Introduction to currency, cryptocurrency and blockchain history

Introduction to currency, cryptocurrency and blockchain history
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Throughout our history, there have been countless discoveries and inventions. Some developments are small, some of which are primary, some are short-lived, and others are more critical and lasting. Throughout our history, there have been some developments that are vital to humanity, and they are considered to be the only factors behind all mankind, making progress together and taking a critical and permanent step.

For example, consider how the creation of agricultural equipment and fertilizers allows for an exponential increase in food production on fixed land. Without these inventions and discoveries, the world will not be able to support the explosive population growth we have witnessed around the world. Only a few hundred years ago, scientists and economists said that population growth has ended because food production has only grown at a digital rate, doubling or tripled every certain number of years, and the population has grown exponentially to the same period. Two or more forces.

At the time, this meant that sooner or later there would not be enough food to feed everyone, unless more food was available from fixed land each year. Fortunately, this is exactly what happened. Science can provide heavy-duty farm equipment, ammonia and other fertilizers and other improvements to keep food harvests up to date. This allows more people to sustain life on the same land as before. Without these developments, today the world will be a very different place.

Similarly, the introduction of antibiotics, penicillin, the introduction of air travel, shipping and steam engines, and the recent sharing of information in the information age have been brought about by the invention of microchips and transistors. This world is irreversible. Thanks to these innovations and discoveries, we are more connected, better, healthier, more convenient and cheaper to access goods and services than ever before.

Since the information age, things have grown at an alarming rate since the first wave of networks in the early to mid-1990s. Everything comes from user interface tools and techniques that define how we interact and interact with technology. Everything has changed dramatically in the past 20 years, from payment solutions to banking solutions.

The same is true for social networks and major e-mails, as well as advances in artificial intelligence (AI) and big data analytics, both of which have influenced everything from helping governance to online search. In general, we have acquired complex software services from all of the necessary solutions described above that combine all aspects of technology to deliver effective, powerful, value-added and seamless services to billions of people around the world.

However, as all advances have brought new challenges. Artificial intelligence, big data, the ability of governments to implement large-scale surveillance programs, and technologies that are commonplace everywhere have begun to pose serious ethical issues and technical challenges. This leads to a question, where do you draw the line between legal and illegal surveillance? As a society, how do we believe that companies and governments use data collection and manipulation practices when they are opaque. When is the role of the government and big companies and their relationship with private users, where is the world?

It is with this exciting and challenging background that we will discuss the blockchain. In recent years, blockchain has become a popular technology, not just the latest technology fashion. In the eyes of many subject experts and technical masters, the next great leap in humanity and the things that have had a major impact on our children and us, because the development of agriculture and health care in the past is great for us - great-grandparents of more than a century ago. We are now entering a new era of information.

The history behind the establishment of a permanent, decentralized ledger (such as blockchain) for currency, cryptocurrency, and blockchain was originally discussed in 1991. However, the first actual blockchain implementation was designed by Satoshi Nakamoto in 2008. His initial design was used as the underlying technology for running digital currency called bitcoin.

The blockchain designed by Mr. Satoshi is the public ledger for all bitcoin transactions. Bitcoin, if you don't know it, is a digital currency now worth about $4,000, using blockchain technology. The most well-known blockchain on the market today is Bitcoin, followed by the Ethereum blockchain.

Bitcoin is allowed as a digital currency, as a value store and as a medium of exchange is a blockchain because bitcoin transactions are recorded in the blockchain. This means that blockchain is not limited to running Bitcoin; instead, blockchain applications can cover the entire trade, finance, healthcare, legal operations, records management, games, online communication, probabilities and more.

Before you start to understand blockchain technology, you must know how it fits into our current currency and digital currency.

Encrypted currency as money Money is almost as old as humans. A lot of books have been written about this topic. If you are interested in this matter, it is worthwhile for Niall Ferguson's "Money Rise: The History of World Finance." Making money and working must be both a value store and a means of exchange. In the past, we used many different items, including gold, silver, cattle, beads and salt. Regardless of the form, money must perform these two basic functions. In addition, you must believe that these roles can be achieved through money.

The cryptocurrency is designed to replace the currency in the traditional sense. Cryptographic currency is a form of currency that has become popular in the past few years. The cryptocurrency is created by using computational and mathematical encryption techniques. These technologies enable us to transfer funds and verify that the transfer does occur, thereby realizing the trust and necessary basic functions required to make it a financial asset or money. Another important aspect of cryptocurrency is that it is independent of the government and the central bank, making them fragmented.

Today, many important banks are increasingly involved in the same technology of cryptocurrency. However, it must be understood that any currency generated by its efforts is not a true cryptocurrency, as it will be controlled by the bank.

How does cryptocurrency develop?

Bitcoin is the most well-known cryptocurrency on the market. It has always been a recipient of hype, fame and propaganda. Over the past few years, the public has been fascinated by the extraordinary growth of its value. They have been shocked by the story of the important wealth generated by Bitcoin, which is cheap for those who acquired it during their babyhood.

Despite its novelty, people quickly realized that bitcoin was real money. In addition to Bitcoin, there are many other cryptocurrencies. They like Bitcoin and their dollar value has risen sharply. Legitimate governments and businesses are stepping up their participation in cryptocurrencies. Despite criticism, the market for these currencies is booming.

Cryptographic currency, Fiat currency and stock

The Fiat currency is the currency we use every day, such as the US dollar, the Japanese yen, the euro and the renminbi. Although the word cryptocurrency has the word currency, they are more similar to stocks and stocks in the stock market than to legal tender and cryptocurrency. When you purchase a cryptocurrency, you will get some coins in that cryptocurrency, which act like a technical inventory and a numeric entry ledger called a blockchain. While some cryptocurrencies attempt to replicate real Fiat currency, most existing cryptocurrencies are not even close to critical mass points, where they can be considered viable alternatives.

Blockchain blockchains are digital ledgers that can be formally defined as a growing list of records that are more strongly connected and protected using advanced cryptography. In simpler terms, a blockchain is actually a series of blocks. Each record in the list in the blockchain is called a block containing a specific type and information. Each block usually contains some kind of pointer as a link to the previous block, transaction data and timestamps, which can take various forms.

Another way to observe is that the blockchain is very similar to a database, where each entry is linked to the previous and next entries. This means that once a block with specific data is added to the chain, the information contained in the blockchain cannot be changed. Depending on the chain you are viewing, there are usually some useful exploration tools that can scan transaction data.

Due to its inherent design, the blockchain is not easily modified. This allows the blockchain to efficiently record transactions between different parties. These transactions are not only verifiable but also permanent. Once the information is recorded in the blockchain, the data is not changed afterwards without changing the subsequent blocks by having most of the nodes on the network agree to the change.

Since the data in the blockchain cannot be changed, it is almost impossible to perform illegal or unfair operations. If hackers want to change the information in the blockchain, they must control each node. This security is one of the most useful features of the blockchain.

Because blockchains are designed to be verifiable and permanent, they are especially useful for logging events, maintaining medical records, developing protocols, raising funds, and tracking other documents. The technical basis and nature of the blockchain allows cryptocurrencies to exist - whether they are used as money, assets, value stores or digital stocks.

When discussing the blockchain, decentralized ledgers, actual use cases of cryptocurrencies, and the evolution of technology in our future articles, be sure to follow the ROI overload.

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