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The World of Economics - Part 4/6

Satoshi started the Bitcoin system by describing public and private key systems that allowed parties to transact. But, to prevent double-spending, there had to be a way to time-stamp the event. There had to be a way to ensure its fidelity system since it would be used widely. Collections of time-stamped items were known as blocks. These blocks would form a chain-event, which is known by all today. It was introduced as a blockchain, and several people around the world widely use it. To make it safer, they added more layers of computer science and cryptography and a verification system known as "proof of work." The world had the specs for the world's first digital currency when this event took place. It had become widely known by people as the information spread across the globe like wildfire. Bitcoin was only the beginning of a revolution to come... Introduction to Digital Currency: Ultimately, a new idea of digital currency was introduced. The world never imagined that the digital technology used for recording, replicating, and global sharing of data across people and devices could also be used for transitioning data when it comes to Bitcoins. The only difference was that it would be nearly impossible to alter, censor, or fabricate because there is no central warehousing of the data. In Bitcoin, the concept of a distributed ledger is a given expression. However, Bitcoin is not just about transmitting and receiving digital funds. The entire transaction network was designed to resist interference in data. It provides a path between two parties that does not include central banks and financial intermediaries. The smart contract idea lay somewhere in there, waiting for the General Public to apply to the everyday world (LINK). One of the fantastic things is that this cryptocurrency was unveiled to the world with unfathomable features and properties. Things like storing recourses securely, transmitting resources everywhere and at any time seemed like a good thing.


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