Consensus Algorithms, Blockchain Technology and Bitcoin

An academic lecture by Andreas M. Antonopoulos explaining the consensus algorithm A consensus mechanism refers to any number of methodologies used to achieve agreement, trust, and security across a decentralized computer network.Learn more, , used by BitcoinBitcoin (BTC)1$ 67,714.930.18%1h-6.01%24h-15.89%7ddetails and many other blockchains A blockchain is a digital ledger of transactions that works from a decentralized network.Learn more. Andreas is a UCL alum.

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.