The Must-Know Brief History Of The Blockchain

Although the Blockchain is the buzzword today, many are using it without knowing its capability and advantages, which would be overcome now with this brief history of the Blockchain!

  • It’s debut

The anonymous Satoshi Nakamoto is not only the introducer of this amazing digital coin or this amazing peer-to-peer electronic payment system called the Bitcoin, he is also the introducer of this amazing technology called the Blockchain because, only after the circulation of his white paper, “Bitcoin – A peer-to-peer electronic cash system” in 2008, the world got to know about the possibility of the Blockchain technology! Since the Blockchain is the backbone of the Bitcoin that ensures transparency, security, privacy, and efficiency, for the starters, the world started getting eager to understand the amazing benefits this technology could offer the humankind!

 

  • But, Bitcoin and Blockchain are not the same!

Even after a decade, there are still people, who believe that the Bitcoin and the Blockchain are one and the same, which is completely wrong! Bitcoins, or for that matter, the cryptocurrencies are just one among the thousands of benefits that the Blockchain could offer the humankind! So, what is this Blockchain?

The Blockchain is basically, a decentralized, open system that permanently records the transactions happening between the two respective parties, without the need for any third-party approval! Since this concept offers, security, cost-efficiency, time-efficiency, privacy and, as well as transparency, with this system as the base, many futuristic applications like the cryptocurrency, smart contracts, distributed cloud storage, IOT and so on started to roll-out very quickly!

 

  • The working of the Blockchain

As stated earlier, the Blockchain technology is a decentralized open platform that effectuates the peer-to-peer transactions perfectly! This, the system does by the way of the ‘proof of work’ concept, where the mining process, or, in simple words, the complicated computer calculation is performed to produce what is called the ‘block’! That is, when a transaction is initiated, the block is produced, which miners verify to confirm the legitimacy by solving tough mathematical problems, for which enormous computer energy is needed!

The miner to solve the transaction first is rewarded accordingly, that is, in the case of the Bitcoin system, the Bitcoins, in the case of the Ethereum the Ether and so on and the solved transaction gets stored in the Blockchain ledger permanently!

 

Since all the computers involved in the Blockchain network try to validate the transactions, there is a decline in the speed of the network, which is expected to improve in the future by fixing the number of computers needed for the verification process!

 

Thus, the Blockchain technology’s power and merits are limitless, which can benefit anyone who embraces it appropriately! To enjoy the benefits of the Blockchain in the form of cryptocurrencies, the crypto robot called the Crypto Code is the best! And, if you want to know more then, do read more about Crypto Code!

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