Understanding Blockchain For Beginners - Hezekiah Suleman

good afternoon everybody or morning rather good morning everybody how we are doing sure all right great um nice to have you all around and I'll say welcome to web3 Lagos all right so um this morning I'll be speaking on the standing blockchain for beginners and when we are talking about beginners we are not just talking about people that are entirely new to blockchain and cryptocurrencies per se do we have persons that are completely new I mean you literally let's say you've only heard about blockchain but you don't really know what it means can I see your hand off this okay all right quite decisible number so that means the rest of us are pretty much familiar with what blockchain entails right Echo right all right great thank you okay so um however since um most of us are familiar with worrying those I just want to let you know that um this session is not just it's not strictly for beginners but it's for every one of us because it's our duty as people within the space to um tell others and I mean share your knowledge about blockchain to other persons and that's exactly why we are here in web 3. that's why we are here right here in Lagos for this event because we need to let people know what this technology entails so in as much as you are not a newbie you are not a new person to blockchain you need um you know the the you need to understand the methods of how you can you know tell other people about blockchain so basically that's what we'll be considering um this morning very quickly if you have questions I really love to answer a lot of questions I have um limited time but I really love to answer a lot and lots of questions so okay so what is blockchain now the idea of a blockchain is something that is familiar to every one of us here directly or indirectly why did I say it's familiar to every one of us here the reason is that um every one of us has seen a ledger are we together yes the idea of a blockchain is based on the idea of a distributed ledger so it's based what what what blockchain entails are the summary of what a blockchain is is a distributed Ledger all right so a distributed ledger so otherwise you could refer to blockchain as a distributed Ledger technology right so how how does a ledger look like it's simply just a book in which records of transactions are entered into as simple as that so just a book in which records of transactions are entered into so now back then let's say five years ago most especially it was very popular at Banks when you walk into a banking online you make a deposit a cash deposit to another account to someone else's account um when you are done with that deposit you'll be asked to enter in you know details of that transaction after you are given a teller are we together who who can relate what I'm saying yeah after you are giving that teller you'll be asked to enter some records let's say the date you'll be asked to enter the name of the depositor the person making the deposit um the amount which you entered you know but how many of us still see see that in banks these days I mean it's it's literally phased out already because everything is now digital right yeah so great so that's what blockchain actually does blockchain is a digital form of that blockchain is a digital Ledger meaning what is entered into a ledger or everything that is entered into a ledger are transactions now there's always a misconception about blockchain and people think most times the only records entered into the blockchain are Financial transactions and that's wrong so not just Financial transactions are entered into the blockchain any form of transactions can go on the blockchain it could be health records it could be Logistics and Supply it could be in fact anything at all as far as it is a record it can be entered into the blockchain reason why um you know most of the transactions that occur currently on the blockchain are Financial transactions you know it is a wave of you know after the 2007-2008 financial crisis you know other methods of you know that's when fintech began you know and I mean the concept of fintech you know as it's where I came into being you know and that in the process towards 2009 you know people began exploring other alternatives to the form of Finance you know to the traditional Finance methodology which we had then and blocked in was one of those options that we explored you know and then that led to the creation of the first you know reason the the first um let's say valuable application of blockchain technology which was in cryptocurrencies and in the creation of Bitcoin the first cryptocurrency are we still together all right that's great so um so having said that let's let's let's continue um let's let's check out some other stuff so blockchain is a distributed Ledger technology here which allows for secure transparent and tamper-proof you know transactions so the difference what that means is simply that yeah so I'm still on the first line there so blockchain apply you know blockchain um allows for secure transparency and tamper-proof transactions meaning um every transaction most especially on a public blockchain I'll still go into um types of blockchain very quickly but most transactions most Australia on the public blockchain blockchain can be is accessible to anybody all you just need to do to interact with the back end of the technologies that you just need to let's say if there's a if there's a block Explorer you just have to go on the Block Explorer and check whatever transaction you get any detail you want to get is that noted all right great so blockchain transactions are also transparent meaning is yeah accessible to everybody everybody sees what is going on if I send let's say vitalik let's say an address for instance vitalik.eth a vitalik.edh sends me HK dot eth um 588 it is public and um everybody knows that that transaction of course are we together I mean it's public it's transparent nobody can deny that I did not receive 58th for instance are we together yeah and there are also tamper-proof meaning any transaction that has been made cannot be altered so you cannot um um all tiny transaction that has been made using blockchain technology once the transaction has been made it cannot build our it has been confirmed on the Chain it cannot be altered meaning you cannot change let's say you cannot change the value let's assume you sent um five eth for instance you cannot say Okay I want to send 288 I mean once it has been confirmed it's confirmed so it's tamper proof you cannot change values you cannot really you cannot modify it so basically that's what that means now the next um Point says if the system of recording information in a way that makes it difficult or impossible to change hack or treat the system basically we are saying the same thing you cannot modify transactions and that's to our benefits because um let's say before the coming of blockchain technology or cryptocurrencies as a medium of payment there are you know sometimes um transactions um let's say let's say General cash transactions sometimes might have an issue of of being not um what's it called now not tamper proof or not unique or not um let's say it it doesn't have that that feature of being um let's say I'm unique let me just use the word unique now in the sense that if I send this man 500 000 error you know it gets to him fine but along the line something else might happen and it it's very possible that money may not get to him do you know that are we together something might happen have you ever sent a transaction let's say maybe even within Banks let's say in Nigeria now within Banks I mean and the recipient doesn't get the transaction the person calls to say let's see I sent you 200 000 error didn't you get it and personally would be like I didn't get it I mean it happens right yeah that doesn't happen on a blockchain so that's one of the advantage once the transaction has been sent and it has been confirmed remember I'm using the word confirmed because that will be confirmed by a minor for it to go you know for you to go through are we together so once it has been confirmed there is no dispute there is no dispute the person receives exact value as you know that has been sent is that noted all right great so blockchain is built on a network of computers that work together to verify and secure transactions otherwise known as you know they could be validator nodes right so what what what the nodes do they confirm those are the notes you know notes basically validator nodes confirm transactions so let's say on a blockchain there's usually um um a system of confirming transactions which is done by let's say a particular consensus algorithm for instance there are there are different there are many concerns I'll still talk a bit about consensus algorithm in in other slides to come so there are different there is proof of authority there's proof of stake there is proof of work there are many there are many of them yeah so but the most popular is the proof of work and um the proof of stake that we have for now but there are others all right so um the next slide now how does blockchain work how does blockchain work so basically blockchain works by creating a chain of blocks which contains a specific number of transactions are we still following yes so a blockchain works by creating a number of blocks right which contains a specific number of transactions all right let me go to the next point I'll explain this together next Point says each block has a defined block size and is linked to the previous block by a cryptographic hash now blockchain is pre-mediated on a particular technology which is known as cryptography are we together are we together all right great so now how does cryptography basically cryptography works by encrypt encryption and decryption encrypting simply means to conceal that's to hide an identity or to hide something while decryption means to reveal the identity so how does a blockchain blockchain works on that technology of cryptography meaning in order to make the the the the blockchain and the number of transactions compact you know it has to go with that method of encrypting information so that they did not become too bulky are we together so that they don't become too bulky that's one and they don't become too um to to to burden some to read and that works through what is known as hashing hashing algorithms so there are different kinds of action algorithms that work on the blockchain you know the most popular one which most people know of is the Sha you know 256 which Bitcoin uses as an as a hash in algorithm so basically what what happens is that whenever a transaction is made the full details of the transaction may not be published on the blockchain on the blockchain right the full details may not just be published directly so it's kind of encrypted in what is called the transaction hash so when you pick that transaction hash and you you know search it look for that transaction hash on a on a on a block Explorer you can now see all the details of that transaction doesn't make any sense so let's say I sent Bitcoin to my brother here now having sent that Bitcoin the details of that Transaction what are what are the basic details that are contained in that transaction number one the timestamp timestamp simply means when the transaction the particular time they are the minute the second in which that transaction was made it's known as a timestamp so what what you know what what's contained in that transaction number one in timestamp number two um you also have series of other transactions you know let's say a preceding transaction and a you know a transaction that posts that will cost posts that transaction are we together yes so all those things are contained now let me quickly make um an example of what we are what we mean by you know we said blockchain works by what creating a chain of blocks now can I get um let's say five people please can I get five people volunteers please okay yeah please just come forward please thank you yeah so that's three please clap for them as they come forward please thank you yes just five people just five people all right great so we have four five great are we still together all right I want to ask you one question link your hands together please yeah all right so let's assume this is a blockchain well let's say this stage is the blockchain can we see this stage yeah let's assume this stage is the blockchain sorry I want to ask you a question sir please how many wraps of Fufu can you finish three so that three wraps of Fufu so now this is a blockchain right I said this this stage this entire platform is the blockchain are we together yeah so this man here is a block a block is made up of transactions that has happened on chain however there's one is known as a block size or yeah a block size right this is a blockchain where we are standing in the blockchain constituents of a blockchain a block now every block has a block size so now this pre-transa um so this man here said he can finish three wraps of what Fufu right so that three wraps signify transactions that are being made on that blockchain however every block right remember we said you know a block is divided a blockchain is divided into blocks right so this is a block so every block has in Block size that is the total number of or a maximum number of transactions that a block can accept do we understand that does it make any sense all right so every block has a maximum size which is known as a block size so this man here let those those Fufu represents what transactions so he can only accept three transactions and mind you all of them will be the same so that means this person also accepts three transactions so as soon as three transactions are made a new block is created as soon as three transactions are minted or made a new block is created as soon as three transactions are made a new block is created as soon as three transactions are made a new block is created and it continues that way so remember I said one of the goals of that is to make the Block Chain compact right if it was on a centralized Ledger you know you have to keep on stirring that's why information gets lost because on on a centralized Ledger let's say like government ledgers I mean if you go back to your bank today and ask them that I made a transaction in 2007. please I want to see it do you think they'll give you what do you think do you think it should be it should be readily available I mean the bank I'll tell you are stressing me 2007 I mean and we are in 2023 that's almost how many years ago in fact some banks have even folded up before then right some banks have been made some banks have been reintegrated changed names change records change different things so those those those those transactions are nearly lost they are nearly lost in fact if you go to um let's say your banking app now in fact it has a limited number of you know let's say date in which you can request for your banking statement let's say within a span of one year the bank can send you a statement of let's say one year or two years ago once it exceeds five years I mean it might nearly be impossible to get your bank statement doesn't make any sense at all yeah great yeah thank you please clap for them please thank you very much all right so that is how um blockchain works and remember we said here on one of the points that you know it has a defined block size I've explained that you know each of them are linked to each other each block is linked when one block is complete by a particular number of transactions it moves to the next block so a new block is created right and um they are all linked together by cryptographic hash remember now have you seen some set of alpha numeric for those that may not know what a hash is right now like I um explained earlier once I send any transaction on the blockchain that transaction is hashed there are different kinds of hashing algorithms but the most popular like I said earlier is sha256 so hashing just encrypts that transaction into a single line of alphanumeric characters that's just what hashing is as simple as that so it just encrypts that entire transaction all the details of that transaction into a single line of um of alphanumeric characters so you take that you know some sometimes a transaction hash maybe you sent some money to somebody and they want to confirm because they send me your transaction hash let me confirm it on the blockchain so when you send the person the transaction hash you can now search it on the Block Explorer and then you get details of that transaction so it's usually an alphanumeric character right so when you search it on the blockchain explore right now decrypt it for you to show you the con um content of that so each of those um blocks are linked together by a cryptographic hash is that noted now all right and next is um this means I have any data in a block is changed the hash will also change and the entire chain will be invalidated meaning is is is is nearly impossible for the hash to change right and it has every hash is unique not two hashes are the same those alpha numeric characters you cannot see any of them in fact even even your addresses your wallet addresses no two are what exactly the same it's possible they might be similar maybe the first five you know alphanumeric characters and the last maybe three or five maybe the same it's possible to get an address in which the first five or last five let's say you pick an eth address Ox maybe five to seven you could see another Ox 527 right yes but not two addresses on the blockchain are the same so that's what cryptography helps blockchain achieve all right so we move to the next slide benefits of blockchain so number one is security now remember I said blockchain is built on the basis of security security is one of the number one features that a blockchain offers the order blockchain technology of our security is one of the um so blockchain is extremely secure due to its use of cryptography remember I said cryptography is the art of encryption and decryption so that alone helps transactions become secure even Banks like central banks they make use of cryptography too if they want to like you know conceal information or you know hide some form of information right they make use of cryptography so um that makes it very very extra secure so somebody cannot just see the transaction or if you want to hide an information and maybe it has to be decrypted maybe by a code or by a particular number it's only the person that you are sending it to that get it even anybody that sees a um a a transaction hash it looks useless to the person except you know that this is the purpose for it it doesn't make any sense all right great so transparency I think I explained transparency earlier every transaction on a blockchain you know is is open to everybody I will explain public private doctrines because sometimes it may be confusing for newbies so I'll get there very soon and I'll explain it so immutability now once data is recorded on the blockchain it cannot be altered I think I explained that already cost Effectiveness blockchain can be used to reduce cost by eliminating the need for intermediaries do you know why um when you make a transaction let's say um let's say if you know most especially Financial transactions how many of you also have used Western Union before or World remix or any of those platforms yeah yeah we have a couple of people here that have used that great so um let me let me hear from you when you send a transaction yeah who were you the person that raised your hand so who was the person that raised your hand okay you raise your hand great okay okay images of Western Union yeah accounting well let's say 100 200 yeah to one of them um nothing yes but why no not it doesn't charge anything no no no okay so the child said that but no like I said I'm going to sleep with it Swift Western Union you know any of this platforms to make a transaction around seven dollar right powered for a hundred dollar that's great so that's how many percent seven percent don't you think he's much it doesn't look much because you said hundred dollar if you are charged seven percent of ten thousand dollar that's how much 700 dollars so that's one of the advantages of blockchain I mean when you are I don't think there's any any blockchain that is not not the blockchain charging now or any blockchain that has its transaction fees or let's say the miners starting a transaction fee of up to seven percent right yes so um that's one of the advantages that um was outlined in that place so basically um yes cost Effectiveness blockchain sending transactions via blockchains are very cost is very cost effective um one of the um one of the reasons as well is that there is no intermediary so on the blockchain let's say you are using any of those platforms if I'm sending money to my um to to my oga here if I'm sending money to him if I'm using any of those platforms right the money does not go directly first to him number one the government of the country you are sending it out for out of has to verify those transactions that means the sender has to be kyc verified or kyc compliant I'm not saying kyc is a bad thing but those are just some of the bottlenecks involved are we together all right so the sender has to be kyc verified the receiver will might have to be kyc verified or not in fact you have to be because even if you don't own a bank account if you are sent money through Western Union you can go to any of the commercial Banks to cash it out right and when you get there they will tell you to submit either your workplace identification you have to fill in your name fill in any obvious details before you can get the money so you don't just go there and collect it just like that you have to submit a valid ID card are we together yeah so those are some of you but if I'm sending a transaction on the blockchain if I'm sending this man transaction it gets to him directly and almost instantly almost instantly when we get um to the next slide I'll explain what TPS means transactions per second so some blockchains have a specified number of transactions per second they can make right all right so scalability now scalability is one of the major issues um that is faced with most blockchains today what is scalability scalability simply means um how effective a blockchain can be over the span of time how effective a blockchain can be over a span of time now let me give you an example I bought my first Bitcoin January 25th 2017.

that's when I bought my first Bitcoin 5000 Watts so when I bought Bitcoin then um in fact it was very fast sending Bitcoin yeah even now to is fast I mean relatively but then it was way way way way faster I mean if you send Bitcoin it almost reflects like almost immediately right and the fees charged by miners then where were relatively low compared to now so that is to say Bitcoin is not scaling scaling means if you are sending if I'm sending like I mean there's some form of um some for some form of um constancy on that blockchain that's just what scalability means I mean if I'm sending you um let's say 5vth I sent it to you yesterday you know in as much as more transactions are coming the number one the blockchain does not get slower are we together and by extension what leads to high fees you know sorry I'm just but I just need to understand what leads to um hypers can anybody um let's say hi if you start by minus on adopting can anybody answer that what leads to that yeah great thank you very much yes volume when there's um when there's congestion on a blockchain what happens you know there are a lot of pending transactions pending transactions what happens miners will start charging higher you know fees to easily process um transaction I mean there's kind of like a gas bidding a gas world is referred to as a gas wall right so whoever pays the highest fees right it's not as if you pay choose to pay lower fee your transaction will not get processed the only thing is going to take a lot of time right so if you are if you are buoyant enough to pay the highest fees or whatever or whatever the miners decide to set you know as the average gas before that period your transactions get processed are we together so those things are caused because when there is congestion on a blockchain right so those are some of the um problems we blocked into scalability so there are more blockchains like ethereum you know that are really working on these things you know trying to scale you know and and doing all this so um that's for that so but largely blockchain is highly scalable because when you consider the number of transactions that occur on blockchains per day I mean there are a huge number sincerely some fintech may not be able to handle that so blockchain is a much more effective way of um of of of having transactions all right so um applications of blockchain yeah blockchain is used in finance and that was the first and most practical way in which in which blockchain was um first used in finance you know how do you how does it work in finance you create secure and transparent Financial systems now um a very good example of that is cbdc's right cbdcs are not actually bad are we together yes but the difference between a cbdc cbdcs are built on what was known as a private blockchain are we together so cbdcs are built on a private blockchain unlike let's say ethereum that is built on a public blockchain where everybody can go to verify in as much as cbdc's make use of blockchain technology or distributed Ledger technology um it doesn't mean an average citizen can just go to go to the records and just you know search okay which how much was sent from Ministry of Finance to minister of agric today you can't do that right it's only the government officials a Selected Few that have access to that so that's you know a private blockchain right yeah the only difference is that any transaction that is now made you know is immutable right it's immutable however I know everybody can assess this is not known as a public blockchain all right that's that um so you can use it to create secure and financial um secure and transparent Financial systems even for government in the idea of a cbdc and um for private individuals even Within company you can create a private blockchain that is just accessible to your company alone are we together yes so that's that so transactions most necessarily Financial transactions are transparent now in supply chain you can use the blockchain to track movement of goods and services or whatever Logistics yeah maybe you are moving something from Kano to Lagos I mean you can check when it's just like um something related to um let's say 17 track NG some of us use that let's say to track um let's say you are getting a match from outside the country you have to know okay when is it going to land in Nigeria when is it going to be here and like that so you can use that you know to track supply of logistics and those other things now we also have um sorry we also have health care now health records how many of us have been pissed because I'm always giving examples because these are practical issues we can relate with most especially in Africa are we together and by extension the rest of the world yeah so um how many of us have gone to an to a hospital before and it takes them forever to bring out your medical records it takes it literally takes forever I mean you'd you'll be tired of waiting they tell you wait and wait and wait and wait until the whole day is gone I mean it doesn't make any sense however on a blockchain you know if you have your records your your medical records on the blockchain I mean once you get to the hospital all you just need to do is just a cryptographic something um cryptographic hash maybe like a wallet address or something you just provide it to the doctor okay and the doctor is able to assess all your past medical history and you know like that and enter in new records maybe for the condition you are facing at the moment once you enter the new record it's already on the blockchain and it cannot be you know modified or removed yeah so you know another doctor another time it's easy to assess those Med your past medical records so it's very very useful in healthcare so yeah government I think I okay okay I already mentioned the use of and what government can um sorry ways in which the government can apply blocked in technology I mentioned cbdc and now I'm mentioned um so now in transparent voting systems now you can make use of blockchain for you know transparents are more democratized and vote voting in fact I think there are some companies in Nigeria working on that at the moment or I've even worked on that you know systems on the blockchain which you can use to vote a very good example of that in some ways is um right how many of us have an idea of Idaho right so governments too could pick up that um that kind of structure for the entire nation and they are able to you know vote at the time of election yeah so that's that then others we have that blockchain is being explored for a wide range of other applications including real estate intellectual property internet of things you know and like that yes there are a lot of um ways in which blockchain can be um can be utilized basically you just need to understand that blockchain you know can be utilized in for a system for a system that is decentralized and distributed that means everybody has access to it equal access to it you know and is not controlled by Central Authority all right so um very quickly now terminologies and FAQs now there are very um common terminologies in blockchain technology that might not be so familiar to newbie so I'll just explain them very quickly scalability I already um explains scalability so let me just throw more light on that how does what is scalability simply refers to um how efficient a blockchain can be over a period of time over a period of time now how many of us heard about a blockchain like that oh no I would not mention him um that um at the point in time it just as if the blockchain was literally halted right yes I would not mention him all right thank you so um that's to say at that point in time the blockchain was literally unskillable so it was not so at the beginning now when a blockchain is created at that instance when it is created it is very much scalable most blockchains very much scalable in that once you make a transaction I mean everything just moves very very efficient however as more people come into the system as more people as more transactions are made on the system sometimes you notice that there will be things like congestion on the blockchain the blockchain starts getting congested um there will be other issues like that you know with the system so those issues um make sometimes make a blockchain not um scalable and it has to be improved on you know to in order to make it more efficient or scalable that's just what um scalability means so TPS TPS stands for transactions per second remember I told you that every blockchain has a block size right you remember that analogy right yes so every blockchain has a blocked size also every blockchain has a maximum number of transactions it can perform per second in fact this does not apply to just blockchains alone it applies to even um like fintech apps for instance Visa I think for now Visa is the fastest on it the fastest um Visa is the fastest um should I say Financial solution or infrastructure with um the highest TPS transactions per second so Visa can process I think I'm not really sure of that maybe about 500 000 000 transactions per second are we together so blockchains also have what is known as transactions per second so some blockchains can process let's say 50 000 transactions per second 200 000 transactions per second and like that so it's also known as throughput sometimes too you know now issue of um double spending yeah this these are these are some of the things now let me very give a very quick um illustration on what double spending is all about um so now on on the blockchain Sometimes some people think let me use our thing um even me I've tried to like try it out before you know I love doing experiments so um um initially when I started interacting with blockchain I'll be like wow um if I send a transaction let's say on ethereum now you know um there was a time the ethereum blockchain was very much congested right and um let's say I sent a transaction and it it will still it will be pending right it would be pending um let's say it has maybe I don't want to pay the particular gas fees the miners are requirements requiring that I pay so it's going to be pending for quite some time until you get sent however the period in which it is pending the transaction will still be reflect um sorry the value the let's say dollar value whatsoever I will still be reflecting in your wallet am I right I mean as far as the transaction is not sent the transaction the what is it called let's let me let me let me take it this way let's say you have five eth in your wallet you open your metamask you have 5 eth now you send out two eth to a friend as far as that transaction is not confirmed it's still going to reflect on your wallet that you still have what five eth are we together so you may think you can change the system also I thought that I could cheat the system you know and immediately I sent that transaction I'll try sending another 28th to somebody while that transaction is depending doesn't make any sense yes so that you think okay to it here to go to this person to go you grab but let's say I even left to just switch it in your wallet I try sending to two people at the same time it would it will look as if it's actually sending because it one has naturally left your wallet so you two transactions will be created I'm explaining double spending now so two transactions of 288 28th is the first person tweeted to the second person two transactions will be created however at the end of the day only one will be sent the other will be canceled do you understand so one will be sent the order automatically will be canceled so that is the way blockchain helps to prevent double spending so you cannot double spend on a blockchain one will definitely go through even if it's the same um transaction you are trying to process as far as the that that's why it incorporates cryptography you know the basis of blockchain is cryptography so you know every transaction will always have different transaction hashes so as far as the transaction has reached and are not the same the nonce is not the same I know those things are not the same only one will be processed and the other will be reverted yes so that's that that's also blockchain serves um double spending um so types of blockchain yeah I mentioned that I was going to explain types of blockchain so we have the most popular is the public blockchain right yeah so we have public blockchain so how do public blockchains examples Bitcoin ethereum I mean anybody and everybody can assess you know or have access to any transactions that have occurred you can go to bitcoin and check when the Genesis block was that's the first block that was ever created on a Bitcoin blockchain right all those because it's public to everybody anybody can do that so that's a public blockchain so anybody can assess information remember it's records that are stored on our blockchain right so anybody can assess records that have been stored on our blockchain so that's one so we also have um private blockchains so like I said private blockchains most times are just restricted to um a couple of persons yeah let's say it could be for an organization and they just want to have their um what what was it called maybe records of maybe health records or whatsoever so they just have it within that organization so some people will be signatories to that particular blockchain that means they have maybe a right to um assess informational records on that blockchain so that's one so that's true so then thirdly we have Consortium blockchains you know Consortium blockchain is also known as um Federated blockchains and um it works similarly to um private blockchains in that you can have a couple of presents let's say two three four persons having access to um that particular adopting right so basically those are the three types of blockchain we have we also have consensus um algorithms so basically consensus algorithms are just how transactions let's say set of logic or set of rules that are created to um govern how transactions work on a blockchain on a particular blockchain for instance um on bitcoin we have um proof of work consensus algorithm right so basically and that works with um the use of miners so people you know decide to run a node a Bitcoin node so that they are able to you know validate transactions on on the blockchain right so let's take um ethereum for instance at the moment ethereum runs a proof of stake consensus algorithm right initially it used to be a proof of work consensus algorithm later on you know it's it was switched to a proof of stick right and um for a proof of work now proof of work is not really energy it's it's not energy efficient right it consumes lots of energy and electricity are we together so how does it work you have to everybody anybody that wants to run a node right on bitcoin for instance back then there's all the combining rigs they are not really popular again yeah mining rigs you want to so you hear people saying I want to mine Bitcoin right so in order to run a node you know you would have to if it's under the proof of work you'd have to buy those bare Metals right those Hardware machineries you know and those you know mining rigs those fans and stuff you know you connect them to your PC and you need to have 247 electricity and you run it and like that you are able to validate transactions on the blockchain right however in proof of stick um you have less people doing that kind of work so the bulk of the people what they do is basically just to stick in a pool right and the minimum requirement let's say for ethereum now is 3288 right so if you want to um stake on the ethereum blockchain let's say to as a validator to validate transactions you need at least 3288 right so once you have that 32h you you know you can stick in a pool and then you can end fees right that are paid by users of the blockchain doesn't make any sense yes so basically those are the um two major kinds of um consensus algorithms that we have so let me move to the conclusion yes so blockchain is a powerful new technology with potential to revolutionize a wide range of Industries like I mentioned that they are a very in fact blockchain is applicable in almost every aspect of life blockchain is applicable in almost every aspect in health in Logistics in education in every aspect there is an application for blockchain technology so as you're in this conference ensure you open your mind to see how you can um make use of blockchain technology in whatever sphere of influence you are yeah blockchain still in its early stages of development it has the potential to change the way we live and work you know most especially for us as Africans you know blockchain is not like I always mention and tell people blockchain process is not a lock screen are we together it's a necessity it's something that has literally transformed our lives are we together yeah so blockchain is very very much applicable yeah thank you for listening even though I still have um something else let me okay yeah so if you have any questions yeah I would love to get them and you can connect with me on Twitter or X rather and Linkedin thank you very much