Blockchain Genesis: When it all began

Blockchain Genesis: When it all began
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Satoshi Nakamoto. The man, the myth, the creator of Blockchain Technology. He was the first person to create a node on to which resided the entire future of Blockchain Technology and simultaneously, cryptocurrency. He named the node, ‘Block 0’. Over time the people began to regard this node as the Genesis block and anyone who had the means to manipulate that original node would be considered as Satoshi himself. Craig Steven Wright, an Australian businessman claimed to Satoshi (amongst many others who made the same claim), but failed to access the genesis block, even with the means at his disposal and know how.

Bitcoin, Ethereum, Ripple and Neo are four currencies and ecosystems that we shall pursue for this blog. So, let’s begin:

Bitcoin:

bitcoin

The one that started it all. All the other currencies that followed were inspired by this digital currency. It was an eventuality as Satoshi himself published the paper “Bitcoin: A Peer-to-Peer Electronic Cash System” way back in December 2008. The intent of eradicating the banking system is assumed behind this creation. To show us how this decentralized digital currency would work, he created a software with which one could mine Bitcoin. The software? Blockchain Technology! The very first node created aka THE GENESIS! Satoshi was awarded 10 Bitcoins for mining on this platform and technically still owns 1 Million Bitcoins making him the 44th richest man in the world. It needs to be mentioned that as this was the first node ever created, it does not have any information of previous nodes and has a timestamp of “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.

Must Read : Unlocking Blockchain Technology For Aviation Industry

Ethereum:

Ethereum

There is no speculation in regard to the creator of Ethereum. As a young adult, Vitalik Buterin, worked as a programmer for the Bitcoin Magazine. He was jaded looking at people who were focused on the monetary benefits of Bitcoin and its mining and not on the golden opportunity that the Blockchain technology could provide. He worked on creating an open source platform that could be used for sharing of ideas and increasing knowledge in a decentralized manner. The ecosystem of Ethereum is vastly different in comparison to Bitcoin. With a faster transaction time in comparison to Bitcoin, Ethereum is the perfect solution for people who want to share data such as Smart contracts and uses everyday computing languages such as Java, Go, C++, Haskell, JavaScript, Ruby, Rust and Python amongst others. Its genesis block is part of the open source and can be accessed to create new and private test net Blockchains.

Ripple:

Ripple

Ripple’s origins are a little different as compared to all other cryptocurrencies that currently operate on the Blockchain. It was conceived as an idea way before the release of Bitcoin, in 2004. Ryan Fugger, wanted to create a decentralized monetary system. But, he settled for creating RipplePay. Much later in 2011, Jed McCaleb, a developer and Chris Larsen approached Ryan for the creative rights of Ripple. What this trio went on to create is one of the fastest transaction cryptocurrency in the market today, which is working on a peer to peer protocol. As Ripple is pre-mined, it even offers its users an Open Application Programming Interface with which that can communicate between the various software components. With time, they decided that to pursue their OAPI into a cryptocurrency that gives tough competition to Bitcoin and one that will give the users a new currency with open programming interface with a faster transaction time. The rest they say is history as Ripple is currently at the number 3 position amongst all the cryptocurrencies of the world.

Must Read : Cryptocurrency Exchanges: Metamorphosis on the Horizon

NEO:

NEO

One would not believe that China, a land that has strict red tape even on the number of children its citizens can have, opens its doors and supports and allows to run a decentralized cryptocurrency. NEO, previously known as Antshare, is one lucky gem. Neo, is toeing the government line while balancing the centralized and decentralized cryptocurrency. Before you begin to wonder how a currency can be centralized and decentralized at the same time, we answer you with one word. China. While, the Chinese government has taken a strict approach in terms of Bitcoin Mining, Neo is hitting all the right notes to make it a success. As an open source Neo has overcome a deep language barrier as its initial Whitepaper (while it was still called AntShare) in Mandarin. Not much is known of its origins except that it does follow the centralized policy of data sharing with the local government while juggling to keep the decentralized currency account holders anonymous. This fine line is enabled with the help of Onchain, a protocol that merges Ethereum and is born out of Neo.

In conclusion:

While these are just the few of the top cryptocurrencies that we have covered in this blog, we hope to dip into the origins of as many as possible. Do mention below which cryptocurrency would you want to see featured.

A traveler who has eaten with Bedouins, gotten lost in mist, and walked a kilometer to get net connection. When not writing, Nisha reads tech magazines to shampoo bottle labels

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