Understand the Brief History of the Internet to Understand More About Blockchain Technology. The history of the internet is divided into several important stages that mark a significantly improved development of the system. Children are taught about these stages of internet development but we as grownups can use this information to educate ourselves and understand how the internet that has become a central part of our lives came into existence.
It all goes back to the 1960s when wide networking computer systems were produced followed by the development of electronic mails in the 1970s. But the scientists did not stop there, they continued to extend Ethernet, world wide web, search engines and web browsers etc. At every stage, a better and modern version of the internet was established until it became what it is today. This is how technology works, starts small but builds into greatness step by step.
Blockchain technology has been shown to be a driver in a variety of industries since it was first introduced with Bitcoin in 2009. Blockchain is a type of blockchain that has its ‘block’ of digital data symbolized, and the ‘chain’ shows that these blocks are bound in immutable storage.
It is a permanent digital document with a documented record that makes it virtually impossible to hack, change, or cheat the system. Each member of the blockchain network has access to all the transaction data that is stored in the database. They also own a complete copy of the entire network.
To understand the history of bitcoins blockchain, keep the previous paragraph in mind because just like the internet reached some particular steps and significant stages, the development of blockchain did too. These stages of blockchain are divided according to the timeline of the invention and the technological updates that have been made to the system. Though the invention of the internet and the history of it goes long back while bitcoins only came into existence a decade ago, the stages of development can be highlighted for some comparison. The bitcoin blockchain still has the potential to become something more gradually in the future. Till then let’s take a look at the brief history of the bitcoin blockchain in the past few years. For further information visit https://bitcoin-code.io/ .
The Early Years of Blockchain Technology:
The developer of bitcoins Satoshi Nakamoto introduced bitcoins as a cryptocurrency in the year 2009. Initially, it didn’t gain fame in the computer science community.
Bitcoins weren’t the first cryptocurrency that existed but it was bitcoins that got the most attention, even if it was a few years later. Satoshi gave the title of ‘Bitcoin- A peer to peer electronic cash system’ and published it in the cryptography mailing list. He also explained that bitcoins were a digital currency that could be used for a transaction without relying on trust. An interesting fact about Satoshi Nakamoto is that the name is a pseudonym and to date, no one knows the actual name of the person or the persons responsible for introducing the world with bitcoins. he has given the world a new direction.
The blockchain database was also created along with bitcoins when Satoshi was the first person to create a block of the chain. It was invented with a structure that allowed it to be effectively suitable for digital currencies. In the earlier times, the database was a ledger that recorded every information of the blockchain network and made it available for the public. Since then the basis of blockchain technology has remained constant.
The Second Generation of Blockchain Technology: Smart Contracts
A few years later computer scientists had the notion that perhaps this blockchain management system can be used for more than just the transactional purpose of the cryptocurrency. Which gave birth to Ethereum, which is the second leading cryptocurrency after bitcoins. These founders of Ethereum developed the blockchain into something that could handle smart contracts. Smarts contracts is a self-managing network in the blockchain that activates itself and makes the necessary updates in the blockchain without having someone from the outside make these adjustments.
The Third Stage and Future Generation of Blockchain Technology
After passing from the first and second stage, bitcoin blockchain technology has reached a successful destination. But despite that, there are some important problems the blockchain still has to face. Bitcoin scaling and bottlenecking being the most prominent ones. When a huge amount of information reaches the network for process in a short period, the production system goes into the stage of ‘congestion’, this is known as bottlenecking. And this can greatly increase the time and cost of production in the system. The next problem is bitcoin scaling, which is the few numbers of rates available for bitcoin exchange and transaction.
A lot of cryptocurrencies have been fighting against such issues in their blockchain and trying to improve the system and make it more effective but with little to no success. But some discoveries and ideas are being applied to the blockchain, meaning the future of bitcoin blockchain is anything but dark. Although making any kind of prediction at this time is hard, good news for the investors can be heard at any time shortly.
Bitcoin is block chain based technology. BTC is undoubtedly very extensive, but also very secure. Due to its high hash rates and high codings, Bitcoin is a much more secure Bitcoin system. Bitcoin was the most valuable asset for the last decade not just crypto, but all asset classes.
Blockchain Technology Blockchain is an innovative technology of the 21st century. Blockchain technology offers new possibilities for the training system by not having a server that acts as an intermediary between users who exchange messages, money and other data.
Blockchain can be used to transform the education system. It’s a perfect technology for securely sharing, storing, and networking data. This sophisticated system makes various procedures faster, easier and safer. Authentication, copyright and efficient contact will become more seamless.