It’s been 13 years since the beginning of cryptocurrencies like Bitcoin and Ethereum. Today, there are hundreds of different cryptocurrencies and over 100 million crypto traders around the globe. Despite the reality that the crypto market is extremely volatile, many people have become rich because of cryptocurrencies.
While many individuals mistake Cryptocurrency Development as a get-rich-fast scheme, it’s far from the truth. Rather, crypto started with the idea of creating a technology that would improve the way data is stored. They went on to call that technology blockchain.
Today, we will take a look at the history of blockchain technology and its purpose. Before we jump into that, let’s briefly discuss what blockchain is.
What Is Blockchain?
A blockchain is a type of database. A blockchain receives information together in groups, also known as blocks, that hold a certain amount of data. These blocks have certain storage limits, and once filled, they will chain onto a previously filled block.
Now that you understand the basic idea of blockchain let’s move onto the history of blockchain technology.
Read Also: blockchain consulting services or an blockchain enthusiast.
The Early History of Blockchain
Blockchain technology was first proposed by David Chaum back in 1982. Then in 1991 and 1992, Stuart Haber and W. Scott Stornetta further worked on blockchain technology and implemented timestamps that could not be tampered with. With the foundation of Haber and Scott, Nick Szabo created a project called “Bit Gold” in 1998.
Bit Gold was one of the most important events in the history of blockchain technology, as it was the precursor of all cryptocurrencies. Unfortunately, Szabo never started the Bit Gold project, and it was set aside for at least 11 years.
The Modern History of Blockchain Technology
It wasn’t until 2008 when a person (or group of people) under the name of Satoshi Nakamoto created the first blockchain cryptocurrency called Bitcoin. Even though the real identity of the creator of Bitcoin has never been known, it’s well-known that Satoshi Nakamoto used a lot of Szabo’s ideas to create Bitcoin.
Then in 2009, the idea of Bitcoin came to life, and the first transaction was made by Laszlo Hanyecz when he bought two pizzas for 10,000 BTC. This was a grand step in the history of blockchain technology as it proved that you could turn blockchain into a digital currency.
Fast forward to 2014, when Blockchain 2.0 was born with Ethereum. It’s a refined version of the old blockchain but implements more benefits for users or companies like increased transparency and privacy. So, even though Bitcoin and Ethereum are both cryptocurrencies, they both operate under different blockchain versions.
For more information about Bitcoin, Ethereum, and other cryptocurrencies, be sure to continue reading on governor DAO.
Blockchain Technology Will Continue to Shape the Future
By understanding the history of blockchain, you can see how much potential this technology offers to humanity. Of course, there is still a lot left to discover as blockchain technology continues to evolve. But, without a doubt, it’ll make a better future for all of us.
Did you enjoy this post? If so, be sure to check out our other articles! We offer a wide variety of crypto information that you’ll find interesting.
