Are you fascinated by trending technologies such as blockchain?
Numerous questions are raised regarding the cryptocurrency and its security, and blockchain has ensured cryptocurrencies to be more secure and immune to third party interference. The primary use of blockchain technology for cryptocurrency transactions is to achieve decentralization features, transparency, and immutability.
If you are an absolute beginner and looking for a base to build upon your blockchain knowledge, you must start from scratch. Aspirants need to understand what blockchain technology is and why it has been among the most popular IT industry innovations.
It is possible today to continue the learning process through the online platform. Therefore, to grasp blockchain concepts with complete clarity, there is a need to find the right course suitable for beginners.
There are often online courses for a particular subject, but the courses are not suitable for absolute beginners. The free tutorial course Blockchain Cryptocurrency Course 101 for Absolute Beginners on the Udemy platform is worth mentioning as it is a 100% beginner course. There are no pre-requisites for the course, except for your interest and enthusiasm to thoroughly learn about the new technology.
The course introduces blockchain, cryptocurrencies, bitcoin, and mining concepts for people who don’t have a background or sufficient knowledge about the domain.
To move to the advanced concepts, you must have the basics right, especially in technology. As the future is shifting its focus on digitization, advanced technologies’ importance becomes more significant in our lives.
An Overview of Blockchain and Cryptocurrency?
Blockchain is a next-generation technology that is transforming the way transactions take place over the internet. Blockchain technology is rightly termed as the digital register that keeps track of recorded data.
Today, blockchain has emerged as the technology that can contribute towards multiple solutions such as secured data storage capabilities for businesses. Blockchain technology comprises a set of blocks and a distributed ledger responsible for keeping the information about events, transactions, and other means of data that is processed using the blockchain. With IT procedures, this information is replicated and stored as multiple copies in the blockchain architecture.
Blockchain technology’s primary benefits are cryptography’s use to make the information immutable and tamper-proof within the architecture while providing the means of verifiability.
Blockchain is gaining popularity across industries such as finance, e-governance, IT, education, and healthcare. The critical factor responsible for making blockchain a secure technology is the addition of cryptography used for the blocks that comprise the recorded data.
This is performed with the use of complex mathematics and computer programs. An important point to note is the response of a block during any hack or outside interruption. When there is an attempt to alter the data in blockchain architecture, the cryptographic links associated with the blocks are disrupted. This is helpful for the identification of fraudulent activities in the network.
On the other hand, a cryptocurrency is a decentralized form of digital payment that can be used for buying common goods and services. Many people invest in cryptocurrencies, much like they would in stocks and shares. There are several cryptocurrencies, and Bitcoin is among the most popular ones.
Other forms of cryptocurrencies include Ethereum, XRP, Tether, Litecoin, Bitcoin Cash, Chainlink, Cardano, Polkadot, and several more. The popularity of cryptocurrencies is because there is no middle-man in transactions such as central banks. Another aspect that makes cryptocurrencies popular is because of the technology supporting blockchain technology.
Blockchain technology is considered more secure than traditional payment systems. Some digital currency supporters are rushing to invest in cryptocurrencies as it is increasing in value and is considered the currency of the future. For cryptocurrencies, the transaction in the blockchain architecture consists of the record that states the ownership and the change of ownership over time.
What to Expect from The Course?
The course is designed entirely for beginners, and it is not meant for experienced professionals.
The course curriculum includes the following modules.
About the Instructor
David Ozoalor offers the course. He is working as a full-stack software developer. He has over 105,539 students and 4241 reviews. On Udemy, he is one of the preferred instructors for blockchain. He has been programming and building applications for several years.
The most valuable part of his courses is that it is comprehensive, and they cover from beginner level to advanced concepts on each topic.
He has a very simplistic approach towards tutoring and doesn’t overcomplicate the concepts. He has been teaching for over a decade and has a background in mentoring and grooming software developers.
Section 1: Introduction
The introductory section begins with an explanation of blockchain technology being a new technology in the market. As it is an 8-year-old technology approximately, the individuals who had some idea about the technology have transformed their careers and are multi-millionaires today.
Being a new technology is that you can’t find an in-depth explanation and a coordinated overview of the topic. The course is mostly theoretical, but you are assured to walk away with much knowledge about blockchain and its relevant terminologies at the end of the course.
The tutor explains when blockchain technology came into existence and relates how people who invested in early 2009 became millionaires today due to their Bitcoin investment. Furthermore, the technology that Bitcoin is built upon and its contributions to preventing misuse across industries. The tutor shares additional resources for better understanding.
Section 2: What are smart contracts, and what are some real-life examples?
The second module is focused on introducing the concepts of blockchain. The tutor explains the transaction as being an interaction between users and the system. The typical examples of transactions in social media platforms are Facebook: Like, Share Comment, Twitter: Tweet, Retweet, GitHub: Push, Pull, Merge, Bitcoin: Send Money.
The tutor explains about the contract and its invention in 1996. It was a requisite in a decentralized system that led to the creation of smart contracts. In a technical scenario, the contract is a computer program that somebody wrote responsible for controlling a transfer of digital currencies or assets between parties based on specific guidelines. The tutor explains the concepts with an example using the currencies.
Section 3: Join the communities that will help you grow
The tutor presents the social network and cryptocurrency groups to help learners gain more experience with the technology. He shares the links and mentions what benefits you may have on joining the groups.
The telegram app is most crucial for cryptocurrency enthusiasts as most of the groups are associated with this app. However, accessibility is provided only from the phone. It is downloadable on the Google play store.
Furthermore, the tutor shares his Facebook group links, part two of the course on cryptocurrency in Udemy, an AI-driven cryptocurrency profit predictor, and a link to his YouTube channel with the latest trends in the blockchain market.
Section 4: Two things you need to do for yourself now
This section contains some additional information about the courses offered and the links to join the groups.
Section 5: What is Blockchain, and what is it used for?
The tutor begins with when blockchain was introduced to the world. The technology was first proposed in a white paper by Satoshi Nakamoto in 2008. A blockchain is simply a block of transactions that are linked together in chronological order.
The link to the video is shared, which demonstrates how the cryptocurrency architecture appears. The link to the whitepaper is shared as well. The additional resources are designed so that non-programmers will find it easy to follow and understand the concepts clearly. The examples are explained in detail concerning the concepts covered. He explains how a transaction will take place with timestamps included.
The second transaction that will take place will have the record of both the first and second transactions, respectively, in a blockchain. How they will have identical transactions with minor changes is explained further. In order to identify which transactions went first, it is done through coins.
The procedure of using the coins is explained in detail and explains more scenarios of what will happen if a financial institution gets hacked or crashes. How a decentralized system will look like are shown and explained with more examples. The need for cryptocurrencies and the time is taken for cryptocurrency transactions are covered as well.
Section 6: What is Cryptocurrency mining, a mining rig, and can you make money from mining?
The module explains the concepts of mining and mining rig and a miner. Mining is referred to as verifying transactions by problem-solving solutions using math and minting of new coins. At the same time, a mining rig is a specialized computer that is used for mining. A miner is someone who owns a mining rig.
The cryptographic mining procedures include checking of transactions, creation of a block. The mining computers select the pending transactions in a pool of transactions that have taken place. The miner makes a check to ensure whether the sender has sufficient funds to complete the transaction.
This procedure involves tracking the transaction details and the transaction history stored in the blockchain. A final check confirms the authenticity and allows the sender to transfer the funds using their private key.
The valid transactions are compiled into a new block. There is an attempt to generate the cryptographic link for the previous block with an algorithm’s help. Once the computer generates the link, it is added to the blocks with the current version of the blockchain file used to broadcast it across the blockchain network.
The tutor explains that anyone can own a mining rig. The tutor explains that only 21 million bitcoins can be mined so far as per the recent updates. Bitcoin was first published in 2009. When it was published, people were unaware of the difference between Bitcoin, currency, and blockchain. It is explained with a diagram and how several people took up Bitcoin as a money-making solution.
The Bitcoin transaction procedure is discussed in detail, and what is the process that a miner has to follow. The need for verifiable transactions, specialized computers, and the blocks chained together with their IDs are also covered in-depth. It is further explained with the help of an example. The tutor mentions that every cryptocurrency has limits on how many cons can be mined.
Section 7: What is Cryptocurrency, and what is Bitcoin?
Cryptocurrency has two components: crypto, which means digitally encrypted, and the currency is a money system. Cryptocurrency is defined as a form of digital money designed to power up blockchains to be secure and anonymous.
They are also the major components that have led to the success of blockchain technology. Bitcoin is the first cryptocurrency. However, several cryptocurrencies exist today.
The other types of cryptocurrencies are called alternative coins or altcoins, as popularly known. There are nearly 1000 altcoins that are available in the market. The tutor explains the difference between encrypted and crypto.
He explains the concepts further using an example of PayPal transactions and how it differs from the transactions using cryptocurrencies. Many people don’t buy Bitcoins due to the high charges needed to pay for buying them.
However, the tutor discusses how it can be done and the right approach to briefly do so with tips and tricks. The detailed tips are to be covered in another course by the tutor.
Section 8: What is Ethereum, Ether, and how are they different from Bitcoin and Blockchain?
This section begins with a discussion regarding Satoshi Nakamoto’s published paper and the targeted problems in it.
The tutor highlights that the paper started with identifying the problems of the Korean banking system. The tutor encourages me to read through the paper for a clearer understanding.
The concepts on the robustness of the technology for Bitcoin transactions are covered as well. He explains that it is not allowed for people to create their currencies and their contracts. It was pointed out that the improvement of Bitcoin took place due to suggestions from individual experts and enthusiasts over the years.
The need for coding and Turing complete, Ethereum, has evolved as an alternative to Bitcoin is covered as well. Ethereum is a decentralized platform that enables the creation of smart contracts and decentralized applications without downtime requirements.
With Ethereum, it is possible to track for any misuse or unauthorized activities from third party sources. Ether in Ethereum is none other than a cryptographic token that is used for performing the activities. Today, Ether is very popular among developers. Ethereum has a significant market hold that stands at $15.6 billion.
Section 9: What exactly is a decentralized autonomous organization, and how can I get funding?
In this section, the tutor provides additional references for individuals who are looking to get a deeper understanding of the cryptocurrency. Although smart contracts form an integral part of how transactions occur using cryptocurrency, there is always room for improvement.
Blockchain developers and innovators have discovered and provided a new offering in Decentralized Autonomous Organization (DAO). DAOs have started making an impact in business through the means of blockchain. It is being considered as the next step of blockchain technology.
As smart contracts are used for automating transactions and related procedures and reducing human input, the goal of DAO is not only to reduce the human input but to eliminate them for such transactional processes.
They are still mainly in papers and are yet to be applied in a real-world scenario. However, DAO mainly consists of interconnected smart contracts responsible for the automation of all the essential processes. DAO is being considered a cost-effective solution. DAO doesn’t require any supervision from additional individuals.
Thereby businesses can run even on thin budget margins. As the technologies are working in collaborations, artificial intelligence can play a crucial factor in creating DAO. Many organizations are considering the use of DAO. There is still a need for protocols that are a must for a wholesome change.
The funding of DAO has been ongoing, and it has been possible with the use of Ether. Anyone that has an Ether wallet can have the possibility of contributing towards the funding of DAO startup projects. In simpler terms, the tutor explains that it is possible through donations in the cryptocurrency market.
Section 10: How does everything work together-blockchain, cryptocurrency, and mining?
The tutor provides the following example to explain the concept of how it all works together. The example is listed below:
- Dave Partner downloads a cryptocurrency wallet and a sign up on a wallet website such as coinbase.com
- Dave goes ahead and buys coins from a coin exchange. For example, Poloniex.
- If Dave sends 10 coins to an individual, the transaction is broadcasted into the network with a pending validation standing at 51% of the network’s nodes.
- As several transactions are occurring in the network, all the pending transactions are grouped in the block.
- Multiple blocks are chained together such that they form a blockchain. Each of these blocks has its unique ID and timestamp, and reference of the previous book.
- The miner validates the transactions in a pending block and is rewarded with a few digital coins. The coins were created as a reward to the miner. The miners work with gigabytes of data.
- Once 51% of miners verify the block, then the transaction is approved. The new block gets added to the front of the blockchain. Each miner updates their blockchain records to contain the new block.
- The tutor provides additional details on Coinbase and how to perform the transactions as well.
Benefits of this course
The advantage of this course on Blockchain cryptocurrency is the content that has been provided for a beginner course. The course doesn’t overwhelm the newcomers as specific introductory courses focus on many concepts at once, which confuses them.
The course has a simplistic approach. It begins with the essential aspect of how blockchain came into existence, the history of cryptocurrencies, bitcoin, and the available altcoins in the market.
Ether’s popularity and its use for DAO funding are some of the most important concepts covered in the course. There are provisions for additional resources as well. The course is well-suited for absolute beginners.
The core concepts are explained well. A significant benefit is that all the concepts are explained in-depth with examples for each concept such that learners can understand the practical implications as well.
Another factor that this course could be preferred is the duration of the content. There are no lengthy explanations and complicated examples. All the content is presented in a simplified manner.
The course will provide certification of completion. It is a free tutorial available on Udemy. However, there is access to online content, certification, direct access to the instructor for Q&A, and direct replies from the instructor.
It is important to note that access to online content is available for the free version, and the remaining options from the paid version are not being offered.
You will get access to the learning community on Udemy consisting of students and tutors. The benefits of such access to a learning community are the availability of essential resources and tips shared in the forum.
You can also post your questions on the forum and get explanations from experienced professionals and tutors who are actively communicating on this platform.
At the end of the course, the learners will understand what blockchain is and the blockchain history, insight into Satoshi Nakamoto’s whitepaper and the targeted problems, cryptocurrencies and their types and functionalities, and understand what mining is.
The role of a miner in cryptocurrency, the concepts of Ethereum and Ether and how it is used, Bitcoin and its uses, understand the concepts of decentralization and the decentralization of autonomous organizations as part of the innovations in the blockchain field, exposure to distributed processing, be familiar with the critical vocabulary and lingo used in blockchain and cryptocurrency technology discussions.
You will also be introduced to some critical cryptocurrency communities to be associated with, as they are crucial in a blockchain expert’s journey. Healthy communities are trivial for knowledge building in cryptocurrencies.
Overall Rating of the Course
- Instructor Expertise: 5
- Additional Resources: 4
- Course Content Quality: 4
- Career Value: 4
- Delivery of the Content: 5
- Visuals and Readability: 5
- Examples: 5
- Speed of Delivering the Content: 5
- Basic Concepts: 5
- Overall Rating: 4.2