Today's guest: Dele Atanda (CEO & Founder of Metame.co)
DA: "To understand cryptocurrencies and blockchain, you have to understand the origins of them and how they came about in the first place. So, the Bitcoin, specifically, which was the forerunner of blockchain, came about as the result of the financial crisis of 2008."
(Karen mentioned 9-11 and that everyone wanted their money and the banks closed.)
DA: "So, Bitcoin was created to prevent that from being able to happen. It was created as a way to give the people a way of having control of their money in a peer-to-peer way where you don't need this middle intermediary."
What is Blockchain?
DA: "To understand cryptocurrencies and blockchain, you have to understand the origins of them and how they came about in the first place. So, the Bitcoin, specifically, which was the forerunner of blockchain, came about as the result of the financial crisis of 2008."
(Karen mentioned 9-11 and that everyone wanted their money and the banks closed.)
DA: "So, Bitcoin was created to prevent that from being able to happen. It was created as a way to give the people a way of having control of their money in a peer-to-peer way where you don't need this middle intermediary."
What is Blockchain?
DA: "It comes down to 2 things really. The most technical thing that you need to understand about blockchain is that it's what's called a distributed ledger. Which essentially means, it's a record. A ledger is just a record, like a book but the only difference is that rather than it being in one place, it's replicated across many places. And the fact that it's replicated across many places, means that it's very difficult to corrupt it. It's impossible now, to corrupt it. Because it's spread across so many different nodes."
DA: "If you've got something that's on a network of a hundred nodes, than basically, all you need to do, is get control of 51 of those nodes to be able to reverse what's in the network. But if you've got it across 5 million nodes, then you have to get control of 5 million of them in order. And if any one of them is out of sync, then a transaction won't go through.
The Power of Blockchain:
DA: "It has this, they call it, immutability. Which means that, when you effectively write something to the blockchain, it can never be deleted. It can never be removed."
DA: "If you've got something that's on a network of a hundred nodes, than basically, all you need to do, is get control of 51 of those nodes to be able to reverse what's in the network. But if you've got it across 5 million nodes, then you have to get control of 5 million of them in order. And if any one of them is out of sync, then a transaction won't go through.
The Power of Blockchain:
DA: "It has this, they call it, immutability. Which means that, when you effectively write something to the blockchain, it can never be deleted. It can never be removed."
Why is it important?
DA: "The key thing about blockchain is, what it really does in really simple terms, it removes the need to trust a middleman." "It's a network that removes the need to trust a middleman. So, when you asked me earlier Karen...'who controls this'. That's the power of it. No one controls it. It's designed in a way, that there isn't a central authority that controls it."
What do you need to receive and pay money?
DA: You need a crypto wallet, some form of a blockchain-enabled wallet.
"Once you have cryptocurrency, you effectively can exchange it for dollars."
New services are emerging:
DA: "Here's where we now go to Pro Level." "What we're doing at Metame, you can make your own money. You can make your own currency and you can create a whole ecosystem. You can create an economy around your own money."
DA: "The key thing about blockchain is, what it really does in really simple terms, it removes the need to trust a middleman." "It's a network that removes the need to trust a middleman. So, when you asked me earlier Karen...'who controls this'. That's the power of it. No one controls it. It's designed in a way, that there isn't a central authority that controls it."
What do you need to receive and pay money?
DA: You need a crypto wallet, some form of a blockchain-enabled wallet.
"Once you have cryptocurrency, you effectively can exchange it for dollars."
New services are emerging:
DA: "Here's where we now go to Pro Level." "What we're doing at Metame, you can make your own money. You can make your own currency and you can create a whole ecosystem. You can create an economy around your own money."
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