WHAT I KNOW ABOUT CRYPTOCURRENCIES






This is a 15 progress step training, self-assessment




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Note 1: If you are looking towards investing in Bitcoin then this training isn't intended for this.This Training is intended to showcase the importance of Bitcoin and its other cryptocurrencies as the currencies of tomorrow where we will each "carry" a digital wallet

Second Note: Cryptotcurrencies is a the technology of open source money. and this technology is change from the root. i.e. think Airplanes, or Smart Phones.





6.6% Progress: The first thing to know about is Cryptocurrencies are so because those currencies are exchanged using secure and secret communication & transaction method. All digital of course!








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13.2% Progress:  Cryptocurrencies is based on Blockchains. A series of transactions done online that are recorded & publicly accessible is called blockchain...a transparent transaction book!









However،not only finance. Blockchain potential will far exceed that of digital transactions because it is real time and very collaborative.




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19.8% Progress:Regardless of bitcoin current speculative reputation, modern history will remember that blockchain was founded through It!!!
Bitcoin is here to stay and it is not a threat.



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26.4 Progress: Together Cryptotcurrencies (1) and Its ledger Blockchain (2) have very correlated technologies “innovative”:

(3). Smart contract.

(4). Proof of stake.

(5). Scaling.

So total five



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33% Progress:Smart Contract: representing blockchain as a loan,bond and currency, a computer allows the elimination of the third-party!




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39.6% Progress:Proof of stake: an algorithm of selecting a Blockchain transaction validator based on how much stake is available with the validator. It is much less expensive than the older Proof of work. And has the aim of maximizing security & reliability through distributed consensus()!

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46.2% Progress: Scaling (in blockchain): instead of the process of all doing the transaction within a network, only those computers needed do the transaction are in (major time saving without compromising, highly efficient)!


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52.8% Progress:Once the 5 major innovations (crypto currency, blockchain, smart contract, proof of stake and scaling) full potential hit the society life is expected to change! Similar to the impact of smartphones!!




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59.4% Progress: There is a distributed Database that is decentralized within a blockchain network! And after six blocks being added to a blockchain it is impossible to alter it.the principle of CONFIRMATION





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66% Progress:If a majority of 51% approve the transaction then we have a Distributed Consensus. The transaction gets a validation.


see previous step


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72.6% Progress:Mining: the process of validating a transaction and then added to the blockchain gets rewarded.

Proof of work: reward against the consumption!


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79.2% Progress: Blockchain advantages

1. disinter-mediation i.e no third party (Virtually we can go without using the help of governments or banks)

2. control of shares i.e empower USER

3. data synchronization i.e always updated

4. enhanced Defense i.e against hacking & failures

5. simplified ecosystem
6. immutability i.e no deletion or alteration
7. speed
8. reduced spending

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85.8% Progress: Non maturity of the Technologies used and government regulation process and high energy consumers remain challenging


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92.4% Progress: Blockchain enables and enables a lot.. 1.Control your online identity. 2.Creation of your Digital Assets & watch them move! currency cryptographic of course...new currency 3.Trust Factor embedded with each transaction. 4..Ownership creation as any document you make is time-stamped & making your claim for its right irrefutable. 5. Most blockchains has become token-based leading to inevitable use of digital currency cryptographic of course...new currency 6. Logical business !! Transaction verified and leading it to be cleared.


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99% Progress:You can have:

Private blockchain!!
Public blockchain
Or a PPP of it!!
PPP: Private Public Partnership

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Reference:
Blockchain: The complete guide to understanding Blockchain Technology for beginners in record time.
By: Anthony Idalion





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Self Assessment:
Effort: 1 minimum to 5 maximum
Understanding: 1 minimum to 5 maximum




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Prepared By: Ghassan Samaha 


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