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Cohere Podcast
Making Sense of Crypto with Kent Langley
May 16, 2022
Technologist and co-founder of OpenEXO, Kent Langley, joins Bill to discuss the current realities of crypto. They cover the origin of blockchain, how it works, and misconceptions about crypto. They also explore the relationship between crypto and communities, the concept of value in cryptocurrencies, and the potential impact of blockchains on community management.
43:02
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Quick takeaways
- Blockchain technology functions as a unique type of database, linking transactions and recording them permanently through a consensus mechanism.
- Blockchain technology offers powerful tools for community leaders to manage identity, reputation, and digital assets, providing a trustworthy system for recognizing and valuing individual and collective achievements.
Deep dives
Understanding the Basics of Blockchain
A blockchain is simply a list of transactions connected in a chain. It functions as a type of database, with each transaction linked back to the previous one. This linking, along with permanent recording through a consensus mechanism, gives a blockchain its unique properties. Bitcoin was the first blockchain, integrating several existing technologies to solve the issue of double spending. Since then, numerous blockchain variations have emerged, with two major types being proof of work (like Bitcoin and Ethereum) and proof of stake. These chains differ in their consensus algorithms and energy consumption.
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