3. Blockchain Basics & Cryptography

[@youcanknowanything8489]

It is a privilege to be able to listen to Gary Gensler for free like this. Don't forget that these.lectures were presented before he was chosen to head the SEC.

[@Chris-kq3ix]

Congrats to everyone who's made it this far! It's interesting how the view count dips so fast the further into the series you get! If you consider the number of people that then do the corresponding readings, I'm sure it's even lower. Still, the knowledge is there for those of us willing to put in the time and effort! Blessings to all!

[@FlipHackingRealEstate]

Incredible opportunity and it sure is fascinating to watch that ledger! Readings are great. Are you doing assignments too?

[@AmanJaiswalOfficial]

Congratulations to you too. Its downhill from this point onwards as you pointed out. But the topic and the way he's explaining this, I am certain I'll get through all 23 of them, coming out as someone with probably a very different perspective than whatever I might have now on blockchain and cryptocurrencies.

[@demetrioskasabalis5536]

I think the count dips in every successful series, because he interrupts the flow of the lecture by encouraging student participation every other minute and that is very annoying to the internet viewer.

[@monochromatech]

I've been working on this course sporadically for a year, so I know what you're saying. Sometimes it's difficult with other obligations. hold fast everyone.

[@MarinaGiovannelli]

Where do you see the readings? I only see the book recommendations on the course site. Thank you.

[@aakashkhithani7210]

blew my mind, MY GOODNESSS, never have i ever had such a good lectures, i'm here binge watching blockchain lectures, never thought learning could this much fun and easy.

[@deborahbonner9271]

OMG doing the same.....just started watching this one!!

[@ewelinaklimczak3438]

Z

[@ewelinaklimczak3438]

@@deborahbonner9271 a(€] €e@aa@

[@imagevulture]

thank you MIT and Prof Gensler for this free lecture series! didnt think think I'd rather watch a college lecture than Netflix but now I know I do.

[@lehoangv]

haha totally agree, better than Netflix series

[@Whiskey-xp6vu]

This lecturer is now the chairman of the SEC. I think it is a great appointment and it will give confidence to the markets for investment in the blockchain industry

[@radaniel8923]

CONFIRMED

[@hubertg7100]

BTC ETF approval looks good!

[@OrimarDez]

Watch him endorse true bitcoin, which isn’t btc btw.

[@merc7paul]

Damn future is looking bright

[@nickandersen5213]

I hate when people can’t see blockchains the future🤯

[@geoff5262]

I am from Jamaica, can believe I am listening to a semester of lecture from MIT... Bless be God.. Thanks MIT

[@yojoebananas]

This guy understands this stuff so well that he is able to break it down and make it easy to understand. He is astoundingly intelligent.

[@xrpkidotec520]

AND He's the new chairman of SEC!! thanks to biden. He's gonna bring balance to tha crypto markets!!!

[@thebigmoneyshow806]

@@xrpkidotec520 thanks for that info. Was wondering about that.

[@giambini1969]

I was just going to write the same thing! He’s really gifted. This is so interesting!

[@richdiskin9408]

Totally agree! Let’s hope he does a good job.

[@kasl36]

I completely agree. I believe he is going to pave the way for mass adoption.

[@curtisbloodworth8243]

Gary Gensler earned a whole new level of respect from me , this damn guy is a genuis

[@bryc0115]

Idk it's nice to know that knowledge is free. And that the majority of people watching this have probably understood the ins, outs and the importance of btc and how money and society work in relation for a while. Any ways thank you MIT for the lectures!

[@bits_for_bytes]

This isn’t knowledge, this is a con artists interpretation of “crYptO”

[@onefull1]

@@bits_for_bytes The concept of decentralization is what is truly at the heart of the advent of blockchain technology. It is much more than only crypto currency. It levels the playing field and pulls the rug out from profiteers, i. e. bankers for one, whom thrive from a privileged position of the middleman enabling one and all to equally participate whether rich or poor.

[@gilian2554]

I never thought I would ever be watching an MIT lecture and basically already understand all of it.

[@csmlyly5736]

Just goes to show how much of learning and advancing oneself is really just about showing up and committing. Good on you! It’s a nice feeling!

[@tomynzomiwu984]

Indeed this is a special way to get into the world of blockchain functionalities but in a particular way arousing the interest of moving deep into cryptography for various uses. It's a privilege to listen to the master himself.

[@bingewatch_anime]

this lecture had been told to me to learn by my university as blockchain is my self paced course .It was really good lecture even though i was lacking on so many points in lecture i found it very interesting to eatch and not drop on some point i dont get.so i think he is one of the best teachers i had ever been taught ..hats off sir

[@TonyCalice]

Positive feedback to MIT open courses as a whole & Gary Gensler's class in particular. Thank you MIT for making this and your previous technical courses available. While I am typically a passive listener of educational content, professor Gensler and the student engagement in this course is really terrific. I feel obligated to provide the following feedback. For what is worth, here's my critique of the course so far. The first two classes had great tidbits about the history of money and finance...but I really enjoyed watching this 3rd lecture tackle the abstract concept of how (cryptography) algorithms could provide technical safeguards in the potential presence of an adversarial actor. Felt like the Prof was still looking for a more perfect/tangible analogy of a HASH value. Also (as with the previous lectures) I enjoyed the technical tidbits about how big a blockchain header is relative to the size of the blockchain. This lecture seemed to demonstrate the caliber of students at MIT in addition to the impressive professors.

[@isabelserra1837]

I’m astonished by the quality of this lectures and it’s free! Thank you so much I really appreciate this MIT

[@goadpadya280]

I am on the 3rd , lecture ... its great learning ...thanks MIT

[@multiversossaltamontes7374]

and yt. MIT is the content, KZbin the platform. and you a consumer, a byproduct. lol

[@levels1937]

Its crazy how whenever I watch crypto vids I get funneled back to this playlist .I mean it makes since now that the guy is the head of the SEC I guess.Good job algorithm!

[@Voy2378]

Not a fan of cronies, but it is amazing that this guy is still learning complex new stuff in his 60s, most people in their late 20s give up on learning new stuff.

[@elizabethgutierrez8431]

This is the best way I have found to learn about this new tech. Doing the readings, the assigments and everything and the questions from the people there are really good too. Thanks for sharing it MIT.

[@threecommayoda9639]

It took me 4 hours to get through this. Thanks for the free content

[@imatardable]

It’s an hour and fifteen minute lecture...

[@YoungDen]

@@imatardable - notes and memory

[@Leglocker]

1.5x speed boi

[@TheBitcoinRevolution]

@@imatardable Not if you are having to absorb/learn new material, obviously.

[@johnguanciale258]

Captain rewind

[@gnzeu4tpns91]

i feel much more motivated to dig deeper into blockchain after watching this lecture. best speaker for blockchain that i have encountered

[@survivalSC]

I make all the people that work in my office watch this MIT blockchain course. Then I give them a test. It helps to make sure when we have tech support problems I know all my people can at least think problems out in a group

[@sanvidremane60]

These slides are exceptionally good. Great learning curve and the professor makes learning blockchain very exciting. I would highly recommend anyone who wants to do anything with crypto to watch this course.

[@user-yw2ke2bm3o]

The information I learned from these 3 classes are very informative and fascinating. I appreciate everyone who made this far.

[@mexticancun7521]

all this for free. lord what at time to be alive. just wished this series was recommended to me when it came out! but nonetheless very thankful

[@JaBarge303]

Watching this in April 2024 16 days before the halving. BTC is is valued around $67,800

[@boulevarda.aladetoyinbo4773]

What a strategy!...and now, Gary's the US-SEC Chairman!

[@anestezialmanya]

I watched this Video last year, and i was really proud too see that he ist being honored

[@CD-pt8vy]

Congratulations on your new position Mr Gensler

[@DaniIhzaFarrosi]

Head of SEC?

[@kennethkeen1234]

He is fake.

[@rhiannonkiah]

@@kennethkeen1234 who?

[@cashmanifestation]

I’m going to MIT for FREE! This is Awesome!❤️❤️❤️❤️❤️

[@ltserge3226]

Cryptographic hashing is not only a way to take a lot of information and put it in fixed form, but The key thing is the hash functions tie the blocks together cause hash functions can point to previous info 1:13:11

[@liferajib]

What a amazing method of teaching - No brainer why he is the SEC chairman

[@matthewblanc]

A nonce isn't a random number that is used once, it's just a number that is used once. In fact with EVM based chains the nonces of your transactions have to be in exact numerical order with no gaps or your transaction will never confirm. I you successfully send a transaction with nonce 1 and then try to send another with nonce 3 the second transaction will not be considered for confirmation until a transaction with nonce 2 is submitted.

[@ThePsysard]

Thank you MIT for these amazing classes! 💐❤️

[@noatycrypto7524]

Investing in bitcoin now is the best 💯✔️

[@kennethkeen1234]

You are ALL pitiful. Not a single critical comment, not ONE. Wanna buy a bridge?

[@N1GHTWOLF1]

@@kennethkeen1234 Why be so negative?

[@smilylife7515]

A PRAISE FROM A 20 YEAR OLD BLOCKCHAIN LOVER (YES ME💓😃) :- Dear professor gensler , your COMPUTATIONAL power is really great. You are a genius, we love how you are defining this brutal technology in an interactive and fun way, I swear I'll attend all the classes and I'm also preparing notes and trying to do the homework you offer. THIS CONTENT WORTH MILLIONS OF DOLLARS. GREAT . WE ALL ASPIRANTS ARE BLESSED

[@thegoonist]

that base 2 to base 10 conversion trick/estimation at 35:55 was pretty genius and smart btw...for anyone who didnt catch that. shows hes pretty quick on his feet and knows quite a few math tricks

[@taylorviola5547]

this is a wild video, like outside of the informative nature of it. seeing Gensler talking about needlessly printing money a whole year before the pandemic, and noting one of the creators of Algorand over 6 months before it launched. shows have far we have come in only 3 years

[@predatel_rodini]

Русскоязычные хомяки отмечаемся под этим комментом. Спасибо mit за уникальную возможность смотреть это из любой точки мира

This is so interesting series of videos, that when I watching it during Im making my stocks analysis and is time to relax and play Diablo III I have a big problem to switch this video off and play game. Proffesor Gensler, you are great, and also the audience!

[@KnockoutInvesting]

Last September 2020 I bought 3 bitcoin at $9,000 when my friends told me I'm stupid for buying so high. Best decision ever.. 😂😂😂

[@TheBitcoinRevolution]

And continue to HODL through-out the volatility. This is normal and what gives you exponential gains.

[@predatel_rodini]

Are you still holding it after bitcoin fell down from 65k to 30k last week?

[@Magnus_E]

@@TheBitcoinRevolution Hahaah margincalled... :P

[@tomcosgrove100]

@@predatel_rodini pppppp

[@rigolemonade]

@@predatel_rodini ofc. Why should trade the best asset in the world vs crap paper money.

[@seenasingh4297]

Thank you I really appreciate the content. I am from Africa and to get this for free is heart warming.

[@axelriet]

Thank you very very much for this series, I’m learning a lot. Those who want to dig deeper on RSA, hash functions, elliptic curve cryptography, and random-number generation can probably benefit from a specialized book on the subject.

[@laincalvo9661]

Que gran curso! Me encanta, motiva y aprendo un montón, la calidad de la información y como esta organizada es perfecta. Saludos desde Argentina 🇦🇷

[@FlipHackingRealEstate]

Leaving my mark here at this mile marker. Thanks MIT and Professor Gensler. Peers, If you’ve made it this far, keep going!

[@dailymanager7133]

Blockchain is the evolution not only of economy but also for social life and sciences 1 of biggest fans

[@kennethkeen1234]

Get educated.

[@jackc3201]

Truly a hidden gem of KZbin, thank you for the amazing content 👏👏

[@randellclarke7947]

I’ve just spent an hour down the rabbit hole of blockchain like he said I would be in lecture 2 😂

[@algoryan3338]

It’s a series a great one at that, you can go to the next lecture, in the link of the playlist underneath the video

[@chrisshevey2228]

Ha... ignorance is bliss, maybe the blue pill would have been more palatable

[@knee-long1255]

This really is incredible, never thought I'd be so intrigued learning about block chain!

[@algoriticus]

That one was a brain buster for me. I fully understood about 60-65% of it at depth, and its ok.

[@Indiodyssey]

I couldn’t believe my eyes when I see this course being taught by GG! Oh how the times have changed….

[@shashihnt]

Now he has SBF's mess to deal with

[@andreienache6290]

I knew about it when it was released, but I didn't have the balls to study it. Better late than never I guess.

[@NFT_Artist]

You ain’t kidding! We need a SEC reboot, employees who will help USA innovation thrive while also protecting investors. Would be nice if the SEC could be employed by an actual election.

[@lefttraces7207]

I’m confused if Larry is still there for the lecture or not

[@fjanoos]

So is Gary !

[@jzsoldaz6406]

I started watching just to find out if Larry was in the lecture again.

[@curtisbloodworth8243]

how does Gary retain all this knowledge ? unbelievable

[@CSWG-d9e]

Thank you MIT & prof. Gary Gensler.

[@zhichunxiao5454]

Prof. Gary made a mistake with Base58's functionality, which is not designed to compress data, but to make binary data trasmitted over network easily and more visual friendly. The cons of Base58 is it makes data size bigger, not smaller.

[@simonbrown9695]

this is absolutly amazing cant believe this is the guy now advising biden on finance for usa.......

[@melliotbarrett]

Should be good for crypto!

[@StillTheTruth1]

Hopefully good for Crypto and not just another Politician power grab

[@flimse]

Right! I started watching this lecture at the end of 2020 and then just briefly after Gensler was appointed, exciting!

[@simonbrown9695]

@@flimse top tip if your into buying crypto look at cornell university lecturer and his project avalanche....also note the person in gensler class at MIT he keeps refering to as a proffesser with phd is now running algorand it if nyc is the finance capital of world,,,,,,,,,see my point

[@rhiannonkiah]

@@simonbrown9695 ohh 😲 I need to look into this !

[@mezzmarr1209]

The difficulty rating varies based on how much hash power is available to mine. The nonce value varies to accommodate increased or decreased hash power available to mine the next block. By adding or reducing the zeros in the nonce, the time to hash the next block precisely lands in 10 minute intervals, regardless of how much hash power is added or reduced.

[@Brian-tc7ii]

Are all 4 year halving cycles precise enough to predict the next halving? If so when is that event going to happen?

[@mezzmarr1209]

@@Brian-tc7ii The halving happens at specific block heights, about every 4 years. The fourth Bitcoin halving is going to happen in 2024 after 840,000 blocks will be mined, and the reward per block will be 3.125 BTC instead of the current 6.25.

[@Brian-tc7ii]

@@mezzmarr1209 Thank you. I question because if blocks are mined precisely every 10min, we should precisely determine the day and time of halving. What am I missing?

[@yvsh]

Students attending this class in 2018 who invested in BTC have seen their investment grow up to 10x to 20x(depending on the time in the year 2018) of the initial amount. Damn.

[@frost531]

Hopefully the kids in this class considered Ethereum and its projects as well after being exposed to it early on. A 2-3 cent ADA earlier this year has been rocketing towards a 30-50x increase depending how close to the bottom you accumulated

[@yvsh]

@@frost531 Yes! Hopefully they did

[@haha-eg8fj]

It's not investment it's just speculation. In most places you cant use bitcoins to purchase anything. You still cant use it to purchase a pizza in most countries just like 10 years ago when it first came out. And its value changes abruptly during a month or even in a week.

[@frost531]

@@haha-eg8fj can I tell you something? It wasn't built to purchase pizza with. Also it's the highest performing asset that we've ever seen in our lives. Get right or get left

[@noatycrypto7524]

W•H•A•T•S•A•P•P +•1•3•3•2•4•5•6•7•2•0•1 l•n•v•e•s•t•inC•r•y•p••t•o B•T•CA•N•D•E•T•H......iiiiiiii.....

[@mattm6178]

that first dude lol who read the book 5 years ago this is an inspiration if you realize hes at that class now , the implications haha

[@brunoa2893]

Excellent and easy to grasp concepts. Need one update maybe, at 1:00:20 Bitcoin will use soon Schnorr signature instead of elliptic curve signatures

[@goksuokar288]

Who is here being reminded of how much has changed in just 3 years!! Just a mind blowing that Bitcoin was worth $6,500 when this lecture was being recorded.

[@mairajamil001]

42,825 right now.

[@emmanuelhoundo8449]

i'm honestly just marveled that i made it to class 3 of an MIT course...

[@uria702]

This is a course specifically designed to be open to anyone in the MIT community. It’s from the business school. An engineering or computer science course in the same topic would be a lot more difficult. I’m happy they make courses like this that the public can follow along with. I learned a lot from this course.

[@navsquid32]

It’s not an engineering course, my dude.

[@stracci_5698]

This class is so entertaining I’m awestruck

[@PauloNideck]

Resources discussed in class: Blockchain 101 - A Visual Demo kzbin.info/www/bejne/lWKZYaKDr8efj5o

[@del3485]

Thank you MIT courseware

[@kennethkeen1234]

Well done child. Go back to mommy.

[@del3485]

@@kennethkeen1234 Thanks peerce

[@donparmesan1012]

thank you MIT for sharing this amazing course for free!

[@anhanryhu8204]

Thanks MIT, MIT has made me think that I am now MIT, not at MIT...

[@zakirakhand562]

What a great academic, so lucid presentation!

[@ajosephc8953]

Now do the right thing Gary in dropping this asinine lawsuit against Ripple. Even you stated XRP is not a security. Must say, this is an awesome class.

[@andikaonyoutube]

Mr Gensler provided very detailed explanation about bitcoin and its cryptography.. could he be Satoshi Nakamoto or the part of the group??

[@666gene]

The time stamp is not what causes the difficulty adjustment its based on the last 2016 blocks

[@bits_for_bytes]

The guy is a con artist, he probably hasn’t even looked at the source code himself, or made a contribution. But he’s a shill like the rest, so he’ll be in charge of it.

[@mezzmarr1209]

The nonce value determines the difficulty.

[@amirakhatib7765]

Your mathematics is top tier babyyy

[@ahmed_shawa]

Thanks MIT for sharing knowledge with the world!

[@borein995]

Wow, this course is addictive.

[@manosijroychowdhury7209]

One of the most valuable resources available on the internet about blockchain. Can anyone tell me which is the demo is he talking about?

[@sunriseeternity300]

I love these videos. Thank You MIT

[@dadswithapurpose3167]

How did these math tech guys become the guys I think are so cool. The 15 year old version of myself would kick my own butt.

[@EJBWraithlin]

The question at 49:45, the lecturer misunderstood/mis-answered (or was it me?) I think the point being made by the student is that: Assume some random set of transactions (and other bits) that produce a collusion with an existing hash in the blockchain. The probability that all of those transactions are also simultaneously valid is very low, and therefore the block would be rejected in many cases - thus reducing the number of possible collisions. Or put another way, it's not sufficient to find a set of transactions (and nonce etc) that produce the same hash, those transactions must also be completely valid for the starting ledger state.

[@StudioArquitectura]

Again mentioning polish cryptographers. Thank you!

[@taribobriggs7638]

I stumbled on this last Night.. What an amazing insight..

[@avdilluma1652]

New sec chair shipe 🤲💎

[@marpalpalmer8337]

Great teacher. Thanks so much for this lecture Prof. Gary

[@mattverville9227]

Congrats to anyone who understood this the first time through. I'm starting the second time now...

[@bijanatri2204]

Awesome show !

[@wedgepressure4313]

Funny how bitcoin was $6k when this came out.

[@somdeepsengupta8497]

Gem of a course. Good stuff prof..

[@brainstormingsharing1309]

Absolutely well done and definitely keep it up!!! 👍👍👍👍👍

[@Bitcoinjesus313]

If these people only knew it would have went up 10 times in 2021

[@applicatordeveloper5108]

Wow I could be in MIT. I did more readings then them :D and understood all. Great professor and it made me confident with myself. Thanks MIT, send me free stuff :DDD

[@paulburkart3575]

Small Correction: We will reach 21 million bitcoin by 2140 not 2040

[@尼安德鲁-n6j]

Im half way, my notes for questions: 1. Why timestamp needed at all, if the order of blocks what’s matters 2. How can nonce guarantee we get output hash with zeros? Could such nonce nonexistent

[@marleyzlegacy9208]

these classes are amazing. thank you for posting them!

[@buzzpedrotti5401]

This is a very helpful and clear class. Thanks.

[@FullMetalGundam]

‘How’s my math?’ What a boss 🤣

[@CheckTheseLyrics]

36:13 .. when he says we can talk about that in office hours haha fuck it.. no one caught that?

[@helimarkus]

He was talking about the likelihood of the SHA-256 hash algorithm being broken. The student said the likelihood is 1/2^128, and the prof converted that into around 1/10^40.

[@cleansebob1]

@@helimarkus It's an easy conversion.

[@mhhmm__]

@@johnkiruba6236 log2(10)=3.3, so basically you can take 128 divided by 3, equal around 40

[@TWWIW]

42:00 With the digibyte blockchain, you can download the entire blockchain quite easily. The exact mechanics Im not sure but its must more faster, scalable, and decentralized than any blockchain currently available.

[@netsolutionsvpn]

I came here to understand the expensive Blockchain that I paid for. Yeah, this is the study bible of the Blockchain technology.

[@bartekb8842]

appreciate that Prof mention about polish cryptographers who broke enigma code :)

[@TomPrior16]

Great engaging teacher!

[@lotfiholmes6397]

2:10 Terrible life choice lol

[@haikalyusuf4058]

Cryptographic primitive - Used in communications & computations Hash functions Digital signatures Class 2 Review - Gensler mentions that blockchain isn’t necessarily the complete solution in the context of markets & money & that there are instances when an intermediary is necessary. But of course, there are cases when a decentralized solution will beat a centralized intermediary. - 10 key design features of Bitcoin: 1. Addresses 2. Hash functions 3. Nodes

[@prula]

How is the Nonce generated and how is it possible to know that a miner "found it" and all other miners agree? The more I learn the more questions I have! ^^

[@mezzmarr1209]

The nonce is generated by an algorithmic function of the Bitcoin open source code. It polls the aggregate of mining power live on the network ready to mine the next block and it adjusts automatically. It’s an excellent example of how advanced Bitcoin’s code is in today’s open source software.

[@jeremyleslie1089]

The miner hashes the block with a random nonce until the hash has a specified number of leading 0s. Whenever they discover a nonce that works with that block: the block is mined and shared. The other miners can quickly confirm the solution is correct and start working on the next block.

[@myoungho12]

Thank you so much for this course. I try to watch one lecture a week but it is difficult sometimes. I have two questions (maybe someone can answer that): 1. If the SHA256 hash function can be broken, is the double spending problem still prevented? 2. Can an updated hash function (a new hash function) lead to more bitcoins? Can there be more than the 21mio BTCs if the hash function is changed?

[@SYN-ACK-443]

I'll try someone correct me if I am wrong. 1. I'm thinking that is SHA256 were broken to give an attacker an edge to not only mine a block faster than the rest of the network it would also have to mine the next block faster than everyone else in order to obtain the longest chain. 2. Not sure I understand this question. If you were to use a new hashing algorithm you would have to create a brand new blockchain starting from 0. Why would a new hash function have an impact on the overall amount of BTC available?

[@jefflundeen9673]

If sha256 is broken, The attacker can gain access to just about everything in our world. Including nuclear weapons.

[@myoungho12]

@@SYN-ACK-443 Thank you Kameron. I think you answered my first question. Regarding the second question I was not aware that an update of the hash function would lead to a restart of all mining. If that is the case my question does not need an answer. The basic question was if the limit of 21mio btc can somehow be changed when the btc community decides to change the hash function. I think I read this somewhere and wanted to know if someone has an answer. Still, thanks for your time.

[@almaguapa-sailboatliveaboa440]

As a teacher of a disruptive technology like block chain, with savvy participants, u need to be modest and humble...