My takeaway from a session on Bitcoin, Blockchain, Ethereum and ICOs.
This post contains my takeaway from teaching a session on Bitcoin, Blockchain, Ethereum and ICOs.
This session occurred at Nextspace on Saturday, October 21 st 2017.
The agenda was to deliver content based on what the attendees wanted and needed to know.
The course curriculum was divided into 3 portions:
- Bhajan Level:
Where people just go along with the flow without the need to know intricate details. Just the minimum that does, works. - Gita Level:
Middle ground between fundamental understanding and bhajan level. - Veda Level:
Understanding the intricate fundamental details of the system, architecture and options for building solutions.
Our audience comprised of two people from a trading background, a doctor, a CS grad with experience in Political Science and Economics and a budding developer that intended on making a shift from testing to working on hyperledger projects for his parent company.
Here’s a list of some of the things we covered in the session:
- What’s a blockchain ?
- What’s a bitcoin ?
- How are transactions recorded ?
- What’s a hard and soft fork ?
- What’s mining ?
- How do wallets work ?
- Modular architecture of wallet, ledger and authenticator.
- Nonce concept.
- Hashing
- Public Key cryptography
- Merkle tree
- Valuation of assets
- Difference Between Bitcoin and Ethereum
- What are ICOs ?
- Pros and Cons of having an ICO
- How to value an ICO ?
- How to conduct your own ICO ?
- Stages of an ICO
- ICO vs IPO
- Legalities of Bitcoin in different countries
- How to provide solutions using Blockchain ?
My takeaway from this session was that not everybody needs everything although many might think it is necessary.
Explaining things at different levels helps them understand the content better. Neither would an insurance agent understand quantum decay cycle nor would an engineer understand how bioluminescence works.
People are receptive to information based on how and where they can relate to it from.
Expecting a banker that spent 30 years in banking would find it insanely hard to believe in a currency that isn’t backed by a government and doesn’t involve lending whereas my little niece understands the concept of trade without lending.
Its all relative.
My takeaway for a next session is to try and explain concepts from the audience’s point of view.
Thanks to Rajan for his bhajan, gita and veda level of understanding, explanation.
