Who created the blockchain?
The blockchain was created by one or many individuals known by the name of Satoshi Nagamoto. This is one of the greatest mysteries of the internet with all the attention gathered by the blockchain, people would like to put a face on its creator but no luck; Satoshi never intended to be popular once he was done creating the blockchain he disappeared. Many theories exist as to who he is but none can be verified.
What is blockchain?
The blockchain is a revolutionary way to store information.It is a shared digital ledger where information is stored in blocks and each block contains a link to the previous one. All the blocks are available to be read by everyone on the network making it a very transparent way to store information. However to write new information you need to go through the proper channel defined by the blockchain protocol. That is different for every blockchain.
When was it created?
The blockchain was created in January 2009 after Satoshi Nagamoto published a white paper detailing the philosophy of the blockchain and the mathematical principle that would govern it. This white paper was a breakthrough in the field of digital currency where many other projects tried and failed before it. It addresses and solves what lessen previous attempts such as the double spending problem and 51% attack.
Why was the blockchain created?
After the market crash of 2008, a wave of dissatisfaction was created by the way the government reacted to the crash, bailing out big banks in an attempt to safeguard the economy. It became apparent that the way the global economy was structured gave an uncompetitive advantage to the wealthy and well connected. Especially given the fact that we no longer adhere to the gold standard system in which the amount of dollars in circulation in each economy amounts to the amount of gold in the gold reserve for each country. Some felt the need to return to this version of economy, hence the creation of a digital currency, who adhere to it.
What are the use cases of the blockchain?
The blockchain being created to allow the existence of digital currency doesn’t mean that the extent of its use case. The transparency and the immutability inherent to the nature of the blockchain make it,the ideal way to store sensitive information that benefits from being transparent and accessible. The most common use case of the blockchain is as a ledger to document the ownership of assets. But it could also be used to manage and store libraries, medical records, and identity.
Is blockchain and Bitcoin the same thing?
While the blockchain is a revolutionary way to store data, bitcoin is a revolutionary currency, a digital currency that only exists in the digital space. The blockchain and bitcoin are intrinsically linked due to the blockchain being the technology that allows the existence of bitcoin. Bitcoin’s job is like any other currency’s job. It allows the exchange of goods and payment.