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An academic lecture by Andreas M. Antonopoulos explaining the consensus algorithm, "Proof of Work", used by bitcoin and many other blockchains. Andreas is a UCL alum. Chapters 0:00 Introduction 1:38 What is bitcoin? 3:07 SHA-256 21:28 Consensus rules 23:47 25 bitcoin reward 26:38 Who sets the validation rules? 28:46 Bitcoin blockchain technology explained 46:23 Other protocols for consensus 47:14 The longest chain and blocks 51:07 Bitcoin mining 53:27 How often does a fork happen? 1:06:41 Every node has to fully validate from the genesis block to today 1:08:31 Nakamoto consensus 1:09:14 Scaling other consensus algorithms 1:10:44 Consensus algorithm as a scientific discipline 1:11:51 Process consensus 1:13:02 Reference consensus 1:13:25 5 consensus constituencies 1:15:33 It's not so easy to shift consensus in bitcoin 1:17:33 How many transactions can you get done in 10 minutes? 1:21:43 Bitcoin and Moore's law This talk was presented in collaboration with the Department of Computer Science at University College London. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: / aantonop RELATED: What is Consensus: Rules without Rulers - • What is Consensus: Rules without Rulers Bitcoin Security: Bubble Boy and the Sewer Rat - • Bitcoin Security: Bubble Boy and the Sewer... Bitcoin, A New Species of Money: An Evolutionary Perspective on Currency - • Bitcoin: A New Species of Money - An Evolu... Measuring Success: Price or Principle - • Measuring Success: Price or Principle Why Open Blockchains Matter - • Why Open Blockchains Matter Decentralised Globalisation - • Decentralized Globalization: Cryptocurrenc... Investing in Education instead of Speculation - • Investing in Education Instead of Speculation Beyond Price: Bitcoin's Impact on the Future - • Beyond Price: Bitcoin's Impact on the Future How does the Blockstream satellite work? - • Bitcoin Q&A: How does the Blockstream Sate... Regulation and the bank boycott - • Bitcoin Q&A: Regulation and the Bank Boycott Remittances and smuggling in Venezuela - • Bitcoin Q&A: Remittances & Smuggling in Ve... Bitcoin as everyday currency - • Bitcoin Q&A: Bitcoin as Everyday Currency What is the appeal of sound money? - • Bitcoin Q&A: What is the Appeal of Sound M... Hyperbitcoinization - • Bitcoin Q&A: Hyperbitcoinization Why permissioned blockchains fail - • Bitcoin Q&A: Why Permissioned Blockchains ... Protocol development security - • Bitcoin Q&A: Protocol Development Security How to avoid re-creating systems of control - • Bitcoin Q&A: How to Avoid Re-creating Syst... Wallets, nodes, and monetary sovereignty - • Bitcoin Q&A: Wallets, Nodes, and Monetary ... Is bitcoin testing governments? - • Bitcoin Q&A: Is Bitcoin Testing Governments? Will governments let privacy coins exist? - • Bitcoin Q&A: Will Governments Let Privacy ... Geopolitics and state-sponsored attacks - • Bitcoin Q&A: Geopolitics and State-Sponsor... Governance and social attack immunity - • Bitcoin Q&A: Governance and Social Attack ... Sanctions and censorship resistance - • Bitcoin Q&A: Sanctions and Censorship-Resi... State-sponsored digital currencies and trust minimization - • Bitcoin Q&A: State-sponsored Digital Curre... Taxation and failed societies - • Bitcoin Q&A: Taxation and Failed Societies Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin. Follow on Twitter: @aantonop / aantonop Website: https://antonopoulos.com/ He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. Subscribe to the channel to learn more about Bitcoin & open blockchains; click on the red bell to enable notifications about new videos! MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9 Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations... THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ Translations of THE INTERNET OF MONEY: Spanish, 'Internet del Dinero' (v1) - https://amzn.to/2yoaTTq French, 'L'internet de l'argent' (v1) - https://www.amazon.fr/Linternet-large... Russian, 'Интернет денег' (v1) - https://www.olbuss.ru/catalog/ekonomi... Vietnamese, 'Internet Của Tiền Tệ' (v1) - https://alphabooks.vn/khi-tien-len-mang MASTERING ETHEREUM (Q4): https://amzn.to/2xdxmlK Music: "Unbounded" by Orfan ( / orfan ) Outro Graphics: Phneep (http://www.phneep.com/) Outro Art: Rock Barcellos (http://www.rockincomics.com.br/) Join the aantonop Channel: https://aantonop.io/joinaantonopyt