How does a blockchain work - Simply Explained

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  • Joseph Afolayan
    Joseph Afolayan День назад

    T

  • Fay Akat5uki
    Fay Akat5uki День назад

    good

  • Thao Viet
    Thao Viet 3 дня назад

    This video is great. Definitely will come back again

  • DIGVIJAY TRIPATHY
    DIGVIJAY TRIPATHY 4 дня назад

    greatly explained
    nice

  • Johnny G
    Johnny G 5 дней назад

    And its a great way to avoid tax and create a currency that physically does not exist. Very dangerous if not strictly regulated but i think that is the aim and private firms should be banned from converting legal tender into cryto. Its a scam and nothing else and regulators need to step in a smack it down.

  • MegaBeast41
    MegaBeast41 5 дней назад

    what do they mean by tampering? trying to hide a transaction, extract sensitive personal information from a block, try to change the amount of a transaction, etc.? who/what entities try to would want to tamper with a block?

    • MegaBeast41
      MegaBeast41 7 часов назад

      +SAL thanks for the clarification! This is the main concept I didn't understand about blockchain

    • SAL
      SAL 11 часов назад

      +MegaBeast41 The development of bitcoin is definitely a bigger improvement than "4 to 5G". The jump improvement is more like how communication technology was drastically changed with the creation of the internet. We are just not at a level of adoption to notice it yet.

    • MegaBeast41
      MegaBeast41 2 дня назад

      +Simply Explained - Savjee so blockchain is just the next step forward in data security that will bring new ways of doing things? For example, 5G is the next improvement vs. 4G, although 5G far more capable and creates new opportunities, it's just the successor of 4G technology. I feel like people tout blockchain as if we've invented teleportation from ground zero, but it's simply just some new and improved technology.

    • Simply Explained - Savjee
      Simply Explained - Savjee  2 дня назад

      Exactly like SAL pointed out. Imagine you could tamper with the databases of your current bank. There are a lot of people interested in tampering with the system because it would make them wealthy. But so far it has proven to be difficult (as long as there are enough "honest" people on the network).

    • SAL
      SAL 5 дней назад +2

      Tampering is referring to trying to change any previous transaction or block. Many people would love to cheat any system they can to get more money if they can get away with it. When it comes to bitcoin, it just isn't possible to do so.

  • Alif Adzlan
    Alif Adzlan 6 дней назад

    what software do u use for your presentation? can it work like Powerpoint?

  • Tech4All
    Tech4All 7 дней назад

    very good explanation of what blockchain is. But why or how this makes it possible to revolutionize the way companies communicate ? I try to give an answer in a video I just posted, maybe it will help some people.

  • Everard Cooper
    Everard Cooper 9 дней назад

    This honestly gives me hope for the future. Thanks 👍

  • Tyrone Sherman
    Tyrone Sherman 10 дней назад

    Does anyone know the program that was used to creat this video? Any feedback would be greatly appreciated

  • Enemchukwu Nonso
    Enemchukwu Nonso 11 дней назад +1

    Can someone go into real estate business through Bloch chain

  • Anurag Pradhan
    Anurag Pradhan 11 дней назад

    Data can be added but not tampered with. WIll adding a new data data change the hash value?

  • Tom As One
    Tom As One 14 дней назад

    I had to stop the video because of it's awful audio. Please fix this, your information is great!

  • Raining Glass
    Raining Glass 15 дней назад

    linkedList hashes

  • shivendu singh
    shivendu singh 15 дней назад

    Very quality content.

  • Monkeyninja Studios
    Monkeyninja Studios 16 дней назад

    Talk about eaglex

  • Simao Campos Neto
    Simao Campos Neto 20 дней назад

    Very clear. Thanks!

  • Subhom Das
    Subhom Das 20 дней назад

    Finally I understand after watching tons of videos in youtube . Thank you sir.

  • Dx Mx
    Dx Mx 20 дней назад +3

    I never understood why all the mining is necessary for bitcoin thanks to this video it finally makes sense, thank you... but it's still stupid and a horrible waste of resources

  • shyamalima buragohain
    shyamalima buragohain 22 дня назад

    Thank you so much...finally I understood...😀😀

  • Ashley Ball
    Ashley Ball 23 дня назад +6

    What do you make your presentation in?

  • abhay sapru
    abhay sapru 25 дней назад +2

    Recently etherium classic which uses proof of work algo was hacked..

    • SAL
      SAL 21 день назад

      +Rociola here ETC got 51% attacked - this can happen without much effort to smaller coins.

    • Rociola here
      Rociola here 22 дня назад

      Wait what

    • abhay sapru
      abhay sapru 24 дня назад

      +SAL etherium classic was hacked using eth algo by some asic miners which gave them high hash power / rate to build an longer chain than the public chain allowing them to do double spending.Thats the reason why etherium has delayed their new release and also they have come up with ppow programable proof of work.

    • SAL
      SAL 24 дня назад

      This shows that only the largest POW coins are safe. I predict BCH and BSV will be next to be attacked.

  • snykan
    snykan 27 дней назад

    Great explanation.

  • preyash gothane
    preyash gothane Месяц назад +2

    Is there any dependencies in blockchain?

    • Bitcoin Real
      Bitcoin Real 22 дня назад +2

      preyash gothane i know a lot of scammers are out there tho it’s really hard to believe I know none of you guys will believe this.. I really Appreciate what’s hackercheung@gmail,com did for me he got my wallet hacked with 5BTC to my wallet address

  • Tamer Ahmed
    Tamer Ahmed Месяц назад +2

    How can I use this technology?

    • Bisalee Thonger
      Bisalee Thonger 9 дней назад

      Taheer wanna buy Weapons it seems :D (jk)

    • SAL
      SAL Месяц назад

      You can use bitcoin for global transactions.

  • Raiden Yoshiya
    Raiden Yoshiya Месяц назад

    A very summative information I admit, blockchain really is the future of gathered info's and stuffs as well. Data seems to be transparent but seemingly in beneficial measure, no wonder why currencies in crypto is that anonymous in its guarantee and reliability.

  • capnthepeafarmer
    capnthepeafarmer Месяц назад +1

    Ok, but how do companies make money with it?

  • Galib Al Abdullah
    Galib Al Abdullah Месяц назад

    Very easy to understand. Thank you @Bangladesh

  • Kalpesh Popat
    Kalpesh Popat Месяц назад

    does it even work ? this process is for people who adhere to rules.... a person who is trying to hack is not going to wait for "proof of work" they will just edit any past block that interests them and get done with it. replicating it across multiple copies may protect it , but then how many times does a system validates the previous blocks ? and after how many copies do we safely say the system is secured ? and how is the summary maintained - like what is my bitcoin wallet balance ? who maintains it and protects that information ?

    • SAL
      SAL Месяц назад

      The thing is, the system works ONLY for the people who follow the rules. Faked blocks or transactions are simply ignored. Editing a past block does nothing because referencing it for a new transaction will instantly make it invalid to all the other nodes. Nodes only need to validate past blocks once, and the proof of work ensures it has been unchanged. Each new block mined makes all previous blocks more secure. Each node keeps an identical running tally of all unspent transactions (called the UTXO set) - from this, it is easy to figure out how much bitcoin is contained in addresses associated with any particular wallet.

  • Areej Abdu
    Areej Abdu Месяц назад

    you're saying thank you for watching,, well, thank YOU for the good explanation, really thank you !

  • Tashi Jawed
    Tashi Jawed Месяц назад

    This reminded me of Linked List :-P

  • xzavaire1
    xzavaire1 Месяц назад

    Omg thank you. I had to make sure I understood this before investing in it

  • nguyen thang
    nguyen thang Месяц назад

    xung de tu t

  • nguyen thang
    nguyen thang Месяц назад

    hay
    hay
    dc

  • Audrius Simonis
    Audrius Simonis Месяц назад

    just imagine man if we going abroad and we dont need those ugly foking exchanges to use how sick is even that???? at the moment they like gangsters collecting money from us just like that cause we traveling hiw stupid is this in 2019 it should be 1 currency of whatever but free can not wait for changes finnaly humanity are fighting for some freedom its just amazing honestly so good luck to everyone and never stop believing and fighting

  • Jan Cronje
    Jan Cronje Месяц назад

    Thanks

  • Chakra Lama
    Chakra Lama Месяц назад

    A useful explanation about blockchain

  • Shivajeet Singh
    Shivajeet Singh Месяц назад

    So many videos and finally a video where it is explained the way it should be. Thanks a bunch sir!! Good going. Earned a subscriber.

  • Francisca Raddatz
    Francisca Raddatz Месяц назад

    no entiendo absolutamente nada ayuda

  • C P
    C P Месяц назад

    I got it the first time, technology goes over the heads of half tech heads because they think In damn code instead of basic concept. When code is just basic concept without personification attached. Sorry guys.

  • westcoastkilla2009
    westcoastkilla2009 Месяц назад

    And i still dont understand when you generating first block where it stores. Its some file ? Can i modify first block or delete it ? How you spreading first block ? If I download copy of blochain we will be for example 3 owners of copies then 2 of us can attack network ?

    • SAL
      SAL Месяц назад

      Yes, the blockchain is a file that is stored on the computers of everyone running a full node. you can try to modify it, but then the rest of the network will disagree with your changes (you'll get zero benefit from trying to change it).

  • Jiansen Zheng
    Jiansen Zheng Месяц назад

    In one word, it’s a network of linked lists with hashes, I’m gona launch a BlockTree!

  • 楊騏 宇
    楊騏 宇 Месяц назад

    But how to prevent criminal use this as their tool we need to know

    • SAL
      SAL Месяц назад

      Same way you if you want to stop criminals from using phones or cars: go after the criminals and put them in jail!

  • baedddaragi kim
    baedddaragi kim Месяц назад

    Block chain is new revolution.

  • Nicolas Queijo
    Nicolas Queijo Месяц назад

    What about hash code collisions? Would that be a problem?

    • Simply Explained - Savjee
      Simply Explained - Savjee  Месяц назад

      Yes and no. It would compromise the security somewhat but individual transactions are still protected because they are signed.

  • Ramesh V
    Ramesh V Месяц назад

    Very lucid..Thank you.

  • tommobeast2
    tommobeast2 Месяц назад

    Still lost

  • Dora The Explorer
    Dora The Explorer Месяц назад

    This is like Registration Law and Negotiable Instruments.

  • Ibrahim Rabhi
    Ibrahim Rabhi Месяц назад

    Thank youu... could you tell me please what program did you used to make this video?

  • Hammer Sandoval
    Hammer Sandoval Месяц назад

    Bit is the biggest ponzi in history.🤣🤣🤣

  • S. i.
    S. i. Месяц назад

    end of USD

  • soohoevy
    soohoevy Месяц назад

    I think this is a good investment opportunity.

  • Pratip Sarkar
    Pratip Sarkar 2 месяца назад

    I don't really get it what is Proof-of-work?

    • Pratip Sarkar
      Pratip Sarkar Месяц назад

      +SAL thanks a lot. Now I've understood what it is...

    • SAL
      SAL Месяц назад +1

      Basically, proof of work means there was computational energy spent on securing the network - and this proof of work can be verified by anyone running a node on their own computers. This gives a distributed system that does not require trusting anyone.

  • Cosmo John
    Cosmo John 2 месяца назад

    Every block chain application eg. Crypto currencies , CAN BE HACKED. Any computer system can be hacked. "Very difficult to change it" The video even admits it can be hacked . Very hard to be hacked means can be hacked. There is no computer system that cannot be hacked. Computer is not the answer.

  • CRYPTO RAMEES
    CRYPTO RAMEES 2 месяца назад

    really helpfull video thanku sir

  • Henry Ly
    Henry Ly 2 месяца назад +1

    I’m not smart enough to understand block chain. Guess I won’t ever be rich. Guess I have to get a real job and actually provide a service or produce something and bring some type of value to the world. I won’t be able to be a millionaire sitting on my ass. Dam it, sucks to be dumb.

    • Simply Explained - Savjee
      Simply Explained - Savjee  2 месяца назад

      Well, maybe you're a smart man. I know a few people who wanted to become millionaire but ended up broke because of cryptocurrencies.

  • Matthew Mosley
    Matthew Mosley 2 месяца назад

    Couldn’t you just modify the hash of a block and AND the previous hash of the next block? Why do you have to modify all the blocks in order to make a change?

    • SAL
      SAL Месяц назад

      That wouldn't work - any old block that is modified will have an incorrect hash for all subsequent blocks.

  • sama foad
    sama foad 2 месяца назад

    Informative in a short time 👍

  • Ted Smith
    Ted Smith 2 месяца назад

    But, can I use one to tow a bogged car?

  • elnaz dadvar
    elnaz dadvar 2 месяца назад

    perfectly and simply explained, thank you!

  • Crypto Monkey
    Crypto Monkey 2 месяца назад

    Booooooring

  • Mark Dunn
    Mark Dunn 2 месяца назад

    Seriously great video man. I've read like 3 articles and left confused each time. Your video really glued it all together. Block Chain is exciting.

  • Shuforces
    Shuforces 2 месяца назад

    Mmmmh ... hard to get but I think I understand It a little bit now.

  • rocel Aidoma
    rocel Aidoma 2 месяца назад

    Great!

  • Robbie Culliton
    Robbie Culliton 2 месяца назад

    Finally I understand blockchain ! Brilliant explanation thanks

  • Khôi Bùi Đình
    Khôi Bùi Đình 2 месяца назад +1

    this vid sucks

  • Bùi Hưng
    Bùi Hưng 2 месяца назад

    very simple, thanks

  • komal Roma
    komal Roma 2 месяца назад

    very interestingly explained the whole process, cheers!

  • Mike Kleinsteuber
    Mike Kleinsteuber 2 месяца назад

    Nicely described. It would have been nice to have added how 'Proof of Work' is accomplished.

  • Simon Xyz
    Simon Xyz 2 месяца назад

    Thanks for the explanation!

  • PureHustler153
    PureHustler153 2 месяца назад

    Would anyone agree that blockchain structure is similar to a linked list?

    • SAL
      SAL Месяц назад

      a linked list that is secured by proof of work that is publicly distributed worldwide.

    • Simply Explained - Savjee
      Simply Explained - Savjee  2 месяца назад

      Yep

  • kellerr13
    kellerr13 2 месяца назад

    Blockchain is nothing but CRC 2.0

  • bert boer
    bert boer 2 месяца назад

    Thank you for this video, so much clearer than the others. Very nice.

  • SHAM XHAM
    SHAM XHAM 2 месяца назад

    Extraordinary project!!!!

  • Karan Krishnani
    Karan Krishnani 2 месяца назад

    Nice!

  • Sarah Daniels
    Sarah Daniels 2 месяца назад

    Would it be correct to say that blockchain is the way crypto currency works, not the crypto currency itself? It’s the process of moving and recording transactions?

    • Simply Explained - Savjee
      Simply Explained - Savjee  2 месяца назад

      Yes, cryptocurrencies are built on top of a blockchain. A blockchain is just a tool that allows you to store data distributed and so that it can't be changed anymore.
      What data you store is unimportant. But cryptocurrencies obviously store transactions.

  • Neonexus
    Neonexus 2 месяца назад

    I'm still not 100%, but this video has been the biggest help so far

  • Jake O
    Jake O 2 месяца назад

    I finally get it. Well done. I have been trying to figure out what blockchain was for a very long time and nobody seemed to be able to explain it.

  • Se-Hyun Yang
    Se-Hyun Yang 2 месяца назад

    sorry i dont get it why do you tamper hash? dont you want to tamper data?

    • Simply Explained - Savjee
      Simply Explained - Savjee  2 месяца назад

      It's the inverse. In the video I tampered with the data and because the data was changed, the hash changes as well.

  • mymaninchampagne
    mymaninchampagne 3 месяца назад

    At last, an understandable explanation of blockchain with clear, simple and yet informative illustrations and commentary. Thank you

  • INFOCENTRO SUN-SUN
    INFOCENTRO SUN-SUN 3 месяца назад

    BUENA EXPLICACION

  • palatable johnson
    palatable johnson 3 месяца назад

    alot of people having all these questions and criticism
    if you would criticize fiat currency the same way, none of this would be necessary

  • TECNO MUNDO
    TECNO MUNDO 3 месяца назад

    Does anyone got the script of this video?

  • Literally Felicity
    Literally Felicity 3 месяца назад

    What a clear explanation, even people that are not familiar with cryptocurrencies can grasp this.

  • JB
    JB 3 месяца назад

    4:30-5:00 is a great summary.

  • Menasha de Silva
    Menasha de Silva 3 месяца назад

    thank you! this pace was easy to keep up with. the graphics helped as well.

  • Mindaugas Žilionis
    Mindaugas Žilionis 3 месяца назад

    This explanation gives a very good explanation of a principle, but I still struggling to understand how money can be sent from USA to Germany by not using banking system.

  • David Appleseed
    David Appleseed 3 месяца назад

    You saved me for my AP project because this explained everything i needed

  • In4cer in4cer
    In4cer in4cer 3 месяца назад

    Thanks for what you are doing. Just discovered your site.

  • Paul M
    Paul M 3 месяца назад

    Thanks that makes sense. The term 'blockchain' is so weird. Nothing intuitive about its meaning!

  • BLiNK like Limario
    BLiNK like Limario 3 месяца назад

    Where my fellow ENP students at?

  • Brad Smith
    Brad Smith 3 месяца назад

    Neat project!

  • John Cena
    John Cena 3 месяца назад

    Your voice sounds like Great Scott's voice!

  • Thanin Thavonsassanavong
    Thanin Thavonsassanavong 3 месяца назад

    Dear Xavier,
    Thanks so much for the video which really simple and very easy to understand the basic concept
    of blockchain technology.
    By the way, at the 1:15 minute from the "How does a blockchain work video", you explained that the data
    in the bitcoin transaction will have only the "From" (Sender), "To" (Receiver) and "Amount"
    (amount of bitcoin to be send) data.
    But, May I wonder how the blockchain node could know that the sender has enough amount of bitcoin to send and
    how the blockchain node update the amount of bitcoin in the sender and receiver wallet?
    Thanks so much in advance for your kindly advice,.

    • Simply Explained - Savjee
      Simply Explained - Savjee  3 месяца назад

      Sure! It's actually really simple. Each node on the network knows about all the transaction that have ever happened on the blockchain. If I received 6 transactions of 10 coins, then each node can calculate that my balance is 60 coins. So in summary: checking the balance of a wallet means checking all the transactions to and from that wallet.

  • MyCatFooed
    MyCatFooed 3 месяца назад

    This seems easily beatable to me. All you need, other than many very powerful computers, is a fellow group of conspirators -- The 51% result would be simple to achieve quickly, and further, higher %s appear theoretically possible, as long as you limit the new members of the chain and maintain the integrity of your fellow cohorts.
    System beaten. No?

    • Simply Explained - Savjee
      Simply Explained - Savjee  3 месяца назад +1

      It depends on the size of the blockchain network. In Bitcoin's case it is going to be pretty hard to get that much computing power. But on smaller blockchains it's trivial (like you said). So the system is indeed beatable, especially proof-of-work. That's why many projects are working on new consensus algorithms (like proof-of-stake) to balance this.

  • Banking Innovations
    Banking Innovations 3 месяца назад

    Amazing and very "simply explained". Never seen such a simple animation for conceptualization of a technology. Kudos to the makers. Love it.

  • JK Hunter
    JK Hunter 3 месяца назад

    Great simplified explanation! Thank you!

  • answerBACK-films
    answerBACK-films 3 месяца назад

    I have never understood "proof of work" as a valid way to make the blockchain tamper proof. What exactly does the computer solving a puzzle have to do with proving a transaction was/is valid...this is bizarro world. And whats more it has to be first, like winning a prize...and then, irrelevant puzzle solved, this proves the transaction took place, somebody paid for a pizza somewhere" HOW DOES THIS PUZZLE WORK PROVE ANYTHING about the transaction it is fighting to prove is valid..

    • Simply Explained - Savjee
      Simply Explained - Savjee  3 месяца назад

      Hang on, these are two different things! Proof-of-work doesn't verify the transactions inside a block. It's just a way to slow down the creation of blocks. It's a reliable way to prevent people from making a ton of blocks at once.
      Verifying transactions is something else. To do that, the miner checks that each transaction was signed with the correct keys (eg the key of the person who sends the money). It also checks if that person has a high enough balance to make that transaction.
      Hope that makes more sense now ;)

  • NSS IPM VN
    NSS IPM VN 3 месяца назад

    Great work

  • Tiffany LaBruno
    Tiffany LaBruno 3 месяца назад

    totally agree I finally get it...well done