The History of Blockchain

 History of Blockchain

The underpinning technology behind cryptocurrencies is the blockchain. It allows every  customer in the network to reach  agreement without ever having to trust each other.  

The early days

 The idea behind blockchain technology was described as beforehand as 1991 when  exploration scientists Stuart Haber andW. Scott Stornetta introduced a computationally practical  result for time- stamping digital documents so that they couldn't be backdated or tampered with.

The system used a cryptographically secured chain of blocks to store the time- stamped documents and in 1992 Merkle trees were incorporated to the design, making it more effective by allowing several documents to be collected into one block. still, this technology went unused and the patent lapsed in 2004, four times before the  commencement of Bitcoin.

Reusable Proof Of Work

 In 2004, computer scientist and cryptographic activist Hal Finney( Harold Thomas Finney II) introduced a system called RPoW, Reusable Proof Of Work. The system worked by  entering anon-exchangeable or anon-fungible Hashcash grounded  evidence of work commemorative and in return created an RSA-  inked commemorative that could  also be transferred from person to person.

RPoW answered the double spending problem by keeping the power of commemoratives registered on a trusted garçon that was designed to allow  druggies throughout the world to  corroborate its correctness and integrity in real time.   

RPoW can be considered as an early prototype and a significant early step in the history of cryptocurrencies.

 

Bitcoin network

In late 2008 a white paper introducing a decentralized peer- to- peer electronic cash system- called Bitcoin- was posted to a cryptography mailing list by a person or group using the alias Satoshi Nakamoto.   

Grounded on the Hashcash  evidence of work algorithm, but rather than using a  tackle trusted calculating function like the RPoW, the double spending protection in Bitcoin was  handed by a decentralized peer- to- peer protocol for  shadowing and  vindicating the deals. In short, Bitcoins are “ booby-trapped ” for a  price using the  evidence- of- work medium by individual miners and  also  vindicated by the decentralized bumps in the network.

On the 3rd of January 2009, Bitcoin came to actuality when the first bitcoin block was booby-trapped by Satoshi Nakamoto, which had a  price of 50 bitcoins. The first philanthropist of Bitcoin was Hal Finney, he  entered 10 bitcoins from Satoshi Nakamoto in the world's first bitcoin  sale on 12 January 2009.   

Ethereum

In 2013, Vitalik Buterin, a programmer and aco-founder of the Bitcoin Magazine stated that Bitcoin  demanded a scripting language for  erecting decentralized  operations. Failing to gain agreement in the community, Vitalik started the development of a new blockchain- grounded distributed calculating platform, Ethereum, that featured a scripting functionality, called smart contracts.   

Smart contracts are programs or scripts that are stationed and executed on the Ethereum blockchain,they can be used for  illustration to make a  sale if certain conditions are met. Smart contracts are written in specific programming languages and  collected into bytecode, which a decentralized Turing-complete virtual machine, called the Ethereum virtual machine( EVM) can  also read and execute.

inventors are also  suitable to  produce and publish  operations that run inside Ethereum blockchain. These  operations are  generally appertained to as DApps( decentralized  operations) and there are  formerly hundreds of DApps running in the Ethereum blockchain, including social media platforms, gambling  operations, and  fiscal exchanges.   

The cryptocurrency of Ethereum is called Ether, it can be transferred between accounts and is used to pay the  freights for the computational power used when executing smart contracts.