The Blockchains of In Time f. NANO, Dogecoin, ARK | Blockchain in Films

Have you ever watched a movie or TV show and
wondered, how does that technology work? Absolutely. Well I know a Blockchain when I see one. Today’s episode covers crypto faucets, hardware wallets, transparency, and deflation, as well as busting a big inflation myth. Nano, Dogecoin, and ARK are also featured in this episode, too. This is the Blockchains of In Time, presented by MarketSquare, the new homepage
for the decentralized Web. The 2011 movie ‘In Time’ starring Justin
Timberlake and Amanda Seyfried lives rent-free in my mind. Granted, it doesn’t make a lot of sense. Why are you laughing? It plays out more like if the WB made Equilibrium
starring James Bond and Paris Hilton who decided to become Bonnie and Clyde for some reason. HOWEVER, I love this movie anyway because
it has three things going for it: very powerful moments, very novel concepts,
and Justin Timberlake 'cause he’s mah boy, and he's been giving
Justins everywhere a good name for decades.

Your my boy! Thank you sir. It’s the novel concepts of In Time that
we’ll be diving into today, so let’s put on our suit and tie start bringing sexy back. Today is going to be a good day. In Time presents a scenario where time is
money and broke people die. Genetic engineering has stopped the aging
process at 25. Happy fiftieth. 50? That's right. 25, for the 25th time. Oh, I was sure I'd have a grandchild by now. Time is now the world currency, and you can
buy goods and services with your time. That'll be… 8 and a half weeks. What the F*** Everyone has biological clocks that can transact
with each other, as well as external devices. If you can earn more time than you spend on
life or goods and services, you can live forever.

Because everyone wants to live forever. However, for the system to function as intended,
one biological second must always equal one biological second. This means that counterfeiting biotime can’t
be possible for the system to remain intact. Biotime can be created, but only
when a new human is born. There are no ‘time-hackers’ in this movie, It’s hacking time. nor is there a ‘Federal Reserve of Time’
creating it and issuing it. In the movie, it’s just globally accepted
that biotime currency is absolute and the only way for sometime to get more of it is
to transact. This reminds me of something… What was it? That's right, the square hole.

What, no! BLOCKCHAINS! You can’t counterfeit crypto. Each Bitcoin on the Bitcoin Blockchain is
authentic and verifiable. Interesting. Also, while biotime is issued by being born,
Bitcoins are issued through a process called mining. In mining, powerful computers solve complex
equations to secure the network. and the creation of new coins stops completely
in the year 2140. This is the last one dude. Really? Yeah. Alright well, I think, I should get it. No. Now, you’re already watching a video about
Blockchains, so maybe you already know that stuff. After all, they basically teach it in Bitcoin
kindergarten. What you may not know is that for some other cryptocurrencies, that mystical zero-emission
year of 2140 has actually already come and gone. What do you got? NANO is one such example, and there are actually
a few reasons why the system in the movie reminds me of NANO specifically. Let me show you a few things. When NANO first launched, people obtained
it by solving Captchas online to be awarded with NANO from something called a crypto faucet.

A crypto faucet rewards visitors to a website
with free cryptocurrency. While there are dozens of faucets for various
cryptocurrencies out there, including ARK faucets by Delegates Biz_Classic and Del on
the ARK Public Network, NANO used faucets as the primary distribution
method in the beginning of the coin’s launch. Pretty unique and clever if you ask me. Not only that, you had to prove you’re a
human to get those sweet sweet NANO coins. Who are you? Yu. No not me, you. Yes, I am Yu. In the same way, the bioclock technology in
the movie only awards the initial free year to a bonified human. Let’s just suppose it’s a non-removable
tamper-proof implant that a human embryo absorbs, that tracks all biosignals and combines with
DNA to create a unique digital profile that doubles as a cryptographic private key for
transactions.

Really spectacular, spared no expense. I’m sorry, it just really bugs me that this
movie tells me NOTHING about how this technology actually works. Who has time? There’s another way that the biotime system reminds me of NANO. Transactions are peer-to-peer, and we can
see biotime leaving one person’s balance and transferring to the other’s in near
real-time. NANO transactions are near instant as well. In fact, there’s a really cool video where
NANO users send 1 NANO coin through over a dozen contact points all over the world in
just a scootch over 60 seconds.

That’s fast. It’s the first time I’ve ever seen a Blockchain
relay race, and it was a very clever demonstration of
NANO’s abilities. Clever Gal. A third similarity between the biotime system and NANO is the lack of fees. In the movie, two people could endlessly transact
between each other without fees raking away at both balances. In the NANO video earlier, the 1 coin remained
intact when it got back to its starting point in San Francisco. No fees! Annnd free. Free. Free. Oh whaat, there’s ANOTHER similarity I found
between NANO and the biotime system in the movie. Since people being born is the only way that
biotime currency enters the system, this means that Blockchain nodes do not get any biotime
block rewards. Check out our Blockchain terms video on Block
Rewards to learn more.

Well, check this out. NANO nodes do not receive block rewards either. NANO node operators run nodes solely to help
NANO adoption and keep it secure. As it turns out this totally checks out within
the world of the movie. Because immortality is dependent on this biotime
Blockchain. And by running nodes people are supporting the system that grants
them the opportunity, to gain prosperity and live forever. This is merely Darwinian capitalism. In the movie I noticed something interesting. There are some cases where people can steal or confiscate time from your bioclock, without your expressed consent. Which is a HUGE system flaw by the way.

I mean anyone can just grapple you while your
asleep, or just walking down the street. Robbing you and killing you simultaneously. You're gonna have a bad time. However, people under the age of 25, have one year of time on their bioclock that
is frozen. You got a minute? What are you talking about Mia you have a
whole year. Not a year I can use yet. This time lock feature plays into my little
Blockchain narrative flawlessly Because time locks are also a thing in Blockchain
networks. For example, in March of 2020, the ARK Blockchain
upgraded to version 2.6, which included a technology called HTLC Smart Bridge on its development network HTLC stands for Hashed Time Lock Contract. And allows someone to sign a transaction that
freezes funds on the chain. Check out our Blockchain terms video on HTLC
to learn more. When a bioclock is first activated, it self executes a time lock transaction set to expire when the person turns 25. And that has a very Blockchainy feel to it. Neat. The main driving force behind a lot of the
more dramatic events in the movie, Is the ability for anyone to see how much
time someone has left.

It's right there embedded directly within
the persons arm. Is the truth stranger than fiction though? There's a new trend in biohacking which is
inserting LEDs underneath the skin. Turns out, yes it is. In one sense this transparency is similar
to Blockchain technology. Since all the balances on the network can
be viewed using a special website called a block explorer. However, at the same time Blockchains are
slightly different, since you can’t readily identify who’s
attached to which balances on the Blockchain.

We don’t walk around with LEDs in our arms
that show everybody how many Bitcoins we have. I too, am very very wealthy. So here's the thing, In the movie there are these time cops. No, not like that. In this movie, they’re called Timekeepers
and they investigate time-related crimes. Not normal crimes, I don’t concern myself with justice. but offenses like time theft or other crimes
involving time currency. I keep time. Think FinCEN but with guns. And pursuit vehicles. And T1000-like stamina. Even though the Timekeepers have advanced
camera systems and even a situation room for monitoring currency in each district, they
seem to have a hard time resolving specific balances to specific identities. This observation reinforces biotime as Blockchain. A rich nihilist in the beginning of the movie,
let’s call him Trusty Fundson, gives a gift of over a century to our boy J-Timbers, then
runs out his bioclock intentionally.

Somebody, oh! He need’s some milk! But, the Timekeepers need to resort to facial
ID to eventually identify JT. They can’t just type in their system ‘Hey, who did Trusty Fundson give that time
to? Oh, it was Will Salas, the main character
of the movie? Let’s go talk to that guy.’ Will’s financial activity isn’t automatically
tied to his identity because the biotime network is pseudonymous . What the hell is that supposed to mean? That means the numerical data is public, but
the identifying data is not necessarily tied to it. And do you know what ELSE is pseudonymous? It’s gonna be BLOCKCHAIN. I'm sorry is that funny, are, are you a standup
comic? Is that what you do now? In the movie, biotime is simultaneously inflating
and deflating its circulating supply. Biotime inflates every time a person turns
25 and the 1 year of biotime they were given by the system enters circulation and becomes
fluid currency. Biotime deflates every time a person over
25 lives for one second, and that one second is destroyed, or burned, forever. NANO, in the most technical sense, is actually
a deflationary currency. Now, Dogecoin, on the other hand, is an inflationary
cryptocurrency.

Every time the Dogecoin miners add a block
to the Blockchain, 10,000 Dogecoins are created. Unlike Bitcoin, which stops inflating in the
year 2140, Dogecoins will inflate in perpetuity. But there’s an inflation myth that I hear
people using against Dogecoin, and I’m going to bust that myth right now. You hear that Dogecoin? I got your back. So, people would say something like this. ‘Ohh Fiat currencies like USD inflate forever,
they have an unlimited supply, and countries like Venezuela, Argentina and Zimbabwe have
shown us that inflation is bad.

Dogecoin inflates forever, therefore Dogecoin
is bad. Dogecoin has an unlimited supply and that
means Dogecoin is bad.’ Next. That’s a joke, right? This is a high school level argument that
takes specific statements worded a certain way to be true and then makes a direct comparison
to other truths to conclude with ‘same same.’ Dogecoin and fiat currencies are both inflationary,
so in that way they are the same, But different.

Fiat inflation can be quite unpredictable,
because the powers that be have the ability to create any amount they want at any time. Like oh, there’s a war, gotta print a lotta
money. Oh, there’s an oil crisis, gotta print a
lotta money, oh, there’s a pandemic, gotta print a lot
of money. Dogecoin is decentralized unlike fiat currency. If Dogecoin inflation were to change, the
miners must agree first and accept the new code. This means Dogecoin inflation is more likely
to remain the same. Believe it or not, it’s much easier to print
USD at will than it is to change Dogecoin inflation.

It could cripple the system. Dogecoin inflation is cryptographically fixed
at 10,000 new Dogecoins per minute. This 10,000 Dogecoin block reward will never
end. While that technically makes Dogecoin an ‘infinite supply coin,’ the inflation rate is actually going down
towards zero all the time. This is vastly different to Fiat currencies, where the supply tends to increase exponentially, causing a rapid decay in the purchasing power
of fiat currencies. Take a look at this graph from HowMuch.net. I mean I have graphs, I have some graphs I
can show you, I made these on my computer. Now, let’s compare the inflation of USD and Dogecoin. At 10,000 new Dogecoins per minute, a fixed
number of 5.256 billion Dogecoins are created annually. That seems like a lot, but compared against
the current supply of 129 billion, that’s only 4.1% inflation rate over the next 12
months. For reference, that inflation rate is about
8 times lower than the inflation rate of the dollar for 2020. Did I just blow your mind? I’ll Take That As A Maybe And, if we calculate Dogecoin inflation rate
for another year, it becomes 3.9%, an even lower number than 4.1.

The Dogecoin inflation rate goes down each
year. And knowing is half the battle! G.I. DOOOOGE! So, we have just one more important topic
to cover in our Blockchain breakdown of the movie In Time? .. Oh yeaahh! That’s what this video is about. Since when? I was going to talk about this next topic
in The Blockchains of Altered Carbon, the inaugural episode of this show, but I knew that I would eventually be covering
this movie. So I'm talking about it here. In the world of In Time, we see characters with these handheld devices. Their sole purpose is to store the biotime
currency. In fact, our hero, Will, helps manufacture these devices as part of
his job.

Now, I don’t know why Will manufactures
these sensitive electronic devices in a dirty factory that looks like it should be churning
out rear differentials for SUVs, so don’t ask me. These devices, just like the ones shown in
Altered Carbon, are cryptocurrency hardware wallets. A hardware wallet is a Blockchain industry
term referring to a physical device that stores and secures cryptocurrencies and other cryptoassets. They provide a security barrier between your
funds and your personal devices. It turns out this is a critical device for
people living in the movie- otherwise they would all have to walk around
wearing their life savings at all times right on their arm.

And since people can rob you of your time
without your consent, these wallet devices can save you from getting robbed so bad that
you become broke and/or dead. You having a bad day, did you die? I got shot. But did you die?! There’s a wide selection of good hardware
wallets to choose from that store and secure cryptocurrencies well. The Ledger Nano is a great example, since
it’s easy to use and affordable, too.

According to Ledger.com, Ledgers are the most popular hardware wallets, with over two million units sold worldwide. Private keys remain protected on a certified
secure chip inside the device. You can store over 1500 supported cryptoassets
on the device, and broadcast transactions using the Ledger Live companion app. The Ledger Nano X is listed at $119 US dollars,
and its predecessor, the Ledger Nano S, is only $59 dollars, with both available on the Ledger website. A different company, NGRAVE, is trying to take hardware wallets to the
next level. The NGRAVE ZERO is a device with a large color
screen and touted as 100% offline. That means no USB, no Bluetooth, no Wifi, and not even NFC. But what they built was extraordinary. That's why it's called the ZERO Their website says there are zero online attack
vectors. Since nothing can penetrate this hardware
wallet, the NGRAVE ZERO can keep crypto very very
secure. My function is to keep summer safe, not keep
summer being like totally stoked about like the general vibe and stuff. So how can you broadcast transactions to a
Blockchain if you can’t digitally access the wallet? The NGRAVE ZERO cleverly uses QR codes combined
with its mobile companion app, NGRAVE LIQUID, to accept pre-signed transactions embedded
within the QR code.

Your mobile device then relays the signed
transaction to the Blockchain. That means you don't have to connect the NGRAVE
ZERO to any device for any reason to broadcast transactions. Sometimes my genius is it's almost frightening. The NGRAVE clocks in at a pretty penny though- That’s higher than the price of three Ledger
Nano X’s. However, some avid crypto enthusiasts may
sleep better at night due to its features and benefits. A small price to pay for salvation. If you’re not subscribed, now is the time
to do that. Check out our other episodes like The Blockchains
of Ready Player One, Black Mirror, and Altered Carbon, or go to MarketSquare.io, to discover and
connect with your favorite Blockchain-powered projects and businesses.

See you next time! Bye bye bye..

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