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Blockchain 101

5. Difference Between public, private or permissioned

Let's talk about the objective: the difference between public, private, and permission blockchains. When it comes to blockchains, there's generally going to be a requirement in a lot of cases for you to just go ahead and use resources that are already deployed and open to the public. That is generally considered a public blockchain. Examples would include, of course, aetherium. Of course, Bitcoin was the original permissionless blockchain. It could be Monero or another blockchain, such as Monero or Komodo, or any other blockchain that you might want to use as an organisation or cryptocurrency. Now, generally, when we talk about public blockchains, we want to consider them to be permissionless blockchains. They're also considered open. And what this really means is that anyone can typically join the network; anyone can participate in viewing transactions; they can send transactions, et cetera. Ethereum is probably the best example of this. Now if you're an enterprise, why would you want to use a public blockchain or a permissionless blockchain? If you just want to go test something out or you want to go ahead and deploy a proof of concept, maybe this is a good way to figure out if a blockchain approach is going to work, like maybe smart contracts or some kind of scenario like that. But basically, you want to use a public blockchain—especially if privacy or any kind of security isn't really at the top of the priority list. Also, permissionless blockchains are good in the sense that the infrastructure is already there, so you don't have to go out and invest in any infrastructure or even go out and deploy a blockchain as a service. Sometimes, depending on what you're trying to do, basically the transaction is going to be publicly viewable, and of course, we know Ethereum is probably the best example of that. Now when we look at the chart here, or the diagram, I really should say that you can see we have a buyer and a seller, and basically this transaction is going to go over a public blockchain, and the ledger is open to the public to process these transactions. Basically, the buyer in the case of any kind of cryptocurrency, like, for example, bitcoin, minerals, dash, etc., is going to have a wallet to be able to send a transaction. And when we look at the diagram here, you can see that the buyer is going to sign, basically, a private key. It's going to be sent over the ledger. That ledger is going to process that and typically eachof the nodes will also have a copy of thetransaction as well and then the seller is going togo ahead and receive that and consummate that transaction. Some advantages of a public blockchain are that it is open, read and write, transparent, and the ledger is distributed. This is actually a big benefit in a sense because if one node goes down, it's probably going to be distributed to possibly hundreds or even thousands of other nodes in the case of, for example, ethereum for example.So again, you don't have to worry about losing your data because it's going to typically be replicated among the notes. It is censorship-resistant in the sense that it can't be deleted. So, when something is written, a record of it is kept, and it is available for eternity in that case, which is what we call immutability, and it is also generally secure to mining. Now, this is only true if the consensus is based on proof-of-work, and the 51% rule effectively prevents any kind of double spending, et cetera. When we talk about public blockchains, we're going to be really focused on Bitcoin, Ethereum, and Monero. When we talk about private blockchains, this is going to be a typical example; for example, our three-quarter hyperledger is an example as well, and possibly Quorum is another good example as well. Now, private blockchains are referred to as "permission." Why are they called permissions? Well, because of the fact that you're going to have a permissioning module. Basically, I liken the permission module to a gatekeeper. You have to have a gatekeeper to allow access to only the authorised users and applications on the blockchain network. For example, you don't want your competitors getting on your blockchain and actually seeing what you're doing on the ledger. That's not something you generally want. Transactions are processed by select nodes in the blockchain, meaning that specific nodes will have specific duties, generally based on the type of transaction or the users of the channel that's being used. Again, there's a lot more to that when we talk about Hyperledger; we'll get more into that. For example, transactions are not publicly viewable. Basically, what that means is that if you're not a member, you're not going to see the transaction. Is there a way, for example—a good example is what you could do with some blockchains like Hyperledger—to create an off-chain smart contract and allow specific users to validate it—a farm-to-table solution or logistical solution? A good example is the jewellery consortium example that Hyperledger has on their website. That's a good possibility to think of as well. So you could do an off-chain approach in some cases, but in general the transactions are not going to be opened to the public. Now generally, too, one of the things to point out is a private blockchain; it's generally going to be more local. In other words, it's not going to be like a ferry. I'm distributed in 18 different cities in the country and then in over 100 other countries as well. Whereas if you're going to deploy Hyperledger, a quarter will generally be in your data center, and being on a blockchain as a service is going to be very local in most cases. And here's an example of a private blockchain. Again, transactions are going to be pretty much the same from a holistic standpoint. They'll most likely be some kind of membership approach to controlling access, such as in the case of a quarter or a hyperledger; in the case of a hyperledger, we'd call that an MSP. And then, when we get to Corda, for example, what exactly is a gatekeeper? And that will, of course, mitigate who can access the blockchain or not. Some of the benefits of a private blockchain are essentially the same as enterprise permission, meaning that only the members that are authorised can access the blockchain network and the ledger. Now one of the other benefits is that the transaction is going to be faster. If you don't have 1600 nodes trying to update the transactions, for example, then that means what? That transaction is going to be completed quicker. Now, in the case of a quarter, for example, if you have notaries, you have the ability to scale up typing notaries. But still, it's a lot quicker than, for example, Ethereum or Bitcoin compliance support. This is probably the main reason I see companies actually go out and consider a private blockchain, because compliance would be supported so much easier. When I speak about compliance, what I'm saying is that if we think about it from the perspective of data, that data is typically going to be about a user, a transaction, a product, or a solution. A lot of those areas, for example, can be compliance requirements. It could be anything from maintaining GDPR requirements HIPAA PCI ISO could also be, for example, Serbian Oxley, whatever that requirement is. It could be KYC AML.Whatever the requirement is, a public blockchain just does not cater to that. So you need to comply with the permission if that's going to be the scenario you need. Also, consensus is more efficient, necessitates fewer nodes, and has lower overhead. Now here's a decision tree that I think makes sense at a high level. Basically, you want to go ahead and look at the requirements that you have. Do you have specific controls that you need? Compliance requirements, yes or no? If you don't, then you might be able to go with permissionless blockchains, or a public blockchain, for that matter. If you do, you'll need to use the permission blockchain because, once again, permissionless will not cover those areas. And here's a chart to help you out. Now, before you take the exam, I'm going to highly advise you to go ahead and make sure you understand the differences here. One of the things to point out is that when it comes to identity, there's really a difference between anonymous and known identities. And then number two is around how the code is maintained, for example, but also to access the ledger. Is it open, read, or write, for example? And here's another good little chart to help you out. I believe we saw this earlier, and you'll see it a few times throughout the course. But one of the things to point out, too, is: is the ledger permissionless or permissioned? And on the exam, the main enterprise blockchain that you're going to see is going to be Ethereum. Bitcoin is, of course, permissionless as well. But it's really a cryptocurrency—it's not an enterprise blockchain. Some of the considerations when you're looking at permissioned versus permissionless blockchains are again: do we need to attend to, like, governance issues? Do we have compliance issues? What about our costs? We may or may not have the budget to go and deploy hyperledger nodes, or our three-quarter blockchain as a service solution. Also, too, if we're going to want to use cryptocurrencies, it may just be easier to use, for example, Ethereum and do an off-chain transaction or quorum, for that matter. It's really up to you to decide. Hyperledger and Corda are not really meant for cryptocurrencies. However, again, you could do an "off chain" solution. You can also integrate that with the payment gateway. There are certainly things that can be done, but would it be the ideal way? Probably not. And here's a practise question. I'll let you take a minute of your study time to make sure you go through and answer this. Here's another one, and another one. And the answers are highlighted, of course, in the course material. and another one there. So let's go ahead and move on and continue to the next module.

6. Objective - The difference between public, private, and permissioned blockchains

how blocks are written to a blockchain objectively Now one of the things that we want to just be aware of is first of all, understanding what a block is, and then understanding what a blockchain chain is. So first of all, let's think of a block as essentially the data of a transaction, and it's also going to contain, for example, the hash of the previous hash and then the hash of the hash. That's the structure of the block in most blockchains. There are variations, but we're just talking about generics here. When it comes to a block, we just want to be aware that we understand what a block contains in essence. Now when we talk about a block we know that it's goingto be what, it's going to be a set of transactions. And as part of that block, it will contain what; it will contain the hash of the previous hash; it will contain the hash of the hash again; and it will contain all of the basic requirements for the transaction to be written to the blockchain. We now have a chain as well, and the chain is essentially a structured link of blocks. So basically you'll have block one, block two, block three, et cetera. When it comes to blocks, there is metadata that the block will typically keep. Now metadata is what it's going to be: data about data. So it's going to essentially describe what the block is and what it contains. It's going to have the version of the block structure, a header, a Merkel root hash, which is going to be some cryptographic hash, and it's going to be basically what's really a reference point for all the other transactions as well. And then we have the time—the number of bits. Now, the end bits: this is really true. For example, in the permissions blockchain, it's going to be the difficulty level and then the knots. So the knots: you definitely want to know the term for the exam, but basically, this is the number that is a random number. And you'll see this in a hashing demo. But basically, again, it's a number that is basically used to help determine the input from that number that you put in with the hash, for example, and any other data. It helps determine an output. So if you put in a knot of 220, the output will be different, of course, than if you put in 221. But this is a random number. It's very simple to understand, and you'll see how that works in the demo. Now, a genesis block is, of course, the starting point for the blockchain. It's the first block. Again, that's the start. Now as part of this, we need to understand that after the genesis block is written, we're going to have additional blocks written. And as part of that, in most blockchains we'll likely have what's called "branches." We have the main branch. We have a side branch of orphans and then different categories as well. In an upcoming module, we'll talk a little bit more about these. But the main point here is just to really make sure you know what a Genesis block is. It is really the first block of a blockchain, and then for a transaction to be valid, we want to make sure that's processed via what's called the validation process. For example, depending on the blockchain, those policies or consensus rules could be applied. But basically, in the world of Ethereum, for example, we use mining. Mining is what this is going to be when you have a group of nodes; they're going to use compute power to basically create a block. This is doing the hard work. When we talk about proof of work, it's really like a race to the finish. It's a marathon run. Whoever fixes all the problems first wins the prize. Let's go over the demo now.

7. Demo - Block Activity

Now let's talk about some of the terms we talked about. The first is a block. So what is a block? It's basically going to have what it's going to havethe transaction it's going to have, for example, or transactionsfor that matter, it's going to have the hash. It's going to have the hash of the previous hash. So that's what a block is. And then we have a knot. Now remember, a knot is a random number. I could change this to whatever I want. And when I do—when I take out the eight, for example—you'll see that this will change. And if I add in threes or two, we have a hash that's going to change. And this is important because this is block number one. But what about when we get to Block Number Two? So if we change the hash here, block number two will have a different hash and will, of course, be different. It'll have the hash of the previous hash. So block number two will have this hash here, and then block number three will have the hash of block number two, and so on and so forth. Consider the nons to be a random number that has just been assigned and then part of the hash. In other words, when we change the inputs (any of these inputs), the output will change. So if I go, "Hello world," you can see that the hash changes. If I mine it, this will give me my result here, and again, what if I do? If I change from a four to a three, my hash will change. If I change it back to four, we're good. Now, what about if I change the block number? If I change it to three again, the block number will do what? It's going to change the hash. Remember, any of the inputs here will change the output. That's really the main thing that you want to understand, especially if you take the exam. Make sure you know what a block is, makesure you understand the importance of a knots. Also make sure that you understand what data isand also understand you understand how the hash worksand how the previous hash is also basically employedas part of the upcoming blocks and the blockchain. Now, in the upcoming demos, I'm going to go through, forexample, the blockchain part and I'll walk you through the hashand the hash of the previous hash, as you see here,and then the hash of the previous hash again. And if we change, for example, here, guess what happens? Well, the output will change. And what does that mean? That's going to mean what? The hash is going to change yet again. So with that said, we'll talk more about this in the upcoming demos when we get to the blockchain part of the course and the hashing part of the course as well. Let's move on.

8. Objective – Where cryptography fits into blockchain and the most commonly used s

Objectively, where does cryptography fit into blockchains and the most commonly used systems? Let's talk about this. So first of all, it's important to understand what cryptography is. Now, cryptography is essentially going to be where you're taking information, taking it from plain text, and essentially trying to scramble that information and put it into what's called cypher text. Now some terms that are used are going to be "private key" and "public key." On the exam, you need to understand what the private key is and what a public key is. So the private key is what this is going to be used for, essentially, by the sender and the receiver, depending on how it's implemented. and we'll talk more about this in a second. But generally we want to just realise, for example, that we have symmetric and asymmetric encryption. Basically, symmetric is going to be private-key encryption. It may or may not use a secret key. It's going to go ahead and utilise the same key for encryption and decryption. Asymmetric is a little different in that it will use what is known as a "pair of keys," or another term you may hear is a "key ring." And basically, we're going to go ahead and use this to enhance security because, again, if you think about if you use the same key over and over, then your chances of that being compromised could be a little bit better of having that compromise.Again, that's generally why you may or may not want to use symmetric encryption. But asymmetric encryption is commonly used, of course, in the world of blockchain. For example, here is an image from a good website Ssltobuy.com and they really sum it up nicely with where you're going to have your plain text. So for example, you're going to go ahead and take a message. You're going to go ahead and make a transaction. It's going to be in plain text. You have to go ahead and encrypt itwith what's called a public key and turnit into what's called a cypher text. After that is taken from a cypher text, it has to be decrypted for the receiver to be able to read, or, basically, utilise or participate in the transaction. So basically, just from the exam perspective, I just want to make sure we understand who has a public key and who has a private key. Generally, the sender is going to have a public key, and then the private key will be held by the receiver. Now things are a little different, and some of the blockchains I'll discuss in that section, such as Hyperledger, are a little different. But in general, this is what we want you to realise from this point of view. Now why do we need to have encryption? For example, if we're going to send cryptocurrencies, we have to be able to send them in a secure way. And encryption plays a wonderful role in ensuring that this works. So, for example, if we have a bitcoin wallet or a litecoin wallet, we must have access to that wallet in order to send what is in our wallet or a percentage of bitcoin or litecoin in our wallet to a receiver. We can't send something that we don't have in the world of watching. Basically, a wallet is a programme that allows you to gain access to sending and receiving bitcoins. For example, in blockchain, there are now different types of wallets. There are hardware, software, paper, and Web-based wallets. For example, if you wanted to go ahead and download a web wallet, then go ahead and do that from, for example, the bitcoin.org site or the litecoin site. And coming up, I have a demo on how to send Litecoin, for example. So feel free to take a look at that. Now again, you're not going to get tested on how to send cryptocurrencies on the exam, but it's important for the exam to know the different types of wallets and how encryption secures these wallets. Now, a web wallet is going to be hosted on a website. A good example of this would be Coinbase. For folks in the US who are probably familiar with Coinbase, these wallets are very easy to set up. Basically, you do, though the challenge is that you have to rely on the hosting provider. For example, if you have an issue withcoinbase, and I personally have this happen wherethey said my identity wasn't validated. After two and a half years with them,they shut me off for about two weeksbefore I get my account back online. So that's why, again, you never depend on a web wallet because, again, that is going to be controlled by a third party. So you have your wallets locally, and it's very easy to download those. Now, the only challenge with having a web wallet is generally because you don't control it; they're easy, but again, there are pros and cons to everything. Now, a hardware wallet is going to be similar to a USB stick, and it's going to have your keys on it, and it's going to allow you to maintain your coins on that hardware wallet, essentially. Now, these are generally a little bit more expensive. The ledger is probably the most common one I see. And then a paper wallet. You go ahead and print that out. Now again, if you print it out, there is a recovery process to be able to use it. You may have to use, for example, your mobile phone; you may have to get a QR reader, but again, it's a good way to keep your coins off of the network. And if you're off the network, that removes most of the vulnerabilities that you can run into. When it comes to wallet security, you want to be able to restrict access; you just don't want folks to be able to guess your passwords, and encryption really does help with this because, again, if you don't have the keys, then you're not going to get into the kingdom. So, once again, some of the things to consider when considering multiple signatures could also be another thing. Some of the common wallets, for example, with Ethereum are my Ether wallet, Jack's, and then MetaMask as well. We do have a demo in the Ethereum section on MetaMask as well. And again, there are a couple questions for you to take a look at here before you take the exam. Again, not hard questions on the exam, but it would be recommended to know the wallet types and know when to use them and why not to use them.

9. Wallet Demo

In this demo, what we like to do is send some Litecoin from our online web wallet to our Litecoincore wallet, which is local on my laptop here. Now, one of the things to point out is that when you download any of the core wallets, whether it's Bitcoin, Litecoin, Minera, et cetera, you are essentially downloading the whole blockchain locally. And therefore, you need to pay attention to the amount of space that you need. Now, in this case, because I'm running Windows, it's already pretty much figured out that I'm running Windows. I already have Litecoin Core running on my desktop. And let me show you how that works. Now, I have Litecoin core, and you could see that down the bottom, as you can see first, there's no available bounce. I sent my test Litecoin out. And this is my core that I typically use for training. I don't, of course, use my real wallet. But, because I haven't used this in literally months, I'd like to show you what's going on down at the bottom, where it says Synchronizing with the network. Essentially, it's saying I am behind about 15 weeks in transaction history on the Litecoin blockchain. So what's going on, essentially, is that it's updating the blocks. and this will take some time. This could easily take a couple of hours in some cases. It really depends on how far behind you may be.With that said, we're going to go ahead and let this finish. And then when it's done, we're going to go ahead and send some transfers around it. Now, while you're downloading the Litecoin Core Wallet, what you'd like to do is probably go back to the website and read what they have about Litecoin. And you could see, for example, that it's open source. It has full wallet protection, of course. And then over here it explains, for example, how minors are awarded. so when a minor is solving a problem. Now, Litecoin is proof of work just like Bitcoin—it's essentially a fork of the Bitcoin network. So it's really extremely similar. The miners are awarded 25 new Litecoins per block. And then every four years or so, which works out to about 840,000 blocks at the current time, the rewards are cut in half. And down here, there's also an aversion to Litecoin for Android. There's also Ethereum and Litecoin to consider. And then, as far as other resources go, you can always go over here, for example, to the Blockchain Explorer. And this will literally tell you what is going on on the blockchain, which is actually pretty cool. So after we send a transaction, we can go and validate the block and the transaction—the value in and the value out. So you go over here, and you can see that this is the wallet address. And then you can see the height over here, the block height. So if I click on like, let'ssay this one here, the last one. This tells me that this account had 43 Litecoins leave the wallet. So that's pretty good. Again, this is the fee paid, and this is the transaction history, the hash, and everything. Essentially, this is the blockchain explorer for Litecoin. Let's go ahead and go back to the wallet. Okay, I'm back at my Litecoin Core wallet. You can see that the green bar disappeared. That means my blockchain wallet is fully up to date. Now, what I want to do is receive some Litecoin at this address. So I go over here, and I want to essentially have two options. So I could go over here and select, for example, request payment, or I could go back to Coinbase and just send it to the same wallet. But in this case, what I want to do is just bring this up, and you can see that it logs my payment history, and I want to copy this. This is the address of my Litecoin Core wallet. So I go copy the address. Make sure I copy it. Now what I want to do is I'm going to close that out. I'm going to bring up my browser, and you can see that I'm in Coinbase now. And these are just a few minor transactions that were, of course, completed. And what I did is I just transferred about $13 in Litecoin to my Litecoin Core wallet, which, after the fees, came out to about $12. Not exactly cheap from a percentage standpoint, to be honest. Now, when it comes to sending funds, what I want to do is go here to send, and I simply paste that wallet address. And if you see the green checkmark, that doesn't mean you're sending it to the right address. It's just that the wallet address format is correct. And then I go here to send Max, which is going to send just about a third of a Litecoin, because Litecoin at the time of writing is about, I think, $33 to $36. And what I want to do now is to maximise the screen here so you can see the continue. What I did was move my screen around just so you could see it. So I'm going to just do it again. I'm going to paste it into my dress. Everything looks good, and you should be able to see all this down at the bottom. I'm going to send the max. I'm going to go continue. And it's basically saying, Do you confirm? And the minor fee is that small percentage of whitecoin, and I'm going to send a total of $12. So it's less than one dollar, is what it's saying. And there's no coinbase fee. So I'm going to go ahead and confirm that I'm going to send it, okay? and that will show up in transactions. So let's go back to, and now a message will appear at the bottom of my screen because I'm running Bitcoin Core. Now, it might be hard to see. So let me bring up the Litecoincore and go back to overview. So you could see that right here in recent transactions on this date, I just received this amount of Litecoin. And you can see that pending is that amount, which works out to about $11 and change. It's not quite twelve. But with that said, that's the amount. I adjusted it again just for resolution purposes. I try to keep my screen small. So you should be able to see everything now. So let me go ahead and just move that down a little bit. But with that said, here is a pending amount. This is the amount here. If I wanted to, I could go back and send this back to my Coinbase wallet. But with that said, that's simply how you receive funds. Now let's go to transactions and you could see thatit says that it received this amount of Litecoin. With that said, I could click on the transaction. It tells me that it's confirmed. That means the blockchain nodes are still sort of just completing the consensus, and there's a little latency in the blockchain network, as you would expect with the nodes being all over the world. With that said, this has been completed. That's simply how you can send funds and receive funds to your Litecoin Core wallet. Let's move on.

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