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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!

 

1979

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.

1991

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.

1998

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.

2004

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.

2008

Cryptocurrency Bitcoin is first introduced when Satoshi Nakamoto publishes a white paper called “Bitcoin: A Peer-to-Peer Electronic Cash System“.

2009

Satoshi Nakamoto mines the first Bitcoin block and receives a block reward of 50 BTC.

2009

Hal Finney receives 10 BTC from Satoshi Nakamoto, marking the first Bitcoin transaction.

2013

Programmer Vitalik Buterin states that Bitcoin needs a scripting language for building decentralized applications. and starts the development of Ethereum.

2014

Blockchain technology evolves beyond currency transactions and the potential of smart contracts is brought to focus.


Hopefully you learned something new from this! If you are looking to broaden your Blockchain and crypto knowledge in a practical way, go ahead and start trading on our platforms! If you have any questions about our platforms or CoinMetro in general, reach out to our support team. They are there to help 24/7.