3. A purely peer-to-peer version of electronic cash would allow online payments
to be sent directly from one party to another without going through a financial
institution. Digital signatures provide part of the solution, but the main benefits
are lost if a trusted third party is still required to prevent double-spending. The
network timestamps transactions by hashing them into an ongoing chain of
hash-based proof-of-work, forming a record that cannot be changed without
redoing the proof-of-work.
Satoshi Nakamoto
Bitcoin - Whitepaper
In a narrow sense, the term "blockchain" refers to a cryptographic encryption method which links hashed data in a consecutive manner.
In a narrow sense, the term "blockchain" refers to a cryptographic encryption method which links hashed data in a consecutive manner.
In a wider sense, blockchain refers to a decentralized, open, public ledger that makes use of the aforementioned cryptographic implementation to time-stamp and secure transaction records. The latter implementation, which was introduced with the launch of the bitcoin blockchain, is sometimes referred to as public blockchain.
- bitcoin is name of the Blockchain AND Currency
Bitcoin whitepaper does not mention ‘blockchain’
Tim Berners Lees’ “Information Management Propodal (1989) did not mention the word “Internet”
Internet of Value Exchange
Smart contracts allow the performance of credible transactions without third parties.
Smart contracts were first proposed by Nick Szabo, who coined the term, in 1994.
cryptocurrencies include Zcash, Dash, Monero a
- bitcoin was not the cryptographic currency
- First cryptographic currency : DigiCash in 1989
nd Bitcoin Cash
Fiat money is a currency without intrinsic value established as money, often times by government regulation.1792 – Federal Reserve Notes.
Nixon 1971. Same Year Germany left Bretton Woods.By 1973, the Bretton Woods ( fixed exchange rate of $35 per ounce) system was replaced de facto by the current regime based on freely floating fiat currencies.