Blockchain & Bitcoin MasterClass

An in-depth look at blockchain fundamentals using Bitcoin as the primary example

Description

Section 1: Introduction, Ecosystem & Hash

• Basic understanding of money, fiat currency, ledgers and transactions

• Detailed understanding of hash functions, their applications and benefits

• Exposure to blockchain operation and terminology with a focus on Bitcoin

• Introduction to popular terms involved with blockchain and cryptocurrency applications

• Brief history of the internet’s technology evolutions, and why blockchain is advancing today

• Learning the numerous potential applications for blockchain along with risks & benefits

Section 2: Blockchain, Proof of Work & Mining

• Detailed understanding Bitcoin’s block data structure and purpose (can be expanded to most blockchains)

• Learning why the blockchain is immutable and tamper-proof via block hashes

• Understanding the purpose and function of Merkle roots and how they are used in the blockchain

• Exposure to technical blockchain terminology with a focus on Bitcoin

• Solutions to the trust-less consensus and double-spend problems using Nakamoto Consensus

• The validation rules used by Bitcoin to ensure a stable and secure network

• Consensus forks and how Bitcoin deals with network conflicts globally

• Mining algorithms and how mining pools and rigs operate on the inside, and how they earn money

• Trade-offs between various types of mining hardware

Section 3: Transactions & Digital Signatures

• Different types of financial ledger systems

• Bitcoin transaction format & operation

• Unspent Transaction Output (UTXO) purpose & function

• How wallets create transactions when making payments

• Coinbase transaction purpose, format and function

• Digital signature purpose & detailed mathematical operation

• Detailed understanding of Bitcoin’s Pay-to-Public-Key-Hash (P2PKH) format

Section 4: Wallets, Exchanges, Fees & Block Rewards

• Purpose and function of a cryptocurrency wallet

• Different types of wallets, including hot, cold and SPV

• The most common standards that dictate all the modern wallets used today

• Private and public key generation

• Purpose and function of a cryptocurrency centralized exchange

• Merkle proofs and their benefits

• Bloom filters and how they add some security to the wallet operation

• Block rewards & fees

• Mempool creation and management

• Fee volatility and network risks

• Techniques that could exploit a fee-dominant network, such as undercutting, selfish mining and petty compliance

Section 5: Bitcoin Core, Blockchain Explorer & Forks

• Bitcoin core software functionality and operation

• Operation of the major transaction types (P2PKH, P2MS, P2SH)

• Navigating cryptocurrency blockchain explorers

• Hard and soft fork, their causes and impacts

Section 6: Bitcoin Advancements

• Transaction malleability – what does it mean, why it’s bad, and how to fix it

• Segregated Witness – what does it mean and how was this innovative technique implemented in Bitcoin

• Bech32 Bitcoin addresses – how they are calculated and why they are important

• The concept of layer 2 solutions built on-top of layer 1 blockchains, the meaning of “on-chain” vs “off-chain”, along with the reasons and benefits for implementing a layer 2

• Payment channel fundamentals including funding, commitment, revocation, punishment and settlement transactions

• Lightning Network protocols including Onion Routing and Hash Time Locked Contracts (HTLCs)

• How Bitcoin’s Pay-to-Script-Hash transaction types enable the layer 2 and Lightning, via smart contract code

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