An academic lecture by Andreas M. Antonopoulos explaining the consensus algorithm, “Proof of Work”, used by bitcoin and many other blockchains. Andreas is a UCL alum.
Chapters
0:00 Introduction
1:38 What is bitcoin?
3:07 SHA-256
21:28 Consensus rules
23:47 25 bitcoin reward
26:38 Who sets the validation rules?
28:46 Bitcoin blockchain technology explained
46:23 Other protocols for consensus
47:14 The longest chain and blocks
51:07 Bitcoin mining
53:27 How often does a fork happen?
1:06:41 Every node has to fully validate from the genesis block to today
1:08:31 Nakamoto consensus
1:09:14 Scaling other consensus algorithms
1:10:44 Consensus algorithm as a scientific discipline
1:11:51 Process consensus
1:13:02 Reference consensus
1:13:25 5 consensus constituencies
1:15:33 It’s not so easy to shift consensus in bitcoin
1:17:33 How many transactions can you get done in 10 minutes?
1:21:43 Bitcoin and Moore’s law
This talk was presented in collaboration with the Department of Computer Science at University College London.
If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron:
RELATED:
What is Consensus: Rules without Rulers –
Bitcoin Security: Bubble Boy and the Sewer Rat –
Bitcoin, A New Species of Money: An Evolutionary Perspective on Currency –
Measuring Success: Price or Principle –
Why Open Blockchains Matter –
Decentralised Globalisation –
Investing in Education instead of Speculation –
Beyond Price: Bitcoin’s Impact on the Future –
How does the Blockstream satellite work? –
Regulation and the bank boycott –
Remittances and smuggling in Venezuela –
Bitcoin as everyday currency –
What is the appeal of sound money? –
Hyperbitcoinization –
Why permissioned blockchains fail –
Protocol development security –
How to avoid re-creating systems of control –
Wallets, nodes, and monetary sovereignty –
Is bitcoin testing governments? –
Will governments let privacy coins exist? –
Geopolitics and state-sponsored attacks –
Governance and social attack immunity –
Sanctions and censorship resistance –
State-sponsored digital currencies and trust minimization –
Taxation and failed societies –
Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.
Follow on Twitter: @aantonop
Website:
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
Subscribe to the channel to learn more about Bitcoin & open blockchains; click on the red bell to enable notifications about new videos!
MASTERING BITCOIN, 2nd Edition:
Translations of MASTERING BITCOIN:
THE INTERNET OF MONEY, v1:
THE INTERNET OF MONEY, v2:
Translations of THE INTERNET OF MONEY:
Spanish, ‘Internet del Dinero’ (v1) –
French, ‘L’internet de l’argent’ (v1) –
Russian, ‘Интернет денег’ (v1) –
Vietnamese, ‘Internet Của Tiền Tệ’ (v1) –
MASTERING ETHEREUM (Q4):
Music: “Unbounded” by Orfan (
Outro Graphics: Phneep (
Outro Art: Rock Barcellos (
Join the aantonop Channel:
source
so Kaspa solves it
Big thanks
bc1qjswc4h3eca9ns5cp5ae8x2479myqje3h7v26mw
BTC is government money … created by the NSA. American made Sh!tcoin . no jokes.
Proof-of-Work is Beautiful, Consensus Mechanism is Beatiful. Bitcoin is Beautiful
Thank you! From Brazil! I really learn with this lesson
Holy crap the levelDB error! Jeepers!
Thank you
This is beyond my expectations. I read a book with a similar theme, and it exceeded all my expectations. "Game Theory and the Pursuit of Algorithmic Fairness" by Jack Frostwell
Upper of our minds. Extraordinary
Andreas antonopoulos is a gem we all are grateful for you
my words can't be enough to express my gratitude to you Sir. can I have your social media handle?
Questions: 1. For what single reason do our Bitcoin & BlockChain Experts give for the anonymity of their creator(s)? 2. Whatever the answer is to 1. isn’t it human nature to broadcast one’s achievements?
You know, I have probably the daftest recommendation* (*based on the brilliance of the presentation v my ineptitude). Time should go down, not up. The blockchains drawn “vertically propagated” instead of top to bottom (like a core drilling in Antarctica or a Family Tree) was simply not right. I think laterally most of the time, but upside down?………
What prevents a bad actor to introduce a bug by buying up the company that makes the version of C++ used in the block chain code?
What if Andreas is satoshi?
Andreas thank you for this gem. I’m a retired engineer with enough economic mastery to figure product margins. The detail, the stories and the analogies you provide are simply wonderful. Today, I don’t think I can teach what you have taught me. But tomorrow I’ll use what you’ve taught me to take me to the next step. My trust in BTC’s code and human action on the margins continues to increase day by day. That a computer scientist who wanted to invent an interoperable solution with BTC would have to replicate its features, warts and all, is an amazing revelation. BTC’s bugs have value!
I'm enjoying this in 2022. What a fantastic lecture. I wished I knew about Bitcoin back then.
PoW sucks. Energy dependent and contributes global warming
SEMPRE ATUAL
content ok, presentation of the stuff to the student IMHO bad, too much oral blabla without short notes on the board. one has to record the lesson to make notes. maybe someone should gift an IPAD to that guy
people who are coming 35 minutes late in the class should considered watching it on youtube.
Love it. But keep it simple. You put to fillet stakes into sha256 mince grinder. Sure,you get a minced beef. Now, try it in reverse(hoping to get back to two fillet stakes). And you are fucked. No way it is possible to return to innitial state. Thats what sha256 is.
WoW….6 years ago. I am so far away ….
Thank you Sir for leaving this on the Yt realm.
Andreas talked about payment channels 6 years ago and now we have Lightning Network. Very good class, I learned a lot about the orphan blocks green/red chain ~0:43:00
I can't match the sha256 Checksum for "Hello!"
A good talk, but the statement made around 9:35–10:30 that the SHA-256 always changes for changed input is provably false. Agreed, it is difficult to find collisions, but there is no question that they do exist.
I remember hearing about bitcoin in 2009 when I graduated highschool and thinking it was the future and sooo cool. Then my world blew up, best friend died and I disappeared into military life. Se La Vie
Best video on bitcoin consensus algorith !
He talks exactly like Jesse Eisenberg and Christoph Waltz in Social Network.
0:52 start
1:36 network protocol, encryption, zero-sum game designs that change np
3:07 Satoshi walks in
Best comprehensive explanation on the subject ever! Thank you
Andreas is a Master!, thank you!!!
35:23 I bet these people got bored hearing about Bitcoin, never bought and are kicking themselves right now.
so according to what you say it makes a lot of difference if i am near a place with a lot of mining in it because there is more chance i will be on the winning side of the fork, right ?
Great lecturer, knowledgeable on the subject and knows how to explain. I want to be like him. Thanks.