Infographic: Evolution of Blockchain
Blockchain has developed rapidly over the last few years and it has practically grown into a technology we take for granted in 2020. Although Bitcoin’s white paper was published only 12 year ago, the roots of the Blockchain technology go far beyond that. Let’s have a look at the events that led to the emergence of the disruptive technology. Presenting to you: the evolution of Blockchain!
Computer scientist Ralph Merkle patents the concept of Merkle trees – data structure in which every leaf node is labelled with the cryptographic hash of a data block and every non-leaf node is labelled with the hash of its previous hashes.
Research scientists Stuart Haber and W. Scott Stornetta introduce an immutable record method for time-stamping digital documents. The scientists include the Merkle tree into their design in 1992.
Cryptographer Nick Szabo designs a decentralized digital currency called “bit gold”, where a participant dedicates computer power to solving cryptographic puzzles. The idea was never implemented in practice.
Computer scientist Hal Finney introduces Reusable Proof of Work (RPOW) – a system that receives a Hashcash based proof of work token and creates a transferrable RSA-signed token in return.
Satoshi Nakamoto mines the first Bitcoin block and receives a block reward of 50 BTC.
Hal Finney receives 10 BTC from Satoshi Nakamoto, marking the first Bitcoin transaction.
Programmer Vitalik Buterin states that Bitcoin needs a scripting language for building decentralized applications. and starts the development of Ethereum.
Blockchain technology evolves beyond currency transactions and the potential of smart contracts is brought to focus.
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