WEBVTT - Professional Development: WHAT IS THE BLOCKCHAIN & HOW DOES IT WORK?

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<v Speaker 1>So what is blockchain? Textbook dictionary? Blockchain is a distributed

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<v Speaker 1>database that is shared amongst the nods of a computer network.

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<v Speaker 1>As a database, a blockchain stores information electronically in digital format.

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<v Speaker 1>Blockchains are best known for the crucial role in cryptocurrency

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<v Speaker 1>systems such as bitcoin, from attaining a secure the centralized

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<v Speaker 1>record of transactions. The innovation for blockchain is that it

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<v Speaker 1>guarantees the fidelity and security of a record of data

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<v Speaker 1>and generates trust without the need for a trusted third party.

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<v Speaker 1>The key takeaway from that all that fancy talk is

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<v Speaker 1>to simply say, it's a very transparent ledger that cannot

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<v Speaker 1>be manipulated. Why is that important? Imagine a space where,

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<v Speaker 1>to give an example, like in a stock market, sometimes

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<v Speaker 1>people are doing other things.

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<v Speaker 2>They're spending money there.

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<v Speaker 1>You know, a CFO of a company might buy back

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<v Speaker 1>shares and sometimes there might be a whole quarter before

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<v Speaker 1>you know this, it might be a full year before

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<v Speaker 1>certain things come to light. But with the blockchain, once

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<v Speaker 1>you know the WILID address of that particular company, then

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<v Speaker 1>you're going to be able to go on a blockchain

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<v Speaker 1>real time as something happens, if something changes, and see

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<v Speaker 1>what changes were made. Who purchased what, who sold what, who's.

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<v Speaker 2>The main holder of everything?

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<v Speaker 1>And when you think about that as an investor, I

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<v Speaker 1>think that is one of my favorite things about the

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<v Speaker 1>blockchain space and what makes me dive into aggressively is

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<v Speaker 1>the fact that there's a level of transparency that not

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<v Speaker 1>a lot of financial institutions will give you. To give

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<v Speaker 1>you an example, when we talk about gold, we used

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<v Speaker 1>to have a time frame in which the US dollar

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<v Speaker 1>and different things were backed by silver and gold, and

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<v Speaker 1>we don't really know ledger wise what is happening with

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<v Speaker 1>how much gold America actually have. That has been a

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<v Speaker 1>lot of jokes in the finance world that if you

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<v Speaker 1>went to Fort Knox to where they held all this gold,

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<v Speaker 1>et cetera, that it would basically be barren, and that

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<v Speaker 1>you know when you look at you know, countries like China,

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<v Speaker 1>you know, we owed a lot of these countries a

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<v Speaker 1>lot of gold, and we don't have as much as

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<v Speaker 1>we use and we're not in a good space when

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<v Speaker 1>it comes to that.

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<v Speaker 2>Is that true or not?

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<v Speaker 1>I don't know, But guess what with the blockchain, if

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<v Speaker 1>we did have all of our goal on this ledger

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<v Speaker 1>and it was something that was physically visible for the

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<v Speaker 1>whole world to see. Then if something is changed, you

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<v Speaker 1>would be able to know. And the thing about the blockchain,

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<v Speaker 1>when you think about it, for those who wonder what

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<v Speaker 1>makes it so secure, what makes you so transparent? This

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<v Speaker 1>system is not just backed by one blockchain. There's like

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<v Speaker 1>this mother like it's all AI controlled, but beyond the

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<v Speaker 1>AI control of it, it has fail systems in which

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<v Speaker 1>if somebody was to try to break into one and

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<v Speaker 1>manipulate it, that there is a backup to a backup

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<v Speaker 1>to a backup, and it's like quadruple secure.

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<v Speaker 2>There would be alerts, it would be very visible there.

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<v Speaker 1>You know, it's almost I'm not going to say impossible,

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<v Speaker 1>because nothing, in my opinion, is technically impossible, but at

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<v Speaker 1>that same point for most things, but when it comes

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<v Speaker 1>to the blockchains, especially if it's specifically the main blockchain

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<v Speaker 1>that all the subdivision blockchains go to, it makes it

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<v Speaker 1>really really hard to hack it. And it's not saying that,

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<v Speaker 1>once again, if you're in the crypto space, you can't

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<v Speaker 1>be hacked. It's not saying that tokens can't be hacked,

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<v Speaker 1>and it's not saying some of these subdivision blockchains that

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<v Speaker 1>report to the bigger blockchain can't have issues or be

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<v Speaker 1>reported incorrectly, or have certain you know, transparencies that are missing.

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<v Speaker 1>But what then happens is in a situation like Shiba

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<v Speaker 1>for instance, there was a whole situation where a company

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<v Speaker 1>was reporting the wrong amount of tokens for Shiba. Even

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<v Speaker 1>Sheba thought they had a certain amount of token's purchase

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<v Speaker 1>and they were reporting this number as to what they

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<v Speaker 1>thought their circulation supply was. And then they were able

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<v Speaker 1>to go to the original blockchain and through a lot

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<v Speaker 1>of research, a lot of data and looking at every

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<v Speaker 1>last sale that has ever in every purchase and every

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<v Speaker 1>token that was created, they were able to use the

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<v Speaker 1>original blockchain to look at it. And the original blockchain

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<v Speaker 1>is something that is kind of having like the fordknots

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<v Speaker 1>of blockchains. And then you can, through a very means,

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<v Speaker 1>have your information sent to that. And what I mean

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<v Speaker 1>by hard means is like you can update your inform,

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<v Speaker 1>you can send information to it to create your database,

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<v Speaker 1>but to manipulate in whatever transaction you recorded are created

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<v Speaker 1>on that market space. Definitely not the easiest to hack.

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<v Speaker 1>If it was that easy, trust me, a lot of

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<v Speaker 1>people probably would have done it.

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<v Speaker 3>Eric this episode is brought to you by P and

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<v Speaker 4>An illegal alien from Guatemala charged with raping a child

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<v Speaker 4>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 4>filming and selling child pornography in Michigan. These are just

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<v Speaker 4>some of the heinous migrant criminals caught because of President

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<v Speaker 4>Donald J. Trump's leadership. I'm Christy Noman, the United States

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<v Speaker 4>Secretary of Homeland Security. Under President Trump, Attempted illegal border

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<v Speaker 4>crossings are at the lowest levels ever recorded, and over

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<v Speaker 4>order and families will be protected sponsored by the United

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<v Speaker 4>States Department of.

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<v Speaker 1>Homeland Security the same way they hack other people's soilkens.

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<v Speaker 1>But anyway, moving on, and you know, there's always gonna

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<v Speaker 1>be the people who are like, oh, anything not as

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<v Speaker 1>creative can be manipulated or abused of, you know, and

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<v Speaker 1>maybe in the future somebody will figure out how to

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<v Speaker 1>do so, or maybe AI will figure out how to

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<v Speaker 1>hack itself.

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<v Speaker 2>Who knows.

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<v Speaker 1>But what I can tell you for right now is

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<v Speaker 1>definitely with more secure and more transparent then you know,

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<v Speaker 1>other databases and other ways that people do things. So

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<v Speaker 1>some of the most discussed blockchain and their explorers now

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<v Speaker 1>these are subdivisions under the block the main blockchain are Ethereum.

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<v Speaker 1>Ethereum's blockchains called ether scan dot Io, Binance, b sc

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<v Speaker 1>scan dot Com, Polygon, polygon scan, dot com avalanche, no

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<v Speaker 1>trace that I a Solana which is sol scan dot io,

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<v Speaker 1>Bitcoin blockchain, dot info, and so what are those websites there?

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<v Speaker 1>Those explorers allow you to put in anyone's wallet address

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<v Speaker 1>and see every transaction that was ever done with that

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<v Speaker 1>particular wallet address. So if anything was under the Ethereum token,

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<v Speaker 1>you'd be able to put in that person's wallet a

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<v Speaker 1>dress and if they purchase any token or any NFT

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<v Speaker 1>or anything that is Ethereum based, the history and all

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<v Speaker 1>the transactions would be physically there and evidence.

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<v Speaker 2>The same for a polygon.

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<v Speaker 1>But like let's say you're trying to see an Ethereum

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<v Speaker 1>exchange or a purchase on the Ethereum network, you can't

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<v Speaker 1>go to the Ethereum network and see what somebody the

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<v Speaker 1>Solana a person particularly purchased unless they purchase.

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<v Speaker 2>It through the Ethereum network.

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<v Speaker 1>So if they purchase art like in magic Eden, which

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<v Speaker 1>is is a Solana platform that utalizes that, then you

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<v Speaker 1>would need to go to salt scanda io to look

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<v Speaker 1>into those transactions. This might sound like Chinese a little

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<v Speaker 1>bit right now, but keep in mind we're just mainly

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<v Speaker 1>talking about metaverse NFTs and crypto basics. But once again

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<v Speaker 1>later on, if you guys want to like a deep

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<v Speaker 1>dive into this, that's a whole other conversation and we

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<v Speaker 1>can always have it.

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<v Speaker 2>So some of the websites that you can use to.

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<v Speaker 1>Verify, like blockchains, and once again, these websites for regular websites, people,

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<v Speaker 1>normal people and AI are updating them. So sometimes they're wrong,

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<v Speaker 1>sometimes they're not as accurate, but some good ones on

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<v Speaker 1>the list of coin market Cap, coin get Go, coin desk,

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<v Speaker 1>coin Telegraph, I know if the main coin in all

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<v Speaker 1>of those, there are other platforms and websites, but you know,

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<v Speaker 1>for today's purposis, these are some of the main ones

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<v Speaker 1>that I would say, like especially like coin market cap

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<v Speaker 1>and coin get Go, A lot of people in this

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<v Speaker 1>space utilize.

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<v Speaker 2>Why is that important?

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<v Speaker 1>Right, Let's say that you have a cryptotoken like Ethereum

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<v Speaker 1>and you're going to purchase ethereum, and you know, Ethereum

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<v Speaker 1>tells you, hey, we created one million Ethereum tokens, and

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<v Speaker 1>then they say we've sold seven hundred and thousand, seven

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<v Speaker 1>hundred thousand tokens already. Now keep in mind, crypto tokens

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<v Speaker 1>are like a barter system, which we're going to dive

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<v Speaker 1>into that shortly. Imagine that you're now going to have

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<v Speaker 1>to be in a position where you then, as an individual,

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<v Speaker 1>have to put potentially be believing that seven hundred thousand

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<v Speaker 1>people or seven hundred thousand tokens are sold. With the blockchain,

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<v Speaker 1>you'd be able to verify if it was the same

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<v Speaker 1>wallet address who purchased all seven hundred thousand, was it

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<v Speaker 1>three hundred thousand people who purchase seven hundred thousand of

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<v Speaker 1>the tokens? And then that also gives you more power

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<v Speaker 1>when it comes to circulating supply how many people are

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<v Speaker 1>interested in a particular item and makes you decide is

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<v Speaker 1>it an NFT or a token or whatever project that

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<v Speaker 1>you'd want to invest in, because now you're able to

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<v Speaker 1>know more data on that particular brand or company or

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<v Speaker 1>the way they're moving, or how many bad.

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<v Speaker 2>Reports they have.

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<v Speaker 1>The list continues using the blockchain for verification. And some

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<v Speaker 1>of these websites will also help you make sure that

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<v Speaker 1>if there's a scammer with a fake website claiming to

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<v Speaker 1>be ethereum and they're like, oh, this is Ethereum's new

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<v Speaker 1>website Ethereum three, then you know, just make sure you

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<v Speaker 1>don't connect your wallet address to a scammer's website and

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<v Speaker 1>you're actually going to like corn market cap coin, get

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<v Speaker 1>go to look up what is the actual website Ethereum

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<v Speaker 1>do they have a new website? And just to show

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<v Speaker 1>you what an explorer looks like, this is what it

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<v Speaker 1>would like be like. So this to give you an

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<v Speaker 1>examples ether scan, most of them kind of had this

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<v Speaker 1>same basic interpretation. You would put your wallet address right here,

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<v Speaker 1>and that basically is a key that unlocks a lot

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<v Speaker 1>of like hold your money in the crypto space. So

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<v Speaker 1>if it's an Ethereum based wallet, you would put the

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<v Speaker 1>address there. Or if you did a transaction and you're like, hey,

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<v Speaker 1>let me see how long is it gonna You know,

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<v Speaker 1>how long ago did I purchase X, Y and z.

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<v Speaker 1>If you had that token, hash or any of this information,

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<v Speaker 1>you would be able to then look it up.

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<v Speaker 4>An illegal alien from Guatemala charged with raping a child

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<v Speaker 4>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 4>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 4>filming and selling child pornography in Michigan. These are just

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<v Speaker 4>some of the heinous migrant criminals caught because of President

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<v Speaker 4>Donald J. Trump's leadership. I'm Christine Noman, the United States

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<v Speaker 4>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 4>crossings are at the lowest levels ever recorded, and over

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<v Speaker 4>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 4>are here illegally, your next you will be fine nearly

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<v Speaker 4>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 4>never return. But if you register using our CBP home

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<v Speaker 4>app and leave now, you could be allowed to return legally.

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<v Speaker 4>Do what's right.

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<v Speaker 2>Leave now.

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<v Speaker 4>Under President Trump, America's laws, border and families will be protected.

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<v Speaker 4>Sponsored by the United States Department of Homeland Security.