bitcoin

When we talk about the history of Bitcoin and the Web3 then it’s a very interesting and a descriptive one but, before learning about the history let’s take a look at what is a Bitcoin?  A bitcoin is a crypto-currency and can be send from user to user or peer to peer without any intermediaries. This is a decentralized currency and has no central bank or single administration. Bitcoin was invented in 2008 by a group of people using the name Satoshi nakamoto and came into force in 2009. Bitcoin faced some criticism like it consumes high electricity, volatile nature, and illegal transaction but despite of criticism it has also received praises.

The history of Bitcoin and web3 is quite long. Let’s take a look at the whole process of how Bitcoin was introduced. That was a process of many years.  Many system and technologies introductions were made by different person and those were:

  1. 1970: was rhe foundation of the first secure communication over P2P networks. His aim was to resolve secure communication over insecure channels.
  2. 1976: by the ideas of  Whitfield Diffe and Martin Hellman a mechanism was created for secured exchange of over a public network. They also introduced digital signature. Earlier cryptographic keys were transmitted by physical form and hence, invention of secured digital key exchange was important. Without it Bitcoin and other technologies would not work.
  3. 1978: a one-war cryptographic function was founded by Ron Rivest, Adi Shamir and leonard Adleman. They founded an Algorithm called RSA that introduced the era of asymmetric cryptography. This was a key technology in Bitcoin.
  4. 1982: blind signature concept was introduced by David Chaum that guaranteed the privacy of the sender. This system was also made to use in digital cash system and voting systems. He also introduced E-cash but unfortunately it was dissolved in 1998.
  5. 1991: A system was introduced by w. Scott Stornetta and Stuart Haber where there can be no tampering with the document timestamps. They aimed to certify that everything in an document are in digital form and easily modifiable media. Again in 1992 they wrote another paper including Merkle trees in the mechanism that improved the efficiency of the whole system.
  6. 1997: Hashcash was introduced by Adam Back. This was made to limit email spam and denial system attacks.
  7. 1998:  a mechanism was designed for a decentralized digital currency known as BitGold. The following was designed by Nick Szabo. As we all know that bitcoin was developed by a person using the name Satoshi Nakamoto, many claimed that Nick Szabo was Satoshi Nakamoto but  he has always denied.
  8. 2004: B-money was also used as a mining mechanism in the concept introduced in Hashcash.
  9. 2008: finally the Bitcoin software was downloaded by Finney.
  10. 2009: Bitcoin came into force.

The above mentioned personalities contributed towards the making of Bitcoin. Not just one person but many hands were behind it and especially Satoshi Nakamoto.

Bitcoin was never meant for file sharing but it inspired P2P storage framework, a Web3 crucial building block. A Web3 is a collection of libraries that allow you to interact with a local or remote ethereum node using HTTP, IPC or Web-Socket. Now the power of tokens was combined with such decentralized storage networks to build the previous file sharing protocol legacy. Block-chain was used as a universal state layer. This is how Web3 was introduced. Bitcoin not only itself is a commendable invention but also well known for the introduction of Web3. 

Leave a Reply

Your email address will not be published. Required fields are marked *