Normally for any technology whether it’s blockchain or any other that you learn, history of how it was created is super important. I have thus grown a kin interest in history in past few years. I thought it would help me understand how mankind learned to dominate this blue planet.
For past few decades, our kind has built a virtual empire. Blockchain technology is one of the wonders of this magical world. Blockchain when it came to being made a disruptive change in the IT world. A good example of a disruptive change in the email when came to our life changed the way we communicate. Nowadays, even a developing country like ours can’t think of communication without email.
But do we know who first started this?
No. However, the world of theory and practical implementation is changing so rapidly that at this point of the timeline of human history, why and who created can serve to understand the project and where it is heading. First, we are going back to October 31, 2008. This is the date of the original bitcoin white paper was published. Satoshi Nakamoto still the anonymous creator of the first crypto published his own bitcoin white paper. The paper described the creation of a system that would allow people to pay other without the need for a central authority like bank out of this paper. The bitcoin network was eventually brought online in January of 2009. This is the first block chain based network. This blockchain network was a tool to store a list of monetary transactions between different people. The only purpose of Bitcoin was to enable financial transactions. Not long after its release, many people realize that they could use the original innovation to not only handle the transfer of currency but other types of exchanges as well. One person who felt very strongly about this was named Vitalik Buterin. He thought that the bitcoin project was too simple in nature. He envisioned using the same technology to create far more complex applications. He described using a theory to create sub cryptocurrencies. He didn’t want to just use bitcoin to transfer money. He wanted to figure out some way to use these innovations to create much more advanced applications. He described the most important part of his theory of blockchain network and named it smart contract. A smart contract is a piece of code that lives in the theory and blockchain. This contract can be instructed to do certain things by having a person or contract send a message to it. These contracts are at the absolute core of what a theory is. The system eventually went online July 30, 2015. Which is called the etherium network. Both bitcoin and etherium is running and serving a different purpose of the blockchain technology nowadays.
To be continued…