From the course: Safeguarding Your Crypto: A Practical Guide to Avoiding Loss
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What is blockchain technology?
From the course: Safeguarding Your Crypto: A Practical Guide to Avoiding Loss
What is blockchain technology?
- [Narrator] In 2008, Nakamoto's proposal for electronic cash that would enable payments to be sent directly from one party to another without going through a financial institution required the combination of several innovative technologies. In this video and several that follow, I explained each of the technologies and the role. Let's start with blockchain. Central to the challenge of creating a peer-to-peer digital currency was the double-spend problem. In simple terms, without a mechanism to keep track of transactions conducted by a network of anonymous users, anyone could use the same digital money over and over. In this case, without solving the double-spend issue, it's easy to grasp why it's not possible to have a viable currency. In the conventional monetary system, banks play the role of ensuring that double-spend doesn't occur. Cryptos exist and function in a decentralized environment. They have no central management system. Software running on participating computers called…
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