cli ganache cli ganache cli is a customizable and fast emulator for blockchain which permits making calls to blockchain without the need for running an actual ethereum node following are some of the properties of ganache firstly transactions are mined instantly secondly no transaction cost
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thirdly accounts can be recycled reset and instantiated with a fixed number of ether without the need for faucets or mining fourthly gas price and mining speed can be modified fifthly a convenient gui gives you an overview of your test chain events parity parity is the fastest lightest and most secure ethereum client that provides the core infrastructure essentials
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for quick and reliable services parity is written in rust language it offers better reliability code clarity and performance it is an ethereum client that is integrated directly into your web browser apart from allowing the users to access the functions of basic ether and token wallet it also serves as an ethereum gui browser it provides access to a diverse range of ethereum features
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including d-apps metamask metamask turns google chrome into a browser that allows the users to send and receive transactions and also fetch data from the blockchain it is a browser-based wallet which can be added as a plug-in to your chrome browser it permits you to run ethereum d-apps directly from your browser without the need for running a full ethereum node metamask accounts practically
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it is unrealistic for everyone in the world to run a node to interact with the ethereum blockchain to overcome this metamask hosts a number of nodes so you don't have to a user simply needs to install metamask and can automatically get connected to the nodes thus you can use the ethereum blockchain seamlessly let's talk mist which is another important tool of the blockchain ecosystem
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mist wallet mist wallet is the end user interface for ethereum that is developed for browsing and using d-apps mist is an official ethereum wallet it was developed and distributed by the team which is responsible for the management of ethereum ecosystem it is usually used by developers who want to create deploy and use smart contracts it is a full node wallet which means you'll have to download the entire
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ethereum blockchain onto your computer some of the applications of missed wallet is as follows first sending and receiving transactions second storing ether third creating multi-signature wallets and fourth deploying smart contracts swarm swarm is a platform which supports distributed storage and provides content distribution services it acts as a native base layer service
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of the ethereum web 3 stack it provides sufficient decentralization and redundant storage of ethereum records to distribute blockchain data as well as d-app codes it leverages the underlying ethereum infrastructure through the use of contracts and ethers to encourage cooperation among nodes the files are split into pieces and are stored in the nodes of the network an accounting protocol is used by peers
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to keep track of these chunks delivered and received and resulting micropayments associated with it ipfs ipfs is a decentralized storage system that is not related directly to ethereum but can be integrated with it ipfs stores data by use of a distributed hash table or dht once we know the hash we request the peer network who has a
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copy of the content located at the corresponding hash and then we download the content from the node who has the desired data which we need the data transfer between the nodes in the network uses a mechanism which is similar to the one used in bittorrent it also provides a versioned file system capable of storing files and tracking versions over time thus it defines how files move across a network
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making it a distributed file system by combining all of these properties ipfs is enabling a new permanent web and augmenting the way we use existing internet protocols like http whisper whisper is an identity based communication protocol for d apps to interact with each other d apps that need to publish small amounts of information to each other and have the publication last some substantial amount of time
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prefer using whisper for instance a d app running a currency exchange may use whisper to record an offer to buy a currency at a pre-agreed price on the exchange platform some of the drawbacks of whisper are as follows it has low level api which is only exposed to d apps and never to users second it has low bandwidth and is not designed for large data transfers third it has
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uncertain latency and lastly it has no reliable methods for tracing packets ethereum frameworks we'll look at two types of ethereum frameworks web3.js web3.js is a set of libraries which permit one to interact with a remote or local ethereum node it can be done with the use of ipc or an http connection
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the key connection between ethereum network and dap that allows you to compile deploy and interact with smart contracts is called web3.js it gives us a way to build a website or client that can talk to the ethereum blockchain let's take an example of traditional development when you develop a website it talks to apis using json or jquery to make ajax calls a website talks to blockchain
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using web3 using json.rpc which is similar to making a remote procedure call ethereum comprises of a large number of nodes which talk to each other we use jsonrpc to make a request to a particular node which is like an api call thus if we want to talk to a smart contract or read an account we do it through web3 ethe.js it is a highly optimized lightweight js
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utility for ethereum based on web.js in this all the unnecessary characters are removed from the source code and the code is reduced to 160 kilobytes ethereum development environment the three commonly used ethereum development environments include remix ide truffle and embark let's understand these environments in a little more detail remix ide
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remix ide is a browser-based compiler and ide that enables users to debug transactions and build ethereum contracts with solidity language you can simply log on to the web-based editor write the code and compile the same to create the byte code in order to test your code the next slide shows how remix looks another popular environment is truffle truffle truffle is a development
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environment testing framework and asset pipeline for blockchains using the ethereum virtual machine or evm it helps users in developing smart contracts publish the contracts and test them then we have embark embark embark is an environment that allows you to easily develop and deploy decentralized applications it performs the following functions first automatic deployment of contracts
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second keeping track of deployed contracts third managing the complex systems of interdependent contracts fourth performing test driven deployment with contracts using javascript fifth managing different chains like testnet private net and livenet and lastly redeploy the contracts if any changes are done let's talk about ethereum networks ethereum network
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the basis for decentralized consensus is the peer-to-peer network of participating nodes which maintain and secure the blockchain a node is defined as a device or a program that can communicate with the ethereum blockchain network they are also referred to as clients they provide wallet functionality and allow users to perform transactions on the blockchain thus a node serves as a machine running as an ethereum client it is used
01:00:09
to store the data and transfer money it is formed by combining one or more nodes and each node contains a copy of the blockchain type subnetwork there are three main types of networks the testnet the main net and the private network ethereum d-apps and daos d-app decentralized application is an application that is used on networks with trustless protocols to
01:00:40
avoid a single point of failure they run on a peer-to-peer computer network all the activity which takes place on an ethereum decentralized application is cryptographically secured on the blockchain the apps are open source which means that everyone can verify the contents of the software some properties of d-apps are as follows it uses ethereum as a development platform it uses cryptographically encoded blocks
01:01:12
it is not governed by a central server and there is no master copy of d-app let's talk about the advantages of d-apps now advantages of d-app ethereum d-apps have the following advantages improved stability due to a distributed network higher reliability automatic credentials assigned through smart contracts no downtime no third party intervention
01:01:42
and high security example of d-apps some of the known examples of d-apps include we fund storage kyc chain and 4g capital these companies have developed different applications using blockchain next we have the daos dao daos or organizations designed to hold assets and use the voting system to distribute them
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they exist entirely on blockchain and are governed by the consensus protocols they show the potential of blockchain to revolutionize human social institutions called daos it is an organization run by rules agreed through a consensus process among its members and written in a set of contracts run via a blockchain it is an open source software capable of modification by its members process of a dao now let's take an
01:02:46
example and see how this works let's consider that a country is holding elections and wants to prevent fraud in the voting system a dao is created to keep transparency in the voting this is ensured by embedding predefined conditions in the code people eligible to vote are assigned voting tokens and the voting starts every vote is processed on the ethereum blockchain and it ensures transparency by allowing
01:03:17
everything to run in a decentralized way in this video we will explore ethereum mining and we'll go through some of the fascinating concepts and components revolving around it first we will have an introduction to ethereum then we will understand what is ethereum mining then we will explore why should we mine ethereum we will look into the types of ethereum mining and then we will understand how the
01:03:48
interior mining process works then we should explore how exactly to mine ethereum then we will discuss will the proof of stake transaction kill proof of work and then finally we will find out is mining ethereum profitable so without doing much ado let's get started with the video let's bring you up to speed on ethereum ethereum is defined as a blockchain based computing platform
01:04:21
that enables its developers to build and deploy decentralized applications and make sure all the transactions are cryptographically secured in the network ether is the cryptocurrency of ethereum used to build decentralized applications smart contracts and make standard peer-to-peer payments ether basically acts as fuel for the ethereum network it tracks and facilitates all the transactions so that brings us to what is ethereum mining
01:04:55
in simple words ethereum mining is a process of creating and adding a block of transaction to the blockchain network of ethereum it uses the proof-of-work consensus mechanism for mining ethereum all transactions taking place in the ethereum network needs to get approved by the miners miners is a community of people using a hashing script etas to solve computationally hard puzzles for successfully mining the blocks are transactions in the ethereum
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blockchain network which helps secure the network from attacks like hacking or manipulation of identity now let's understand why we need to mine ethereum the primary goal for mining ethereum is to make money at the demanding contract of sectoring the network enter a relatively complex but profitable business also miners receive a certain amount as a reward for mining each block of the ethereum blockchain network including the transaction fees paid by
01:05:57
the users thus italian mining benefits each and everyone participating in ethereum blockchain network so what are the types of ethereum mining ethereum mining can be performed in three ways ethereum solar mining ethereum coal mining and ethereum cloud mining in ethereum solar mining you will get rewarded only if you solve the puzzle and mind that item block first since here you are competing with many people and companies you have to be very good at your work
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also solar mining is only profitable when you have plenty of resources with you like 100 plus graphics cards and in solo mining having so much equipment may use a lot of electricity and space leading to high electricity bills and not everyone has a considerable amount of area needed italian coal mining is the easiest and fastest way to get started with itaria mining in this you work along with other people together in a single pool and if someone from the pool gets the
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hash code correctly they share the reward among everyone in the pool we should consider a few important factors before joining a pool like pool size minimum payout and pool fee pool size determines the number of blocks you find in the ethereum network and it shares rewards as the number of miners increases the chances to get rewards also increase minimum payout is the minimum amount of ethereum you need to mine before it gets credited to your
01:07:39
wallet and 40 is the amount you need to pay to continue using the pool this amount is percentage based on the amount of ethereum you're mining ethereum cloud mining you pay someone else with the equipment to my ethereum for you you pay some amount of money as peace to them for investing their time and resources and in return they provide you with the reward they gained by the mining ethereum this this technique of mining ethereum has some pros and cons to you
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pros you're not responsible for any equipment damage you don't have to require all the necessary equipment and look for ample space to store it you can sit back observe market and enjoy the reward for your investment interior mining cons in the italian price drop then there is no way you are getting your money back the money you invested or the fees paid to the miner is lost and you can't ask the other person to change the equipment according to your concern
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ethereum cloud mining is considered a safer way for mining service providers to guarantee a profit for the resource they have purchased now let's understand how the ethereum mining process works ethereum mining follows a specific set of steps to function step 1 a user requests a transaction with the help of the private key of his digital wallet account then the request is shared worldwide with the ethereum network
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next the requested transaction is added to a list of pending transactions that needs to be added to the ethereum blockchain network step 4 the miner then verifies and validates the requested transaction and perform a complex mathematical puzzle on the transaction data step 5 once the request transaction is verified and it stores a copy of it in india the process of proof of work begins for the respective block step six when the notes of the ethereum
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network verify at the checksum of the state of the miner's block matches the checksum of the updated state of the email after execution of all transactions step 7 only after that the block is added to the italian blockchain network step 8 on successfully mining the block it rewards the miner with some amount of ether in their wallet the block reward of ethereum is 3 ether step 9 the requested transaction is
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approved and credited for the respective wallet or wallet each transaction is mined only once but every participant of the ethereum network verifies it this makes me curious about how to mine ethereum tools you will need to be an efficient miner for ethereum on your personal computer are an ethereal wallet to store all your currency on gpu drivers or graphics card with a minimum of 3gb ram a mining
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software suitable according to your hardware like gpu and a compatible operating system windows 7 or 10 with 64 bit before getting started with mining iteration you need to create an ethereum wallet to store all your ether pressure model t and ledger nano are the most reliable and secure wallets in the market of cryptocurrency installing gpu drivers or graphics card after creating your digital wallet you
01:11:32
need to update all the hardware that is drives in your system you can use two types of graphics cards they are amd graphics card and nvidia graphics card claymore is considered the best software for mining ethereum on gp drivers now we need to follow a few set of steps to get started with mining step one download the latest version of claymore dual miner for the operating system the
01:12:06
latest version is claymore 11.0 step 2 click on the latest version of windows and download the zip file step 3. extract the files of claymore 11.0 to a folder on the desktop for easy access open the folder to have a look at the files step 5. right click on start and then on the edit option step 6 edit the start.txt file and add these lines
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step 7 choose your desired pool from these recommendations you can also find better search results than these according to your region step 8 type in your full address instead of mining pool address 9 save your start.txt file within new updates remember while saving select type as all files and step 10 once you save click on the clay.that file to begin mining ethereum
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now let's explore will the proof of state transition field trooper work the newly introduced concept of ethereum 2.0 will roadmaps plans to upgrade to proof of stake consensus algorithm in which it will provide all existing miners authoritarian network with a limited time to earn a return for the investment this expected to be launched by the end of 2021 or the starting of 2022. it was supposed to be launched by october 2020
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but the history of delays regarding this update is worth talking about nobody truly knows when ethereum 2.0 will be completed and introduced to the crypto mining world now when we know all about ethereum mining this makes me wonder if ethereum mining is profitable the profit of any crypto mining majorly depends on the cost of electricity in that particular area as a rule anything below 0.12 per kilowatt consumes in an hour is
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considered profitable you can mine ether and turn it into a vital source of income by analyzing these figures like hash rate of ethereum block reward number of blocks per day and the coin price of ethereum you can also use an iterating calculator to figure out the daily revenue basing it on these factors or you can use this formula too the predictions are made that the
01:15:00
ethereum price can rise and become more stable in the coming few years so it is an excellent opportunity to invest in and save in ethereum in this video we will explore ethereum 2.0 and will go through some of the fascinating concepts and components revolving around it so what is the ethereum network ethereum is defined as a blockchain based computing platform that enables its developers to build and deploy decentralized application
01:15:32
ether is the cryptocurrency for ethereum used to build decentralized application smart contracts and make standard peer-to-peer payments it tracks and facilitates all the transactions and make sure they are cryptographically secure in the network ether basically acts as a fuel for the ethereum network so what is ethereum 2.0 ethereum 2.0 is a set of interrelated upgrades that will make the ethereum network more secure scalable
01:16:02
and sustainable multiple teams from across the ethereum ecosystem have come together to work on these upgrades in ethereum 2.0 then what led to the region of ethereum 2.0 with growing popularity ether and the ethereum network has gotten more blocked by transactions currently it is capable of handling 15 to 45 transactions per second which is comparatively impressive but it is not enough to handle all of italian's users
01:16:36
worldwide also the high demand is affecting the driving up of transaction fees nodes power the ethereum blockchain network but currently its nodes are experiencing too much volume although the programmers working on the upgrade have claimed that making its nodes bigger wouldn't be practical ethereum 2.0 intends to make the network more scalable to handle all of the activities on the ethereum network that makes us wonder what are the
01:17:07
changes in ethereum 2.0 the two significant changes that will come with the upgrade are adopting proof of stake and sharding adopting proof of stake ethereum blockchain implementations suffer from performance issues because they rely on a processing power intensive process luna's proof of work to record and validate their transactions the problem with proof-of-work design is that it's very inefficient
01:17:40
ethereum 2.0 will solve these issues by transitioning its blockchain to a more efficient proof of stake system it will decrease the complexities faced by the network leading to massive throughput gains for the whole network sharding is a process that intends to enhance ethereum's efficiency and ability to scale in the current version of ethereum blockchain all data that is added to the chain undergoes verification by all participating nodes that means that
01:18:11
the speed of its fluids participant limits the processing speed of the entire network sharding will increase the efficiency of the network resources by breaking data verification tasks among its set of nodes and each of them will be responsible for validating and verifying just the data allotted to them this will increase the network's overall capacity and make it much faster and efficient than its outdated version so what is the current status of
01:18:44
ethereum 2.0 research while ethereum 2.0 has been in research and development since 2014. it has actually been making some progress the beacon chain went live in december 2020 introducing the staging concept but still there is no official claim for the completion of this transition the next phase is mainnet merging the beacon chain into the current ethereum network mining ethereum tokens will officially end in this phase and staking will become the primary way
01:19:18
to create new tokens in the ethereum network the last part of the transition is expected to unfold in multiple phases like adding the shard genes to give the ethereum blockchain network more capacity and efficiency to handle all of the demand and increase transactions per second although it has been a long road and there is still a good deal of uncertainty around the timing the ethereum developers do seem to be motivated and on their way to completing the whole
01:19:50
transition so what is the future of ethereum 2.0 if executed properly this transition to ethereum 2.0 could be a total game changer it will create a modified network that could potentially process one lag transactions per second and a much more sustainable network without the energy intensive mining process and it will introduce smart contracts worldwide increasing the ethereum's network utility furthermore ethereum co-founder with
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alex buterin once said that the issuance of new token should be highly reduced under ethereum 2.0 which could increase its demand given all these factors ethereum 2.0 seems to hold a bright future for ethereum blockchain network in the previous videos we covered what bitcoin and ethereum are let's proceed further and have a look at how they both differ from each other did you know there are more than 1600 cryptocurrencies worldwide and among them bitcoin and ethereum have
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always been the top two most popular cryptocurrencies in the world by market cap also recently ethereum as well as bitcoin reached its all-time peak in worldwide trading according to decrypt.go everyday new companies like meetu and paypal are coming forward to invest in bitcoin and ethereum on march 7 2021 metoo confirmed that it had purchased 40 million in bitcoin and ethereum on the other hand people is about to launch a scheme
01:21:26
with the public in purchase and sell cryptocurrencies initially featuring bitcoin and ethereum via paypal digital wallet but have you all ever wondered how they compare based on their similarities and differences in various aspects well before moving any further let's have a quick look at how bitcoin and ethereum originated and made a benchmark in the economic system worldwide bitcoin was first introduced in 2009 by satoshi nakamoto to resolve cyber attacks double spending
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and eliminate the middleman between the transaction it led the first revolution of digital money which enables transparent and decentralized peer-to-peer transaction on the other hand ethereum came into the picture years after bitcoin it was first introduced in the late 2013 by vitalik buterin after that it was very quickly and widely adopted because it offered a platform to build and run applications without any downtime fraud or interference of any third party ethereum serves as a
01:22:28
computing platform that enables its developers to build and deploy their decentralized application now let's move ahead and see the difference between them which make them compete with each other in this economy this video will cover individual aspects for comparing ethereum and bitcoin's performance in that particular field first we will look into the introduction of ethereum and bitcoin then the algorithm they follow the programming language
01:22:58
mining process of ethereum and bitcoin monetary policy transaction and availability of these two cryptocurrencies by time bitcoin has proved itself as a well-known cryptocurrency however ethereum with different functionalities is giving a quite tough competition to bitcoin but before moving ahead let's have an introduction to ethereum and bitcoin ethereum is a platform that builds immutable smart contracts an
01:23:29
application for its users without any centralized interference for bitcoin it is an alternative to fiat money or physical currency the main function of ethereum is to provide its users or developers with a platform to build smart contracts using dapps or decentralized application on the other side bitcoin only intends to be a medium of exchange of money and value stored in its blockchain network now let's get started and move towards the first comparison which is algorithm ethereum uses the
01:24:01
etas cryptographic algorithm for mining blocks in the ethereum network on the other hand bitcoin uses the she-256 hashing algorithm for mining blocks in the bitcoin network etas algorithm is mainly used during the proof of work function proof of work is a small piece of data that is difficult to generate but easy to validate and satisfy certain network requirements sag 256 algorithm helps bitcoin users to protect all their sensitive
01:24:32
data like private keys moving on the programming language of ethereum and bitcoin ethereum uses solidity solidity is a high level programming language used by ethereum for implementing smart contracts but in terms of programming language bitcoin keeps it simple bitcoin uses c plus as its programming language it is a stack based programming language used to give bitcoin software instructions on how to make transactions as we have covered the algorithm and programming language of both
01:25:03
cryptocurrencies now let's take a look at the mining process of both mining is a process in which transaction made are validated and added to blockchain public ledger and blocks and the people mining these blocks are called miners ethereum miners mine the unvalidated transaction using the proof of work method but it aims to switch to proof of stake because it will make its network more immune to centralization energy efficient and stronger support for its shared chain
01:25:32
on the other hand similar to ethereum bitcoin miners also use the proof-of-work method to mine unvalidated transactions these method is enough to function in bitcoin network worldwide now let's proceed towards the monetary policy of both cryptocurrencies but let's first understand what monetary policy is monetary policy is known as the process of drafting announcing and implementing the plan of actions taken by the competent monetary authority to control the money supply
01:26:03
and achieve goals that promote sustainable economic growth so italian's policy is defined by the reward paid out by its protocol ethereum's monetary policies are best described as minimum issuance to secure the network therefore there is a constant trade-off between the transaction speed and security but bitcoin's monetary policy comprises two parts halving and block frequency halving event is when the reward of mining bitcoin is cut in half and it
01:26:33
also cuts the inflation rate and the block reward is the number of bitcoins you get if you successfully mine a blockchain block the current block reward for ethereum is two ether per block and for bitcoin the block reward is 12.5 bitcoins per block also every 14 seconds a block of ethereum is generated and one block of bitcoin take 10 minutes to generate monetary policies are considered to be fixed and non-inflationary due to this over time mining blocks will
01:27:04
become more difficult next is transactions ethereum is a little bit faster than bitcoin with 30 transactions per second and it takes just a few minutes to confirm it on the other side bitcoin's transaction speed is 5 transactions per second and it can take up to 60 minutes or more to confirm either the currency of ethereum acts as the fuel for ethereum networks and bitcoin is only used as the value for real-world transaction
01:27:34
to compete with already present electronic cash like credit cards and google pay it rem and bitcoin require higher productivity to attain widespread adoption not talking about the availability of both cryptocurrencies ethereum is not limited but it can occasionally reduce due to large network upgrades however bitcoin is limited to 21 million coins and as of today 18 million bitcoin is already used but in the end both bitcoin and ethereum being the top
01:28:04
crypto currencies share a few similarities like both are decentralized and can be used to have a peer-to-peer transaction proof of work also both have a large network of independent nodes now let's have a demo now let's have a look at the media outlet website coindesk where we will see all stats related to bitcoin and ethereum in detail coindesk is a site specialized in digital currencies it is used to explore the news and price data related to cryptocurrencies
01:28:36
and also explains how cryptocurrencies contribute to the evolution of financial system worldwide now see this graph this graph shows the change in bitcoin price in 24 hours duration this graph shows the gradual change in the price of bitcoin it started from 64 hundred thirty nine point two nine dollars on april 14 at 12 p.m and right now by april 15 at 6 00 am it is at 63
01:29:06
189 the rate of change is minus 0.46 percent which shows the change in the price of bitcoin per hour let's have a look at this graph of ethereum two the value of ethereum started at two thousand three 388.13 on april 14 at 12 p.m and the current status on april 15 is positive with a value of 2442.37
01:29:37
an increasing rate of 4.67 percent down below we have a metrics table that shows the change between the starting and ending value of ethereum the total supply of a cryptocurrency in 24 hours the total number of transaction that occurred and the average transaction fee for all these transactions now this graph shows the current status of cryptocurrency in usd dollars we can also see its value according to any centralized currency like euro or inr this graph shows the
01:30:10
concentrating change in the value of cryptocurrencies every moment we can also access the data of trading from an hour to its lifetime recently we all have been hearing about a cryptocurrency famously known as dogecoin but what exactly makes it so different from others that almost every person is talking about it so let me tell you that dogecoin is an altcoin and an almost sarcastic mean coin that serves as a peer-to-peer open source cryptocurrency
01:30:41
well that's not enough so let's dive down and understand the concept of dogecoin more precisely but before starting let's have a look at why is it in the news since the beginning of the year 2021 dogecoin has surged more than 950 percent from less than half a penny to more than 5 cents per dogecoin then elon musk ceo of teslin corporation took his interest in it and tweeted too much concentration is the only real issue for cryptocurrency making the owner of
01:31:12
the deutsche coin wallet a subject of attention later on other celebs like snoop dogg also started taking an interest in dogecoin and started tweeting and promoting it on social platforms which made dogecoin climb to a peak of 8.2 u.s cents and market capitalization of 10 billion dollars in this video we will come across the following topics first we will see the origin of dogecoin and then we will understand what is dogecoin how does it exactly works and then we will see what led to the
01:31:43
growth of dogecoin what are the areas of uses of dogecoin then we will figure out what is the current value of dogecoin today and lastly how can we buy it let's start with the origin of dogecoin was invented by two software engineers ibm engineer billy marcus and adobe engineer jackson palmer did you know that they never even met before combining the two most significant phenomena of the year 2013 bitcoin and deutsche well now let's move
01:32:13
ahead and see what is dogecoin dogecoin is a peer-to-peer open source cryptocurrency that provides its user a completely unknown decentralized and secure environment free from any third-party interference to make their transaction dogecoin was intended to be an altcoin and a meme coin inspired by shiba inu's popular meme aka doge moving ahead let's have a look at how it works to understand the workflow let's take the example of two friends mark and susan mark owes some money to
01:32:45
susan and now he needs to return it so he thinks of an idea and decides to send her dogecoin instead of giving her physical money they both open their digital wallet account to pay her he needs two essential pieces of information first his private key and second her public key to get access to susan's private key he needs to scan a qr code from his smartphone then the application
01:33:16
alerts all the dogecoin miners around the world to proceed further with the process the dogecoin miners validate where the mark has enough dogecoin to make the payment or not and after the validation process they approve the transaction request dogecoin miners race with each other to collect all the data of the pending transaction known as the nonce the miners then apply a mathematical function to produce the correct hash number for the particular nonce of the pending transaction the miner who successfully produces the
01:33:48
correct hash number is rewarded with 25 dogecoin in his account after that mark and susan gets a confirmation message that they request for the transaction has been approved and within 10 minutes the requested amount of dogecoin is credited into the wallet of susan thus the transaction is completed so what led to the growth of dogecoin dogecoin officially came live in 2013 and became an instant hit within the community of people who just wanted to play around
01:34:19
the cryptocurrencies freely as i said earlier dogecoin was intended to be a joke for content creators but they were very well received it uses of internet forums like reddit and twitter adopted dogecoin and started tipping their content creators this usage of dogecoin made it surpass the trading value of the other cryptocurrencies specifically bitcoin in 2014. it also started doing charity work to introduce and promote themselves in the real world for example once they raise a fund of 55
01:34:51
000 dollars for a nascar driver josh weiss and in return he printed the logo and 98 dogecoin over this race car eventually it almost became the mascot for what crypto should be let's have a look at who uses dogecoin today many companies and firms like restaurants processors web hosting products retailer ebook sellers and travel services uses dogecoin for
01:35:21
transaction these are a few examples of companies in every sector that uses dogecoin grosser's hello pets gamerheats.com for web hosting gamer for products retailer meltdown and noddex ebook seller canal and travel services like bello leo dot it this makes me curious about the current value of dogecoin let's have a look at that too according
01:35:51
to the market cap today the current value of dogecoin is 0.05 usd with a trading volume of 16 billion dollars the circulating supply of this cryptocurrency is 129 billion dogecoin and the max supply of dogecoin is not available how can we buy dogecoin so to buy dogecoin we will have to follow a few steps step 1 open a digital wallet buy you coin is considered a perfect application
01:36:22
for trading cryptocurrencies step 2 register your account step 3 complete your profile kyc by providing your identity and address proof like aadhaar step 4 add your bank account details step five secure your account by creating a convenient trading pin that is only accessible by you and step six there you go now you can start trading that is all about dogecoin currently we have heard a lot of buzz
01:36:53
about the cryptocurrency dogecoin and the shenanigans of its community did you know that on 20th april 2020 dogecoin searched its value to one dollar making this day named after itself as day the supporters of dogecoin were trying to amplify the value of it to make it one dollar but how is it done in reality how can we affect the value and availability of cryptocurrency well all this is done by a process called my name
01:37:24
and this is what affected torch coin resulting in the rise of its value mining coins of the deutsche coin network is called dogecoin mining now let's move ahead and see what's in this video for you first we will have an introduction to what is dogecoin then we will figure out the net worth of dogecoin today we will understand what dogecoin mining is then we will have a comparison of mining process of dogepoint with a few other cryptocurrencies like
01:37:55
bitcoin then we will dive into how to mine deutsche coin in this segment first we will see types of dogecoin mining like pool and solo then we will see what exactly you require to start dogecoin mining what hardware and software you need for those coin mining and then we will understand a new concept of dogecoin mining which is dogecoin cloud mining and in the end we will analyze but the
01:38:25
dogecoin mining is profitable or not so let's get started and have a quick look at what is dogecoin dogecoin is a peer-to-peer open source cryptocurrency that works on blockchain technology also it provides its users a completely unknown decentralized and secure environment free from any third-party interference to make their transactions dosh uses skiptography to secure all its transactions
01:38:55
this makes me curious to know what is the net worth and availability of dogecoin today according to market cap today the current value of dogecoin is 0.266247 usd dollars the circulating supply of this cryptocurrency is 127 billion dogecoin so that brings us to what is dodecoin mining dogecoin mining is a process of validating the data blocks of transactions by
01:39:25
solving a complex mathematical problem and adding them to the dogecoin network each confirmation of transactions adds a new block to the dogecoin network miners perform this process those and miners are a community of people who perform complex mathematical solutions on the transactions for mining dogecoin that makes me wonder what the difference between dogecoin mining and other cryptocurrencies mining process let's have a comparison between those coin mining and the bitcoin mining
01:39:56
process we will be comparing these crypto mining based on these factors first algorithm it is a set of rules that every cryptocurrency follows for mining new coins in the algorithm dogecoin mining uses script bitcoin mining uses she-256 script is considered a lot quicker and cheaper than the algorithm making mining easier for miners of the dogecoin network
01:40:27
second is difficulty this represents the complexities and challenges faced by miners to mine each block of the blockchain of any cryptocurrency in difficulty dogecoin is two million seven hundred ninety eight thousand two hundred fifty two bitcoin is three trillion five hundred eleven billion sixty million five hundred fifty two thousand eight hundred ninety nine thus it proves that dodge coin is easier
01:40:57
to mine among other cryptocurrencies third is block time it is the time taken by a new block of transactions to be checked confirmed and added to the blockchain block time of dogecoin is one minute for bitcoin it is 10 minutes and at 4th and 5th we have reward per block and per block usd it is the amount in usd to the miner for each block added to the network block reward for dogecoin is 10 000 dogecoins
01:41:29
per block which in usd is 27.36 dodge coins for bitcoin it is 12.5 bitcoin per block and in usd it is 86 391.63 bitcoins moving on finally we have reached the most crucial point of this video now we will have a look at how to mine dogecoin dogecoin can be mined in two ways the first one dogecoin pool mining and the second is solo mining
01:42:01
a dogecoin pool is a group of people who share their computing power to mine dogecoin transaction data and get rewarded by equal share after confirming the transaction solo mining is when only one person does all the work of mining and confirming transactions the reward is awarded only to that person after confirming the transaction let's have a thorough discussion of the difference between deutsche pool mining and solo my name in dogecoin pool mining you have to mine
01:42:34
as a part of it and pay fees in dogecoin solo mining you don't need to pay any fees and your mine all by yourself also in pole mining you will only get a part of the reward earned by the poor one but in solo mining the total reward earned will be received by you only as in pole mining many people work together so the mine blocks more often and on the other side solo mining could take a lot of time before one mine their first block
01:43:06
in pool mining it takes less time to confirm a transaction as you work as a part of the pool community on the other hand in solo mining it can take much longer to confirm a transaction as you do all the work and there is a lot of competition so this was all about dogecoin pool mining and solo mining let's proceed further and see what we need to start mining dogecoin but before we start mining we will have to make sure that we have these things with us a pc with any operating system like
01:43:38
windows linux ubuntu etc a good internet connection and a digital wallet to store the dodge coins you might which hardware and software can be used for dogecoin mining you will need your pc cpu which should be powerful enough to mine dogecoin a gpu or graphics card can also be used for mining dogecoin for example sapphire pulse radeon rx 580 asus rx vega 64
01:44:08
and many more stripped asic miner is programmed to mine strip based cryptocurrencies like dogecoin like bitmain antminer l3 bw l21 strip miner etc if you are new to dogecoin mining then using your pc cpu will be the right choice and cpu miner is the most appropriate software if you are thinking of mining using gpu or graphics card you can have a wide range of software
01:44:41
some of the best software is buddha miner which works perfectly with nvidia products cgminer which works with most gpu hardware and easy miner is considered suitable for beginners script asic miners are considered to be very powerful hardware and multi-miner is excellent with this hardware moving ahead let's understand what does coin cloud mining is doing cloud mining is a mechanism to mine dogecoin using rented data centers
01:45:13
without installing any hardware and related softwares it allows people to take an interest and participate in deutsche point mining at a very low cost making dogecoin mining accessible for a broader range of people worldwide since the dodge coin mining process uses the cloud it reduces equipment maintenance or direct energy cost this whole concept of dogecoin mining brings me in front of one question is dotecoin mining profitable
01:45:44
doj coin mining profitability can be analyzed based on power consumption hash rate and cost the doj coin mining calculator is used to make it simple in this calculator the default value for the latest dogecoin mining hash rate and latest dogecoin difficulty target is pre-loaded for better results dogecoin mining's reward is 44 lakh 44 412.25 dollars per year that is 14 million doge per year
01:46:15
the block time for dogecoin is one minute which means the supply of dogecoin will never go down after deducting mining power costs and mining fees the final daily dogecoin mining profit is 22.53 dollars torch coin to usd with a profit margin of positive 81.72 percent also i think dogecoin mining is fun so that is all about dogecoin mining we covered what dogecoin is its value today and
01:46:46
understood dogecoin mining and its concepts in the previous two videos now let's proceed further and look at how to create a dodgeball wallet and how to use it let's get started what is torch point dogecoin is a peer-to-peer open source cryptocurrency that works on a blockchain technology also it provides its users a completely unknown decentralized and secure environment free from any third-party interference to make their transactions
01:47:16
torch coin uses cryptography to secure all its transactions now let's proceed further and have a look at the process of how to buy dogecoin you can buy dogecoin by following these steps step one create a dotecoin wallet step two locate your specific dogecoin address which is a long area of characters that starts from capital d followed by any other capital character or any number and step three find the source that sells dogecoin
01:47:48
and vola buy dogecoins so that brings us to what is dogecoin wallet a dogecoin wallet is something where you can stop store receive or send dogecoins technically it is very similar to a real live wallet dogecoin wallet consists of its public and private key connecting it to the distributed ledger over the dogecoin network you can use your wallet's public key which also functions as your coin address for your bank account number for dogecoin where anyone can track the
01:48:20
transactions made by maintaining the anonymity of the user the private key of your wallet is used to approve transactions in the ledger your wallet's public key is used to receive dodge coins from other users on the other hand your wallet's private key is only used to send torch points to other users in the network so what are the types of dogecoin wallet dogecoin wallet is of two types digital dogecoin wallet and physical dodgebind wallet digital
01:48:51
dogecoin wallet is accessible through the web and you can also download it according to your handset or operating system on the other hand physical dogecoin wallets are pretty expensive and less accessible so moving on let's see how to create a dogecoin wallet to create a doj coin wallet for yourself you will have to go through the following steps step 1 choose the correct wallet dogecoin core wallet and multi-touch wallet have been created and are maintained by the developers
01:49:21
team of dogecoin here we will be using the dojo and core wallet as reference step 2 download and install the dojo wallet in your handset you can also use the official website of this wallet for your windows and step 3. open the dojo and wallet application and verify your dogecoin wallet address and that is it it is this easy to create and have your dogecoin wallet now when you have your douchecoin wallet in your hand let's see how you can use it on the very
01:49:54
bottom of the home page of your wallet there are two options request coins where you can request torch coins from other users in the dojo network and send coins where you can send dodge points to other users in the dogecoin network to receive coins first click on the request coins button second enter the required number of coins you want to request and third have the below generated barcode scanned by the user you wish to request the amount
01:50:26
now to send coins first type the dogecoin wallet address to whom you want to send dogecoins enter the required amount you wish to send to that user and third click on send and there you go now you can use your dogecoin wallet whenever and wherever you want this makes me wonder why is dogecoin so popular despite being in tough competition with other strong cryptocurrencies like bitcoin dogecoin has never missed an opportunity to be in the limelight
01:50:57
dogecoin's popularity is mainly attributed to its vast and dedicated community other than that social platforms like reddit and twitter also promoted dogecoin to a great extent due to its fun factor and the whole joke story behind it celebrities like snoop dogg kevin jonas elon musk also started taking an interest in dogepoint and posting pictures and comments on their social media handles which increase the craze of dogecoin all around the world so this was all
01:51:27
about dogecoin wallet now let's have a look at the top 5 deutsche point wallets of 2021 these are the top five dogecoin wallets of 2021 ledger nano x trees model t kepke binance and kraken kraken is primarily a cryptocurrency exchange platform but can perfectly act as a dogecoin wallet all you need to do is to register and then buy some dodge coins it is a very secure and reliable
01:51:58
cryptocurrency exchange platform it charges a very low fees for every transaction taking place on it and it accepts a pretty decent amount of fiat money what comes to your mind first when you hear the word torch coin i'm pretty sure either it's a meme or a musk well whatever we think of this cryptocurrency we can't deny the fact that dogecoin started as a joke not turned into the crypto star of the future everyone one or the other way knows about dogecoin
01:52:29
but do you know what makes it so unique and popular in this video i will take you through some amazing top 10 facts about dogecoin so let's get started number one dogecoin has several safety levels security levels are partially based on the number of nodes of cryptocurrency dogecoin has 1090 nodes which makes it irresistible to hacking plus sometimes the traffic increases in the dogecoin network making it more vulnerable to its security
01:52:59
number two huge and interactive community of followers among all of the cryptocurrencies those coin today has the biggest community of followers they genuinely believe that dogecoin will rule the future and this unity proved to be an advantage for dogecoin for instance once china banned all the payment companies dealing with bitcoin which led to the increase of dojo and reddit users up to 19 000 in just two weeks thus the price of dogecoin escalated
01:53:29
to 300 percent those coins followed provide full support to dogecoin and acting unity to try every bit to make it more popular and grow once they raised a fund of 55 000 dollars for a nascar driver john weiss who in return covered his entire car with dogecoin and reddit alien images such a beautiful family number three dogecoin is the easiest to buy the platform for cryptocurrency exchange
01:54:02
provides the most convenient ways to buy dogecoin all you need is to create a digital wallet which can be done on any cryptocurrency exchange platform's official website and choose a reliable exchanger like kraken or coinbase and you will also need some bitcoins to exchange it with doge that's it it is this simple to trade dogecoin now you can get rolling with bangdorje coin number four doj coin wallet inspired by
01:54:31
lucky coin dogecoin was based on lucky coin as both of them used the script language to make dogecoin more ridiculous palmer and marcus added a weird feature to the dogecoin wallet stating that its miner could receive either 0 or potentially thousands of free coins to produce new blocks inspired by one of the quirky features of lucky coin after a while they change the block reward to a fixed number of 10 000 to make it more feasible
01:55:01
well i think dogecoin needs to be a little different from these cryptocurrencies as it holds a different history of original growth to maintain the faith of its community it needs to upgrade itself a bit number five largest circulating supply of the coin dogecoin in the crypto market holds the position of the largest circulating supply of coins since both the founders of dogecoin wanted it to be a ridiculous joe they thought of generating as many dogecoin unit as possible
01:55:33
therefore they ended up making a circulating supply of 127 million dogecoin which is relatedly higher than the volume of other cryptocurrencies like bitcoin or ethereum till today almost 113 billion dogecoins are already mine every day 10 000 new dogecoins are released in block rewards every minute roughly 14.4 million new dogecoins entering into the circulation every day therefore 5.2 billion
01:56:04
dogecoins per year dogecoin mining process is one of the fastest at least 98.98 dogecoin can be mined every day dogecoin uses script encryption which cannot be harvested using asics making it easier and faster to mine other than cryptocurrencies like bitcoin also the block rate is one block per minute this provides an excellent opportunity for miners to mine
01:56:34
more blocks and earn as many block rewards as possible and miner can make make at least 10 000 dogecoins as a block reward number seven market capitalization over 435 million dollar when dogecoin was first introduced to the crypto world it was supposed to be taken as a joke but the people very well received it this led its more value than 435 million by 2017 i don't know about
01:57:07
others but this value of money is a lot imagine if you had invested 1000 on dogecoin in january 2017 and then sold it all after a month do you know how much money you would have earned almost 22 thousand dollars today the market cap worth of dogecoin is 70 billion dollars making it the fourth most valued coin number eight huge fan following in the entertainment world dogecoin seems to have gained a lot of
01:57:41
popularity among celebrities like snoop dogg kevin jonas gene simmons and elon musk recently kevin jonas the eldest jonas brother posted saying all i was saying doge showing his interest in dogecoin gene simmons from the classic rock band kiss also made a massive revelation that he owns six figures worth of dogecoin well some have been posting funny pictures or comments to promote this crypto over social media and some have been trying to change the
01:58:13
perception of people for dogecoin number nine widely represented on social media dogecoin has been widely represented on social media since its origin platforms like reddit and twitter adopted dogecoin in its initial days and started promoting it by tipping dogecoin to their content creators which turned out to be a massive success for dogecoin dutch con began to catch the attention of every user on these platforms i feel twitter has been a slam book for
01:58:45
torch coin as every day one or the other person tweets about dogecoin there later other platforms like tick tock also started developing their interest in dogecoin in summer 2020 tick tock introduced a dogecoin challenge to encourage people to invest in dogecoin number 10 elon musk the flag bearer of dogecoin when deutsche is mentioned how can we not talk about tesla ceo elon musk but the question is what makes him love dogecoin
01:59:16
so much recently one of his followers tweeted and asked him why do you love dote so much he reacted that he loves dogs and loves memes he has been so active with dogecoin by constantly tweeting about it his first tweet was torched to the moon which grabbed the attention of both the followers of elon and followers of dogecoin this led to the overnight increase in the price and popularity of dogecoin later he posted a still from lion king
01:59:48
movie which with his face in place of rafiki holding simba with the face of dogecoin stating that he will always have dogecoins back his most recent tweet was on wednesday may 5 2021 the dogecoin father snl may 8 which is a reference to both his constant tweets on dogecoin as well as his appearance on saturday night live on may 8 2020. in the previous few videos we learned about what dogecoin is and we also had a comparison between ethereum and bitcoin
02:00:20
in which we talked about their features and concepts behind the mechanism but in this video we will compare and contrast dogecoin bitcoin and ethereum based on a few related concepts around these cryptocurrencies it will help us understand the functioning of these top cryptocurrencies and will also let us figure out the individuality of each one of them dogecoin was intended to be an altcoin and a meme coin inspired by shiba inu's popular meme
02:00:49
aka doj but it was very well received by everyone in the crypto world and today it is the fourth top cryptocurrency dogecoin is a peer-to-peer open source cryptocurrency that provides its users with a completely unknown decentralized and secure environment to make their transactions bitcoin led the first revolution of digital money in 2013. bitcoin enables transparent and decentralized peer-to-peer transaction
02:01:20
bitcoin is designed to be an alternative to national currencies and intends only to be a medium of exchange and value storage it comprises of features like a public ledger immutability and high transparency making it a great platform ethereum came into the picture years after bitcoin ethereum offered a platform to build and run applications without any downtime fraud or interference of any third party ethereum serves as a computing platform that enables its
02:01:53
developers to build and deploy their decentralized applications using smart contracts through its currency ether or eth the primary function of ether is to help developers build smart contracts using dapps or decentralized application now let's move on to comparison between dogecoin bitcoin and ethereum we will be comparing them based on few major parameters like algorithm programming language
02:02:26
mining process monetary policies transactions today's value and availability so let's move ahead and start with the very first comparison the algorithm dogecoin uses strict cryptography for mining the blocks of the dogecoin network in comparison bitcoin uses the sha-256 hashing algorithm for mining its blocks in the blockchain network ethereum on the other hand uses the e
02:02:59
dash algorithm for mining its transactions script language is a password-based key derivation function that is mainly used to avoid customized hardware attacks by raising the resource demands of the algorithm she 256 algorithm helps bitcoin users protect all their sensitive data like private keys or transaction details and help maintain the anonymity of the user for a much secure performance of transactions e-algorithm is mainly used during the
02:03:32
proof-of-work function proof-of-work is a small piece of data that is difficult to generate but easy to validate and satisfy specific network requirements moving on the following comparison programming language dogecoin is considered to be an all coin for bitcoin vote dodge coin and bitcoin use the same programming language c plus it is a stack based programming language used to give bitcoin and dogecoin software instructions on how to make
02:04:06
transactions on the other side ethereum uses solidity which is a high level programming language used by ethereum for implementing smart contracts now that we have covered programming language and algorithm of this cryptocurrency let's get to the following very important parameter which is mining process but before getting started with the comparison first let's understand what mining is mining is a process in which transactions are validated and added to the
02:04:37
blockchain public ledger in blocks and the people mining these blocks are called miners in terms of the mining process also dogecoin and bitcoin use the same method to verify and validate the pending transaction in the networks and that is proof of work although ethereum miners also mine the unvalidated transactions using the proof of work method it aims to switch to proof of stake because it will make its network more immune to centralization
02:05:07
energy efficient and more vital support for shared chains now we have come to the following person which is monetary policy monetary policy is known as the process of drafting announcing and implementing the plan of actions taken by the competent monetary authority to control the money supply and achieve goals that promote sustainable economic growth dogecoin's policy is defined by its block rewards paid to its miners
02:05:39
whereas bitcoin policy is defined by two processes having and block reward having event is when reward of mining bitcoin is cut in half and it also cuts the inflation rate and the block reward is the number of bitcoins you get if you successfully mine a blockchain block an ethereum's policy is defined as minimum issuance to secure the network that is there is a constant trade-off between the transaction speed and security
02:06:12
dogecoin's block reward is 10 000 for mining one block bitcoin's block reward is 12.5 for mining each block and which is set to get reduced to 6.25 by 2024 and ethereum's block reward is 2 ether per block dogecoin takes one minute to generate one block bitcoin takes 10 minutes to generate one block and ethereum generates one block every 14 seconds
02:06:44
well monetary policies are considered to be fixed and non-inflationary due to this over time mining blocks will become more complex now moving on to the following comparison which is transactions dogecoin is the fastest and can complete 70 transaction in one second and takes just two to three minutes to confirm a transaction bitcoin can complete up to five transaction in one second and takes 10 minutes or more than that
02:07:16
to confirm one transaction an ethereum can complete 30 transactions per second and it takes just a few minutes to confirm it dogecoin is majorly used for tipping content creators on social platforms like reddit and twitter bitcoin is only used as a superior alternative for fiat money and is used primarily for real-world transactions on the other hand ether the currency of ethereum
02:07:49
acts as the fuel for ethereum networks now that we have covered all about transaction process of these cryptocurrency let's have a look at the value of dogecoin bitcoin and ethereum in today's date the value of dogecoin on today's date is zero point two nine nine two dollars bitcoin being the highest is thirty four thousand eight hundred fifty seven point five eight an ethereum holds a value of two thousand 2356.58
02:08:25
now we have reached the last comparison of dogecoin bitcoin and ethereum which is availability the circulating supply of dogecoin is 127 billion bitcoin very low as compared to dogecoin is just 21 million in circulation ethereum on the other hand is said to be unlimited but till today the circulation supply of ethereum is 115.6 million till today 113 billion dogecoin has
02:08:58
already been mined for bitcoin 18 million bitcoins are already mined and for ethereum roughly 36 million ethereum has already been mined in this draft you can see the red box on the right side of the graph shows the maximum supply of dogecoin on the extreme left you can see first the options that you can use according to your requirements like if you want to know about dogecoin you can go for the first option that is www.dogecoin.com
02:09:31
which will lead you to the official website of dogecoin if you want to chat with the executives of coin market regarding dogecoin then you can go for the fourth option which is chat before that is an address for binance address through which you can keep a track of dogecoin's value on that platform and you can also change it according to your choice by clicking on more right beside the more option you can see the market cap value of dogecoin
02:10:01
which is thirty eight billion thirty eight hundred forty nine million four hundred sixty nine thousand ninety eight it is the total value of dogecoin in circulation beside the market cap option you can see fully diluted market capitalization which is 38 700 795 9006. it is the capitalization when max supply of dogecoin was in circulation and on the right side just before total
02:10:33
supply you can see the volume of dogecoin one billion seven hundred seventy nine million four hundred seventeen thousand six hundred forty seven it is the value of dogecoin traded in 24 hours next is bitcoin similar to dogecoin you can see the red box on the right side of the graph shows the maximum supply of dogecoin on the extreme left you can see first the options that you can use according to your requirement like if you want to know more about
02:11:05
bitcoin you can go for the first option that is www bitcoin which will lead you to the official website of bitcoin right beside the more option you can see the market cap value of bitcoin which is 651 billion thirteen million ten thousand seven hundred fifty three it is the total value of bitcoin in circulation beside the market cap option you can see fully diluted market capitalization that is 732
02:11:37
billion 387 million two hundred sixty two thousand six hundred ninety and on the right side just before the total supply you can see the volume of bitcoin that is thirty billion two hundred forty nine million nine hundred thirty nine thousand eight hundred sixty five ethereum is no different from dogecoin and bitcoin in this also you can see the total supply of ethereum also you can visit the official website
02:12:08
of www.ethereum.org to explore more about ethereum you can have a look at the market cap value of ethereum which is 273 billion 755 million five hundred eighty six thousand five hundred thirty four the fully diluted market capitalization is 273 billion five hundred seventy six million nine hundred eighty seven thousand forty nine the volume of ethereum traded in 24 hours is twenty four billion
02:12:39
one hundred one million seven hundred seventy nine thousand three hundred forty six but in the end all these top cryptocurrencies dogecoin bitcoin and ethereum share a few similarities like they all are decentralized all three cryptocurrencies are free from any third-party interference or any centralized authority and can be used to have secure and independent peer-to-peer transaction maintaining the anonymity of the user
02:13:10
and proof of work that is all their transactions are verified and validated before processing after complete verification further transaction process takes place also all of them have a large network of independent nodes meet susan an aspiring painter she wishes to conduct an online painting exhibition for all her digital artworks however as the exhibition is online she is worried that her paintings won't be secure as anyone could easily forge or replicate them
02:13:41
her friend mark came to her rescue with an idea of nft he suggested that susan could buy nfts for all her paintings as nfts are trustworthy easily transferable and will also maintain her ownership rights on her artworks susan had no idea what nfts were so mark stepped ahead and explained it to her nfts turn your digital assets into one of a kind by creating a unique digital signature which defines the ownership of your assets and that can be bought and sold for real money cryptocurrency or any other asset like a non-fungible
02:14:13
token aka nft non-fungible tokens means that they are not interchangeable and each of them represents unique assets owned by a specific person on the other hand fungible tokens are interchangeable and can be divided into smaller units to form the same value for example a 100 bill is fungible as you can exchange it with five twenty dollar bills or two fifty dollar bills but the painting of the last supper is non-fungible as it cannot be generated in bulk even if it is copied it will not be
02:14:44
authentic each nft contains distinguishable information like who owns the digital asset and who sold it making them distinct and easily verifiable as it is impossible to forge such a certificate it will secure her painting's originality after learning what nft is susan was curious to know how exactly nft works nft basically creates a blockchain based digital certificate for your digital collectibles including games music art and many more this certificate
02:15:14
gives your artwork a unique identity the underlying technology and the programming language used by nfts are the same as other cryptocurrencies such as blockchain and the programming language ethash or script nft majorly exists on ethereum blockchain a distributed public ledger that records all the transactions however nft is quite different from these cryptocurrencies bitcoin and ethereum are fungible tokens which means if you trade bitcoin or ethereum for one another you will have the same value or item in
02:15:45
return basically money on the other hand nft is a unique token therefore if you try to trade it you may end up with something completely different in your hands crypto punks is a remarkable example of nft it enables you to buy sell and store 10 000 collectibles with the proof of ownership being stored on the ethereum blockchain after exploring hal nft's work susan was convinced and bought nfts for all her paintings due to this her artworks were secured from any kind of forgery and also gave her artworks a
02:16:17
particular value this contributed to increased sales too as everyone was easily able to buy the artwork without any fear all in all her exhibition was a complete success similarly nft has proved itself to be a boon in the lives of many others like jack dorsey the ceo and co-founder of twitter with his very first and famous tweet just setting up my twitter and vignesh sanderson famously known as medicovan who bought 69.3 million dollars worth of nft art on people
02:16:48
owing to its increasing popularity people are now willing to pay hundreds of thousands of dollars for nfts nft has enhanced media exposure and special perks for aspiring artists like susan on social media this popularity of nft creates new opportunities for new art platforms motivating people to buy art from internet platforms and promoting copyright or originality of digital assets so here's a question for you what makes any item non-fungible a exchangeability b unique digital
02:17:20
signature c tradeability d distributed public ledger please give it a thought and drop your answers in the comments section below many experts in the crypto industry say that around 40 percent of new crypto users will use nfts as their entry point as a result of its growing popularity nft could represent a more significant part of the digital economy in the future in this video we will explore about shiva in a coin and we'll go through some of really exciting concepts and components revolving around it so
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how did the shiba inu coin originate the shiva inu coin was created in august 2020 by an anonymous person calling themselves ryoshi an indian it was intended as an altcoin of dogecoin which itself was created as an altcoin of bitcoin and this meme coin has been named after the japanese dog breed shiva inu it feels like the shiba inu coin was built into existence and is now insanely popular among major
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crypto exchanges through the power of its following crowd memes and a very cute dog now we know how it originated so let's have a look at what is shiba in a coin shiva inucoin is a decentralized community building cryptocurrency or we can say an experiment developed within the shiva inno ecosystem and built on top of the ethereum blockchain network like many other coins it is a meme coin launched as a rival
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of dogecoin or doge killer both dogecoin and sheepcoin were made in a humorous manner but sheepcoin has already taken over some dogecoin markets attracting a lot of attention and rising as a popular choice among investors especially after such market crash of cryptos like bitcoin and ethereum but what is the difference between sheba and coin and dogecoin although both shiva and coin and dogecoin are meme coins
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and share the same tree of origin both of them differ a lot from each other at the same time and the very first difference between them is the sheep coin is a token and dogecoin is a currency let's have a look at more of those major differences like this first is development shiba inu coins or sheep coins are built on and powered by the ethereum network while dogecoin has been developed using the same technology as bitcoin
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then is use cases sheepcoin is still working upon price more due to its high popularity than utility but on the other hand dogecoin has already established itself to some extent as a medium of online payments there is value according to my coin market cap the current value of sheep coin is 0.000 7378 and that of dogecoin is 0.261711
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and at last availability the availability of sheep coin till today is 394 million and for dogecoin it is 130 billion now this definitely raises a question in my mind why is she buying a coin so popular shimano coin is majorly popular because of two reasons tesla founder elon musk has tweeted recently expressing that he would like to own a shiba pub that hyped the crypto market and its
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prices rose by 300 on the other hand its prices fell by around 40 percent after the founder of ethereum blockchain network with alec buterin donated 50 trillion shiba new coins to indian government for corporate relief fund of an indian crypto entrepreneur sandeep naival so now that we know about shiba in a coin and its concepts let's have a look at what is the future of shiba you know coins
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though sheba coin is only known as a meme coin its increasing popularity and people's interest and participating in it is pointing towards a different but bright future according to investing cube.com the shiba coin is predicted to rise again although there isn't much movement among this token and its value active buyers could help its value rise the value could rise to 0.00
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1040 in a more active buyers market although it may not appear to be a significant amount due to its popularity in future it can have a significant influence over large investors of the crypto market in this video we will explore some of the interesting and important aspects of solana crypto first we will understand what is solana then we will look into what is a soul token or sol token
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then we will explore when and how did it originated after which we will look into some of the features of solana then we will explore what type of consensus method does solana use after which we will understand how solana works then we will explore the current price and volume of solana in today's date after that we will look into the future of solana holds for itself and at last
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we will look into real-life uses of salaana so without doing much ado let's start the video let's explore what is solana is a cryptocurrency that is used to pay for transactions or a decentralized computing network solana attempts to increase blockchain scalability by combining proof of stake and proof of history consensus as a result solana promises to be capable of processing 50 000
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transactions per second while maintaining decentralization now the question arises what is the sl token or soul token sonata's ecosystem uses the sl token as its native currency as a result the token can be transferred between nodes in the solana cluster in exchange for running on-chain programs or certifying their results it can also be used to make
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micropayments known as lamports now when we are talking so much about solana crypto let's also dive down and explore how and when exactly it came into existence anatoly yakovenko established the solana platform in 2017 before launching solana yakovenko worked at balcom after working as a software engineer at dropbox he has a wide spectrum of knowledge with compression methods
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he developed a new method of dealing with typical throughput difficulties in the bitcoin and ethereum blockchain with the help of eric williams and solana cto greg fitzgerald they intended to develop a trustless distributed protocol with increased scalability the team now has experience from leading companies around the world including apple google microsoft intel twitter dropbox and others
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now that we know what solana is and all about its background let me ask you a question recently solana joined hands with two foundations to raise a fund of five million dollars to encourage the next wave of creators and fans onto crypto networks so comment down your answers in the comment section below to know the correct answer to this question watch this video till the end moving on let's talk about its features which makes it unique and popular scalable solana uses
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proof of history and a number of other groundbreaking features to allow the network to scale at the rate of moore's law low cost for applications with billions of users solana is designed to keep fees low so you will never have to worry about rising fees as your user base grows composable the single global state of solana guarantees project composability multiple shards and layer 2 systems
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should never be dealt with so we have heard a lot of references to proof of history but what exactly is it that we will discuss within the type of consensus method solana uses the salina network which has 200 physically different nodes can handle a throughput of more than 50 000 dps when using gpus is one of the most performant permissionless blockchain unlike bitcoin which employs the proof of work algorithm
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as the system decentralized clock solana uses the proof of history technique you can use proof of history to construct historical records that verify an event occurred at a given point in time this algorithm is a verifiable delay function with a high frequency this function requires a specific number of sequential steps to evaluate each transaction or even that is examined will be assigned a unique hash an account that can be verified publicly
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and effectively the count serves as a cryptographic timestamp allowing us to determine when each transaction or event occurred this provides increased throughput and efficiency within the solana network now that we know about its structure and mechanism let's explore how solana works now we know solana has built a one-of-a-kind method for determining the time of a transaction known as proof of history let's see the step-by-step procedure of
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how it works step 1 input the details of transactions performed in the network to its leader step 2 leader will now efficiently sequence and organize the messages so that they can be processed by another nodes step 3 the leader then executes the transactions based on the ram's current state step 4 the completed state's transactions and signature will then be published by the leader to the verifiers or replication nodes
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step 5 if the state receives confirmation the verifiers will perform the same transactions on their copies of the state and publish their signatures and at last step 6 the consensus process will then use the published confirmations as votes now that we know everything about solana let's have a look at the price and volume of solana according to market capitalization the solana network can process more than 50 000 transactions in one second
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and the current price of it is 30 with a circulating volume of 270 million sql coins which is quite impressive considering its time span in market capitalization as well as compared to other cryptocurrencies let's see what future the solana holds for itself svelana although being a new project has delivered on its promises of speed and scalability it's token price has also done well attack attracting investors attention
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nonetheless the network acceptance and usage are still in the early stages we won't know whether solana speed make a significant difference in the bitcoin realm until we witness substantial traffic and more use cases having a fast network is beneficial but the advantages will only occur as more people utilize it and more use cases emerge real-life uses of solana
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serum radium bone pedal orca oxygen and phantom wallet are some of the recent projects that solana is working with well this is all about solana crypto recently you all must have noticed that the crypto market has caused quite a buzz in social media and other online forums and perhaps even in your dinner time conversations but what is all this commotion about this is about the recent downfall of cryptocurrencies in the crypto market
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in this video we will let you through some very important aspects of this phenomenon of cryptocurrency first of all we will understand what cryptocurrency and crypto market are after that we will understand how the market works then we will look into the reasons for the market crash of cryptocurrency and how it has affected people at all levels then we will figure out the factors that can help the market to grow again and at last we will look into the future
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of cryptocurrency and trip to market so let's start with the very first aspect that is what cryptocurrency and crypto market are a cryptocurrency is a kind of virtual or digital currency that works on blockchain technology a public ledger enforced by a distributed network of computers it works as a medium of exchange online to buy goods and services and make payments like for example bitcoin ethereum dogecoin these are some
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of the popular cryptocurrency cryptocurrency is decentralized and free from any third-party interference which means it is not issued or controlled by any government or central authority the crypto in cryptocurrency stands for cryptography which uses encryption and decryption to secure the data crypto market is where you can trade cryptocurrency cryptocurrency trading is an act of speculating the price movement of cryptocurrency
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without taking ownership of the underlying coins through a trading account or by buying and selling the underlying coins through an exchange you can buy cryptocurrency if you think it will rise in value or sell them if you think it will fall now let's understand how it works the price of crypto currency is quoted in traditional currencies such as the us dollar and you never take ownership of the cryptocurrency itself one can buy and sell at cryptocurrency through their trading account or via exchange
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which helps them speculate on whether the chosen cryptocurrency will rise or fall in value both buy and sell are leveraged products which means you only need to put up a small amount as a deposit known as margin to gain total exposure to the underlying market your profit or loss is majorly calculated based on the total size of your position so leverage can affect your profits as well as your losses if the market moves against you so that makes me question what the
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reasons behind the market crash of cryptocurrency are on 19th may 2021 the crypto market saw a massive drop in prices or crypto currencies including bitcoin ethereum and bnp crashing up to 30 within a span of just 24 hours this came in the backdrop of the chinese regulators announcing a ban of cryptocurrency china has banned payment companies and financial institutions from providing any services such as
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registration trading clearing and settlement related to cryptocurrency transactions this announcement made by china broke the markets back and then the panic increased because tesla announced that they would not favor bitcoin on environmental concerns anymore therefore they will not accept any payment made by bitcoin and also there are rumors of irs investigation into the largest crypto exchange platform binance which also has weakened
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investors resolution to invest more in crypto market now we know the reasons behind the crypto market crash so let's take a look at how it has affected people at all levels the crypto market means different things to different people it is an object of speculation that consumes almost all the media coverage about the space to many people for them the day crypto market crashed was a black day as they faced a tremendous loss of the leverage
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invested in cryptocurrencies even the bloomberg galaxy crypto index plunged 19.2 in its worst slide in more than a year and to others the crypto market is more than a speculative instrument for them this incident proved to be a huge opportunity as they got a chance to uncover problems of the system of the crypto market like high fees to trade at the most crucial moments and find solution to these problems by adding more capacity
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and efficiency to the system so now we have covered everything about the market crash of cryptocurrency let's dive into the factors that can help the market to grow again despite their dramatic downturns these cryptocurrencies have consistently recovered from their downtime people in the crypto market systems have termed this decline as a short-term correction long-term investors like microstrategy call this crash a buying opportunity of these cryptocurrencies and is investing more to stabilize them
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many people believe that what we witnessed in the last few days was the liquidation of the leverage long positions followed by a panic sell-off and is considered a very normal phenomenon in thin markets like cryptocurrency they believe that this situation can be thought down by extensive adoption of cryptocurrency and constant participation in the crypto market well this whole scenario makes me question what the future cryptocurrency and crypto market holds
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cryptocurrency is a highly speculative and volatile investment and it may or may not succeed over time therefore there is no guarantee for these cryptocurrencies that all will always recover from this type of market crashes a few experts of the crypto market say that investors should hold a long-term view of the digital assets market as they will bounce back swiftly also small investors should be better off staying away from the market
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as this current volatility can be overwhelming for them and some experts suggest that holding on to these cryptos will be a wise option and small investors should buy these cryptos slowly and steadily through a systematic plan therefore if you're thinking about investing in cryptocurrency be sure you know what you're getting into although the crypto market is lucrative keep in mind that there's always a chance that sometimes cryptocurrencies are not able to bounce back
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and with that we have come to the end of this video on cryptocurrency full course i hope you found it interesting if you have any questions about the topics covered in this video please ask away in the comment section below our team will help you solve your queries thanks for watching stay safe and keep learning you

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