The New Digital Currency Movement

1867 Words8 Pages
In a world where information is at your fingertips, privacy and security are the new luxury. The question then is posed as: How do we deal with the issue of trust and find a solution that will make us feel safe online? The Blockchain could be your solution. What is the Blockchain? The Blockchain is said to be a product of the new digital currency movement however others will argue that cryptocurrencies are a direct result from the blockchain design. Let’s explore further and then you can determine which came first.
I will start by explaining the development of the blockchain followed by the purpose and process in which it operates. Then, I will explain the blockchain in relation to cryptocurrencies and give a brief description of the top
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To this day, no one knows who is the creator of the blockchain or the cryptocurrency Bitcon, but we can derive, from the references in the portable document format on bitcoin.org, that the idea is not original to the creator. Nonetheless, the creation of the file put forth a working idea for “a […] peer-to-peer version of electronic cash [that] would allow online payments to be sent directly from one party to another without going through a financial institution” and“ the network [would] timestamp transactions by hashing them into an ongoing chain hashed-based-proof-of-work forming a record that cannot be changed without redoing the proof-of-work” (Nakamoto, “Bitcoin”).
What is the blockchain?
The blockchain is a very complex topic and like the internet you only need to know the basics of how it works and not what goes behind the scenes, to have it running, because there would be others with the capacity and knowledge to administer that part for the rest of us. Accordingly, I will attempt to provide an explanation of what the blockchain is in the simplest form possible. A blockchain is “a type of distributed ledger, comprised of unchangeable, digitally recorded data in packages called blocks” (“Blockchain Technologies”). As illustrated by Ameer Rosic, the blockchain is a block of data which is linked to a chain of other data blocks made available through a
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