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Now that's out the way, let's explore how crypto came about... It's a thread
Here they are if you're doubting me but it's none of my business I swear
Now that's out the way, let's explore how crypto came about... It's a thread
Did Satoshi invent blockchain technology?
Bitcoin actually combines a number of existing technologies that had been around for some time. This concept of a chain of blocks wasnât born with Bitcoin.
Bitcoin actually combines a number of existing technologies that had been around for some time. This concept of a chain of blocks wasnât born with Bitcoin.
The use of unalterable data structures like this can be traced back to the early 90s when Stuart Haber and W. Scott Stornetta proposed a system for timestamping documents.
Much like the blockchains of today, it relied on cryptographic techniques to secure data and to prevent it from being tampered with.
Interestingly, at no point does Satoshiâs white paper make use of the term âblockchain.â See yesterday's edition for Bitcoinâs white paper.
Interestingly, at no point does Satoshiâs white paper make use of the term âblockchain.â See yesterday's edition for Bitcoinâs white paper.
Digital cash before Bitcoin
Bitcoin wasnât the first attempt at digital cash, but it is certainly the most successful. Previous schemes paved the way for Satoshiâs invention:
Bitcoin wasnât the first attempt at digital cash, but it is certainly the most successful. Previous schemes paved the way for Satoshiâs invention:
1. DigiCash
DigiCash was a company founded by cryptographer and computer scientist David Chaum in the late 1980s. It was introduced as a privacy-oriented solution for online transactions, based on a paper authored by Chaum.
DigiCash was a company founded by cryptographer and computer scientist David Chaum in the late 1980s. It was introduced as a privacy-oriented solution for online transactions, based on a paper authored by Chaum.
The DigiCash model was a centralized system, but it was nonetheless an interesting experiment. The company later went bankrupt, which Chaum believes was due to its introduction before e-commerce had truly taken off.
2. B-money
B-money was initially described in a proposal by computer engineer Wei Dai, published in the 1990s. It was cited in the Bitcoin white paper, and itâs not hard to see why.
B-money was initially described in a proposal by computer engineer Wei Dai, published in the 1990s. It was cited in the Bitcoin white paper, and itâs not hard to see why.
B-money proposed a Proof of Work system (used in Bitcoin mining) and the use of a distributed database where users sign transactions. A second version of b-money also described an idea similar to staking, which is used in other cryptocurrencies today.
Ultimately, b-money never took off, as it didnât make it past the draft stage. That said, Bitcoin clearly takes inspiration from the concepts presented by Dai.
3. Bit Gold
Such is the resemblance between Bit Gold and Bitcoin that some believe that its creator, computer scientist Nick Szabo, is Satoshi Nakamoto. At its core, Bit Gold consists of a ledger that records strings of data originating from a Proof of Work operation.
Such is the resemblance between Bit Gold and Bitcoin that some believe that its creator, computer scientist Nick Szabo, is Satoshi Nakamoto. At its core, Bit Gold consists of a ledger that records strings of data originating from a Proof of Work operation.
Like b-money, it was never further developed. Bit Goldâs similarities to Bitcoin have, however, cemented its place as the âprecursor to Bitcoin.â
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