Cryptocurrencies first emerged in the world with the birth of bitcoin in the year 2009. Bitcoin was originally created by somebody with the pseudonym Satoshi Nakamoto who developed the peer to peer electronic payment system and based it around cryptography.
This resulted in the emergence of a currency that is independent from central authorities and is almost instantly transferable with very low transaction fees. Since Bitcoin’s introduction, several hundred other cryptocurrencies have emerged bearing immense potential.
The main vision behind cryptocurrency was to create a secure and anonymous way to transfer currency from one person to another and since then it’s been considered as ‘digital gold’.
To promote the privacy or to be more specific, the anonymity, Satoshi Nakamoto had to develop something novel, this is when Blockchain, the digital public diatributed ledger of Bitcoin transactions, was created and is now the base of all other cryptocurrencies.
Blockchain is a continuously growing list that records and updates every cryptocurrency transaction and secures each block using by encryption. Each part of the chain contains a time stamp and transaction data which is approved by consensus and stored on a peer-to-peer network.
The main security related advantage of a blockchain is that once a block has been stored, it cannot be altered, ensuring the ledger to be tamper proof and immutable.
Before Bitcoin, there were a number of different internet currencies and credits options available. Nick Szabo wrote in 1998 that digital currencies could be improved greatly by incorporating cryptographic signatures that would make each coin unique and prevent problems like double-spending, or otherwise stealing coins. He also developed the idea of a smart contract.
A smart contract is a digital contract between two parties that can be utilised with just the information contained in its code. Hence it can be easily concluded that Bitcoin and other cryptocurrencies are based on previous work in digital currencies and cryptography, but it combined them in an innovative and effective way.
Women In Cryptocurrency: Top 8 Women In Cryptocurrency
The following infographic is all about the top 8 Crypto women, and it was developed by Mrbtc.org. In this infographic, we discuss about the top 8 Crypto women achievements for the Crypto industry.
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