to the families prior to the meet the syrian on how to do a molly insight into hall with help stories on al jazeera, the colonel who led a medicare and molly, this week off serving his vice president, has now been declared into president by the constitutional court see me go to, i'll said the other infirm leaders and ordered they be detained, or were part of molly's previous qu, last august. they were leading a transitional government, which was supposed to organize elections. spot disagreements wasn't when military figures with strips of their ministerial posts in a cabinet re shuffle. nicholas hack has moved from boca, this was

a long time come in since the detention of the president of transition. on monday it was clear that any veil or resemblance of a civil lead government of transition was gone. that the real strong man of molly is a see me going to. so this comes as no surprise it in the run up to this. and now it's made made by the constitutional court, well as me go into has been meeting leaders, religious leaders, union leaders, the opposition really trying to rallying to his cause. meaning that there was no real surprise when this constitutional court announcement was made with surprising though, is that according to the charter of transition, that was written out by the military and while himself and members of the civil society and with the help and the support of the international community, it was agreed that no members of the military joint will take that position of president of the transition. it was stipulated that was really strongly put by the

chief me the mediator negotiator for echo was the west african body. good luck, jonathan, who had said that only a civilian could lead this transition back to elected government. you know, that's not happening and that's certainly not on the part. now that i see me going to is the present of transition. he's reassured the population. he's made statements through his twitter or twitter account saying that there will be a roadmap to the elections. and the presidential elections will be held on in february 20 2022. but there still remains a looming threat of sanctions with the extraordinary summit of the west african heads of state that will take place in ghana. on sunday, germany has acknowledged a committed genocide in namibia in the early 20th century. german subtler forces kill tens of thousands of indigenous herrera and nom up people, often uprising against colonial rule. after 5 years of talks,

berlin ruled out reparations, but agreed to provide $1300000000.00 in aid for government projects. tens of thousands of people who seeking shelter in the democratic republic of congo after authorities ordered the evacuation of areas near the city of goma. a volcano is expected to erupt at any moment. the government says nearly 400000 people have been displaced in just a few days. the you and refugee agency says it's alarmed about reports of soldiers taking people away from displacement camps in ethiopia as war 20 gray region. all those warnings from the u. s. that pianos a retrain allies could face further action if they don't do more about the worsening humanitarian situation. the large numbers of people have gathered in columbia as capital to mock one month and fancy government purchase. their rallies in many other cities and towns to people demanding police reform. after least 17 people died during

a crackdown of demonstrations remains of $215.00 children have been found at the size of a former school for the indigenous in western canada. the discovery in the province of british columbia has been described as heartbreaking by the prime minister justin trio. some of the children was young as 3, at least a 150000 indigenous children attended so called residential schools between 800 forties and 900 ninety's. as early forces have killed a palestinian man in the occupied westbank that korea maia was short and later died from his injuries in a hospital near knob lewis. at least 22 others were wounded. as he headline news continues here after our 0 crypt talk to you. oh, i

think 70 for though i made a film about the history of money banking and bitcoin, what was going on back 11th. we said it's going to be a bumpy ride. and now some of the big brains and speak egos for champions crypto currency claim. they are building a crypto utopia. magical, think that will happen with something called block chain technology. and it just might change your life and they really could compete with if not even take down the facebook and the google's and the amazon. my name is austin hoffman and i'm going to put some of these claims to the test. forget all the hype will explore the true potential of this new invention. see who is already using it, making it really easy and simple for people to pay for the all, or we and go deep into a secret bunker that holds billions in bitcoin. but they are those who want to kill

it, join with me and introducing a bill to outlaw crypto currency, so that we nip this in the bud or change the world with it. welcome to ground 0 in the battle for the future of the internet. wet 3 point all they wanted, a science fiction dream actually did was build forthcoming disaster. a lot of people were not willing to learn and were not willing to admit they were telling me that i have no clue that just don't support free speech. you don't support bitcoin, you're an enemy a bit for him. this is bigger than the internet, c, r, and age, the renaissance, the industrial revolution. this affects the entire world. okay,

let's start slowly with the basics of money and it's creation. the total value of all the world's money is about $120.00 trillion dollars, which you probably didn't know is that each new dollar is created by government and banks as debt, which needs to be paid back by someone in the future with interest. that's why there isn't enough money in the world to repay all that debt, and there never will be. oh, and almost all of the world's money is already digital. just entries in a ledger, usually managed by a bank. only a small portion exists as physical currency, like cash or coins. think of it this way. your employer deposits a $1000.00 into your bank account. then you pay $200.00 in taxes, $500.00 for rent, $200.00 for bills and shopping and so forth. whether you use credit cards, debit cards, paypal or bank transfers. they're all just pluses and minuses, indifferent,

digital ledgers. that's why there's almost no need for physical money in our daily lives. during the financial crisis in 2008 and the students figure colt photoshoot a modal published this 9 page white paper. it said with big kinds, open source software. we can create or money without banks or governments. i this new nerd money called crypto currency is created and stored in computers. and before long there was a growing fan club, mostly guys like roger via today. he's a polarizing figure, but big then he gave away thousands of coins to kick start the movement, and they all called him bitcoin jesus. i think that for many years he brought more people to be going than anyone ends and we will for re grateful to him for doing that. or when i was a kid, i was reading all these science fiction books. they were talking about how the world is going to be when we have this like an miss digital cache that people can

use on the internet. it's not control by anybody. and then when bitcoin came along, it was like, wow, the science fiction money that i've been reading about as a kid is finally here. so i got so excited about it. i heard about it about 10 in the morning. and i was trying to go to work that day, but i didn't. i stayed home the entire day, reading about it didn't leave. i stayed up all night that night reading about it date up all night the next night or even deep down that rabbit hole was a point of physical exhaustion office. i called a friend of mine that please help me. i'm so sick and you bring me to the hospital . yeah, roger that bid bad by the big claim bug like so many others who follow truly. one of the most exciting inventions ever in the entire history of human kind. but how does it work? when my friends asked me to explain, well, i often start with this analogy, emission, a bank vault where you have a safety deposit box. your key opens what are the boxes where you can securely store physical valuables, like gold coins in bitcoin,

their digital. think of them is very long passwords. your private key gives you access to a wallet, which unlocks billions of unique did queen addresses. each one is a virtual safety deposit box that only you can open with your key. and there are more addresses in this virtual vault than adams in the universe. the doors to these boxes are transparent. you can see inside them. here's one with digital money point to one point. setting them from one box to another is what's called a bit queen transaction. we'll explain that later. but for now, just remember that these digital coins can only exist inside these transparent address. boxes can't be copied and can't ever leave the vault. and this vault is owned by no single entity. you don't need permission from a government, a bank, or a corporation to use it. i, i me for most early adopters of the coin,

it was all about global peer to peer electronic cash room. 77 in berlin was one of the very 1st businesses to accept the coins as payment for physical things. b as in burgess, back in 2011, there were no mobile wallets, right? so you had to go there, bring your laptop type in this long address. you do risk losing the money if you didn't type it correctly. so the 1st guy build a mobile with some guy and prevent who built it in order to buy his beer with his phone instead of his computer. my problem with banks is different. why can't they sent money overnight on a weekend? after all, it's updating digital angeles, right, just moving data, we can send pictures or video to any one on the planet almost instantly and for free. we live in the age of the internet, but the bank seemed to be stuck in the past century. so what if the slow

inexpensive middleman with a multiple ledges could be replaced by a giant database, synchronized over the internet? that's the big idea behind bitcoin. and it's run by a decentralized global network of powerful computers and regular laptops. this immutability is the 1st rule of the coin. it means no one can ever change what was once recorded in the block chain, or spend the same coin twice. that's also called censorship resistance and it's critical to bitcoin being used as real money award winning journalist laura, she tells me a story about women bloggers in a canister on being paid in bitcoin and that one of the women that hadn't abusive husband and saved up her big coins and eventually was able to divorce him because she was able to control her money when she earned a big coins. in my 1st film, the early adopters said that this kind of financial freedom for every one was just around the corner. world's most populous network is adopted bitcoin. that's the

internet. the world's largest economy is adopting bitcoin. that's the internet. we have transcended borders. it's totally file is what cache david gerard doesn't buy all the height. he's one of the most outspoken critics and skeptics of block chain technology. it's not very good as a kind of system. there's a small payment. the use case if you want to trade in things the government doesn't want you to trade in. that's david polite way of saying illegal stuff. in 2011, most of my partner colleagues were saying 3 things. so whether the drugs pornography on the silk road was a black market on the dark weapon where buyers and sellers use bit coins to fly under the radar of the authorities. it had 1000000 uses until the f b. i showed up and shut it down. they caught this guy for running it and confiscated the coins held in escrow by snatching his computer and then they locked

him away for life. no doubt crypto currencies can be a tool for criminal activity, but so on dollar bills, all the banking system. and let's not forget, the block chain is a public ledger. it's actually been quite useful for uncovering crimes. a former federal prosecutor named catherine han. she was the one who discovered that there were a couple of federal agents that were pilfering them. bitcoin that the government had obtained from the cell grow case for their own gain. and what was interesting was she got a tip that there might be $11.00 agent that was doing this. but from looking at the movements on the block chain itself, she realized that there were 2 people. the prosecutor could see those big coins being moved. and when the dirty coff try to sell them for dollars. vega busted, while they saw the technology provides anonymity. it actually enabled uncovering their crime, but what makes bitcoin worth stealing? why do they have value at all?

let's go back to where bit coins are stored in transparent digital deposit boxes, protected by strong cryptography. they can never be copied or leave the vault because any transaction of any bitcoin down to a 100 millions fraction is recorded in the block chain for eternity. this synchronized global letter is shared among thousands of computers worldwide. that's why it can't be compromised or altered. think about that. we can make an infinite number of perfect digital copies of the movie, a song, any file. but for the 1st time in history, this distributed record keeping allows us to have a truly unique and fungible digital object that is also scarce. if you could count all of these virtual coins, you'd find about 18000000 of them today. ah, when the cap of 21000000 is reached, the protocol stops the network from creating anymore. it's the opposite of our

traditional money supply, which keeps growing and growing an unlimited amount of dollars versus a very limited supply of big coins. you do the math. if you use euros or dollars, you might not care about a little inflation per year. but if you country isn't stable, you might be a trillion and paper and be debt brooks. i robin bye bye on ya and the south part of ours. and now my parents are she branches there and i remember growing up in my childhood, so my parents lose everything free time. first because of a huge evaluation then because of hyperinflation and the last time because they government confiscated all of bunk, their bosses. i think that to they, they are, are billions of people, at least 4000000000 people who would be a lot better off by having access to

a form of money that is non political and more than mccracken. we think of finance . we think of banking, we think of money in terms of the experience and perspective of western european or developed nation person. and that is really just a 1000000000 and a half people who have a very privileged financial life. what about the other 6000000000? every single country that is free has essentially a legal status for crypto currency that is very open and permitted. and every single country that is unfree has restricted for band crypto currency status. this is the berlin wall fil a powerful symbol of a government trying to control it citizens. and that brings us to the big question, can governmental bangs, ban bitcoin? well, some politicians feel things they can stop open source software. i look for colleagues to join with me and introducing

a bill to outlaw crypto currency purchases by americans, so that we nip this in the bud in part because not an awful lot of our international power comes from the fact that the dollars, the standard units of international finance and transactions clearing through the new york fed is critical for major oil and other transactions. and it is it the announced purpose of the supporters of crypto currency to take that power away from us. for currency represents a litmus test for governance, it reveals how much your government believes in in the fundamental freedoms and human rights. because if they don't trust their own citizens to have control over their own money, that's a lot about the governments is very little about crypto cards. you see the reason why some governments and most bangs are threatened by this technology is simple.

your private key and your wallet can replace your bank account. the network is run by software, and it's currencies made and maintained by computing power and electricity. it can't be manipulated by central bankers, wall street lobbyists or politicians, but with new freedom comes new responsibility. so if you can keep your point, if you don't want all the keys, it's not your bitcoin, your keys draw big point, not your, not your big point, your keys, your big, quite natural keys, not care of a point. got that. if you lose your key, you will never be able to access your coins again. and if someone hex your computer or you store those passwords, your coins will be stolen in a 2nd. and remember how, whence is a family, had them money stolen by the own government? well, maybe that's why he built the fort knox of bitcoin security. example. most of our

7000000 customers are in emerging market. in countries where there's problems with a currency, we have explosions, inactivity like venezuela right now. we're derek and we develop the system of wallets where we have 5 private keys for each one of our between addresses. we keep those private geese in an offline sarah that has never been on line will not be on line. it's inside the vault, the voltage inside a bunker, usually deep underground. our main one is in switzerland in the commission, military bunker. i just had to see it for myself, even though it took a month for to get cleared for a tour. we were met by christopher. osh might a former military commander who runs the place. and the representative from sample kristof said the gods would rather shoot us than show us around. i hope he was kidding. they need to bring in the material. so the other side of the personal look

. first up, one more check of our id. a pet down for weapons or any other monkey business and give inspection even the boss was searched. it took me nearly an hour to get my teams for security, but it was worth it. no other phone call has been allowed access. we are the largest custodian of it going in the world because a lot of the largest holders in the world use us are security. rumor has it that 10 percent of all that kind of thought here. and in there for other secret locations. unfortunately, i can't confirm any of those numbers from the mountain that we are getting a lot of benefits by earthquake proof flooding prove. but on the other side, you're facing a lot of additional costs,

like maintaining 7 independent backup power supplies the labyrinth of tunnels deep into the mountain is interrupted by nuclear, great dos. it's a level security apply to all of the data crystals protects here. not just for example, we can not talk too much about it because it's pretty quick. what is down there and i'll be allowed to film that now the doors that remain shut and security measures we weren't allowed to see. and some of those checks may be biometric during the i kind of fingers, brain scan and the fingerprint scanner. also make sure that you are alive, that you the cut someone's finger and you're just using it to open the gate. so you might have a direct

these on samples or actual service, but if you've ever wondered what triple currency thieves dream about, it's sitting somewhere down here unplugged from the internet. but there is absolutely no way here a way to attack the data which is on the cold storage side. but here's my question . why do i need the cold offline service to be inside them out and kinda be in my basement while the surveys and it still can be sold, right? so this isn't like money is data. yeah. it's been invite, but it is money. a lot of money. and this is why this is more a bank than, than a day. but let's do a quick recap. we now have billions of dollars worth of data secured and digital banks deep inside secret military bankers. if you don't think bitcoin is already changing the world's concept of money, you haven't been paying attention. remember,

mervin, he used to be a senior executive, deutsche bank. his colleagues, one said bitcoin was for lawbreakers and troublemakers. he now runs a crooked, to fund out a monitor our research shows that the crypto markets are gonna probably be worth about $8.00 trillion in 2027, which is a 50 x. um today. exactly. most financial analysts say you better stick to your chance and bonds and dollars bitcoin is dangerous nonsense. far too risky as investing to others. bitcoin is an escape hatch that will take them away from risk and insurance against a financial doomsday away out of the debt crisis. negative interest rate, trade was an economic downturn. they say it's an anti fragile asset uncorrelated to financial markets. so how about the general public in america, the younger generation already starts to trust this new asset class. and when success, bitcoin may reach a $1000000.00 a coin,

i would say the biggest financial mistake you can make right now is to own an amount of bit going that you cannot afford to lose because it's super risk and you may lose. the 2nd biggest financial means that you can make is not to own any, because you bought one percent of your net worth in bid going. most people can afford to lose one percent of the net worth. and if i am right, it's going to be more than a 100 percent of your net worth. so with a non material exposure, you change your life, you know what you would spend with your on a romantic weekend with your wife. say, sorry, we're not going to go out this weekend. i'm going to vibrate going here it's band disappear. check in 7 years. i either gave you about a life and cost your weekend or i want a grandkids call. once you do what you fail to mention is that the currency, the micro transactions, all of that is relevant, right?

meaning all of the crypt currencies are way too volatile for anyone to take them seriously. hold on, let's go back to where we started. bitcoin was created peer to peer lic, 20 cash. that was the can a payment directly from you to me from me to the coffee shop. i have bought a bag of coffee for 2 bitcoin in 2012, which today cost me $12000.00 in today's money. that is a deflationary of fact, as long as bitcoin keeps doing southern increases in prices. that's going to stop retail use in its tracks. with bitcoin, you can send $1.00 or $1000000.00 worth of value anywhere in the world. you can do it for free. one philosophy could be this 5 as the coin official goals. and the other philosophy could be discarded, the coin as digital cash, between what we've already met the digital gold cam, who opposes any changes to the protocol, despite the high fees,

roger represents the other side of the debate. they wanted a system upgrade a solution as easy, and just increase the size of the blocks from one to 248 megabytes, so that more transactions fit into them. this will lower the fees, and people will start using bitcoin as cash again. but most of the community disagreed. so bitcoin, jesus had become bitcoin, judith and there was a split into 2 separate bit coins. every revolutionist followed by the counter revolution, which is usually a purge of the original revolutionaries. when i 1st started covering the space, every one was united in the struggle against the establishment. now of industry has grown so much that they are competing parties, propaganda machines, conspiracy theories looks a lot like politics. the biggest fight within the bitcoin ecosystem is over at the moment, is who has the right, the name bitcoin. but at the end of the day, i think the version of bitcoin described in the big one white paper has the

strongest claim to the name that coined than anything else. and that's been going cash i think is join to say that and causing people to, to buy big on cash when they actually want to buy big coins. just going to be casting is from issue shalicia. and i'm been told the omnia clinton d for the english, rosie, dr. kaufman, bitcoin b cash. because tom depression, he had for some his sierra energy nuclear. those in your face to bid coins could call them coming up the block chain explained. and predicting the future of the internet and the incarcerated in russia's toughest prison, stripped off their liberty, an unexpected creative opportunity. singing contest like no other offer the chance of brit. and hope for the talent was

prison lies inside and out a tailor fingers and murders on alger there. how does the team from a smaller league draw the big crowd? why does the irish flag fly high? you got this club? what is it about celtic that has the world over healing them on politics and football? goes with the oppressed around the world, the defends, who make football and we're going to hang on working in asia and africa. there'd be days where i'd be choosing and editing my stories in a refugee camp with no electricity. and right now where confronting some of the greatest challenges that humanity has ever faced. and i really believe that the only way we can do that is with compassion and generosity and compromise. because

that's the only way we can try to solve any of these problems is together, that are so important. we make those connections. ah, ah, on monday inside and i are here, top stories on al jazeera, the kind of who led a militia carried molly this week while serving his vice president has now been declared into him president by the constitutional court. a see me going to out of the president and the prime minister were part of the previous case which took place last august. nicholas hock has moved from bama co. this was a long time come in since the detention of the president of transition on monday. it was clear that any veil or resemblance of a civil lead government of transition was gone. that the real strong man of molly

is a see me going to. so this comes as no surprise it in the run up to this. and now it's made made by the constitutional court, well as see me going to has been meeting leaders, religious leaders, union leaders, the opposition really trying to rallying to his cause. meaning that there was no real surprise when this constitutional court announcement was made. germany has acknowledge it committed genocide in namibia and the early 20th century german settler forces kill tens of thousands of indigenous herrera and number of people. often uprising against colonial rule. tens of thousands of people is seeking shelter in the democratic republic of congo. after thort, he's ordered the evacuation of areas near the city of goma. volcano may erupt at any moment. the government says nearly 400000 people have been displaced in just a few days. the remains of $215.00 children happened found at the size of

a former school for indigenous children in western canada. some of the children was young as 3, at least a 150000 indigenous children attended psycho residential schools between 18 forties and 990 s. many were forcibly taken from their parents and communities. is there any forces have killed a palestinian man in the occupied west bank? that korea maya was short and later died from his injuries in a hospital near nobliss lease 22 others wounded and follies confrontations between palestinian protest. this israeli police in the village of feta demonstrates is gathered that raleigh against new israeli illegal settlements as he had lived these continued here on out there off the crypt. hope you little i know. i know you

want to find out what any of this has to do with this new crypt tapia. a revolutionary internet will get their promise. but 1st, we need to go from bit coins, original block chain to hundreds of block chains, back in 2011. when charlie lee was a google engineer, he wanted to foster and lighter version of photoshop's crypto currency. and was one of the 1st to experiment with the open source software. the actual quoting names of the code differences between the clan, my quote was actually pretty trivial. and what does that mean in time? like i would say like, $44.00 or 5 hours. light claim was one of the 1st alternative trip to currencies or all coins. some of the early adopters, like charlie made fortunes. soon there were hundreds of points made by cryptographers, copy cats and con men. as a coin for bloggers, a currency for online gamers, one was anonymity and even one for bangs. but can this invention and lease

something even more powerful than digital currencies. back in 2014, i met the kid who knew how to do it. i live, it's alex varnerin, co founder of the big magazine, founder of a theory, and just general quint cryptic currency advocate. just 19 years old vitale was on a mission to make money programmable. he build a separate block chain called the theory him its own currency called either in comparison might be because it is like a spreadsheet and is here him is like a spreadsheet with macros. using all analogy serial allows you to store crypto currency and computer code in the same secure box. here's how a smart contract might work in the price, but let's say i bet charlie very light coin will be worth $200.00 on january 1st of next year. we each put an ether into a box along with a smart contract, a simple program that automatically checks the price of light coins on that future

date. if i'm right, the money goes to me. if i'm wrong, it said to charlie, as mart contract is neither smart nor contract. it's a dumb program. and once you understand the all it is, is a program that clarifies a lot of stuff and the word contract there is in the meaning of finance. most financial arrangements are pretty simple and clear. cut a bad with charlie. your home loan and insurance policy. just 2 parties and some form of exchange of value based on a set of rules called a contract. the same is true for global financial markets. think bonds futures derivatives, credit default swaps. they're all just contracts, and the world economy runs on them using middle men who all charge high fees. proponents say that if we used smart contracts, we could tell the bankers lawyers escrow agents and wall street finance guys to take a hike. also we're, we're doing is we're saying we have this a theorem network inside the room network. there's this asset called ether,

and we're actually going to be selling user. we're going to be selling either at a rate of 1000 to 2000 either for one bit calling. and that's how we're going to raise money. it worked vitale figured out a way to fund this year and project and it made his investors very rich. this new model for fundraising soon had a name, an initial coin offering or i c o. i b as an i c o sound similar, but they have, they're not things similar. the only thing similar about them is they help you raise money. i fios, you don't do until you have a company until you have revenue and you have users and you actually prove to the public investors. and this is a valuable company that's worth investing and it's worth buying their stock. i seos, it's pre product. you have maybe a couple of people on the team, it's just a white paper. and so people are just buying into trust into faith that this is something that will exist. the goal here is like, ultimately i like to say 8 year olds building. there are financial systems. yeah,

but what if some of these a deals are also scam us? so let's say i'm trying to do it. i feel. and i curtis my contract where i create a 1000000 coins. and one of the transactions is that if you send me $100.00, i will send you that many worth of coin. it was a man gold rush, the people realized, wow if, if i can just pull up pull together project in a white paper, i can raise money like a lot of money. one project, great. $150000000.00 in 3 hours. and another one collected 35000000 in under 30 seconds. some people hawking new coins didn't actually exist. this handsome chap is the graphic designer of a bulgarian. i feel, actually they just posted a photo of ryan bossing. another project raised millions in etha and then vanished, leaving investors with this website looked close. that's nice. i would say about 2

to 5 percent of the 1000 devices that are happening are actually legit. and the rest is pretty gammy or it's not going to work. can you define for me what a coin is? i think it's just a derogatory term. people use on coins that they don't like for the climax, unless he will only care about their client. everything else is going sure. there are tons of useless projects that will never work, but maybe i was a bit too harsh on. i feel democratizing start of finance can be a good thing. they will also many legit companies raising capital. over the years i've met many founders who have real offices with real people trying to solve real problems. but to bit point maximum list of a block chains, i fios i e o s t o smart contract on the theorem. that's all just a waste of time. there isn't all that rock st.

health care industry and the all the model is coffee is what you're saying is a maximum of this point of view you are speaking about from a perspective of, of a cult. oh, my problem is that you hijacking a movement of a technology that is far greater and has far more potential than just these individuals. there's all of these different things that you could use blocks in for, right? and so people have almost like different ecosystems. and then when you see it's almost like an illusion. airy process right where the block chains fork and they have the same as histories, but they adopt different environments. and we see this like ever increasing level of diversity in number of block change. the idea that there's like one block chain going to be one blocks and it's going to be fit, verifying it. it's almost like disregarding the nature of evolution.

meanwhile, the big corporations have been studying crypto currency. and they think that bit cons underlying database is where the magic is, the more on the boardrooms block chain, not bitcoin back in germany, my friend oliver keeps tabs on the men in suits. he used to be one of them. i lead and the name, and these are up to be taken on. this can advice besides by court order, i asked alon by being vague this on a b m. w is looking at using the block chain for the future fleet of electric cars to interact with public transport. lufthansa wants to see if the block chain can better track parts and maintenance and dodge telecom, using smart contracts to negotiate terrace for roaming costs. with other telecoms, if we can store traits, certificates, and shipping documents on the block chain, you can check to see where those organic condos really came from. who grew them for

packed them and ship them? you might wonder, what's the point of a block chain if it's controlled by a company? well, i compare it to the open internet versus company owned internet's. they both exist . meanwhile, facebook, announce a crypto currency for the 2000000000 uses. such a system might be more efficient than a public doc chain, but there's a downside. some governments banded within weeks. right now the way it is a paper that's being shifted around that doesn't make any sense that infrastructure needs to be or why occupy wall street when we can build a new one on the block chain instead in the future of the centralized finance stock certificate, corporate bonds, insurance policies, property, deeds, mortgages, all can be turned into crypto tokens and may tradable 247 what's, what's more exciting than tokenize security, the traditional businesses where it's just equity that you probably around is

totally novel digital securities that you couldn't do before. right? novel use cases where you could kick back flash on a continual basis. i think some examples of it that we're seeing our maker down finance, which is finance point that's actually much bigger of an opportunity because it represents something totally new. my name is dr. jim, a green and i'm a co founder and the chairman of pal ledger and we use the block chain to enable electricity trading energy asset financing and carbon market. this award winning australian company wants to take us to a common free economy, foster. gemma has identified a problem that building often during the tentative and it main, if there is solar panels, the apartment isn't really incentivized, so i'll go back to the 10 if it. but using up all the tenant will pay the bill to

the body corporate using power ledger the $10.00 and paste the owner. not the power company for the electricity. if the tenant isn't at home, the unused energy will be sold to a neighbor, lowering their power bill and making a profit for the owner. it actually creates the mechanism to justify investing in the capital in the best buy. this clever system could also speed up investment in sustainable energy projects by making it real easy to own a piece of a solar or a wind farm. why do i need a block chain for this kind of invest in a solar farm without this new fancy tech chain acts as a kind of an income register? and in taking the asset, it becomes tradable on an exchange, or in 2 or 3 solar panels of a 1000, you know, in a sofa, and you would repay the income associated with that amount of, you know, bankers don't very much like being cut out of the cash flow loop. so they took another look at mister commodus curious little white paper. and they've recently

been spending a $1000000000.00 a year in block chain research on it. so totally anti bank invention is now being used by the banks to move money faster and buy big business to track supply chain. ah, ah, crypto currencies digital tokens, public rock chains, private block chains. where is the killer app? well, adoption of new technology often follows old trends. my name is mark francesca. i'm here at oxford years oxford on the faculty. i mean, i can, i'm accessed the ologist by training, interested in how large scale infrastructure changes. so great to see you after 9 years, i know mark teaches a class on innovation and system building. he tells me what must align for new technology to become fruitful. all technology start out as interesting ideas. some

of them begin to develop into innovations and we know that that are from invention to innovation, takes all the time. it takes a lot of work. some of those innovations eventually become commercially viable. but can this technology ever become as pervasive as the internet? i came to the computer history museum in the heart of silicon valley to find out. so you're looking at the console for sage, which was probably the 1st computer network. there were $23.00 centers around north america to warn against soviet bombers and they were waiting for world war 3. the us military and some american universities asked this guy to create a new kind of network to connect their separate networks. this young girl got up and she had a bunch of questions, but 1st one was how did i manage to can do all the governments of the world to let us build the internet? you know, i said, well, except for the handful of us that we're actually working on the internet. nobody

else really thought it was a very good idea and was going to lead anywhere. and, you know, we pretty much had free running room. yes. that's the man who, corn vender, tcp ip p, about 50 years ago. that's the original academic paper. you can think of t c p as the backbone of the internet. but back then there were many competing technologies. there was a very big battle over the protocols. tcp ip didn't just win by default it was through attrition by basically being better, simpler, easier to deploy than all of the other cannibal and more scalable. and it had a lot of competition from phone companies. and then there's email, email i heard that's really neat. email was to have internet 1st killer. then in the early ninety's, timberly introduced the world wide web as a 20 page proposal. soon, there were browsers that made it more accessible and user friendly for the general public. i think with the internet is going to be one of the major

forces for reducing the role of government. and the one thing that's missing, but that will soon be developed is a reliable cash. still few understood the potential of this new tech from people that thought it would be the world's greatest library to some of the early cypher punks who are the direct fathers of crypto and certainly bach chain type ideas who thought much of today that it would create kind of a common that was outside of the direct control of normal laws and governments and the media. they didn't quite know what to make of this new thing either. but sure enough, they found juicy stories about the dark side of it, which was the internet is full of criminals and p to files and pornography offers. and it's too dangerous to use your credit card on it. it's full of scams within the exact same story. now, we envision technology as if it were autonomy,

us as if it were simply outside of human and social experience. what we see are technologies that become shaped by commercial interests, by a political and regulatory infrastructure by actors who are acting for many reasons, right? what do you want to remember, bob? the big telecoms wanted his thoughts on a little idea that were kicking around. or they had a meeting where they were trying to figure out how they could buy the internet. they couldn't kill it. well, why not own it? i caught myself by an executive at a large information company. it's probably in 1990, if they could buy the internet. and i remember asking them, well, why don't you buy the world economy and you can have everything. once you buy the weather and you can control that, it took a few decades and hype cycles, but the wild internet was eventually domesticated, coughed it by trillion dollar companies, and then from the mentally transformed how we shop work and communicate.

speaker's corner in london's hyde park. 450 years. this has been a safe place to stand on a soapbox to sell your ideas, preach the gospel, bad mouth the king or promote communism to day. but the world wide web, we can stand on giant digital. so boxes using facebook, twitter, youtube, we can share ideas or thought a fight with any one on the planet. oh, wow. well, almost any, one of $65.00 countries studied china has the least free internet worse than iran, cuba or syria. a police force of more than 2000000 cyber cops and the world's most sophisticated artificial intelligence system. keep china's web content clean and uses incheck. so sorry to break it to you, but there is no longer world wide web. welcome to the internet. to be fair,

some of the censorship is to prevent terrorist recruitment or to stop violent moths from hurting people. but i think government control over the internet has gone just a little too far. hold on fatah, she turn money into code, coders, just letters and numbers, which is speech writes or money now is speech, which is a pretty powerful idea if you think about it. but if bitcoin is this uncontrollable uncensored will, technology can the block chain also enable global free speech? in some places it already does. one chinese student tried to report a sexual assault and was silenced by her college. but she knew that she could attach a message into the metadata of an assyrian transaction. so she spent $0.15, and now her letter outlining her story. and the threat she received is on the public assyrian block chain, where it will remain unchangeable for ever. the early crypto pioneers wanted to democratize money. finance. 2 point. oh if you will. but now the believe us in the

block chains have their eyes on a bigger price. they want to decentralize everything. web 3 point. oh, you can, for instance, offer file storage in a way that an amazon does or that you could offer search, you know, the way google does, but do it in a peer to peer fashion without this behemoths at the center, extracting rooms and do it in a way where all the people that are users or that can benefit and they really could some day compete with if not even take down some of the big tech giants like the facebook and the google's and the amazon that we know that the tall, tall order is it is, but i mean, who would have thought at the beginning of the internet that would be it would be in card. it's too early to tell where the projects like these can succeed. but i do like the idea of digital property rights wouldn't be nice if companies paid us encrypt currency when they use our data. and if we control who has access to it,

instead of our digital overland, because let's be honest. do we really trust google, microsoft than facebook? with a block chain, we don't need to rely on middle men anymore. it's a trust las system. meanwhile, if you rim is building the future of decentralized finance with thousands of applications, but the network is also struggling to keep up with the demand. oh, and new competitors on the rise. so guys like you will build a better future and we can trust you guys better than the bankers you don't have to trust us. that's the beauty. we're building a trust list, the centralized system that gives power to people trestle. it sounds like there's no trust, but actually it means we don't need to trust you. i think the better word should be trust to free. about one 3rd or maybe half of the cost of the transactions are paid to establish trust between trading parties. like we're paying for lawyers, we're paying auditors who are paying even please even regulators government to,

to build trust, ensure everything will be enforced. so talk to quite a lot have the 1st time that we saw some technology that can eliminate the cost or reduce the cost of trying to dramatically magical things that will happen. trust may be expensive, but it's also short supply all around the globe. people have been losing faith in the media institutions and governments, this technology with a big brains and big egos behind it could fix one of society's biggest issue. but just how different are they from our current political, financial, and business leaders? are there systems really resistant to corruption immune to manipulation and worthy of our trust? maybe that's why the best bet is on the only project without a figurehead. bitcoin doesn't care about human drama, bad press, or what anyone thinks? yes, sure. it hasn't succeeded as a global currency yet,

but in the past decade it has been the world's best performing financial asset. so we're back to where we started. a genius who vanished where she being gone from day coin, they coined it's really a very decentralize and i work in currency. he was intelligent enough to know that a system without a father was going to be much more robust than is it them with a father? no father, maybe. but without leaving a will. the kids are now fighting over the meaning of his invention. and the inheritance projecting their fears and their fantasy onto his legacy. for some, it's money for the internet. let can replace middleman and bank the on banked and maybe a tool for less a trade or is it digital gold? a totally new asset class. a bit against the bankers and insurance against inflation, protection from corrupt politicians, and

a weapon against the state. maybe the end of money as we know it. for some entropy nurse, it represents a shortcut to fund their dreams. a platform for farrah finance, which is why and come and fight it. some say public block chains or just slow and useless databases, while big business is busy building private block chains to boost efficiency. or maybe this decentralized technology is a new protocol layer for the internet. upon which we can build a better web to dethrone the tech giant and reclaim free speech, protect online identities and facilitate free trade in a borderless, digital economy. and yes, maybe even save the planet. let's a never ending list of crypt. hope you an idea? isn't this a bit too much to ask of a 9 page document? yes, you are the internet and the web started out as white papers too. but it took decades

before it infrastructure was built, became user friendly and ready to scale globally. we kind of domesticate the wild potential of, of technologies into what familiar. and we dramatically underestimate or under imagine what that technology may eventually do. it will be, the users may be billions of them who will adopt this technology without even knowing what a block chain is or how it works. because here's the thing. the average users don't care about the wires that moves them money quicker. don't know about the software that moves this movie or that picture. what will move them a services that will make the days a little brighter, their choice, a little lighter, and their lives a little richer. june on a jessie, who will take half honey's plate will bring you the latest from iran presidential

election on june 18th. the bottom line returns to discuss current developments in us politics and how they affect the world member state to gather in the u. k. on june 11th for talks on key issues at the g 7 summit, a new series portal brings 0 award winning digital content to our tv audience. and the sentencing of derek children will be handed down on june 25th join us for lloyd coverage at the historic us court case reaches a conclusion june on the jazz ah, ah ah,

ah. hello the, what changeable sums up the weather across much of the us says we go on through this holiday weekend and also changeable to into eastern parts of canada. this area of low pressure, just making his way across the plains. see area clouds here, but we have seen some severe storms and those storms are going to continue driving the way further east was we got cooler air just talking in behind. the weather system still got the warm favor towards the eastern side of the u. s. 28 celsius to talk temperature there on friday, but you go on into sas day. sundry bright down coming through. hot and humid, big showers, possibility some large hail damaging wins. maybe even the tornado. 16 celsius. the top temperature on saturday afternoon. that cloud and re makes his way through new york barely getting up to 12 decrease a real change coming through here. now, okay, up to around 14 celsius as we go one through sunday,

10 degrees below the seasonal average to cool enough in d. c. some showers and new england, eastern parts of canada, central areas, canada and the u. s. sinks some more heavy rain and we could see some flooding down towards a deep south once again. weston area, stay fine, and dry. find a dry cross, a good part of the caribbean sea, but we have got some showers, the greater antilles. ah, the vulnerable filipino work is a big boy by landlord who make them pay exorbitant prices to leave over at 11 a made the victim exposes the business one al jazeera. ah,

now josie ever struck me with a k leader, colonel as see me going has declared the new transitional president. ah, i want money inside this is al jazeera life from don't also coming out. the remains of more than 200 children a found at the size of a former school indigenous children in canada and shame on the republican party for trying to sweep the.