I have been reading about Blockchain, the buzz of crypto,earning money through trading and also by flipping NFTs or reselling lands in the metaverse. Previously, I was just going through the shiny stuff, but a couple of months back a friend asked me to teach the basics of blockchain to students in OFF THE SCHOOL and I learned how these things work. I won’t be going into the details but I will help you learn through the links I used for learning all the basics so that you follow that path to do the same.
Here is the video to start. The video explains what is blockchain, and how it eliminates the middle man, builds a trustless system and opens up newer use cases.
There are many more use cases of blockchain. It can be used in the supply chain, health, finance and many more and IBM have a separate page with multiple videos explaining them. Here is the link for it
Moving on, the video below basically explains how bitcoin works. The video makes it very simple to understand what’s going under the hood of bitcoin and how a cryptocurrency works. It will explain concepts of digital signature, proof of work and mining.
Additionally you can go through the playlist of Khan Academy below to understand the things in details. The playlist covers following topics in different videos:
- Bitcoin overview
- Proof of work
- Transaction Blockchains
- Cryptography hash function
- Digital Signatures
- Money Supply
On the sides, You will be hearing a lot about 2ˆ256, so how secure is 256 bit security?
Also if you want to read in detail then read the whitepaper of bitcoin which will give you a lot of understanding of blockchain and bitcoin and its use cases. Whitepaper of Bitcoin . Go through the paper and skip which is difficult to understand.
As you will read through, you will find some limitations of bitcoin, which lead to Vitalik Buterin develop Ethereum. To Understand Ethereum go through this video.
Ethereum offers something unique called, smart contract. A “smart contract” is simply a program that runs on the Ethereum blockchain. It’s a collection of code (its functions) and data (its state) that resides at a specific address on the Ethereum blockchain. Explanation is in the videos below:
Some pseudo code examples of smart contracts can be found in these articles to make you understand more about them.
Smart Contract enable developers to develop different types of application on blockchain. Three types of these applications are Dapp (Decentralized Application), DeFi (Decentralized Finance) and DAO (Decentralized Autonomous Organization). To Understand these types go through the videos in the given order:
A decentralized application (dapp) is an application built on a decentralized network that combines a smart contract and a frontend user interface.
Example of a Dapp: https://punkwallet.io/
DeFi is a collective term for financial products and services that are accessible to anyone who can use Ethereum — anyone with an internet connection.
Use Uniswap with test net and play around to learn more about Defi.
Instruction Video: The link below will help you setup a wallet and add funds to your wallet from test nets so you can play around on different blockchain apps.
One thing to learn about working of Ethereum is what Gas is and why Gas fees are charged:
There are tonnes of resources available on https://ethereum.org. Learn at your own pace and explore things by yourself. The links I have provided may overwhelm you but take your time and go through the videos whenever you get some time. I hope this will be a great start point for you to explore blockchain and understand more of it as per your curiosity.
Binance has some great learning resources too, explore their academy on this link https://academy.binance.com/en
Additionally, If you want to start developing on ethereum then, use cryptozombies.io as a starting point. You can also use buildspace.so (website has the moto to make you start building projects as quickly as possible) and useweb3.xyz (collection of resources to literally learn anything about web 3).
Looking forward to hear back your feedback and also if you are working o smart contracts or building something on blockchain, then lets connect.