Understanding blockchain is a challenging process
There's a lot of noise regarding crypto. We have the CEO of JP Morgan calling Bitcoin a "fraud" while his own company is a founding member of the Ethereum Alliance. This is actually a helpful illustration. It's important to know that, whatever happens politically with Bitcoin vs government and central bank controlled currencies, blockchain technology is out of the bag. Even big banks have blockchain projects in the works. IBM and Microsoft are all over this. Blockchain's inevitable transformation of the internet is already underway.
So... what is blockchain? Tough to capture in a poignant paragraph and it can take a while to sink in. Get started by watching the video at the top of this page. To get the full scope, you will need to learn some new concepts including:
- Distributed Ledger
- Network Effect
- Economics of Blockchain Protocols
- Smart Contracts
- How Proof of Work enables Trustless Consensus
I met a 12-year-old from Chile who immediately understood it at a deep level. He riffed on how blockchain could totally transform gaming (eliminate cheaters!!) and had 100 other ideas during that 90 minute flight. What's challenging for many of us is natural for the younger set. Don't be hard on yourself if you find it boggling.