ep 10: Blockchain/Bitcoin for beginners: Basic analogy part II – distributed, untrusted participants

1y
39:13
Description

In this video I revisit the first video and extend the analogy in which we talk about the man stacking cheques, weighing them on scales and forming a physical blockchain - we didn't talk about the distribution/decentralised aspect of the blockchain. In this video we model this by assuming the boxes of cheques are required to weigh a particular weight with a particular pattern in the reading, with several participants trying to find a combination of a bag of sand, and the recent unpackaged transactions that contains the special numerical pattern in the weight reading. Upon finding this they circulate identical clones of that box via forklift truck to the other participants who then stack that box on their own stacks and resume the search for the next valid box...if that's not clear please see the video and leave comments and questions