How Has Blockchain Technology Changed Since Bitcoin’s Introduction?
With the release of Satoshi Nakamoto’s whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System,” the main blockchain technology rollout got underway. In January 2009, Bitcoin was officially launched. The technology behind the blockchain is the foundation of all cryptocurrencies, despite all the attention and buzz around them in media.
This significant development has led to many applications of blockchain technology. One of the most significant innovations was the introduction of smart contracts. In essence, it is a computer software that automatically carries out a contract’s provisions when certain criteria are met. Two examples of the added possibilities blockchain technology offers are the development and automation of financial transactions (dApps).
Then there is the issue of the various cryptographic projects’ usage of consensus techniques. Bitcoin’s proof-of-work algorithm (PoW), is the most popular. Miners must solve complex mathematical puzzles in order to reach consensus on adding new blocks to the blockchain. There’s more!