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The presentation and presenter is awesome. I could understand the concept well (untill the creation of block chain) looking forward to see more practical sessions on this.
thank you this video is nice to understand the concept of blockchain and bitcoin i have a doubt on this topic increasing the rate of bitcoin day by day if i can sell bitcoin more than the market value or less.
Thanks for watching the video, Sijin. Bitcoin brokers are selling you bitcoins from their reserves, and they need to buy and sell bitcoins to maintain their reserve. So, based on the behavior of the exchanges they use, bitcoin brokers will set a buy price that lets them replace their reserve bitcoins for the same or less than what you paid to buy them.
By far one of the BEST BlockChain tutorials on the Tube or anywhere I referred. I am a newbie and as such have few questions, which maybe trivial, from the Demo if you could help me with: 1. When you set up go-etherum in your the Ubuntu box with a genesis block, it meant to be the first block for a brand new chain (means there was no chain before). For a miner to validate and add a block, there needs to be transfers or transactions in the system between accounts. Since this is a blockchain which no one knows about and brand new how come there were transactions which the started miner was mining. Also in a new blockchain how does someone transfer ethers if there arent any as its the very beginning(as minting happens to provide incentives to miners if I understand correctly). 2. Secondly how does the ether generated/minted by this Demo system corresponds or convert to any real world currency like USD. Or what will it take to make these ethers to be sold for actual money. 3. If you kill this Linux box then will the blockchain will cease to exist. 4. How can anybody on the outside transact on this Demo blockchain? Thanks for all your good work! Love it!
Well explained for a newbie to understand the terms related to blockchain. The trainer is too good and communicated their thaughts very well. Thank you for such a good video.
In the last part of the video what i did not understand is, how the miners are checking wether the account is possessing sufficient balance or not to go through the transaction.
Thank you for the wonderful video sir!! For the question 'How do I mine actual bitcoins?' you mentioned in the end as we will see this in next lecture. I tried to search for the next lecture but could not find the one. Can you please provide the URL of the next lecture?
Considering the fact that you are talking about Bitcoin Blockchain, as mentioned in the protocol, the size of the block is 1 MB. The number of transactions that can be included depend upon the miners. In general, miners like bigger fees and smaller transactions and may prioritize them that way. Hope this helps :)
Hi Yadira, To buy or earn free bitcoins, you first need to download a bitcoin wallet, which is software that allows you to securely send, receive, and store funds in the bitcoin network. And, then use websites like Coin ATM Radar to help you find a Bitcoin ATM, which works very similarly to a regular ATM, except you trade your cash for bitcoin. But make sure you do more research on this before transferring money.
The practical you have shown in video is example of setting up own blockchain using the etherum backbone ? So the blockchain is internal and etherum has set of commands to access it ?
Hey Sushant, sorry for the delay. It is a private blockchain setup using Geth CLI and Golang for testing and practice purpose. It is just a simulation of the public blockchain. Hope this helps. Cheers!
good presentation , i am a resource with a good functional knowledge in banking / insurance and Retails sales domain. Yet have no basics of coding. Can i take up this course as i look out for shifting into this domain . Suggestions would be highly appreciated !
Hey Hari, you sure can. There are no prerequisites as such for this Blockchain Online Course. However, development experience on an object-oriented language, fundamentals of networking, and basic knowledge of command line & Linux would be advantageous. Further to brush up your skills, Edureka offers the following complimentary self-paced courses in your LMS:Linux FundamentalsNodeJs FundamentalsJavaScript Training Hope this helps :)
Hey Mayank, thanks for the wonderful feedback! You're in luck. :) We have launched a Blockchain course recently. You can check it out here: www.edureka.co/blockchain-training. Please feel free to get in touch with us if you have any questions or need any assistance. Hope this helps. Cheers!
What are the technical pre-requisites before learning Block Chain, Do I need to know Programming/coding and if it is, then What exactly do I need to focus on before going further in Block Chain.
Development experience with an object-oriented language is required. Also, fundamentals of networking and basic knowledge of command line & Linux would be advantageous. Experience with JavaScript, git will be beneficial. However, You will be provided with fundamentals of the following self-paced courses in your L.M.S. Linux Fundamentals NodeJs Fundamentals JavaScript training Hope this helps :)
Hey Geethu, no such formal degree is essential in making a career in blockchain. However, to learn and master blockchain you will need to have fundamental knowledge of Linux. Also, working knowledge of Javascript and Node Js will be essential. Check out our Blockchain training program here: www.edureka.co/blockchain-training We provide complementary, self-paced training for Linux, Javascript and NodeJs to help you get up to pace and start learning blockchain! Hope this helps :)
Hey mate!! Firstly many many thanks for creating such a worderful videos, I have susbcribed your channel once I got this detailed and interesting video. Also the method of your explaning things with taking the real time scenarios. I am very eager to work on Block chain not because this is new, but because the power of things are getting (customer info) immutable. Thanks again for this wonderful keypoints!! Cheers ;)
Hey Rishab, thank you for appreciating our work. We are glad that you liked our tutorials. Check out our Blockchain Certification training here: www.edureka.co/blockchain-training Hope this helps too :)
If the ledger is public and available to all, how can mining and transaction take place in just 2 minutes as the size of ledger is so big as of today ?
Hey Sushant, Mining is basically solving a mathematical problem. The time taken to mine different Blockchain is different and it depends on the difficulty level. Hope this helps!
You know that a video is gonna be good when they use Chandler and Joey as examples! Kudos to you for making things engaging by involving our F.R.I.E.N.D.S. :-)
Thank you for the kind words, Chiranjeeb! Involving simple and relatable anecdote makes learning fun and interesting. We are glad to know that it is being appreciated. Keep supporting us by liking, sharing and subscribing to our videos. Cheers :)
Hi, great tutorial, I am currently going through it and am at 31:00. I need to understand that since the max number of bitcoins that can be generated is capped at 21 million, because of which the blockchain system makes it increasingly difficult to mine the bitcoins, over a period of time, wont the reward proportion be reduced? And if the profit towards mining becomes negative, what will be the incentive for the miners to mine? Moreover, after 2040 (or whenever mining is not financially lucrative), since there will no more bitcoins available, who will act as miners and who will validate the transactions?
Hey Chandraneel! Yes the mining reward will reduce over time as the number of miner will increase and so will the value of bitcoins. As the minners will stop making profit from the actual bitcoin reward, they will make money from the transaction fees attached with these transactions. Hope this helps. :)
Guys: congrats on a great presentation...very simple and informative...just wanted to point out that on the slide at 52.00 it says "..Fowl Play.." Please change it to 'Foul Play..' Love from across the border..
Hey Malik, it's great to have learners from different places coming to our channel. We will definitely look into this. Do browse through our other videos and let us know how you liked it. Cheers :)
Hey Nivedha, yes you sure can. This is where our course will come in as a great help to you. We provide a practical real time project to work on at the end of our course, you can check out the details here: www.edureka.co/blockchain-training Hope this helps :)
1. A miner validates the transaction but what does other people do(the majority) ? 2. What type of mathematical problem needs to solved for miner to verify ?
Hey Manav, Firstly, you need to understand that everybody participating in the network has a chance at validating a block. So by semantic logic everybody can validate. But, some people have invested in high performance GPU's to have a better chance at validating blocks by solving the prrof of work. To understand more about the mathematical problem in proof of work ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-g5ExoEfnXNU.html Hope this helps!
If people can buy bitcoins with cash, how can the total number of bitcoins be restricted to 21 million? What happens when the number of transactions in 10 minutes is larger than the limit of a single block?
Hey Febin, sorry for the delay. "The math behind 21 million being the restriction on the number of Bitcoins is as follows: A block is mined every 10 mins, 6 blocks per hour * 24 hours per day * 365 days per year * 4 years per cycle = 210,240 ~= 210,000 Sum all the block reward sizes: 50 + 25 + 12.5 + 6.25 + 3.125 + ... = 100 Now multiplying these two: 210,000 * 100 = 21 million. The answer to your 2nd question, when there are more number of transactions than a block can hold, the miners prefer mining the blocks that has high fees and low transaction size to make more profit. So only these transactions are added in the block." Hope this helps!
Hey Reshma, sorry for the delay. The procedure is different to install go-ethereum (geth) on windows. The following link has the steps to install geth on windows www.easyeth.com/how-to-install-geth-in-windows.html Hope this helps!
Implementation of Blockchain technology is big, specially in the security sector. However, given the relatively less age of this technology new market implementations are coming up and we need more innovation to further drive growth of blockchain. Thanks :)
Hi Sangita, Thank you. You can check out the PPT for reference here: www.slideshare.net/EdurekaIN/blockchain-training-blockchain-tutorial-for-beginners-blockchain-technology-edureka?qid=9729f224-b000-4fa8-8544-fbec6033f303&v=&b=&from_search=9 Hope this helps. Cheers!!
Hi Santosh! Not as fast as visa, blockchain will surely be fast enoughl With things like ripple which makes cross border transactions super quick we can only see a flourishing future.
Hey M@her, thanks for checking out our tutorial. We're glad you found it useful. Development experience with an object-oriented language can be beneficial while taking up BlockChain training. Also, fundamentals of networking and basic knowledge of command line & Linux do come in handy. Experience with JavaScript, git will also be beneficial. But, you don't need to worry. Edureka provides you Linux Fundamentals and JavaScript Essentials self-paced courses complementary to help you prep for Blockchain. You can check out our course curriculum and other details here: www.edureka.co/blockchain-training. Please feel free to contact us if you have any questions. Hope this helps. Cheers!
Hey Phani! You can check out our course on Blockchain here: www.edureka.co/blockchain-training The course has 30 hours of lecture sessions which are conducted live and led by an instructor. We have 2 different batches - one for weekend and other for weekdays. Youcan look into either depending on your preference
Hey Eswar! You can check out our course on Blockchain here: www.edureka.co/blockchain-training The courses are conducted through live online instructor led sessions. The course has 30 hours of lecture sessions and has 2 different batches - one for weekend and other for weekdays. You can look into either depending on your preference
In the context of AML (Anti-Money Laundering) procedures, there seems to be an opportunity with blockchain transactions/ledgers to both, simplify AND accurately determine who owns what (as well as for more accurate credit monitoring), AND conversely to make it more difficult to do AML as the actual identity of those involved in the transactions are anonymous. How is AML to handle these potential, unscrupulous characters and their shifting capital? Great video, by the way! I learned quite a bit and I also really love that it was instructional as to the 'mining' process. I was just primarily interested in the 'explained/tutorial' portion, but the training was a nice surprise. Thank you!
Hey Ryan, you are right. Blockchain with it's ledger based system can prove to be a boon for AML procedures. Thank you for watching our video. We are glad that you liked it. Do browse through our channel and let us know how you liked our other videos. Cheers :)
Hey Ram, sorry for the delay. Firstly, miners don't create blockchain. They are the key participants of the blockchain network who are incentive's for verifying and validating transactions across the network.As of now miners receives 12.5 BTC for mining a block plus the transaction fee associated with each transaction that are included in the block. Hope this helps!
I really enjoyed your video; it was very well thought out and presented. The information was very educational and helpful. Thank you very kindly for your service to assisting in the revolution for a better NOW, for everyone.
Greetings! thank you for watching our video. We are glad to know that you appreciated our content. Do subscribe to our channel and stay connected with us. Keep learning and keep growing. Cheers :)
Hey there! I did not understand Double spending issues with present banking system. I even tried searching for answer on internet for the same but all was related to Bitcoin. So if you/someone cam explain me the issues would be great!
Its not the vote on the ledger. It's the number of confirmation of a particular block. Also to keep in mind here, the confirmation field is not mentioned in the block. block confirmation" count of a block is simply how many other blocks build on top of that block. Take for example the following three-block-long blockchain. Hope this helps :)
Getting below error while executing "make all" to build ethereum. util.go:86: git tag -l --points-at HEAD: exit status 129 error: unknown option `points-at'. Please help me in installation of ethereum.
You have mentioned that mining involves lot of Mathematical Problems to solve , but what I understood is only miner.start() and miner.stop() , its a matter of just giving computing power is that so? Well my understanding is this please let me know about this
miner.start() and miner.stop() is only on the test environment where no computational power is required(obviously because you are the one who is doing the transaction and it is correct).It is only to show that how mining happens in the actual environment.In the real time environment a lot of transaction is happening and mining is done to verify the records for that we need high computational power. Hope this helps :)
Sir you said that a transaction need to be validated and that validation is done by minor by mining the block chains and you said that mining needs lots of resources So doesn't it take much time to validate a transaction which makes bank transaction long time to complete transaction
Hey Naveen, Yes this does lead in a delay but when banks implement the blockchain as part of the environment, the customize it in a manner where there is no need for a miner to validate the transactions. This intern leads to a more secure and faster system compared to the existing system. Hope this helps!
Among the 'Ledger holders' being validated by the 'blockchain miners', as there are multiple 'ledgers' that are kept within the system. Think of it as a public ledger where multiple entities have open access to it. This is explained around the 20 to 24 minutes mark. There are variations of blockchain systems that handle transactions as validation differently, but still utilize the same fundamental idea. I believe Etherium uses a slightly different approach for greater transaction volume.
Hey Bulbul, "The null is expected. If you are mining you will see lots of messages in your console like this: INFO [07-25|18:46:25] Successfully sealed new block number=72 hash=d0316e…36554e INFO [07-25|18:46:25] 🔗 block reached canonical chain number=67 hash=a89be4…5a73be INFO [07-25|18:46:25] 🔨 mined potential block number=72 hash=d0316e…36554e INFO [07-25|18:46:25] Commit new mining work number=73 txs=0 uncles=0 elapsed=158.932µs Try the following: eth.hashrate will show you whether you are mining (make sure the number is a non-zero number). If you are not mining, try explicitly starting the miner with one thread e.g. miner.start(1) Though I wonder... are you mining on a private network / testnet?" Hope this helps!
Hey, Blockchain is a technology of distributed network. And every peer of this blockchain network has a separate but same copy of ledger which can't be changed. And there are some platforms to develop such private blockchain, like Hyperledger fabric, hyperledger sawtooth, hyperledger indy, corda.
si.. if some one(miners) validate the transaction..one block will be added to the blockchain,,and then they will be credited with 12.5 bitcoins.. so if miners validate 1680000 transaction..and 1680000 blocks will be added to the blockchain..so if they get 12.5 bitcoins for validating each transaction...for 1680000 blocks they will get 21 million bitcoins... so after this what will miners get if they validate transaction..
Hey Bubesh, 1.Block rewards decreases every year 2.It is impossible to mine so many blocks as a person.For that you would need some enourmous computing power. But logically if someone did validate so many blocks he would defnitely have 21m bitcoins Hope this helps!
Hey Musheer, sorry for the delay. The creation of Ethereum environment for development is presently only restricted to Linux environment. Hope this helps. Cheer!
Hey Yogesh, thank you for the feedback. We will definitely look into making improvements on this in the future. Do subscribe and stay connected to us. Cheers :)
Hey! DAG stands for directed acyclic graph. This is represented in the file as a matrix. This will define how the transactions are allocated to the miners to validate them Hope this helps. Cheers :)
Hi Team, I have few queries. What kind of opportunities we have with this course? will this course helps us only to get a job or can we setup something like self business?
Hello, BlockChain is one of the hottest technologies today and learning it now, when there are not many professionals who know the technology, will set you apart and give you an edge. Our course will help you learn everything you need to know to work in BlockChain and make you skill-ready for related profiles. You can use the knowledge for self-employment too. You can check out our course here: www.edureka.co/blockchain-training. Please feel free to contact us at +91 90660 20867 if you have any questions. Hope this helps. Cheers!
Greetings! BlockChain technology in itself has a promising future. Apart from it's wide use in crypto-currencies, BlockChain has been integrated into various sectors of the economy. In 2016, ICICI Bank announced that it had completed a cross-broder transaction via BlockChain. You can either look for a job in this sector or look for starting up something on your own with currency mining or trading in these currencies.
Hey Puneet, sorry for the delay. For a transaction to be validated, at least 51% of the network nodes should accept that transaction. If a miner changes the data then other nodes in the network will reject the transaction and hence the changes made by the miner will not be in effect. But if 51% of the nodes in the network agree on a fake transaction then the data can be changed. Hope this helps!
Hey Avichal, thanks for checking out our tutorial. Here's another Blockchain tutorial that you might find useful: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-9qfxLo1rt1Q.html. Do subscribe to our channel to stay posted on upcoming tutorials. You can also access our complete training in our course here: www.edureka.co/blockchain-training. Hope this helps. Cheers!
Hey Suresh, blockchain makes use of a Hash algorithm to encrypt all the information that is passed and stored in it including the user's related information. This gives the user the visibility of the working of the system at the same time maintaining the anonymity of its users. Hope this helps!
hello sir, if anything is created that has to be stored in some place like memory or any hardware devices......So where is that blockchain is stored.........ok in the network where it is stored ....i want an exact place .....can you please clarify this answer
Greetings! You can refer to this link to clearly understand the concepts of 'Wallet' and 'Blockchain'. bitcoin.stackexchange.com/questions/1600/where-are-the-users-bitcoins-actually-stored Hope this helps. Thanks :)
37:00 what if initially when the minors were less we could then change the transaction details and have propagated that false transaction to the majority users?
Hey Amit, In order for a group for a group of hackers to manipulate the Blockchain, they need to have access to more than 51% of the resources. Let's say a public Blockchain is running on 100 system, the hackers need to gain access to at least 51 of these systems in order to completely manipulate the Blockchain network. Since the current Bitcoin Blockchain is using resources across the globe, it is not possible for a group of hackers to gain 51% majority to manipulate the Blockchain. Hope this helps!
Thank you Deepa! We will definitely convey your message to Neel. Words like these are our motivation. Keep learning by subscribing to our channel. Thanks :)
Hey Dinnu, in order for a group for a group of hackers to manipulate the Blockchain, they need to have access to more than 51% of the resources. Let's say a public Blockchain is running on 100 system, the hackers need to gain access to at least 51 of these systems in order to completely manipulate the Blockchain network. Since the current Bitcoin Blockchain is using resources across the globe, it is not possible for a group of hackers to gain 51% majority to manipulate the Blockchain. Hope this helps!
Hey Razak! Drop in your contact details(we won't make this post public) and our experts will give you a call to have a counselling session.Alternatively, you can give us a call @ +91 88808 62004
Thank you for watching our video :) Yes, you can install it on Windows 10 operating system. You need to first install VirtualBox software and create a virtual image of Ubuntu operating system, then you can follow all the steps in this video. Do subscribe, like and share to stay connected with us. Cheers :)
Hi Edureka, During the installation of go-ethereum I have faced issues that are "/usr/include/gnu/stubs.h:7:27: fatal error: gnu/stubs-32.h: No such file or directory" in multiple times. And also problem in executing the command of genesis block, it shows /home/itontnk-005/go-ethereum/build/bin/geth: No such file or directory. The command is /home/itontnk-005/go-ethereum/build/bin/geth --datadir ~/ethereum/net3/ init genesis/genesis1.json ... Give me solution on this. Thanks Inadvance.
Hey Prahlad, thanks for checking out our tutorial. We have communicated your request to our team and might come up with something on these topics in the future. Do follow our channel to stay posted. Cheers!
That's great Salihath! Edureka’s Blockchain Online Course will provide an overview of the structure and mechanism of Bitcoin, Ethereum, Hyperledger, and Multichain Blockchain platforms. You will learn to set up your own private Blockchain and deploy smart contracts on Ethereum. For complete course details click over here: www.edureka.co/blockchain-training?qId=b42adbacb27732fe1719732cc8b9fa0f&objId=14118740&objPos=1. If you do have any doubts or queries, please feel free to reach us at 91 98702 76457 or 1844 230 6362. Alternatively, you can mention your email ID over here and we will get one of our experts to get in touch with you. Cheers!
hi sir i;m unable to complete this installation getting warning during adding 3 export command in .bashrc..[** (gedit:3607): WARNING **: Set document metadata failed: Setting attribute metadata::gedit-position not supported] reply me as soon as possible sir
Hey Avichal, thanks for checking out our tutorial. We have communicated your request to our team and might come up with something on this topic in the future. Do follow our channel to stay posted. Cheers!
