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Professional Development: WHAT IS THE BLOCKCHAIN & HOW DOES IT WORK? · Earn Your Leisure

• 0:00
  Speaker 1: So what is blockchain? Textbook dictionary? Blockchain is a distributed
• 0:05
  Speaker 1: database that is shared amongst the nods of a computer network.
• 0:08
  Speaker 1: As a database, a blockchain stores information electronically in digital format.
• 0:12
  Speaker 1: Blockchains are best known for the crucial role in cryptocurrency
• 0:15
  Speaker 1: systems such as bitcoin, from attaining a secure the centralized
• 0:18
  Speaker 1: record of transactions. The innovation for blockchain is that it
• 0:21
  Speaker 1: guarantees the fidelity and security of a record of data
• 0:24
  Speaker 1: and generates trust without the need for a trusted third party.
• 0:27
  Speaker 1: The key takeaway from that all that fancy talk is
• 0:30
  Speaker 1: to simply say, it's a very transparent ledger that cannot
• 0:33
  Speaker 1: be manipulated. Why is that important? Imagine a space where,
• 0:38
  Speaker 1: to give an example, like in a stock market, sometimes
• 0:42
  Speaker 1: people are doing other things.
• 0:43
  Speaker 2: They're spending money there.
• 0:45
  Speaker 1: You know, a CFO of a company might buy back
• 0:49
  Speaker 1: shares and sometimes there might be a whole quarter before
• 0:53
  Speaker 1: you know this, it might be a full year before
• 0:55
  Speaker 1: certain things come to light. But with the blockchain, once
• 0:57
  Speaker 1: you know the WILID address of that particular company, then
• 1:01
  Speaker 1: you're going to be able to go on a blockchain
• 1:03
  Speaker 1: real time as something happens, if something changes, and see
• 1:07
  Speaker 1: what changes were made. Who purchased what, who sold what, who's.
• 1:11
  Speaker 2: The main holder of everything?
• 1:12
  Speaker 1: And when you think about that as an investor, I
• 1:15
  Speaker 1: think that is one of my favorite things about the
• 1:17
  Speaker 1: blockchain space and what makes me dive into aggressively is
• 1:21
  Speaker 1: the fact that there's a level of transparency that not
• 1:24
  Speaker 1: a lot of financial institutions will give you. To give
• 1:27
  Speaker 1: you an example, when we talk about gold, we used
• 1:30
  Speaker 1: to have a time frame in which the US dollar
• 1:33
  Speaker 1: and different things were backed by silver and gold, and
• 1:36
  Speaker 1: we don't really know ledger wise what is happening with
• 1:39
  Speaker 1: how much gold America actually have. That has been a
• 1:41
  Speaker 1: lot of jokes in the finance world that if you
• 1:44
  Speaker 1: went to Fort Knox to where they held all this gold,
• 1:46
  Speaker 1: et cetera, that it would basically be barren, and that
• 1:50
  Speaker 1: you know when you look at you know, countries like China,
• 1:53
  Speaker 1: you know, we owed a lot of these countries a
• 1:57
  Speaker 1: lot of gold, and we don't have as much as
• 1:59
  Speaker 1: we use and we're not in a good space when
• 2:01
  Speaker 1: it comes to that.
• 2:02
  Speaker 2: Is that true or not?
• 2:03
  Speaker 1: I don't know, But guess what with the blockchain, if
• 2:05
  Speaker 1: we did have all of our goal on this ledger
• 2:08
  Speaker 1: and it was something that was physically visible for the
• 2:12
  Speaker 1: whole world to see. Then if something is changed, you
• 2:15
  Speaker 1: would be able to know. And the thing about the blockchain,
• 2:18
  Speaker 1: when you think about it, for those who wonder what
• 2:21
  Speaker 1: makes it so secure, what makes you so transparent? This
• 2:24
  Speaker 1: system is not just backed by one blockchain. There's like
• 2:28
  Speaker 1: this mother like it's all AI controlled, but beyond the
• 2:32
  Speaker 1: AI control of it, it has fail systems in which
• 2:36
  Speaker 1: if somebody was to try to break into one and
• 2:38
  Speaker 1: manipulate it, that there is a backup to a backup
• 2:41
  Speaker 1: to a backup, and it's like quadruple secure.
• 2:44
  Speaker 2: There would be alerts, it would be very visible there.
• 2:47
  Speaker 1: You know, it's almost I'm not going to say impossible,
• 2:50
  Speaker 1: because nothing, in my opinion, is technically impossible, but at
• 2:53
  Speaker 1: that same point for most things, but when it comes
• 2:55
  Speaker 1: to the blockchains, especially if it's specifically the main blockchain
• 3:00
  Speaker 1: that all the subdivision blockchains go to, it makes it
• 3:03
  Speaker 1: really really hard to hack it. And it's not saying that,
• 3:06
  Speaker 1: once again, if you're in the crypto space, you can't
• 3:08
  Speaker 1: be hacked. It's not saying that tokens can't be hacked,
• 3:10
  Speaker 1: and it's not saying some of these subdivision blockchains that
• 3:14
  Speaker 1: report to the bigger blockchain can't have issues or be
• 3:18
  Speaker 1: reported incorrectly, or have certain you know, transparencies that are missing.
• 3:23
  Speaker 1: But what then happens is in a situation like Shiba
• 3:26
  Speaker 1: for instance, there was a whole situation where a company
• 3:29
  Speaker 1: was reporting the wrong amount of tokens for Shiba. Even
• 3:31
  Speaker 1: Sheba thought they had a certain amount of token's purchase
• 3:34
  Speaker 1: and they were reporting this number as to what they
• 3:36
  Speaker 1: thought their circulation supply was. And then they were able
• 3:39
  Speaker 1: to go to the original blockchain and through a lot
• 3:42
  Speaker 1: of research, a lot of data and looking at every
• 3:44
  Speaker 1: last sale that has ever in every purchase and every
• 3:48
  Speaker 1: token that was created, they were able to use the
• 3:50
  Speaker 1: original blockchain to look at it. And the original blockchain
• 3:53
  Speaker 1: is something that is kind of having like the fordknots
• 3:56
  Speaker 1: of blockchains. And then you can, through a very means,
• 4:01
  Speaker 1: have your information sent to that. And what I mean
• 4:03
  Speaker 1: by hard means is like you can update your inform,
• 4:05
  Speaker 1: you can send information to it to create your database,
• 4:07
  Speaker 1: but to manipulate in whatever transaction you recorded are created
• 4:11
  Speaker 1: on that market space. Definitely not the easiest to hack.
• 4:15
  Speaker 1: If it was that easy, trust me, a lot of
• 4:17
  Speaker 1: people probably would have done it.
• 4:18
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  Speaker 4: An illegal alien from Guatemala charged with raping a child
• 6:13
  Speaker 4: in Massachusetts. An MS thirteen gang member from Al Salvador
• 6:17
  Speaker 4: accused of murdering a Texas man of Venezuelan charged with
• 6:22
  Speaker 4: filming and selling child pornography in Michigan. These are just
• 6:26
  Speaker 4: some of the heinous migrant criminals caught because of President
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  Speaker 4: Donald J. Trump's leadership. I'm Christy Noman, the United States
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  Speaker 4: Secretary of Homeland Security. Under President Trump, Attempted illegal border
• 6:38
  Speaker 4: crossings are at the lowest levels ever recorded, and over
• 6:41
  Speaker 4: one hundred thousand illegal aliens have been arrested. If you
• 6:45
  Speaker 4: are here illegally, your next you will be fined nearly
• 6:49
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• 6:53
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• 6:56
  Speaker 4: app and leave now, you could be allowed to return.
• 6:59
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• 7:05
  Speaker 4: order and families will be protected sponsored by the United
• 7:08
  Speaker 4: States Department of.
• 7:09
  Speaker 1: Homeland Security the same way they hack other people's soilkens.
• 7:12
  Speaker 1: But anyway, moving on, and you know, there's always gonna
• 7:15
  Speaker 1: be the people who are like, oh, anything not as
• 7:17
  Speaker 1: creative can be manipulated or abused of, you know, and
• 7:21
  Speaker 1: maybe in the future somebody will figure out how to
• 7:23
  Speaker 1: do so, or maybe AI will figure out how to
• 7:25
  Speaker 1: hack itself.
• 7:26
  Speaker 2: Who knows.
• 7:27
  Speaker 1: But what I can tell you for right now is
• 7:29
  Speaker 1: definitely with more secure and more transparent then you know,
• 7:34
  Speaker 1: other databases and other ways that people do things. So
• 7:37
  Speaker 1: some of the most discussed blockchain and their explorers now
• 7:40
  Speaker 1: these are subdivisions under the block the main blockchain are Ethereum.
• 7:44
  Speaker 1: Ethereum's blockchains called ether scan dot Io, Binance, b sc
• 7:49
  Speaker 1: scan dot Com, Polygon, polygon scan, dot com avalanche, no
• 7:54
  Speaker 1: trace that I a Solana which is sol scan dot io,
• 7:57
  Speaker 1: Bitcoin blockchain, dot info, and so what are those websites there?
• 8:02
  Speaker 1: Those explorers allow you to put in anyone's wallet address
• 8:05
  Speaker 1: and see every transaction that was ever done with that
• 8:08
  Speaker 1: particular wallet address. So if anything was under the Ethereum token,
• 8:12
  Speaker 1: you'd be able to put in that person's wallet a
• 8:14
  Speaker 1: dress and if they purchase any token or any NFT
• 8:17
  Speaker 1: or anything that is Ethereum based, the history and all
• 8:20
  Speaker 1: the transactions would be physically there and evidence.
• 8:23
  Speaker 2: The same for a polygon.
• 8:25
  Speaker 1: But like let's say you're trying to see an Ethereum
• 8:27
  Speaker 1: exchange or a purchase on the Ethereum network, you can't
• 8:30
  Speaker 1: go to the Ethereum network and see what somebody the
• 8:34
  Speaker 1: Solana a person particularly purchased unless they purchase.
• 8:37
  Speaker 2: It through the Ethereum network.
• 8:38
  Speaker 1: So if they purchase art like in magic Eden, which
• 8:41
  Speaker 1: is is a Solana platform that utalizes that, then you
• 8:45
  Speaker 1: would need to go to salt scanda io to look
• 8:47
  Speaker 1: into those transactions. This might sound like Chinese a little
• 8:49
  Speaker 1: bit right now, but keep in mind we're just mainly
• 8:52
  Speaker 1: talking about metaverse NFTs and crypto basics. But once again
• 8:57
  Speaker 1: later on, if you guys want to like a deep
• 8:59
  Speaker 1: dive into this, that's a whole other conversation and we
• 9:01
  Speaker 1: can always have it.
• 9:02
  Speaker 2: So some of the websites that you can use to.
• 9:04
  Speaker 1: Verify, like blockchains, and once again, these websites for regular websites, people,
• 9:08
  Speaker 1: normal people and AI are updating them. So sometimes they're wrong,
• 9:12
  Speaker 1: sometimes they're not as accurate, but some good ones on
• 9:15
  Speaker 1: the list of coin market Cap, coin get Go, coin desk,
• 9:18
  Speaker 1: coin Telegraph, I know if the main coin in all
• 9:20
  Speaker 1: of those, there are other platforms and websites, but you know,
• 9:23
  Speaker 1: for today's purposis, these are some of the main ones
• 9:25
  Speaker 1: that I would say, like especially like coin market cap
• 9:27
  Speaker 1: and coin get Go, A lot of people in this
• 9:29
  Speaker 1: space utilize.
• 9:31
  Speaker 2: Why is that important?
• 9:32
  Speaker 1: Right, Let's say that you have a cryptotoken like Ethereum
• 9:36
  Speaker 1: and you're going to purchase ethereum, and you know, Ethereum
• 9:39
  Speaker 1: tells you, hey, we created one million Ethereum tokens, and
• 9:44
  Speaker 1: then they say we've sold seven hundred and thousand, seven
• 9:47
  Speaker 1: hundred thousand tokens already. Now keep in mind, crypto tokens
• 9:51
  Speaker 1: are like a barter system, which we're going to dive
• 9:52
  Speaker 1: into that shortly. Imagine that you're now going to have
• 9:55
  Speaker 1: to be in a position where you then, as an individual,
• 9:58
  Speaker 1: have to put potentially be believing that seven hundred thousand
• 10:03
  Speaker 1: people or seven hundred thousand tokens are sold. With the blockchain,
• 10:06
  Speaker 1: you'd be able to verify if it was the same
• 10:08
  Speaker 1: wallet address who purchased all seven hundred thousand, was it
• 10:11
  Speaker 1: three hundred thousand people who purchase seven hundred thousand of
• 10:14
  Speaker 1: the tokens? And then that also gives you more power
• 10:17
  Speaker 1: when it comes to circulating supply how many people are
• 10:19
  Speaker 1: interested in a particular item and makes you decide is
• 10:22
  Speaker 1: it an NFT or a token or whatever project that
• 10:24
  Speaker 1: you'd want to invest in, because now you're able to
• 10:27
  Speaker 1: know more data on that particular brand or company or
• 10:30
  Speaker 1: the way they're moving, or how many bad.
• 10:32
  Speaker 2: Reports they have.
• 10:33
  Speaker 1: The list continues using the blockchain for verification. And some
• 10:36
  Speaker 1: of these websites will also help you make sure that
• 10:38
  Speaker 1: if there's a scammer with a fake website claiming to
• 10:41
  Speaker 1: be ethereum and they're like, oh, this is Ethereum's new
• 10:44
  Speaker 1: website Ethereum three, then you know, just make sure you
• 10:47
  Speaker 1: don't connect your wallet address to a scammer's website and
• 10:50
  Speaker 1: you're actually going to like corn market cap coin, get
• 10:53
  Speaker 1: go to look up what is the actual website Ethereum
• 10:55
  Speaker 1: do they have a new website? And just to show
• 10:57
  Speaker 1: you what an explorer looks like, this is what it
• 10:59
  Speaker 1: would like be like. So this to give you an
• 11:01
  Speaker 1: examples ether scan, most of them kind of had this
• 11:03
  Speaker 1: same basic interpretation. You would put your wallet address right here,
• 11:07
  Speaker 1: and that basically is a key that unlocks a lot
• 11:10
  Speaker 1: of like hold your money in the crypto space. So
• 11:13
  Speaker 1: if it's an Ethereum based wallet, you would put the
• 11:15
  Speaker 1: address there. Or if you did a transaction and you're like, hey,
• 11:18
  Speaker 1: let me see how long is it gonna You know,
• 11:21
  Speaker 1: how long ago did I purchase X, Y and z.
• 11:23
  Speaker 1: If you had that token, hash or any of this information,
• 11:26
  Speaker 1: you would be able to then look it up.
• 11:28
  Speaker 4: An illegal alien from Guatemala charged with raping a child
• 11:32
  Speaker 4: in Massachusetts. An MS thirteen gang member from Al Salvador
• 11:36
  Speaker 4: accused of murdering a Texas man of Venezuelan charged with
• 11:40
  Speaker 4: filming and selling child pornography in Michigan. These are just
• 11:44
  Speaker 4: some of the heinous migrant criminals caught because of President
• 11:48
  Speaker 4: Donald J. Trump's leadership. I'm Christine Noman, the United States
• 11:52
  Speaker 4: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 11:56
  Speaker 4: crossings are at the lowest levels ever recorded, and over
• 12:00
  Speaker 4: one hundred thousand illegal aliens have been arrested. If you
• 12:03
  Speaker 4: are here illegally, your next you will be fine nearly
• 12:07
  Speaker 4: one thousand dollars a day, imprisoned, and deported. You will
• 12:11
  Speaker 4: never return. But if you register using our CBP home
• 12:15
  Speaker 4: app and leave now, you could be allowed to return legally.
• 12:19
  Speaker 4: Do what's right.
• 12:20
  Speaker 2: Leave now.
• 12:21
  Speaker 4: Under President Trump, America's laws, border and families will be protected.
• 12:26
  Speaker 4: Sponsored by the United States Department of Homeland Security.