Demystifying Cryptocurrency: From Fiat to NFTs, DeXes, and Beyond!

Transcript (Auto translated can have spelling mistakes)

Namaste uh just like my previous video uh in my previous video we have discussed about the teres those are uh in my uh book and I think uh I got good response from the I mean most of the uh most of the questions which are related to the uh user B has been answered and some of them have said thank you for that and I would be continuing because around 300 plus words are there in the index of my book uh which is which is really uh bit bit technical to understand the peop who are studying um about the uh about the philosophy spirituality religion history and things like that uh so um so uh some of the 27 or 28 words I have explained in my previous video and uh this is been went into some people those who are actually uh buying and uh investing in the cryptocurrency uh which we are actually uh trading in four to five platforms and uh the questions which which uh they asked is that why don't you do uh an explanatory video about the terms which are associated with your crypto which is nothing but El ladder token so they've been asking about this from a long time so I thought why can't I do a video on uh the terms which are associated with the elad token and why can't I do an explanatory video for the people people those who are actually uh want to study about the cryptocurrency as a whole and those who want to study about the blockchain and the people those who want to um uh do something in the uh space of crypto right so this is the reason why I'm doing this particular video and uh uh in this particular video I would love to discuss some terms uh which are generally being opening up in the crypto space and which are being generally being discussed in the space of crypto so those are the terms I would love to talk in this particular video all together um all of you know like I'm I'm I'm more or less a crypto believer rather than that of believing in the fiat currency which we are we are using every day transactions like for buying things and selling things and earning in that particular thing and stuffs like that so anyway let us uh I but I I love crypto more and I am a strong believer in the crypto and uh I believe that the uh I mean spiritually and uh uh technically and tactically all those things I believe the future will be mostly based on the uh cryptocurrency may not be in the form which we might be using right now uh it much or much more uh uh elaborated way and much more easiest way in which the most of the general public will be uh uh trading the cryptocurrency this is the this is the way I imagine about the future world anyway so some of the words which are too technical for uh some uh beginners to understand I'm trying to decrypt those technical words in this particular video and uh let's begin so I have made a note of these things you can see that so these are the terms which I would love to discuss in this particular video the first word which comes into my list is the is the fear the very first word which comes into my list is that the Fiat and the crypto fiat currency is the currency which is nothing but we do we use it for everyday transactions for example to buy things to sell things and uh to establish businesses and uh to give us monetary benefits and things like that this is the currency which we use uh for everyday transaction this is called as fiat currency uh like rupes is a fiat currency dollar is a fiat currency real is a fiat currency this this is called a fiat currency now crypto crypto is nothing but it's a it's a it's a hash like you know an encrypted hash value like encrypted hash in the sense in a layman terms like uh it's a mathematical puzzle for example 1 + 1 = to 1 0 and 1 0 + 1 = to 1 1 like that it it is a it is a uh it is a encrypted hash value that is called a crypto it's that is called an encrypted hash this is in short term we will in in the short form we will call it as crypto so this is called uh uh that can this particular hash can have uh uh a TR transactional value can have so this was the experiment uh uh which is been done along back by the Satoshi nakoto by creating a blockchain repo called uh Bitcoin and using this hashes to transact amount from one place to another this was the first time the cryptocurrencies been created uh and this is where the most of the computer cryptographic functions came into life and uh you know this is where most of the things is been started to happen so the the hash which is been uh used in the form of a currency for transaction is known as a crypto okay now what is a token like uh before going into the token we have to understand what is a blockchain so to understand the blockchain properly we should understand the system of banking first so what is happening in the system of banking we go to One bank and we put money there so that time the employee of the bank will enter in his uh um um Ledger that X and Y person has put XY amount of money into this particular branch of this particular bank and so now of this transaction is been recorded in a ledger like in this place we have to understand that money is nothing but just a number like you know you look your um you will look into your Google pay or you will you look into your any of your UPI app there is a number has been presented this is called money and when you do some transaction this number will be get reduced reduced reduced and if somebody put some numbers into that this numbers will get increased this is nothing but a lger this is the same thing happens in the bank and now the problem with this particular Ledger is that this is a centralized Ledger means all this transactions is been recorded in a single place by a single entity so this is called a centralized Ledger system now imagine this Ledger is been distributed across multiple branches of this particular Bank um uh for for easy to understand uh whatever the whatever the entry happens in one computer all will be uh also recorded into the another computer and another computer and another computer so these are been distributed uh this this is called as a blocks this each computer is known as a block and the chain of this thing is is called as a blockchain so what happens each time one transactions happens uh each block of this uh particular network will grow correct now now this hashes which we are talking about can travel from one node to another node to another node so this will be having a public key and a private key so if you want to transfer this hash from one note to another you have to use uh a public key and a private key so this public key is nothing but your wallet address the address which we use in the crypto that is your wallet address is nothing but the uh the the uh uh new public key and the password which you hold in your wall to unlock your wallet is known as a private key so when these two comes together you can unlock this particular wallet and do the transaction of the hash from one place to another place one wallet to another wallet so this is called uh this is called a cryptographic wallet and this is called a cryptographic transaction now there is a token like each blockchain can have its own currency for example uh the uh Bitcoin network has its own currency called BTC or Bitcoin so now um now this is uh this network own currency now for example if somebody else also want to do uh want to me a kind of currency in this particular Network then it is known as a token and uh uh whenever the transactions are happening this uh uh in this network whenever the transactions are happening this token holder has to pay some amount in order to sustain this network uh uh currectly so this is this amount will be rewarded as the uh mining reward for the uh people whoever is holding uh whoever is hosting this particular note so whoever is hosting this particular node is known as miners they are the crypto cryptocurrency miners okay so this is called a token the the the this can be a currency or it can be for a utility for example uh you can use this token for a private party you can use this uh as a ticket to enter into a private party you can use this toen to uh for people who want to play casino and stuffs like that so this is the this is called the the the token now now the token has thousand Supply like you know while meing the token we can defend how many numbers of the token has to exist in this particular Network either we can burn the rest of the token or we can Min more to the particular Network so this can be having n number of Supply like like n is defined in this particular case but it can have uh n number of Supply if the supply is only one then this is called as a nftd or non fible token and liquidity liquidity is the is the um for example how how some particular currency has a value for example how the rupees are having value rupes is Rupees is the nothing but a printed papers but have you ever wondered why rupees are having uh 10 rupee note is having 10 rupee value or 100 rupee note is having 100 rupees value which is almost more than that of that particular paper paper of rupees like you know um if you if you are having a piece of paper which is in at the size of 100 rupee not that would be having lesser value than that of the paper which is uh actually saying it is 100 rupees correct so now this particular currency has a value so how this particular currency got a value this is something which we have to look into how this particular currency got a value this particular currency got a value by providing equal amount of the gold which this particular currency should be having so we keep this equal amount of the gold in The Reserve Bank and print that much amount of the paper currency so that peoples can easily uh uh exchange the value of the transaction so that is why uh this is called a liquidity in the similar way uh the token can have a value if we provide enough liquidity in in the in the in the exchanges in which we can able to exchange this particular type of currency this is called as liquidity now exchanges exchanges is the place where we can exchange the token or cryptocurrency against another cryptocurrency or another token or fiat currency or gold or whatever this is the this is the uh place which facilitate uh the exchange of the currency and there are two kind of exchanges one is centralized and exchange and another one is decentralized exchanges centralized exchanges FTX for example there is something has coll recently which is called FDX not recently which is collapsed a long back ago and that has killed almost all all good things in the crypto enthusiasm and FTS has collapsed and lot of people has lost money in FX so this kind of exchanges this is called centralized exchanges which means that a central Authority is controlling this particular exchange uh in the case of FDX this particular exchange is owned and operated by this San magman freed who is the owner of the FDX uh crypto exchange so these kind of exchanges are known as centralized exchanges now let's talk about decentralized exchanges for example these kind of exchanges nobody is holding uh the uh own authority rather than it is distributed in the similar way where the crypto uh blockchains are been distributed so uh if the imagine this exchange is disappearing one day uh your currency or your crypto tokens are never leaving your wallet it is never going in this particular exchange it is always in your wallet only this is called decentralized exchanges uh so we have built uh the token called the next one is in my list is elad token so we have built a token called elad which is actually not a currency this is a utility token in which uh we have built uh uh um a protocol which is called as elad with this particular token people will be able to access this particular uh um um protocol and do and store uh things in IP office so this is kind of ticket uh elad is a kind of ticket which enables peoples to log into elad protocol so this is called this is why we built the elad token and the elad token is actually available in 4 to five exchanges from where people can actually purchase this particular token and use this particular token for uh uh utility in the elad protocol uh ipfs ipfs is a uh so when we are talking about El protocol the elad token enables you to put data into ipfs protocol uh with ease like you know the El token if you if imagine you are having a wallet wallet we which we have spoken wallet is the is the thing in which you can uh save your you can keep your currency digitally cryptocurrency digitally this is called uh a crypto wallet so for example if your wallet is having the elad token in it you can actually easily uh uh connect to elad protocol and you can easily do the transactions in the elad protocol this is called uh this is uh it will enable this elad protocol will elad token in your wallet will enable you to put uh uh um uh put content in ipf very easily so what happens into in for your content it will be never get been deleted so we will talk about all we have we have spoken about all these things in uh another YouTube channel which is Ed YouTube channel if you want to know more about the uh elad token currency and all those things uh you can go to uh Ed Tok edad uh uh YouTube channel but uh this particular Channel I'm uh uh I'm giving an intro to this uh particular Channel also why because uh most of theop are actually getting uh interested into crypto also and they are asking in my channel like you know what is the why what what what how do we purchase the El token and what is the Centric value so this is the reason why I'm coming into this particular video in this particular Channel anyway um now the next uh uh next uh um next next term which is in my list is altcoin so what is an altcoin this is this is a term which we are actually hearing a lot of times in the crypto space so what is an altcoin is altcoin is nothing but basically any currency which is not uh which is not uh uh a Bitcoin is known as altcoin and hash hash which we have described already anyway smart contract smart contract is a self executing programs which is being written in the in the in in that particular uh uh wallet or a particular block so whenever uh like you know we can develop games in that we can develop uh um many other thing which is the programming language which is using over there is actually solidity so Ico is nothing but initial coin offer like you know so whenever the token has been published it will be having uh um a base value base price means the initial offering value so this is this is been described in the Ico and that is how the token will start to gain momentum in the crypto space and stable coin stable coin uh this usdt is for example is a stable coin so what is what is a stable coin means usdt what do you mean by usdt usdt for each amount of usdt which is existing equal amount of dollar is being kept in the bank which means that their value is actually stable which is related to the uh uh value of the dollar so this is called stable coin so I think I have covered most of the uh Concepts which we are talking in the crypto and uh I think uh this is mostly almost all the content which I would love to I mean this is the most of the terms which comes across when and peop are talking to me uh these are the most of the times which we come into everyday uh talks and things like that so anyway I think I have covered uh most of the concept in uh this particular video and I'm telling you this I'm not going to publish more uh videos on cryptocurrency uh I mean uh the technical terms in the cryptocurrency on this particular Channel um this has been an explanatory video why because I'm doing is because I've been asked a lot about this from this particular Channel and other places as well so uh we will come back to the uh index the the name the the things which we are describing the index what what is that particular terms are meaning all those things we will come back to that thank you