TAKING A VIEW AT BLOCK CHAIN TECHNOLOGY series 1

BRIEF HISTORY  OF BLOCK CHAIN TECHNOLOGY

In 2008, Satoshi Nakamoto

published a white-paper titled “Bitcoin: A Peer to Peer Electronic Cash System”. The paper claimed that it had a solution to the double spending problem in digital currency using a peer-to-peer network. The main aim of the paper was to build a peer-to-peer version of digital currency that would enable people to spend it directly without it going in a financial institution. It was a huge innovation that enabled the user to transact directly without relying on a third party.

Who is Satoshi Nakamoto? Nobody really knows. “He” could be a single Japanese man. Or he could be a group of individuals. Satoshi disappeared from bitcoin and blockchain development in April 2011, although he hadn’t contributed to bitcoin’s development since December 2010.

When bitcoin

was first introduced, Nakamoto claimed to be a Japanese man who was born on April 5, 1975. However, many people believe the use of a traditional Japanese name was a decoy; most research into the identity of Satoshi has focused on cryptography experts and computer science specialists living outside of Japan – mostly in the United States and Europe.

Why do people believe Nakamoto isn’t Japanese? One big reason is because he wrote with perfect English in all online communications; many people also believe he is British or Australian because of his use of British English idioms like “bloody hard” in forum posts.

Today, some people even believe bitcoin is one big government conspiracy, and that Satoshi Nakamoto is a government agency.

Whoever he is, it’s estimated that Satoshi Nakamoto owns approximately 1 million Bitcoins, making him valued at over $2.5 billion USD as of May 24, 2017.

Around 2014, attention shifted from Bitcoin to Blockchain. The world realized that Blockchain can be separated from the currency and can be applied to various other use-cases.

This applications and many more other  things will be discussed in my next post.

Reference;

https://bitcoinexchangeguide.com/blockchain-distributed-ledger-technology/Top of Form