2008
Thought to be a pseudonym used by a single person or group of people, Satoshi Nakamoto contributed to the creation of the original Bitcoin software and released a white paper outlining the idea of cryptocurrencies and blockchain. The white paper states that blockchain technology would enable safe peer-to-peer transactions without requiring the involvement of governments or banks. Although Nakamoto’s true identity is still unknown, there are plenty of possibilities to explain him.
The previous three decades’ technology and ideas served as the foundation for the introduction and development of the Bitcoin/blockchain architecture. In addition, Nakamoto’s design introduced the idea of a “chain of blocks,” which allowed for the addition of blocks without the need for a third party to certify them. According to Nakamoto, an electronic coin is a “chain of digital signatures,” whereby each owner passes the coin on to the subsequent owner by “digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin.”
2009
During the Great Recession, when the government injected a lot of money into the economy, cryptocurrency was introduced. At that time, Bitcoin was just worth a cent. The blockchain concept was validated by Nakamoto, who mined the first block of Bitcoin. The block, dubbed the Genesis block or block 0, has 50 bitcoin in it. Bitcoin v0.1 was made available as open source software on SourceForge by its creator, Nakamoto. GitHub is now home to Bitcoin.
When Nakamoto paid 10 bitcoin to Hal Finney in block 170, it was the first transaction ever made on the platform. For Bitcoin developers, the Internet Relay Chat text-based instant messaging system’s Bitcoin-dev channel was established. People could now trade paper money for bitcoin thanks to the establishment of the first Bitcoin exchange, Bitcoin Market. In order to exchange news and information about Bitcoin, Nakamoto started the Bitcoin Talk forum.
In keeping with the idea that cryptocurrencies are a form of limited-edition money, Nakamoto established a mechanism that limits the total amount of bitcoin that may be mined to 21 million.
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