Blockchains are so 2017. 2018 will be all about BlockDAGs. I'll explain a cryptocurrency system called IOTA that is getting really popular and how it differs from a traditional blockchain. At the end I'll show you how you can buy some.
Code for this video:
More learning resources:
Please Subscribe! And like. And comment. That's what keeps me going.
Want more inspiration & education? Connect with me:
Join us in the Wizards Slack channel:
And please support me on Patreon:
https://www.patreon.com/user?u=3191693 Instagram: https://www.instagram.com/sirajraval/
Signup for my newsletter for exciting updates in the field of AI:
can you make more videos on IOTA, Pyota , with some real example like when i click a button click of a button turns into a transaction and turns on the light on or of on a raspberry pi or just print "ON" or "OFF" on console.
I don't understand the sentiment "screw Visa" - since IOTA is just another payments system that relies on blind trust - except unlike Visa, IOTA are not accountable to anyone. Furthermore, you only pay Visa fees as a merchant and as a percentage, whilst IOTA you need to invest money - Am I missing something? Where is the value proposition of IOTA and what game theory holds it all together? It seems like an expensive utopian testnet.
I too think IOTA is cool, but I reiterate my prior post. If transactions on IOTA Tangle are free how will they make money?? Additionally, if there are 2 QUADRILLION tokens (and there are, that's why they trade as MIOTA "millions") how much can a token be worth? Further, what utility does their coin have if not to pay for transactions on their FREE Tangle Network???? These are valid questions I cannot seem to find answers to, you are exceptionally smart, not innumerate for certain. So if maybe you can find or have some answers to these basic simple questions??
Great video! I wasn't sure to invest on IOTA but you made it clear for me. It's an awesome technology. The World Trade Organization mention IOTA as one of the coins could Revolutionize International Business. Keep up the great Job!!
All that is cool . But when i think back and forward... I would say that this currency is centralized .. How come you can verify ACID process ( account, balance, previous transaction etc.. ) with bigger scalability but no reference to check it with ? there must be some back door.... otherwise it make no sense for me. Can you pls explain ?
Thank you million times !
The development of the blockchain really well thought out. Many investors have already acquired tokens of the company.This platform is designed to provide high-quality services for ICO.They worked hard on the development of mobile and Internet applications in any programming language. The best way for this condition to earn tokens.https://tokengoplatform.com , https://t.me/TokenGo_EN and https://t.me/tokengogroup
Scenario (This may be a dumb question/scenario, bare with me): There are 3 nodes in the network, one node makes a transaction but has to solve two transactions for it to have "proof of work" so that its transaction can be approved. Let's say there isn't any transaction at the moment except that one transaction. What will happen?
Because to me, it sounds like there need to be ongoing transactions to approve transactions.
Interesting...!!!. Whats your opinion on INT ( Internet Node Token ) which claims to be better than IOTA. I have been looking into how their business model ( White Paper ) works. So far it's the IOTA of China but I believe it will soon go worldwide.I like your videos. Very informative..!!!.
If transactions on IOTA Tangle are free how will they make money?? Additionally, if there are 2 QUADRILLION tokens (and there are, that's why they trade as MIOTA "millions") how much can a token be worth? Further, what utility does their coin have if not to pay for transactions on their FREE Tangle Network???? These are valid questions I cannot seem to find answers to???
Could anyone tell me, how much computing power is required to validate each transaction? As each person needs to validate 2 transactions, would this require each person using this ICO to have a high level of computational power?
Dear All - after reading a few of the comments I stopped not likely all the negatively. as the technology innovates we need to adapt new ways of thinking, communicating and being with each other. Let's start NOW!
Most thorough explanation I came across so far. Thanks for putting up the effort and great work. Is there any way to access the notes you go through in the video? Do you upload them anywhere? It can be a great reference.
How does someone approve a transaction? You said that the speed increases more people sign up. And that's because they take part in verification of transactions. How does this work, how do I or my account verify someones else's transaction?
You're a fucking trooper Siraj. I have to be honest. Thought you were a bit much when I first saw your videos, but you are outputting so much good content these days, and I must commend you for that. I love the new informal style by the way. YouTube is too polished.
Doing a vid on how technology works is fine, but actively suggesting to buy it is pretty fishy. Especially as IOTA is pretty controversial at the moment and people report serious problems getting their money back.
crypto-currency is stupid and bad for the world. how much energy is wasted mining tokens. Blockchain is useful, but as this video explains, it's horrible from a technology perspective. It's a huge bubble.
https://medium.com/supercryptocurrency/iota-cryptocurrency-is-a-scam-heres-10-reasons-why-ca111de0f19aIOTA is a complete SCAM and this is an Astro Turfing campaign so they can pump it and dump it on IDIOTS that buy this scam shitcoin.
Siraj, you said you studied about IOTA just yesterday and how come you came up with such numbers?
Can you please tell us your approach to how to use Google effectively? Especially when we are specific about finding something about ML, AI etc..
Prob the most in-depth analysis article about IOTA
I hope you appreciate the quality: you can’t find this exhaustivity anywhere else.
Please share this article if you like it. ;)
How much room do you think there is in the market? So many alt coins (and the tech behind them) are trying to be the solution to BTC's slow transactions. But do we think only 1 will be chosen? If that happens, all the other coins/tech will likely be shuttered, no?
I'm into several alts, but there's so many people rooting for each one, and so many of the coins advertise similar abilities. I'm just wondering if everyone expects there to be , say, 10 companies that still exist in 2019, or only 5, or 2, or 30?
The "coordinator" should have been replaced by miners who produce a topological ordering of the DAG --- rewarding them with coins, of course. There is no way to get rid of some coordination to produce "checkpoints" --- because the scale of the DAG will be more than small machines can navigate. I.e. it doesn't scale.
First Flaw is more people on the network does not make it faster. You get to a point of saturation and whoever wrote that white paper is an idiot or simply wanted to hook the idiots on this crap.
Second flaw is your coordinator. More transactions means more issues since everything checking coordinator, it also means that if you DDOS the coordinator, the entire network goes down.
Third flaw stating there are no fees is also BS. Think about it for a moment. Who's going to stay online for doing the transaction? If the app is running in the background then people are paying electricity to accommodate the app. What was that, IOTA only runs the program when someone doing the transaction? Oh great, then I better make sure I do my transaction at the same time as someone else doing their transaction otherwise it won't complete or I'll wait.
Fourth flaw with the program, they don't cover the issue of people logging in and out. How does the database repairs this issue? Do they run through the coordinator? Oh there you go, centralized system.
I mean, is everyone that stupid not to see the crap that is IOTA.
I don't understand the part about the "quantum attack". If quantum computers can try nonces faster, than miners will all use them, no? why do we need a mechanism to defend against that? did we need a mechanism to defend against gpus because they mine faster than cpus? if quantum computers become better at mining, so be it, we will just adjust difficulty.
From this video, IOTA is super cool except temporary co-ordinator however there are few comments at the end of blog(https://medium.com/@giotto_3438/a-comparison-between-iota-and-streamr-343b3d9cd2ec) which are worrying!
As per this link from Streamer advisor the IOTA dev. is considered to be not genuine. Any view on this from your side will be great to have.
Bitcoin is over 20 dollars in fees at the moment, if you want your transaction to get accepted fast. If you are fair with waiting up to two hours, you are fine with 10 dollars, if you go below 4 your transaction might not get confirmed at all
please note if you bought iota shortly after this video came out you would still be down 20% and the chart doesn't show indications of an increase. Im sure it will increase but not sure how low it will go first. Sure the idea of Iota seems cool, I just don't think its 12billion dollar market cap cool.
The explanation was a bit confuse, but worth it. One thing I would like to ask is: how hard is the Proof of Work IOTA uses? If we have something like the one in Bitcoin, we wouldn't get rid of the centralization problem, because the processing power required would be very high. Also, if it is something that can be processed in a smartphone, but that takes a long time to finish (in other words, something that takes more than a few seconds), people would still use faster, dedicated services, like Coinbase wallets, to store coins and create transactions, what would also lead to centralization.
Hi Siraj, great video, gonna subscribe.
As you say in the video, the more nodes will enter the system and make transaction, the more the transaction will be elaborated fast.
But what happens if, in the future, the number of nodes and activity decrease? Also the speed will decrease?
If you are required to hash two transactions as part of your transaction, then you'll need more than standard computing power right? Essentially, you're a miner when you transact normally. Doesn't this essentially make it difficult for mobile devices to perform these transactions with the limited computing power of an ios or android device?
Magnr is a handy cross-platform trading site connected to a few big Bitcoin exchanges. Accounts never require any personal data or identitiy proof. So signup is quick and possible with anonymous data.
Leverage is available at Kraken up to 5x for several cryptocurrency pairs, including bitcoin. The fees are depending on the volume of the margin account.
Bitcoin can be traded on GDAX up to 5x leverage. The margin trading option must be manually turned on the account in order to make sure the users understands and reads the associated risks.
Margin trading is basically borrowing funds to purchase an asset, this allows you to buy more bitcoins that you would normally be able to do normally in the hope of making bigger profits on the price movements.
Advantages of Margin Trading.
The biggest benefit of margin trading is that you can take advantage of the additional funds when the market moves in the direction you expected. The overall profit of the positions once the bitcoins are soled and the loan is repaid is significantly higher compared to an ordinary trade execution.
Disadvantages of Margin Trading.
The disadvantage of margin trading is by nature the amount of risk a margin account can hold. The higher amount of leverage you take the bigger amount of money you can loose in case the market moves in an unfavorable way. Due to the margin call, the margin account must be funded countinuesly that involves significant amount of liquidity. It is only advisable to trade on marking if you have enough experience already on the market. To mitigate the associated risk, many trading platforms only offers limited amount of leverage trading opportunites.