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And but I’m gonna start with the first
one I’ll tell you how Bitcoin works okay
you ready
start your stopwatch here we go
that thousand dollars that I sent you is
broadcast out to a global network of
computers each using the highest level
of cryptography and all around the world
is a group of people called miner it’s
not young people like gold miners and
these miners have massive computing
power roughly twenty times the size of
Google globally biggest computing
resource in the world and these miners
do a lot of work to validate that
transaction using their computers and
every 10 minutes
kind of like the heartbeat of a network
a block gets created and that block
contains all of the transactions from
the last 10 minutes
the fact that I just sent you $1,000 is
in there but it ultimately could be the
fact that two people bought and sold a
stock or or registered a deed or got
married or or acquired a song or a light
bulb bought some power from a
distributed power source any transaction
and then the miners do a lot of work
with their computers to validate that
block and the first miner to validate
the block is paid some of the
cryptocurrency from that blockchain and
then and this is the important part that
block connects to the previous block and
the previous block with a digital wax
seal to create a chain of blogs and that
block is only valid if it references the
previous block and the previous block
and the previous blog so if I wanted to
hack that block take that $10,000 that I
sent you and send it to everybody in
this room thousand dollars if I wanted
to commit fraud
I’d have to hack that block plus the
previous block I’d have to hack
every transaction that ever occurred on
the history of that blockchain not just
on one computer using the highest level
of cryptography but across millions of
computers simultaneously at the exact
point in time well the most powerful
computing resource in the world is
watching me to make sure I don’t commit
fraud now I’m not going to say that’s
unhackable but this is infinitely more
secure as a computing environment than
what you have in your bank or your
government or your mining company in
Australia today that’s it block chain.