Blockchain Explained- Shai Rubin

Published on Jun 8, 2016

Blockchain explained. Shai Rubin, CTO of Citi Innovation Lab, explains in an easy and simple way the basics of blockchain.

Comments:

Molana Rumi

1 month ago (edited)

This frenzy of bitcoin and blockchain is exaggerated and turned into a global casino for the participants. For now that is all . There is not even one practical application of blockchain at work solving or enhancing enterprise applications. And the reason for this is the fact that blockchain is encumber some , slow, utilizing extensive amount of computation and energy to validate block of transactions. Although the concept of getting rid of centralized trusted parties is the key attribute of blockchain technology, the implementation and speed of process is not yet up to par with the needs and demands that are currently solved by centralized trusted parties. Bitcoin thus is only serving as a token of participating in the Ponzi game of global casino it has created. Every newcomer joins in hoping to sell bitcoin to the next guy for a higher price fueling the demand till it implodes and all the late comers hold the bags. Very unhealthy for masses . And it will not serve or solve any of the promises that have been hyped as a blockchain. There are already others that are at work trying to improve or offer alternative to blockchain in the hope of a practical enterprise application that can immediately be put to work to achieve decentralized transactions through consensus theory. One such model is Hashgraph. Problem with Hashgraph though being licensed to one company as a closed source. Hopefully soon it will be an open source or others will come up with similar improved technology making blockchain obsolete. Hashgraph is capable of 250000 transactions per sec, vs. blockchain of 7 transactions per second. Further it is cheaper and will not consume the massive energy blockchain requires. If one indeed cares about the technology must move on past slow turtle of blockchain into new innovations that are going to leave blockchain in the museums as an old archaic innovation that fueled the birth of other innovations that blockchain promised but could not deliver.

RH Olson

1 year ago

Prof. Rubin: If I get this right – we’d be replacing banks with miners. The miners with the best super computers “win”. What prevents present day banks from buying the best computers/talent – and continuing on with their business?

Venkatesh Gopalarathnam

1 year ago

Hello sir. Could you explain as to in a transaction, why should the other party need to know how much money the remitter holds ? For e.g if A is transferring 10 $ to B, why should B know how much A holds ? Is it not sufficient to know “if A holds the necessary funds for that particular transaction alone ? ” An A to B transaction might be a one-off transaction. Why should B learn about A’s financial capabilities ? Thanks.

paritosh raval

3 months ago (edited)

This is really helpful, I have a query: If B is transferring money to C then when will be C receive money? Is that after all the minors add that transaction into their local ledger? (I think it is time-consuming and what will happen if some minors are not adding?) Now, if some minors are finding transaction invalid, while some find it valid so what will be the scenario in that case? When will be C receive the money?

Nikita Danciuk

1 week ago

Very good video! All we know that cryptocurrency is our future, and soon many projects will start on blockchain platform, for this, they will need a platform which will help them with it! I found one, the name is TokenGo and they are helping people start their own projects with own crypto with minimal investments. Also, every project will be able to participate in the ico! It’s amazing, i invested already in this project and i’m sure they have a good future. Now is the pre sale period. Join and you will not regret!

Ella Blun

1 week ago (edited)

I heard that 80% of #bitcoin is already mined. Once all 100% of it is mined, what will be the incentive for miners to keep checking transactions? Now they get the money out of thin air, or they create it from nothing when they successfully complete the transaction verification, but once all the bitcoin is mined, I guess the person doing the transaction, will have to pay to encourage the miner to verify their transaction? if we disregard the idea that I pay a miner to verify my transaction that isn’t happening, we are still left with a fact that regular person, such as my self, can’t be a miner any more. You have to have server rooms with ridiculous air conditioning to be able to compete in this process, meaning you have to be a corporation, or better a yet, a bank, to be able to afford this sort of rig. Doesn’t that mean that all this talk about bitcoin being disruptive to the banks is instantly made nonsense, cause the moment all bitcoin is mined, all of the transactions are back in the hand of filthy rich third party, and can be controlled by them and overcharged as they please. They can even refuse to verify my transaction, because I’ve made a this post here on youtube revealing their dirty plot… or am I missing something?

Blockchain Explained- Shai Rubin

Published by bizcon on January 30, 2018January 30, 2018

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Blockchain Explained- Shai Rubin

Published by bizcon on January 30, 2018January 30, 2018

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