DEVCON1: Ethereum for Dummies - Dr. Gavin Wood 

Gavin made a fleeting comment that foreshadowed his development of Polkadot.

@@deanmindock3680 where in the vid is it?

@@DeenSomally near the end. when the attendee asked gavin about private chains

you should be the one who explains what eth is lol

Learning it now... How much has ETH / USD? In the last 3 years? I knew about it at least for 3 years

@@TheTeslaTess eth was around 200$ when I was in high school (2016-2017). All my friends were using it to gamble haha 😂.

+Kombaiyashii it's not about the distributed computer power like a supercomputer/cluster, because the performance is actually pretty bad. Ethereum is more about feeding that whole, global database (that it is) with information that can't be changed arbitrarily. You can create a subset of rules (contracts) that could 'own' some information and e.g. alter it according to who acts on the contract. In the first instance, that 'information' most of the time represents 'value' of some kind (money, ownership, voting power, etc....). One example scenario (amongst millions of others): Imagine you could feed a contract with a token of ownership of your house. Since you have no descendants, you want the ownership of the house to pass on to the poorest member of your community. The contract could get information of all assets of all the members (however that will be) and automatically transmit the ownership of the house to the one with the least. The possibilities on the degree of rules you define and the interoperation with other contracts are pretty much unimaginable. The point is, that the public key cryptography ensures that everyone could have access to the information, but no-one can change information by directly manipulating the data itself. so a contract, once reviewed by the participants and omitted to the network, can't be fooled or altered. So that's why it's called a world computer. Don't think of it too much as a big computer with lots of computing power and storage (which is a concern), but rather as a big network of those contracts operating with each other and exchanging/signing over value-inplicating information. You could, of course, create a contract, that checks if someone is hosting computing-power and storage for your big-bang project, and pay him a reward according to the amount.

same

my thoughts exactly.

Exactly

+obliquidie It just requires 45 minutes of research on common terms.

this invention is by no means "by the wayside" anymore

To be fair, this is a developer conference, and the speech was designed for that.

It's a dev conference. When he says he's stripping out the jargon he's probably referring to the crypto domain at large which is even more esoteric than plain old software development.

vobbie'sChannel host should be similar to bitcoin miners. bur i'm also just new to this stuff

Have to keep research efforts going then

+One Day At A Time yes send me some and a pm 0x3f246d052a3f0490cce425665142dc137690714b you will receive it in the post :D

yes but if you did that 4 years ago when 1 Eth was $10 you'd be cursing yourself today. That's a $600 hot dog and nachos combo!

Google doesn't really have a monopoly, they do not have sole control over any particular industry, product or service. They may have a lot of hands in many industries which lead to thier breakthroughs in technology. I think the concept of monopoly in the presenter's standpoint is the perspective of control. No one natural person, entity, community, or government should have overwhelming control over any particular service, product, power, or otherwise unless rightly distributed to the people as a whole.

yesssss

Michael Chambers that's what I was wondering. like wtf is he about to unleash lol

Why? its the users that control whether they will use it or not. Thats the whole point of decentralization. This also means, corporations or governments cannot shut it down.

Me puedes mandar esta información en español. Gracias

+Rick Tuinenburg Where is the data physically stored? Is it split across a certain amount of nodes on the Ethereum network? And what happens if all those nodes go down? Is the data then lost? Also what happens when you get more data than you can physically store on the nodes? Is that even possible. This all sounds extremely vague and abstract.

nice explanation. it helped me wrap my head around this a bit. i think the cynic in me balks at the "cannot be taken down or changed unless multiple anonymous developers around the world agree to do so" part. at the end of the day, it's still people. which can (and will) be subject to coercion to "vote" in favor of the powerful. this platform may shift the power around, but power is still power, and humans are still humans.

I guess if the people in power subpoenas Github, and finds out the IP address of each developer who worked on the business logic portion, gets warrants for each developer that might be spread around the world. Some developers will lawyer up, and now they need to convince each one to take down/edit the business logic code. I guess it's possible, but definitely not easy. I just thought of another way to make this even harder, the developers could launch a bot to be part of developer mix, and that bot will need to be instructed to vote alongside the humans. Hard for the people in power to track down a bot and coarse it to go along with their demands.

Rick Tuinenburg yes much better this was crap attempt in comparison

Well, we won't necessarily call it a cloud..rather it gets deployed in a network..now many nodes in that network could be part of a cloud or not ..doesn't matter. Also not "Copy of cloud"..rather an image of that package!

Look at the price when you posted this then look at the price now. Wish you would've bought some yet?

wish i was so luck like you all here. i find out about crypto 2 months ago. that is so unfair. in 2 weeks i made 90k , but now the marked crash

Ethereum is a worldwide network of computers that maintain inalterable and public "database" and running engine, accessible by anyone. This network offers data storage space and computing resources. ETH is the currency that allows you to buy computing resource and data storage space on this network.

Yes, Andreas is good enough for that job. However, I don't think he is interested in Ethereum enough to study it extensively. I'm more than satisfied with the level of quality education and contribution to Bitcoin by Andreas. Would Ethereum still exist without Andreas pushing public adoption of Bitcoin?

i didnt exactly get what your question is, im basically learning the depths of blockchain right now lol ( still early? maybe) but im really curious after 5 years, did they give answers to your questions? how it evolved? It seems you were asking the questions which today they are trying to answer with NFTs and maybe metaverse? also hoping you bought eth when you watched this and you are a millionaire right now =))

+Kaybe23 It's an alternative to fiat money. You should be able to buy anything you want for it. It all depends on how many companies would adopt the currency.

+Kaybe23 You buy 'gas' with it which is burned when transactions are processed

+Kaybe23 To run your program you will need to get some ethers to power that program. This will require you to buy some from someone. They will want to sell it at the highest price, just like any commodity or service.

+openmy3rdeye I have a BTC account. When I buy more BTC, I pay with my country's fiat money. When I sell it, I receive the funds as my fiat currency. If you live in Europe, you are buying BTC using fiat currency and also when selling it. How is this an alternative to fiat currency? BTC is seemingly "backed" by fiat currency, not by any tangible asset.

+xywy xywyyw +Kayve23 Ether is virtual oil and 1 ether = 1 barrel. You will "burn gas" (AKA fractions of Ether) to sign contracts, exchange money, play games, fulfill profiles and surveys, ect. Ethereum will release the "Mist browser" that the masses will run DApps (decentralized Apps - like a new App Store) created by devs (developers) for your life to be easy and fun and better. You will get paid (corporate ad revenue) to be on new social sites, you will vote for the president and invest your money on Ethereum; AKA "The Trust Machine"

they fix it a few mins in. It is a live presentation after all

Turn up your speakers

Nice

Nice analogy Turtles, current, fish

Cant write code for something you haven't the foggiest clue as to what it even is.

what?

@@SsmarcosS41 a

which question?

+11kwright Eh, buy Ether (but PLEASE, only as much as you can afford to lose) and let the techie wizards off on this trip! (You know, like we do when we trust banks with our money, only these guys will explain to you why you can - but like me, you won't understand them either!)

your comment has absolutely no meaning.

he's talking about a massive sweep of EMP's ...Big enough to crack enough nodes to do real damage.

What is/are an EMP(sweep)?

I don't get what you mean. The ledger is stored in multiple places unless some ingenious individual managed to fault all the connected substations in the multiple countries/places as well as the n-1 contingency back up power.

electromagnetic pulse (EMP)

+LetsGetItStartedNow Exactly, a step by step how to in creating your local currency with ethereum that would be extremely helpful.

+King Churchill get the etherum wallet u can do it in there

if you want to interact with contracts, you would need to download mist, github.com/ethereum/mist/releases/ as for purchasing DAO tokens for TheDAO.org, you can use either mist or www.myetherwallet.com/

No. Skynet was an artificial intelligence.

Made.me.smile

If I understood the process its meant to counter money laundering

if there were no ledger I could spend your currency and nobody would know that is wasn't mine. Having a ledger gives it credibility.

ledger is what gives it value , it is not backed by gold or any tangible good

Terrible answers to this question