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Etherium and blockchain – the future?


Vitalik Buterin – the dude who created Etherium 3 years ago at the age of 19, talks with Naval Ravikant –  Founder and CEO of Angellist….. 

The bottom line – Blockchain will be creating a disruption in the financial industries – and I can see why banks are nervous . 

Naval likens crypto currencies to a brain virus – once you know how they work that’s all you think about! 

Buterin segments the world into those that who’s already heard of bitcoin and those who haven’t 

So – What is a Crypto currency?

 “A peer to peer digital currency – a Platform for distributed applications in a trusted decentralised way . “

“It’s a system to record how much money has been spent and by whom …How much money a person has the right to spend at any given time “

“A central database to store how much money everyone in the blockchain has” – but the genius is how to create this in a decentralised way – where there is no “central server” 

“A decentralised system that contains some type of shared memory”

Etherium is a bunch of decentralised applications that can be created to account for transactions

Vitalik likened the base of a crypto to a vending machine – A vending machine encoded a set of rules -you  put $2 in machine – water comes out – you don’t and water comes out – that’s Bad – you do and water comes out – that’s good . 

Can replace money Wall Street , protocols , visa – within 5-10 years 

Etherium is about Blockchain that understands a general purpose programming language – Buterin likens it to a platform – similar to an IOS or Android – where applications can be created on the platform 

Blockchain currently processes 3 transactions per second – will max out at 4

Etherium processes 5 will max out at 6

Current transactions – visa , IOT – is 100 of thousands per second – long way for crypto to replace – but it will!

Posted on September 20, 2017

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