Writers Work - Get Paid to Write    

Ethereum: A Next-Generation Smart Contract and Decentralized Application Platform. By Vitalik Buterin

June 7, 2022 | Author: | Posted in Coin White Pages

When Satoshi Nakamoto first set the Bitcoin blockchain into motion in January 2009, he was
simultaneously introducing two radical and untested concepts. The first is the “bitcoin”, a decentralized
peer-to-peer online currency that maintains a value without any backing, intrinsic value or central issuer. So
far, the “bitcoin” as a currency unit has taken up the bulk of the public attention, both in terms of the political
aspects of a currency without a central bank and its extreme upward and downward volatility in price.
However, there is also another, equally important, part to Satoshi’s grand experiment: the concept of a proof of
work-based blockchain to allow for public agreement on the order of transactions. Bitcoin as an application can
be described as a first-to-file system: if one entity has 50 BTC, and simultaneously sends the same 50 BTC to
A and to B, only the transaction that gets confirmed first will process. There is no intrinsic way of determining
from two transactions which came earlier, and for decades this stymied the development of decentralized
digital currency. Satoshi’s blockchain was the first credible decentralized solution. And now, attention is
rapidly starting to shift toward this second part of Bitcoin’s technology, and how the blockchain concept can be
used for more than just money.


This author has published 21 articles so far. More info about the author is coming soon.

Leave a Reply

You must be logged in to post a comment.