How the Blockchain and Crypto Currencies are dramatically reshaping the way the world works.... empowering the 99%. Presented by Meg Montgomery http://electricmeg.com
Apidays New York 2024 - Scaling API-first by Ian Reasor and Radu Cotescu, Adobe
The Greatest Invention Since Electricity
1. The Greatest Invention Since
Electricity …
Crypto Currency and
The BLOCKCHAIN
For Newbies
The Ultimate Empowerment
electricmeg.com
2. The Beginning
• In response to the 2008 banking crisis/bailout, an anonymous
person or group of people identifying as Satoshi Nakamoto
released a white paper describing a new system of digital
currency which pieced together already-existing cryptographic
paradigms, to create a method of exchanging money that
completely circumvents banks.
People were suddenly able to send money anywhere in the
world to another person with a smart phone - instantly, with
zero fees & complete anonymity.
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4. “A blockchain is a magic computer that
anyone can upload programs to and leave
the programs to self-execute, where the
current and all previous states of every
program are always publicly visible, and
which carries a very strong crypto-
economically secured guarantee that
programs running on the chain will
continue to execute in exactly the way that
the blockchain protocol specifies.”
— Vitalik Buterin
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5. The Security of
Blockchain
Blockchain’s decentralized, open-source & cryptographic nature allows
people to trust each other and transact without the need for
intermediaries (Banks). This brings unprecedented security benefits.
Hacking attacks that commonly impact organizations
such as banks are virtually impossible in the blockchain.
If a hacker wanted to break into a particular block, they would not only
need to hack into that specific block, but all of the proceeding blocks in
the entire history of that blockchain.
AND…. they would need to do it on every ledger in the entire network at
the same time, which could be millions of computers around the world.
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6. The Way We Do Business
is Changing - And FAST!
By enabling the digitization of assets, blockchain is driving a shift
from the Internet of Information, where we can instantly view,
exchange and communicate information, to the Internet of Value,
where we can instantly exchange assets.
In this new paradigm, trust is established not by central
intermediaries, such as bankers or lawyers, but through consensus
and complex computer code.
Blockchain is the opposite of centralized banking
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7. What Innovations Can We
expect from Blockchain
Technology?
- Secure electronic voting
- Smart contracts
- Digitally recorded property assets
- Patient health records management
- Proof of ownership for creative content
- and through Crypto Currencies, Economic Equality
and much more….
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8. And More…
By eliminating expensive intermediary fees,
Blockchain Technology is already enabling
more people & businesses to trade more
efficiently, boosting local, national &
international trade.
Blockchain has the ability to democratize &
expand the global economic system
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9. How can *WE* Use
the Blockchain?
Think of the Blockchain as a giant accounting ledger for the storage and
transmission of digital information.
You can include anything in the blockchain, for instance contracts, deeds, patents,
DNA, a novel - and when the other person accepts, it’s the equivalent of an end
user agreement.
It’s a public record of anything you consider valuable. Put your creative work,
encrypted, in the blockchain and it’s as good as a copyright.
It can be used as dispute resolution for small transactions.
It can be used for Record keeping.
It can be used for time stamping and verifying information, anonymous or not.
electricmeg.com
10. BlockchainVocabulary
A DAO (Decentralized Autonomous Organization) is a blockchain with a built-in Turing-complete
programming language that can be used to create “contracts."
These contracts allow users to duplicate any system already in use, as well as invent new systems, simply
by writing up the logic in a few lines of code.
A HASH (cryptographic hash function) is a security mechanism that produces a hash value, message
digest or checksum value for a specific data object; they evaluate the integrity of data, authentication
control & other security mechanisms - used in Bitcoin Mining
A Crypto Currency is a digital or virtual currency that uses cryptography for security.
Bitcoin Mining is the process of adding transaction records to Bitcoin's public ledger of past
transactions, aka Blockchain, which confirms transactions to the rest of the network as having taken
place. Bitcoin nodes use the Blockchain to distinguish legitimate Bitcoin transactions from attempts to re-
spend coins that have already been spent elsewhere (eliminating the problem of Double Spending).
A Wallet is an online service (or offline, for higher end, more secure wallets) for keeping your Crypto
Currency safely in one place and for purchasing goods and services.
An Exchange is a site where you exchange your local currency for Bitcoins (or other crypto
currencies).
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12. Bitcoin is the very first crypto-currency, invented
by Satoshi Nakamoto to circumvent the banking
system, using blockchain technology.
Bitcoin is the KLEENEX of Crypto Currencies - has the most valuable brand recognition - and it
has a current Market Capitalization of $20 Billion, It is more valuable than any other currency,
including gold (currently valued at ~ $4,300)
There will only ever be 21,000,000 Bitcoin created (mined), and that will be achieved in the year
2040. Every year, half again the number of Bitcoins are mined.
The very act of creating (mining) a Bitcoin
strengthens the integrity & security of the
Blockchain.
Bitcoins are mined by powerful computers around the world which race to accomplish mathematical
tasks (essentially, the addition of entries into, and the security of, the Blockchain).
Whoever wins the race, gets the Bitcoin.
electricmeg.com
13. Advantages of Using the
Blockchain with Crypto
Currencies
- Anonymity
- The currency can’t be counterfeited
- Very low transfer cost around the world
- Bypasses central banks
- Peer to Peer file swapping with absolute trust
- Can’t be hacked
- Eliminates fraud
- Eliminates the need for bankers, lawyers, traders etc.
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14. Bitcoin aka BTC
• Bitcoin is by far the most recognized Crypto Currency. (There are
over 900 currently active)
• Bitcoin is the most valuable currency in the world.
• In it’s 11 year run, it has had some devastating defeats and some
magnificent, unparalleled successes
• There are 300,000+ vendors who currently accept Bitcoin in the US
alone.
• The smallest unit, 1/1000th of a Bitcoin, is called a Satoshi
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15. More on Bitcoin
• The first payment in Bitcoin was made by a Cryptographer in
Europe for a pizza, for friends in Florida
• This In September 2017, the first real estate was purchased in
Bitcoin (in Texas)
• More and more international retailers are implementing Bitcoin
APIs, online and brick and mortar (Amazon coming on board in
October 2017)
• Many exchanges are now issuing Bitcoin Debit Cards
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16. Projections
• Bitcoin has different valuations across different platforms. Just this
week in Zimbabwe (which is experiencing horrific inflation and is
currently has 1 Trillion Dollar Notes in circulation) it jumped to over
$7,000US.
• John McAffee, Grandfather of cyber security and the largest Bitcoin
miner in the US, projects it will hit a valuation of $500,000 by 2020.
Others have projected $13,000 by the end of 2017, and $5,000,000 by
2040.
• Many crypto experts are comparing the invention of Blockchain/
Bitcoin as a force of change equivalent to the Internal Combusion
Engine, Airplanes and Electricity, noting that within a generation it
will be taken for granted and be almost invisible, because it will
underly every aspect of society.
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17. Because of it’s already-high
valuation, brand recognition,
market share and current
implementation as a payment
choice by major retailers, Bitcoin
is projected to beat out all the other
crypto currencies and become the
dominant currency of the future.
electricmeg.com
19. Risks
• A few weeks ago, China banned crypto currencies, and at the
Bitcoin value dipped to 3/4 of its value, but recovered within a
week
• Bitcoin changes value just like a stock
• Everything digital is vulnerable to EMPs (Solar flares or otherwise)
• Although the Blockchain is incredibly secure, exchanges and
wallets are not
• Might just be the portal into the Matrix….
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22. ~ 13 months~ 6.5 months
~ 19.5 months ~ 25 months
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If you reinvest your compound earnings…..
23. 7341 Packages @ $60 =
$440,460
From an $1,800 Investment
In about 2 years
Not accounting for the rise of value in Bitcoin
It’s projected that this opportunity will last no more than 3 more years.
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24. Coinbase (Wallet/Exchange) Affiliate Link:
(we both get $10 of BTC)http://tinyurl.com/ycpbcom5
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USI-Tech Affiliate Link: (earn commissions on 12 levels)
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