Blockchain: Hype oder Innovation?

1. 00:00When you think about using blockchain technology, it's of course very important to see where it makes sense, where is it successful and where doesn't it make sense?
2. 00:10And to make that decision, the blockchain technique correctly,
3. 00:15you first have to define your goal very clearly.
4. 00:18What do I want to achieve with the use of the Blockchain, for example, you have to determine what the values are, that are transmitted in the transactions?
5. 00:27What is the scope?
6. 00:29I have to compare, there are other solutions, other technological possibilities to achieve this goal, or is the blockchain technique the cheapest option?
7. 00:39If I then choose Blockchain technology, I have to ask questions, how's that?
8. 00:44each of the users can transparently see all transactions, which are to be carried out or should this be restricted to a specific user group.
9. 00:52What about the authorizations to update the blockchain?
10. 00:56We've seen it before, that there are different approaches,
11. 00:59the public blockchain, the private blockchain, the consortia block chain.
12. 01:04You have to think about costs and benefits and of course, how do I realize that? and there are different possibilities.
13. 01:12Either you base your application on a already existing blockchain, or you decide on a new blockchain.
14. 01:21For already existing blockchains is known as forking.
15. 01:26That is, if I make the changes in the blockchain, is the architecture or consensus algorithm, then it comes to the branching of the chain.
16. 01:36This technology, this system remains as it was, and with our changes, we create a new fork, a new system.
17. 01:46There remains also the possibility to do a Merged Mining, if, for example, you have a fork from Bitcoin,
18. 01:53then you can also use Bitcoin-Miner for it, to verify your transactions. and then record it in the block.
19. 02:04Then you don't have to have your own miners. That's why they speak.
20. 02:09I was going for that term, Altchain, so if you have Alternative Chain, if you take a new blockchain of your own,
21. 02:17that you've seen the term before. So forking, modification, relying on technology.
22. 02:22Existing, exactly, and Altchain, alternative, something new, You change that, you do it the way you want.
23. 02:30With hard forking and soft forking you also have to pay attention, who needs to know about the changes.
24. 02:38With Hard Fork, for example, the miners, i.e. all actually in the system, the users, the miners need to know all about the changes, all need to implement that in their applications.
25. 02:51With the Soft Fork it's different, with the Soft Fork it's different. the changes must only be made by the users or by miners which will then also use it.
26. 03:04And the changes are natural, as we've mentioned before, in the architecture or in the consensus algorithm.
27. 03:14Or in the functionalities.
28. 03:15Another way to use blockchain technology, is referred to as Colored Coins.
29. 03:23We have a fourth species, the sidechains, first the Colored Coins.
30. 03:28There's the idea that you have the values, that will be transmitted with metadata.
31. 03:36One can imagine this metadata as a color, hence the name, Colored Coins, so that all of a sudden. between the different coins a difference is in color.
32. 03:48And this difference in colour can then be interpreted, for a completely different purpose, for example.
33. 03:55If we have the normal Bitcoins, that's money, Bitcoin amounts, so can be determined by such a Colored Coin for example by the metadata,
34. 04:04no, this isn't about bit coin amounts, It's about vacation homes, to the rental of accommodation,
35. 04:11so the Bitcoin blockchain can be used for completely different purposes, simply by interpreting the values differently.
36. 04:24What's interesting is the actual users, the miners of blockchain technology,
37. 04:30who don't need to know that at all, what color that coin is.
38. 04:34It is important that those who now want to use this Bitcoin system here for rental of holiday homes, which must be compatible with their applications be able to recognize the color, i.e. the semantics, of the Bitcoins.
39. 04:49Everything else stays the same, so there are no more values now,
40. 04:54but rather promises about, above all, rental agreements, about an accommodation. They'll be signed again, as was quite normal with monetary amounts
41. 05:05and are then sent to the corresponding user.
42. 05:09So as you can see, this way you can create an entirely different application with the help of this blockchain technology,
43. 05:18simply by adding the coins, gives the amounts a different meaning.
44. 05:26And that was an important cue, simple.
45. 05:29This is one of the simplest applications of blockchain technology, that we take already existing Bitcoins and color with our content.
46. 05:40So, so, in summary, I can create new applications with the help of an existing blockchain technology, by adding metadata to the values at stake.
47. 05:53The users who want to use this application, they have to be able, of course, to understand this metadata,
48. 06:00to see the color and interpret it accordingly as then For example, a rental agreement for a holiday home.
49. 06:08Those who build the blocks in this block chain, the Miner and the Minter, they have no need at all, the color of the coins,
50. 06:19they don't care what the transaction means, whether that was a sum of money or a lease.
51. 06:26They're supposed to be making sure with their blocks, with this welding of these transactions, that in retrospect, no one is capable
52. 06:35to deny anything or claim anything, that this transaction had not taken place.
53. 06:44They're supposed to keep their books simple. and hold on to everything that's happened.
54. 06:49Well, then there's another way to use blockchain.
55. 06:52That's it. Sidechain is another possibility. This is about interoperability, which we also mentioned earlier,
56. 07:00as a challenge of blockchain technology it is possible to solve, improve with sidechains.
57. 07:07What's a sidechain?
58. 07:09Sidechain is another blockchain that understands your semantics, which, for example, if you have certain information, send certain values to this new sidechain,
59. 07:22this sidechain understands what it is, who it's from. and can turn that into their own values.
60. 07:30This means, for example, that we can take a Bitcoin network, and a network where you can find no crypto currency, but sold movie tickets, for example.
61. 07:40And we would like to have a cinema ticket from our Bitcoins. Then we hand this over to this sidechain, it's converted by a specific fixed conversion rate,
62. 07:53How many Bitcoins, for example, does a movie ticket cost? and then we'll have a movie ticket instead of our Bitcoins.
63. 08:00In a technology called Pegged Sidechain, it goes in both directions, that is, both blockchains can communicate with each other.
64. 08:12And actually every Blockchain can be a Sidechain or use a sidechain, this is very easy to implement, even Bitcoins.
65. 08:21But of course certain changes have to be made.
66. 08:25Well, as you can see, there are quite different possibilities, the Blockchain technology,
67. 08:32by such forking, by simply setting up a new blockchain, by painting the values, the coins,
68. 08:41create through transitions between different blockchains.
69. 08:46And now, as time goes by. very different applications,
70. 08:50who then use these different technologies, in each case within the meaning of this scope of application to achieve as many advantages as possible
71. 09:01and the Blockchain technology also to be used there in a correspondingly cost-effective manner.

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