This is a milestone the crypto community can always wait for. A birthday to celebrate because you’re still cleaning up after your New Year’s Eve party. so get out the balloons because today is the day Bitcoin turns fourteen. To help you celebrate this milestone, BeInCrypto is taking you on a quick walk through the history of the currency.
bitcoin (B T cappeared first in Satoshi Nakamoto’s bitcoin whitepaper, first published on October 31, 2008. The paper, titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’, presented the basic principles of the bitcoin network. That is, it was to be decentralized on a blockchain and would operate independently of any financial institution. No central bank and no central server. The anonymous programmer designed it to be operated by the code, the computer, and the people who use it.
Satoshi’s project was also how the vast majority of the world came to know the concept proof-of-work, Which, until recently, was the preferred consensus mechanism for blockchain-based cryptocurrencies. proof-of-work The algorithm was not created by bitcoin, as is widely believed; It only pushed it into the mainstream.
The concept first appeared in 1999 in “An Academic Dissertation” by Ari Juels and Markus Jacobsen.Proof of work and bread pudding protocol, In the essay, the authors describe it as “a protocol in which an utterance demonstrates to a validator that it has expended a certain level of computational effort over a certain time interval.”
Bitcoin introduced the concept of ‘mining’ as a competitive task and added an economic incentive in the form of a coin reward. Satoshi mined the first block of bitcoin on January 3, 2009, less than four months after the whitepaper was published. Fourteen years ago this week.
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