BLOCKCHAIN (BITCOIN)
Imagine exchanging things with anyone without using cash or cards, without anyone interfering like third-party applications or banks.
BLOCKCHAIN:
- Blockchain is a revolutionary technology that has changed how transactions work it intends to provide a safe and secure mode of transactions by using digital Cryptocurrencies that cannot be manipulated by anyone with ulterior motives.
- Blockchain is a set of blocks that record information of transactions like who made the transactions to whom.
- The amount of trade is recorded in a digital ledger distributed across the entire network, ensuring security and preventing tampering. Every node in the blockchain network verifies and validates transactions.
- Cryptocurrencies like Bitcoin and Ethereum utilize this blockchain for transactions, aiding in tracking. The market capitalization of cryptocurrencies is growing, with new ones emerging regularly.
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HISTORY:
Today I would like to address how blockchain came to life and show that blockchain embodies the technical representation of a self-conscious philosophy. Blockchain started in a van I mean not really but the idea came out of it the van’s owner is Brent he lives in California he’s young and handsome and he decides to tour the United States with a van full of books he wants to sell these books explain how to build a cabin in the woods, hunt make fire, etc.
Stewart Brandt is initiating the DIY movement he wants to enable people by providing them with the right tools his endeavor is quite a success and he has no choice but to print a list of all the books he’s selling the list gets longer and longer and eventually Stuart decides to make a magazine out of it the wool hearth catalog he prints over 1 million copies in just a few months a few years later in 1989 Stuart created the electronic wool hearth catalog this time around the tool enabling people is a computer the cipher punk’s hearing well they want to enable individuals by freeing them from the states. They make cryptographic methods accessible to civilians publish manifestos and declare their independence.
In short, they want to create an ecosystem of their own in which I quote the state is not welcome they succeed in part although state and international bodies are very much active in space and empowered in cyberspace, and as we know we also have big corporations who have captured the chunk of the value created comes Satoshi Nakamoto. Satoshi dislikes the existing financial system and most centralized institutions.
Satoshi’s ideas are elegant and straightforward. Satoshi wanted to create an ecosystem with no centralized authority citing the cypherpunk’s work Satoshi published the Bitcoin white paper in October 2008. This nine-page long paper introduces the same time concept of bitcoin and blockchain although the word blockchain does not appear Satoshi is building on top of Stewart’s brand’s diy idea that the cypherpunks have transposed to online activities if there is no centralized power and no state no big corporations will be able to take over. Put differently individuals will be free forever but as will see together things are a bit more complex let me take a first example it also starts in a van it’s September 17, 2018.
If exploited users could double-spend their token meaning they could send the same bitcoin over and over again should the bug become public the value of bitcoin will crash in just a few minutes so this blockchain developer decides to let bitcoin core developers know about it so they can fix the bug and ask bitcoin users to update their software without telling them the reason why and it works but this shows that such crisis and covers where actual power lies.
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