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May 12th 2022 Extra Credit Notes
- Medha Parlikar: Chief Tech Officer
Launched a new type of crypto, not in the US
Casper Labs: Built casper protocol and released to public open source community for blockchain
Used to work in tech companies for 25 years until recent job
- Bitcoin is important as the government is printing more money (Reason why crypto is important)
Harder to buy a house later on
Bitcoin is algorithmically defined so it wouldn't change that much
Blockchain is top skill in linkedIn which means it's going to be more important later on
Blockchain will shape the future and increase the chances of getting jobs in the future
Not need for a job to work at blockchain as it's all open source
Many people gain businesses, products, and wealth by using blockchain
Amount of bitcoin is already set and won't increase in ridiculous amount
Blockchain started in 1991-2008
Casper Labs was found in 2018
Many generations of blockchain, ethereum is second. BTC Blockchain keeps complete track of BTC
Ethereum takes BTC and adds computation to it. BTC keeps balances, ethereum keeps track of outcomes of a program executing.
Peer to Peer network means that there is no central server and people can just communicate over a protocol.
Peer to peer that agrees on a transaction stored as pages on a ledger
Hashing: Keeps transections secure
Hashing system keeps blockchain intact unless if someone tempers with it causing it to cancel
Concensus Protocol: Allows Peers to communicate. (Solution to Byzantine Generals Problem)
Consensus makes all users agree on one way of communication. They exchange messages through a protocol to see if they're correct
Needs to be peer to peer, Safe, when transaction goes to BTC. It won't be wound back.
Takes 3 Days to send money over seas
Swift: Third Party; send money from bank to swift then swift sends money overseas
- No one trust each other so they trust protocol.
Bitcoin is very fast and more secure compared to natural bank transfer.
Blockchain nodes operates as if it's a google doc, Everyone can see changes in real time.
Certain amount of transactions goes through a block. Blocks are stacked onto blocks onto one major blockchain. Run through every blocks to get to the one you want, takes about 2 terabytes (about 2-3 weeks to run all the transactions again). Updates the global state trie.
Stay in sync through messages and transactions
anyone can reach the top of ethereum by syncing
At Casper, two unique consensus protocols
Hashing is security through work as it takes a ton of work and gains more time and expensiveness
84% of enterprises are looking at blockchain
Never share secret key with people
-Secret Key allows you to send crypto to other people
Can share public key (Receiver of people sending you crypto)
It will be harder to buy houses in the future so it might be best to start investing in crypto
Hashing protects peer to peer transactions and will cancel if it has been tempered with
Takes 3 days to send money overseas with Swift since no one trust each other
Bitcoin is very fast and more secure compared to natural bank transfer