Every time a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change. Through this mechanism, blockchain ensures that every transaction is transparent to all users and also remains immutable once added. In essence, it provides a trustworthy record without the need for intermediaries.
The real breakthrough for blockchain technology came with the rise of Bitcoin, the world’s first cryptocurrency. Proposed by an unknown entity named Satoshi Nakamoto in 2008, Bitcoin offered a decentralised way to conduct transactions without relying on a central bank or single administrator. This independence from traditional banking and governmental systems was its most alluring charm.
The crypto boom — blockchain’s claim to fame
There’s no discussing blockchain’s journey without mentioning the astronomical rise of cryptocurrencies. As Bitcoin grew in prominence, so did the underlying technology that powered it — blockchain. It didn’t take long for venture capitalists and other market savants to realise the potential for making easy money with cryptocurrencies and NFTs.
By 2021, what began as a fringe experiment with Bitcoin had evolved into a global phenomenon with thousands of digital currencies vying for attention. This crypto boom did more than just turn heads; it signalled a seismic shift in how people perceived money, value, and decentralised systems.
Several factors contributed to the crypto explosion.
Distrust in traditional financial systems:
Post the 2008 financial crisis, there was growing disillusionment with centralised banking systems and fiat currencies. Cryptocurrencies, being decentralised and transparent, became an attractive alternative for many.
This story is from the October 2023 edition of Open Source For You.
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This story is from the October 2023 edition of Open Source For You.
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