To celebrate the 10th anniversary of the Bitcoin white paper release, let Binance Academy take you down memory lane and show you how blockchain came to be.
Binance Academy, the cryptocurrency education arm of Binance, is celebrating the 10th anniversary of the original Bitcoin whitepaper with a new video that shows the history and evolution of the underlying blockchain technology that made Bitcoin and the whole cryptocurrency universe possible.
Blockchain technology is a decentralized, digitized ledger that records transaction information about a cryptocurrency in chronological order. This is the technology that allows every client in a network to reach consensuswithout ever having to trust each other. The development of blockchain has led to the launch cryptocurrencies and various solutions that call for a decentralized platform.
History of Blockchain: The Highlights
While Bitcoin is just a decade old, the origins of the blockchain technology behind it and thousands of other cryptocurrencies would go way back to 1991. Two scientists found a way to use cryptography to time-stamp digital files without the risk of tampering or backdating. A year later, an efficient method of collecting documents into one block was designed.
These methods would not gain significant application until 2004 when computer scientist Hal Finney introduced the concept of proof-of-work tokens that can be transferred from person to person. This concept, widely considered as an early prototype of Bitcoin, solved the double spending problem that was existent in digital currency solutions at the time.
On October 31, 2008, Satoshi Nakamoto introduced a decentralized peer-to-peer electronic cash system called Bitcoin. (Even until now, Satoshi’s identity remains a mystery). The first Bitcoin was then created via mining, also by Satoshi, on January 3, 2009. Satoshi then sent 10 bitcoins to Hal on January 12, 2009 — the world’s first Bitcoin transaction.
From there, a handful of blockchain projects emerged, one of which led to the creation of various cryptocurrencies that serve as alternatives to Bitcoin. In 2013, programmer Vitalik Buterin started developing Ethereum, a new blockchain-based distributed computing platform that allows for the creation of programs or scripts, called smart contracts, as well as decentralized applications. A cryptocurrency called Ether is used to pay for transactions involving the Ethereum blockchain.
Binance Academy: One-Stop Hub for Learning about Blockchain
As the blockchain education division of Binance, Binance Academy believes in equipping everyone with adequate information regarding blockchain technology, such as handling cryptocurrencies and securing your assets, because.
Binance Academy currently offers 39 videos — a combination of Binance- and community-produced content — and vastly more articles on different topics within blockchain to further your knowledge, from Binance tutorials to cryptocurrency security tips and more. In addition, our glossary features just about every term in the crypto jargon that you might want to learn — 384 items and counting. (A lot of the items are linked to the terms discussed above)
If you are already knowledgeable about blockchain and create your own content as well, we welcomes your expertise! Binance Academy features a selection of quality video content generated from our community members. We thank all members who have contributed to this crypto education project and look forward to sharing more knowledge with one another.
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About Binance Academy
Binance Academy is an open access learning hub created by Binance, providing a one-stop-shop for blockchain and crypto learning resources, open to anyone and for the benefit of all.