Did you know Blockchain first appeared in 1991?

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Did you know Blockchain first appeared in 1991?

The concept of the blockchain originated about 30 years ago — not so long ago, but not so close.

1991 is the first mention of blockchain technology, when research scientists Stuart Haber and Scott Stornetta implemented a computational-practical solution for time-stamped digital documents so that they cannot be backdated or forged.

Placing digital documents without the possibility of their return or forgery was the original principle of the blockchain.

In 1992, Merkle trees were incorporated into the design and became the first instance of any blockchain implementation. Merkle trees created a series of data records, each linked to what came before it. The newest entry in the chain will contain the history of the entire chain, making it more efficient by allowing multiple documents to be collected into a single block. However, it has largely not been used to create a digital cryptocurrency.

Foundation of the blockchain

Blockchain Technology

2008 Satoshi Nakamoto (a pseudonym used by an individual or group of individuals) published a document on the Internet called Bitcoin: a peer-to-peer electronic cash system. In short, the creation of Satoshi allowed a participant to carry out digital transactions with another participant without relying on an intermediary such as a bank to process payments. In 2009, he implemented the first blockchain as an alternative to the current financial system. It was the state ledger of transactions made with bitcoin.

Soon, Hal Finney became the first recipient of bitcoin when he received ten bitcoins from Satoshi Nakamoto. In a sense, the blockchain was designed specifically for Bitcoin, but it has since spread to other areas.

Also, on May 22, 2010, the first “commercial transaction” was made — the famous purchase of pizza. This event showed the viability of bitcoin as an alternative to finance.

Moving away from digital currency

In late 2013, drawing attention to the Bitcoin codebase, Vitaliy Buterin, a programmer and co-founder of Bitcoin Magazine, began developing a new blockchain-based computing platform called Ethereum.

In 2013, he stated that Bitcoin needed a scripting language to build decentralized applications. With no public consent, Vitaliy set about developing a new, distributed, blockchain-based computing platform, Ethereum, which featured scripted functionality called smart contracts.

There is no secret that smart contracts are programs or scripts that are used and executed on the Ethereum blockchain, they can be used, for example, to complete a transaction if certain conditions are met.

Developers can also create and publish applications that run inside the Ethereum blockchain. These applications are commonly referred to as DApps (Decentralized Applications), and there are already hundreds of DApps running on the Ethereum blockchain, including social media platforms, gambling, and financial exchanges.

The Ethereum cryptocurrency is called Ether, it can be transferred between accounts and is used to pay fees for computing power used in the execution of smart contracts.

Today, blockchain technology is becoming mainstream and is already being used by a variety of applications, which is not limited to only cryptocurrencies.

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