DEVCON1: Ethereum for Dummies - Dr. Gavin Wood

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Ethereum's CTO Dr. Gavin Wood presents "Ethereum for Dummies" or "So, now we've built it, WTF is it?"
Speaker(s): Gavin Wood
Skill level: Beginner
Track: Execution layer
Follow us: / efdevcon , / ethereum
Learn more about devcon: www.devcon.org/
Learn more about ethereum: ethereum.org/
Devcon is the Ethereum conference for developers, researchers, thinkers, and makers.
Devcon 1 was held in London, United Kingdom on Nov 9 - 13, 2015.
Devcon is organized and presented by the Ethereum Foundation, with the support of our sponsors. To find out more, please visit ethereum.foundation/

[@DeenSomally]

This is gonna be regarded as a historic foundational talk on Ethereum... from the founder of Polkadot

[@deanmindock3680]

Gavin made a fleeting comment that foreshadowed his development of Polkadot.

[@DeenSomally]

@@deanmindock3680 where in the vid is it?

[@elderofzion]

@@DeenSomally near the end. when the attendee asked gavin about private chains

[@Bluecollarworker01]

Hard to believe this was 6 years ago. Wow, time flies. I still use ETH but Gav has built something really unique. Time will tell.

[@subscribetothischannelforl6062]

Finally someone who explains it in a simple way. It's Ethereum for non-programmers, not dummies.

[@surena3727]

Ehereum simply is a decentralized programing language network on a decentralized public ledger so to simplify it.. if bitcoin is a decentralized store of value ethereum is a decentralized store of a programming language That can basically be anything... you can code it to function as a currency you can code it to be a gambling platform You can program it to be an self executing store you can code it and build decentralized app on it (dapps) you can create an smart contract with it who execute specific tasks based on the given code automatically and more..

[@almalm3397]

you should be the one who explains what eth is lol

[@vitorpsr]

so much theory on it, I wish someone turned their computer and just went though setting up a wallet, buying ether, sending 1 ether, receiving 1 ether, showing how a 'smart contract' would work. I guess thats what the majority of people wanna know really

[@cschmidt1352]

Fascinating talk by a very natural and charming speaker! Some of the material went over my head, and sometimes hard to hear, but overall a lovely presentation. Ethereum will change the world, without a doubt.

[@BlackBlok]

how much internet bandwidth does one need to mine ethereum? does it depend on if mining is done via pool or solo?

[@obliquidie]

Sigh. It's the usual problem of programmer/maths geniuses thinking they're dumbing it down sufficiently for a 1st year maths student, but forgetting that their audience is actually predominantly people who don't even know what IO stands for. They need a translator and a vast number of better metaphors. SO many amazing inventions may have gone by the wayside because investors (who are not mathematicians/programmers) don't have the first clue what they're on about :-(

[@unitedfrontiers8372]

+obliquidie It just requires 45 minutes of research on common terms.

[@slomnim]

this invention is by no means "by the wayside" anymore

[@Memberofdoom]

To be fair, this is a developer conference, and the speech was designed for that.

[@confounded_feline]

It's a dev conference. When he says he's stripping out the jargon he's probably referring to the crypto domain at large which is even more esoteric than plain old software development.

[@JeezVince]

Still haven't understand what Ethereum is all about.

[@smilelikeUmeanit90]

same

[@vobbieschannel6320]

Wow this thing says its 'for dummies' but please can someone dumb the information down some more? No discussion of the basic mechanics how this global computer actually works... nodes? master servers who host ethereum code? Im dumb please help me out.

[@Schnupfndrache7]

vobbie'sChannel host should be similar to bitcoin miners. bur i'm also just new to this stuff

[@SimonRichardMasters]

Have to keep research efforts going then

[@Kombaiyashii]

So say if you wrote a program to model what happens closer to the big bang, and then before the big bang, there could be a combination of computers using this to share the massive processing power needed to learn this?

[@ezdac5031]

+Kombaiyashii it's not about the distributed computer power like a supercomputer/cluster, because the performance is actually pretty bad. Ethereum is more about feeding that whole, global database (that it is) with information that can't be changed arbitrarily. You can create a subset of rules (contracts) that could 'own' some information and e.g. alter it according to who acts on the contract. In the first instance, that 'information' most of the time represents 'value' of some kind (money, ownership, voting power, etc....). One example scenario (amongst millions of others): Imagine you could feed a contract with a token of ownership of your house. Since you have no descendants, you want the ownership of the house to pass on to the poorest member of your community. The contract could get information of all assets of all the members (however that will be) and automatically transmit the ownership of the house to the one with the least. The possibilities on the degree of rules you define and the interoperation with other contracts are pretty much unimaginable. The point is, that the public key cryptography ensures that everyone could have access to the information, but no-one can change information by directly manipulating the data itself. so a contract, once reviewed by the participants and omitted to the network, can't be fooled or altered. So that's why it's called a world computer. Don't think of it too much as a big computer with lots of computing power and storage (which is a concern), but rather as a big network of those contracts operating with each other and exchanging/signing over value-inplicating information. You could, of course, create a contract, that checks if someone is hosting computing-power and storage for your big-bang project, and pay him a reward according to the amount.

[@Hullalay]

SKynet came to my mind when he said "you can't turn it off" :)

[@HudsonKnowsEconomics]

It's just a peer-to-peer public database with complete permission flexibility to change and use data and code?

[@umithangoktolga3770]

Still best resource for “conceptual” informations behind World Computer 👽

[@gaelcannabrz528]

How can I score a sleuth of pre~mined?

[@criticalthinker7822]

Thank you for making ETH understandable.

[@Kyzyl_Tuva]

Private chains are what will be the undoing of this whole concept. The answer to this question was, "I hope," and "We should." Not good enough!!

[@sethbenton6791]

my thoughts exactly.

[@joshcook666]

i think they should have put CL in the market place portion of the presentation

[@Kyle-sq7up]

This reminds me of the episode of Silicon Valley about Daily Active Users... 500,000 downloads!!! But only 20,000 active users (engineers). The tech is mind boggling futuristic yet most people live in the past and don't "get" it.

[@nftreview]

The way I would explain it without dumbing it down too much, it's a platform that allows a software package that contains business logic and user data to sit in the cloud. A copy of this cloud is replicated by millions of computers around the world to keep code/data integrity.. The user interface is an open source project that communicates with the software package in the cloud. To incentivize people to replicate this software package to be maintained you pay them with a digital currency. The value of digital currency is determined by the popularity of the entire platform. Early adopters gain the most if the platform becomes a success. What makes this platform unique is that the business logic / data cannot be taken down or changed unless multiple anonymous developers around the world agree to do so. This makes it so authorities cannot take down software or data they don't like. Some use cases are: legal public records (deeds, court cases records, fictitious business names, etc)

[@Dehibernation]

+Rick Tuinenburg Where is the data physically stored? Is it split across a certain amount of nodes on the Ethereum network? And what happens if all those nodes go down? Is the data then lost? Also what happens when you get more data than you can physically store on the nodes? Is that even possible. This all sounds extremely vague and abstract.

[@sethbenton6791]

nice explanation. it helped me wrap my head around this a bit. i think the cynic in me balks at the "cannot be taken down or changed unless multiple anonymous developers around the world agree to do so" part. at the end of the day, it's still people. which can (and will) be subject to coercion to "vote" in favor of the powerful. this platform may shift the power around, but power is still power, and humans are still humans.

[@nftreview]

I guess if the people in power subpoenas Github, and finds out the IP address of each developer who worked on the business logic portion, gets warrants for each developer that might be spread around the world. Some developers will lawyer up, and now they need to convince each one to take down/edit the business logic code. I guess it's possible, but definitely not easy. I just thought of another way to make this even harder, the developers could launch a bot to be part of developer mix, and that bot will need to be instructed to vote alongside the humans. Hard for the people in power to track down a bot and coarse it to go along with their demands.

[@eleanorharris7028]

Rick Tuinenburg yes much better this was crap attempt in comparison

[@solutionjetinc5616]

Well, we won't necessarily call it a cloud..rather it gets deployed in a network..now many nodes in that network could be part of a cloud or not ..doesn't matter. Also not "Copy of cloud"..rather an image of that package!

[@martinbragalone]

This is so helpful. Up till yesterday I thought Ethereum was just a ramped up Bitcoin. So glad I was wrong. This is awesome

[@TheTeslaTess]

Learning it now... How much has ETH / USD? In the last 3 years? I knew about it at least for 3 years

[@tpalden753]

@@TheTeslaTess eth was around 200$ when I was in high school (2016-2017). All my friends were using it to gamble haha 😂.

[@JoanStewart1]

Moving forward with anything new is never easy to put into layman's terms. The technology is exciting and the future of what is available was well explained, thanks.

[@JeffreyRust]

Is it possible to login to the same ethereum userid from multiple browsers and devices as you physically move around the world? How much Ether do you burn per transaction? If I have a school using contracts for grading/scoring/credit granting what would the overhead cost be to use this platform? As ether 's price goes up(btc prices) will the platform be too costly/transaction for companies using 1Billion to 1 Quadrillion Transactions per day?

[@kamel3d]

There lot of vague concepts here and they talking very general, the point when he said monopoly is bad for innovation, well all innovation we have now did happen under the monopoly and it depends on the monopoly I could tell you Microsoft was a bad monopoly when it destroyed netscape, but google is a good monopoly because it brought lot of free resources and tools to the world, so it depends on the monopoly and you can not say monopoly is bad for innovation, also lies are bad for innovation too!

[@VMarcel9]

Google doesn't really have a monopoly, they do not have sole control over any particular industry, product or service. They may have a lot of hands in many industries which lead to thier breakthroughs in technology. I think the concept of monopoly in the presenter's standpoint is the perspective of control. No one natural person, entity, community, or government should have overwhelming control over any particular service, product, power, or otherwise unless rightly distributed to the people as a whole.

[@nickgraniello5893]

Now being a computer , will it get viruses and if people can share absolutely anything with no censorship what will malware look like

[@AximVidya]

He was talking sense for the first minute or two, then something happened and now I'm more confused than I was going in.

[@garylatherow]

Gavin do you support York City???

[@magnetstoo]

----Colossus,The Forbin Project------comes to mind when he says it cannot be stopped.

[@colbyrobinson7828]

When someone is straightforward and good at what he does people will always speak for them ✊✊

[@KOREAyoungwoo]

Thanks though, audio is not good for this video maybe need to be amplified?

[@nrfmartin]

Lol, that's no home computer, its the controls for a submarine nuclear reactor. I know because I used to operate one.

[@jasonbourne5985]

fix the microphone please.......and explain what Ethereum can do for people, what it can be used for and start with those answers at the beginning of the seminar....please....

[@doulfis]

Ladies and Gentlemen ! I think this is a perfect time to buy into the most serious currency we have right now! This that will revolutionize new technology! They call it blockchain baby ! ETHEREUM - ETH

[@carlosricardocoelho8312]

Can somebody explain to me (and many others) what is ETHEREUM and some of the basic definitions/methods you have to understand prior to understanding what it really is ? Please explain it for DUMMIES ! Not for people who already are familiarized with cryptofinance... THANK YOU!

[@jeremymolla]

Ethereum is a worldwide network of computers that maintain inalterable and public "database" and running engine, accessible by anyone. This network offers data storage space and computing resources. ETH is the currency that allows you to buy computing resource and data storage space on this network.

[@Stanman121]

Internet does not exist without the ISPs and the actual hardware exchanges. Unless Ethereum also build its own hardware infrastructure, the towers, the cables, the fibreoptic networks, someone else will still have all the control, no matter how fancy this platform is... How will Ethereum survive with the death of Net Neutrality? I love this idea and have already bought my Ether but I see dark skies still ahead.

[@sweetjimmy]

Exactly

[@surg0r1]

that first question in the q&a lol

[@AlexBrantZawadzki]

"Commodifies", surely... ;-) cheers, thx for this

[@eleanorharris7028]

Practise on a bunch of grandparents once they get it then you have nailed it this does not pass the test

[@st-gelaiskevin9202]

wath if internet shut down by any means ???

[@michaelchambers5460]

Its like bitcoin + skynet

[@Woodmy120]

yesssss

[@renegadeprince100]

Michael Chambers that's what I was wondering. like wtf is he about to unleash lol

[@Kaybe23]

What I dont understand is: What you will use the Ethereum COIN for? Will you pay with 1 Ethereum for an app ? Or 100 Ethereum for an contract?

[@openmy3rdeye]

+Kaybe23 It's an alternative to fiat money. You should be able to buy anything you want for it. It all depends on how many companies would adopt the currency.

[@jaredsouthern3159]

+Kaybe23 You buy 'gas' with it which is burned when transactions are processed

[@SwansonBruce]

+Kaybe23 To run your program you will need to get some ethers to power that program. This will require you to buy some from someone. They will want to sell it at the highest price, just like any commodity or service.

[@rvnmedic1968]

+openmy3rdeye I have a BTC account. When I buy more BTC, I pay with my country's fiat money. When I sell it, I receive the funds as my fiat currency. If you live in Europe, you are buying BTC using fiat currency and also when selling it. How is this an alternative to fiat currency? BTC is seemingly "backed" by fiat currency, not by any tangible asset.

[@CardiffPizza]

+xywy xywyyw +Kayve23 Ether is virtual oil and 1 ether = 1 barrel. You will "burn gas" (AKA fractions of Ether) to sign contracts, exchange money, play games, fulfill profiles and surveys, ect. Ethereum will release the "Mist browser" that the masses will run DApps (decentralized Apps - like a new App Store) created by devs (developers) for your life to be easy and fun and better. You will get paid (corporate ad revenue) to be on new social sites, you will vote for the president and invest your money on Ethereum; AKA "The Trust Machine"

[@LetsGetItStartedNow]

This gentlemen promised he wouldn't use any jargons but he actually over cooked it.

[@irclaw42]

Can I purchase a hot dog and some nachos with ethereum?

[@jaredsouthern3159]

+One Day At A Time yes send me some and a pm 0x3f246d052a3f0490cce425665142dc137690714b you will receive it in the post :D

[@AgentxOO2]

yes but if you did that 4 years ago when 1 Eth was $10 you'd be cursing yourself today. That's a $600 hot dog and nachos combo!

[@LetsGetItStartedNow]

This will not get any adoption if they don't get any good presenters. I've seen a lot of these Ethereum Devcons and they all have the same brand of presenting. It's quite disappointing. A lot of fragmented lectures where the presenters are presenting to themselves and are incapable of reaching out to the audience. It would really be nice if they can get Andreas Antonopolis ramped up on Ethereum and have him present. That would do them a lot of justice. Andreas can present at any level and he is exceptionally good at scoping his audience and use the correct protocol to deliver the message.

[@clerooth]

Yes, Andreas is good enough for that job. However, I don't think he is interested in Ethereum enough to study it extensively. I'm more than satisfied with the level of quality education and contribution to Bitcoin by Andreas. Would Ethereum still exist without Andreas pushing public adoption of Bitcoin?

[@02powertube]

New to crypte, question: Why would i buy ETH and not BTC?

[@AximVidya]

Look at the price when you posted this then look at the price now. Wish you would've bought some yet?

[@ElohimElite]

wish i was so luck like you all here. i find out about crypto 2 months ago. that is so unfair. in 2 weeks i made 90k , but now the marked crash

[@wildboar3170]

The first question is a good one. If you look at BTC has anyone really looked at why the general public are so reluctant to give up their old ways (debt slavery) - it cannot just be because of all the negative press

[@QlikShare]

Great answer to second question. Thank you.

[@bsodmike]

Seem Ethereum itself may be resistant to attack, but like the case with DAO, applications (or code automatons) sitting on top of Ethereum are certainly open to attack.

[@DaveCraige]

Great presentation (even a few years later)

[@skrongo]

Said he would not use the word "contract". Used the word "contract".

[@unyielding37]

how can i invest on this, apart from cryptocurrency?, or is that the only method? sorry for my bed england

[@clivewilliamson7190]

My head hurts!

[@mrseanpaul81]

Very important video! Love it

[@winstonsblues]

Based upon what he described, it seems like the death of intellectual property rights would maximize Ethereum's potential to elevate humankind. Also, I wonder how plausible it would be to root an opensource MMO into the world computer. Individual profiles would I guess remain on individual private servers, but if nothing leaves Ethereum, could you log in with your avatar and still get back out? Certainly, impacting the game's environment with your avatar should produce real, lasting change.

[@almalm3397]

i didnt exactly get what your question is, im basically learning the depths of blockchain right now lol ( still early? maybe) but im really curious after 5 years, did they give answers to your questions? how it evolved? It seems you were asking the questions which today they are trying to answer with NFTs and maybe metaverse? also hoping you bought eth when you watched this and you are a millionaire right now =))

[@kangkanpaul9745]

wow, wiki how to be written

[@LetsGetItStartedNow]

It would be great if someone can just present a working POC instead of these meaningless PowerPoint presentations which have zero context to anyone that is trying to figure out what this is. Perhaps a POC using Myst on top of Ethereum. People would have a better idea of the end product, end-to-end.

[@MicroUrb]

+LetsGetItStartedNow Exactly, a step by step how to in creating your local currency with ethereum that would be extremely helpful.

[@azulerationatemourton5692]

I don't like to have multiple files on my computer. I don't really use bookmarks. if I can find your root http and make it as a reference in a school paper and nothing would be said more than once. if I'm writing and ethereum finds to whom I owe the credit, it would insert it and I could compute on two different places. then big data would say 99.9 percent of people in your area think you are cool. I see the uses

[@kevinmcinerney9552]

Immutable data, permenant data, the need to audit ..... Seems like a functional paradigm would be more suitable than OO. With functional code you code use formal verification to mathematically prove the outcome of a smart contract, no?

[@wthilmi]

Time will tell

[@brokenweeble4177]

At least they got the title right

[@sekisanchi]

WTF? That's it! We'll take over it! Come on!

[@slovokia]

Audio volume is too low.

[@ConnorBP]

they fix it a few mins in. It is a live presentation after all

[@HankScorpio94]

Turn up your speakers

[@fromoz9294]

this is awesome... installing

[@KatzenhausSHOP]

its time to Buy FootyCoin guys!!!

[@11kwright]

So this virtual computer - Ethereum is clearly not something for the average Jo Bloggs then. It's more for the very technical minded and has no privacy whatsoever. It's transparent for everyone to be accountable for their usage. If anyone can clearly see an advantage for the average Jo Bloggs please let me know.

[@obliquidie]

+11kwright Eh, buy Ether (but PLEASE, only as much as you can afford to lose) and let the techie wizards off on this trip! (You know, like we do when we trust banks with our money, only these guys will explain to you why you can - but like me, you won't understand them either!)

[@JurajMartinka]

Lots of slides and few words. I wish this talk would focus more on explaining the core concepts more clearly rather than flying through the lost of different things at once.

[@naserka8535]

cheers mate

[@guillermoartiles5541]

Me puedes mandar esta información en español. Gracias

[@danielaubertine6439]

Dumbing it down would be: Remember in Finding nemo, the East Australian current with all the turtles? Ethereum is like the East Australian current that extends all over the world and can take turtles wherever they want to go. It can do anything the turtles want, and take them wherever they want to go. The turtles here are the 'smart contracts' and any fish can jump into the current and ride on the back of the turtle to wherever they tell the turtle to go once they pay some ether. The current is unstoppable, and every fish can peek in and see an immutable history of where other fish gone on the turtles.

[@SimonRichardMasters]

Nice

[@SimonRichardMasters]

Nice analogy Turtles, current, fish

[@yvsvf8423]

"cannot fail, be stopped, be censored" lol

[@johnsmith4630]

when he said there is no power button no reset button no way to turn it off it sounded a little ominous to me LOL

[@missionpupa]

Why? its the users that control whether they will use it or not. Thats the whole point of decentralization. This also means, corporations or governments cannot shut it down.

[@cryptonomist3423]

Polkadot lead me here...2020

[@LetsGetItStartedNow]

Maidsafe is actually the first global computer...

[@donwalks]

2020 answer to the first question is DOT

[@SsmarcosS41]

what?

[@Ankitgupta-xb8xr]

@@SsmarcosS41 a

[@SsmarcosS41]

which question?

[@QuantumBunk]

Does Ethereum eliminate copyright & ™ process bureaucracy?!!!

[@AlMayer1100]

there is a power off switch. not obviously. but there is. electrical power is controlled by humans and nature. funny how people take electric power for granted.

[@satish890]

your comment has absolutely no meaning.

[@noahwatchmaker3793]

he's talking about a massive sweep of EMP's ...Big enough to crack enough nodes to do real damage.

[@sineadhanlon2668]

What is/are an EMP(sweep)?

[@sineadhanlon2668]

I don't get what you mean. The ledger is stored in multiple places unless some ingenious individual managed to fault all the connected substations in the multiple countries/places as well as the n-1 contingency back up power.

[@SM-fc4rw]

electromagnetic pulse (EMP)

[@kk141281]

18:00 Someone take away the MIC from him

[@Andy-eh5ue]

watch out for $PDOG!!! bsc will launch soon!

[@chrisweeks2381]

Sure seems like the mainframe for an AI monster but oh well

[@NikLyons]

i just signed up for bitcoin and coinbase and my coinvault is 00.00.. I dont feel comfortable buying with USD.. My laptop would not be good for mining at least I don't think so.. How can I start getting bitcoins? I have Moringa for trade.. I am not a programmer or hacker.. These lectures are a bit over my head.. Anyone got a good tip to get bitcoins? I don't play games much.. But I am somewhat savy with a computer.. I feel like I am about to miss an opportunity to join an evolutionary revolutionary break through.. Decentralized currencies could liberate or enslave.. I know feds get there hands in there and the price of bitcoin shot up scaring folks away probly.. But its a great 💡 idea to empower those without banks accounts.. It seems like a bad idea to put my debit card info on bitcoin.. Its hard to tell if it's safe...

[@Maltcider]

If you're worried about security or anonymity you can get a Visa gift card from a drug store/gas station and buy bitcoins from one of the websites that trade with credit cards (they often charge a higher rate though). Or you could use a regular bank account or PayPal with a well established site to get bitcoins at a lower cost, for anonymity those could be sent through a 'tumbler' service which directs them through many different addresses before returning them to you in a anonymous way; then you could buy the Ether. You could also try localbitcoin.com since they have many alternative buying methods (under "Show more...").

[@WakeRunSleep]

+Polycube thanks, could you recommend some good forums to learn more about this stuff?

[@NikLyons]

Yes thanks Polycube and Shilohwillcome for your responses. I got scared away the more research I did. Seems too unsafe and I am not interested in buying them as much as having some.. I cant mine because I have slow internet. I don't play games on the internet. I just don't see how bitcoin banks are going to help the situation.. But the idea of every person having that much power to earn a global currency.... Its coming only a matter of time hopefully soon

[@djkinkle]

coinatmradar.com go get some in person

[@Anthony-bz2xs]

yea mine bitcoin with your laptop LOL

[@husambarham3779]

it is coming

[@padamnegi2410]

I love it very nice video.

[@aaronseet2738]

3:22 computer with steering wheel. These folks were prophets; they knew people would eventually play racing games.

[@kingchurchill2535]

Can anyone tell me where is the easiest place to buy ether with bitcoin please?

[@juliusmbrandl]

+King Churchill get the etherum wallet u can do it in there

[@trillioninc8785]

if you want to interact with contracts, you would need to download mist, github.com/ethereum/mist/releases/ as for purchasing DAO tokens for TheDAO.org, you can use either mist or www.myetherwallet.com/

[@jdelacruz6854]

once anyone figures out how to code self aware machines, their consciousness can live forever within that universe. each self aware entity will be completely unique and real as any object in our universe.

[@groverasylum9626]

Cant write code for something you haven't the foggiest clue as to what it even is.

[@AnoNymous-2013]

Certainly not for dummies

[@dougwallen3814]

huh?

[@TheNair264]

Get somebody to communicate this better, I (someone with limited knowledge of crypto-currencies) was just going to buy some ETH, now I am sceptical.

[@einerus]

Thats the problem of bad design. Everything is over complicated and they have to focus on making it clear and easy. Now it isn't.

[@eruston]

I agree, having the guy call it a slow, undecided, somewhat bad decentralized computer is not what I was hoping to hear! I still think there is great value in something like this, it's disruptive (which I like) but it's still very early in the cryptocurrency market for something like his to take off.. My non-tech friends still look at me like I have three heads when I tell them I invest in Bitcoin!

[@nicholasscholten4838]

I just viewed a portion of the video and made a comment. Looks others noticed the same thing. Just because someone is educated doesn't mean they are qualified.

[@TheModernHermeticist]

Thank you local wizards

[@southpaw788]

So Ethereum in a way is like Skynet in the latest Terminator movie.

[@JohnSmith-dh8kv]

No. Skynet was an artificial intelligence.

[@noahwatchmaker3793]

Why does every crypto-currency need a public ledger?

[@tagheuerwoods6241]

If I understood the process its meant to counter money laundering

[@gearsNtools]

if there were no ledger I could spend your currency and nobody would know that is wasn't mine. Having a ledger gives it credibility.

[@sancrtr]

ledger is what gives it value , it is not backed by gold or any tangible good

[@SimonRichardMasters]

Terrible answers to this question

[@leoctl]

There is a rumour about Fantom ($FTM), the company would actually create a platform for global/international trade, if this is true, Ethereum doesn't stand a chance !!

[@kingmike40]

I hope Ethereum doesn't evaporate like ether.

[@skim2958]

Finally. Skynet is here.

[@malthus101]

"Ethereum for Dummies" - yeah right.

[@bergssprangare]

You should Ethereumise your mic..

[@sunjen11]

Title: "Ethereum for Dummies with a PhD in Computer Science" :D Rick Tuinenburg good explanation in the comments.

[@SimonRichardMasters]

Made.me.smile

[@JIANYM36]

WhtF? In a presentation. Really! A little class is always appreciated

[@mlou68]

Yes...I am thinking he is using it to cover up where he is lacking !

[@papuchobello]

dot get it. I will try ethereum for normal people instead

[@buywiththrillsbwt215]

Ethereum code will exist longer than humans..

[@srram]

I learnt almost nothing from this