The world was in the grip of a financial crisis on November 1, 2008. On that day, a mysterious hacker known as "Satoshi Nakamoto" sent out a mass email.
A paper titled "BTC: A Peer-to-Peer Electronic Cash System" was attached to the email.
Satoshi Nakamoto stated in the email that he was working on a new peer-to-peer electronic cash system that did not require any trusted third party.mine box Satoshi Nakamoto hoofed it back and released the BTC system's source code about a month later.
On January 3, 2009, an intriguing invention was released. Satoshi Nakamoto created the first Bitcoin block, known as the "BTC Genesis Block," on his server. The BTC system was then officially launched.
With that said, why not pause and consider how we make cash payments in real life?
If you borrow $10,000 from a friend and agree to repay it in a month, you may choose to repay the loan via bank transfer. The bank agrees to deduct $10,000 from your deposit account and deposit $10,000 in your friend's account.
The bank is the institution that undertakes the accounting in this case. You may choose the bank transfer because you believe it is more reliable and will allow you to transfer $10,000 to your friend.
In the digital world, however, creating a setantminer s19 pro alibaba of credit coins is a different story.
The heroes of the Bitcoin game
Initially, Satoshi Nakamoto intended to buy and sell directly from point to point, avoiding the use of banks as a middleman. This was a good idea because there would be no banks and users would issue their own currency and buy and sell directly from one another.
However, this raises another issue. How can we ensure that no one will cheat on a transaction if there is no bank to act as a reliable intermediary and no customers recognize each other?
In the digital world, for example, electronic documents can be easily copied; 10 dollars of virtual currency multiplied by 10 mouse copiesgtx 1080 ethereum hashrate equals 100 dollars; would this not be chaos?
To address this issue, a mechanism that allows everyone to trust one another must be implemented.
The BTC system took the approach of publicly recording all transactions in chronological order, and these records are permanent and cannot be forged. There is no way to be sneaky in this manner.
The BTC system operates successfully with these systems.
The system stores data in blocks of data known as blocks. A new block is added to the system every 10 minutes or so. Each block is timestamped and records the details of how bitcoin was transacted. The various blocks are linked in chronological order by some sort of algorithm known as a Chain.
They are referred to as a "blockchain" when combined.
With the introduction of Bitcoin, the blockchain took root. If Bitcoin is the main attraction, Blockchain is the unsung hero who provides the trust mechanism in the underlying technology.
A New Bookkeeping Trend
Despite being hidden, the brilliance of blockchain was quickly discovered.
Blockchain is a distributed ledger technology in technical terms. Take the most common example to understand it.
Assume that you, your father, and your mother used to keep separate books for each of them, each keeping track of their own expenses and tallying the total family expenses together at the end of each month.
However, because your father enjoys purchasing cigarettes, your mother enjoys purchasing cosmetics, and you enjoy purchasing snacks, you may intentionally or unintentionally under-record a few items and occasionally make changes to the ledger. As a result, when we check the books at the end of the month, there are always some discrepancies with the family's specific expenses.
To rectify the situation, we purchased a new ledger, and you, your father, and mother used it to do the accounting together, prompting and supervising each other to check each expense.
Simultaneously, you promised that once the expenses were clearly verified and recorded, they could not be changed or deleted. We discovered that this joint book matched the family's specific expenses much better after a few months of experimenting.
The second type of bookkeeping is blockchain. According to the short story above, it has at least these specialties or benefits.
For starters, it is decentralized, so the database that was previously maintained by a single party is now jointly maintained by multiple parties, and everyone writes data together by consensus, so no one party can control the data alone.
Second, it enables everyone to transition from keeping their own books to doing so collaboratively, bringing consistency and transparency to the data.
Furthermore, blockchain only allows data to be written, not deleted or modified, which can prevent data from being quietly falsified.
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