Why did the blockchain break up with the database? Because it found out it was just too centralized… đź‘€
Join us as Dr. Marco Krohn delves into the origins of Bitcoin, reflecting on the visionary Satoshi Nakamoto and the evolution of blockchain technology.
We discuss the advancements in AI and machine learning that have bolstered Bitcoin’s capabilities and the broader implications of deep neural networks in shaping the future of artificial intelligence.
Full show available in our channel. Watch now! ⤵
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date: 2024-07-26 15:26:13
duration: 00:01:00
author: UCxGZYIc6-akBzB_lcxc_i0Q
Bitcoin & Web3: Explained Simply | How Bitcoin, Crypto and Web3 can be Explained to a 6-Year-Old
In this transcript, a 30-year-old Web 3 DeFi tech editor explains the concept of digital currencies and their limitations. They start by stating that many people have attempted to create their own currency throughout history, but the problem remains that these attempts are often controlled by a single entity, which can be a major risk.
The editor explains that when there is a single central authority controlling a digital currency, it can lead to issues such as:
- Risk of central entity running away with the money
- Risk of government shutting it down
- Single point of failure (if the central entity goes down, the entire system goes down)
This centralized control is seen as a bad idea for a monetary system, as it can lead to instability and loss of control.
The narrator then alludes to the concept of Web3, a new generation of decentralized internet applications, which aims to solve these issues by distributing power and control across a network, rather than relying on a single authority. They mention that Bitcoin, a type of cryptocurrency, is one example of a decentralized system, where transactions are recorded on a public, distributed ledger called a blockchain.
In short, the transcript highlights the importance of decentralization, security, and distribution of power in the world of digital currencies and Web3, and how these concepts can be applied to create more stable and secure systems.
Some general DeFi (Decentralized Finance) facts:
- DeFi is a rapidly growing sector that uses blockchain technology to create decentralized, open-source financial systems.
- Decentralized applications (dApps) can be built on top of blockchain networks, such as Ethereum, to create applications that operate autonomously and transparently.
- Decentralized lending, trading, and borrowing platforms are just a few examples of the various DeFi applications that are emerging.
The world of DeFi is all about creating more secure, transparent, and accessible financial systems, and the concepts outlined in this transcript are just the tip of the iceberg!