Bitcoin & Blockchain Basics

In today's edition of A Machine w/ Jace, we delve into the intricate world of Bitcoin and Blockchain. This week, you’ll learn a high-level overview of digital currencies, blockchain technology and their applications (smart contracts), the complex process of '“mining”, and the history of Bitcoin. 🌐💰️ 

🗣️ Before we get started, I want to personally shout out animator @brettprendergast for their amazing, psychedelic work!

Now, back to our regularly scheduled programming…
Class is in session.

_{Catch up on A.I. assistants, assistance, announcements, and amusement with A Machine. This weekly email will teach you about Automation & A.I. business tech.}

NEWS
Bite-sized Automation & AI headlines.

🔍 The Federal Trade Commission is probing tech giants like Microsoft, Alphabet, and Amazon over their AI practices. This investigation marks a critical step towards understanding and regulating the use of AI.

🤝 AI Research Company Hugging Face and Google Cloud Partner Up making significant strides. Their partnership details an open-science research approach.

📞 An AI-generated robocall mimicking President Joe Biden is urging Democrats not to vote in the upcoming primary, igniting discussions about the use of AI in political campaigns and the impact on democratic processes.

🎭 Explicit AI-generated deepfakes of Taylor Swift circulating online highlights the growing concern over the use of deepfake technology and its implications for privacy and consent in the digital age.

LESSON
Digital Gold: Bitcoin & Blockchain Are Redefining Wealth 🥇 

What is the Blockchain?

Blockchain technology is a digital ledger that records transactions across a network of computers. The term "transaction" extends far beyond financial exchanges. Transactions on a blockchain can represent any type of data exchange or record-keeping. Imagine it as a chain of digital 'blocks', where each block contains a list of transactions. These blocks are linked and secured using cryptography, forming an unbreakable chain.

How is Bitcoin “decentralized”?

Now, let's talk about network nodes. These are crucial components of blockchain technology. A node is a computer connected to the blockchain network, which performs various tasks. Nodes validate and relay transactions, ensuring the integrity of the data recorded on the blockchain. They work together, following a set of rules to verify each transaction and add new blocks to the chain. This decentralized network of nodes ensures that no single entity controls the blockchain, making it transparent and resistant to tampering, unlike government fiat currencies.

Understanding Bitcoin Mining
 
Bitcoin mining is the heartbeat of the Bitcoin network. It involves nodes, referred to as miners, competing to solve complex mathematical puzzles. The first miner to solve the puzzle gets to add a new block of transactions to the blockchain. This process not only confirms and secures transactions across the network but also mints new bitcoins, rewarding miners for their effort. The difficulty of mining adjusts over time, ensuring that new bitcoins are created at a predictable and limited rate.

Bitcoin's Evolution
 
In 2012 you could buy Bitcoin for $6, now you are lucky if you buy under $40k. Bitcoin’s decentralized, somewhat anonymous nature and capped supply of 21 million units is similar to gold (meaning there will never be more created). These factors contribute to its appeal and volatility.

EXAMPLE
Blockchain IRL: Smart Contracts

A smart contract is a self-executing contract with the terms of the agreement directly written into lines of code. It exists as part of a blockchain network and automatically executes, controls, or documents legally relevant events and actions according to the terms of a contract or an agreement. This technology enables trust and efficiency in transactions of all kinds.

Real-world Example: Voting Systems

With the 2024 Presidential Election around the corner, let’s consider the benefits of a decentralized election run on the blockchain.

• Secure, Immutable Voting: Tamper-proof, transparent voting processes, ensure the integrity of each vote and safeguard the democratic process.

• Instantaneous Results: Automate and streamline the result publication process.

NETWORK & CERTIFICATIONS
Curated Virtual Opportunities 🌐 

Virtual Networking

🏖️ Feb 1 - Register for free for the California Virtual Job Fair by CareerTown.Ai

🖥️ Feb 1 - Reserve free tickets to the Virtual Chattanooga Technology Job Fair

🤝 Feb 2 - Reserve free tickets to the Virtual Chattanooga Entry-Level Job Fair

Virtual Course of the Week

ChatGPT Prompt Engineering for Developers is a free course taught by Andrew Ng, the co-founder of Coursera AND Google DeepMind

AI TOOL SPOTLIGHT
3 AI Tools to Boost Your Productivity

ChainGPT: AI that assists with no-code smart-contract programming, debugging, analysis, and more

Movie Deep Search: A recommendation AI system that gives all movies equal exposure opportunities.

Artisse: AI Photo Editor to visualize yourself in a myriad of scenarios, outfits, hairstyles, and more.

SOCIAL
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QUIZ
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WRAP UP
See you scholars next week 🧑‍🎓 

Make sure to check out all the information I have linked throughout the email in the resources section below.

Thanks for reading,
See you Monday!

Jace

RESOURCES
Enhance your education here 📚️ 

today’s edition

• What is a digital distributed ledger?

• Is Bitcoin decentralized and what does that mean?

• What is Bitcoin mining?

• What are Fiat currencies?

• Bitcoin’s price history

• How is Bitcoin similar to gold?

• Smart Contracts
  

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