Blockchain History
- The history of Blockchain would not be complete without mentioning, Satoshi Nakamoto, A pseudo-anonymous entity or entities, who published the famous Bitcoin white paper in 2008.
- In Satoshi’s white paper, Blockchain wasn’t a single word: it is instead “Block and Chain” until in 2016, where the word was merged as “Blockchain”.
How and when did Bitcoin start?
- Bitcoin was born after the subprime mortgage crisis of 2008, where liquidity in global financial markets was significantly affected by the housing market collapse.
- The crisis inspired the creation of Bitcoin, a fully functional form of digital currency based on a Distributed Ledger Technology (DLT) called the Blockchain.
Open-Source Movement
- Before Satoshi, there are several works about Blockchain. One of the first documented work was a cryptographically secured chain of blocks, as described by Stuart Haber and W. Scot Stornetta in 1991. They wanted to implement a system where document timestamps could not be tampered with.
- Another notable move in the history of Blockchain is when Dave Bayer joined Haber and Stornetta to incorporate the Merkle tree in their previous timestamp untampered design in 1992.
Bitcoin Innovation
While the open-source movements laid the foundations for Blockchain’s invention, the Bitcoin era was the first pronounced implementation of Blockchain. It was in this era that Satoshi published Bitcoin white paper, following other landmark innovations.
Satoshi Nakamoto & Bitcoin White Paper
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Bitcoin Whitepaper - Written by Satoshi Nakamoto in 2008, it describes the original plan and protocol for Bitcoin
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Video : Basics
Question / Answer
Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons who developed Bitcoin, authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation. As part of the implementation, Nakamoto also devised the first blockchain database.
Bibliography/References
- None