A (live/editable) timeline of historical events directly or indirectly related to the creation of Bitcoin and Cryptocurrencies
*still workin' on this so check back later and more will be added, if you have any suggested dates/events feel free to lemme know...
This timeline includes dates pertaining to:
- Forms of money
- Banking models
- Bank Bailouts
- Widely accepted economic systems
- Widely accepted forms of government
- Inventions which advanced FinTech
- Inventions in computer science and related technology
- Inventions which connected the world via transportation, communication and information
- Development of cryptography and cyberwar
- Notable Social Movements
- Hyperinflation and National Debts
Ancient Bartering – first recorded in Egypt (resources, services...) – doesn’t scale
Tally sticks were used, making notches in bones or wood, as a form of money of account
9000-6000 BC Livestock considered the first form of currency
c3200 BC Clay tablets used in Uruk (Iraq) for accounting (believed to be the earliest form of writing)
3000 BC Grain is used as a currency, measured out in Shekels
3000 BC Banking developed in Mesopotamia
3000 BC? Punches used to stamp symbols on coins were a precursor to the printing press and modern coins
? BC Since ancient Persia and all the way up until the invention and expansion of the telegraph Homing Pigeons were used to carry messages
2000 BC Merchants in Assyria, India and Sumeria lent grain to farmers and traders as a precursor to banks
1700 BC In Babylon at the time of Hammurabi, in the 18th century BC, there are records of loans made by the priests of the temple.
1200 BC Shell money first used in China
1000-600 BC Crude metal coins first appear in China
640 BC Precious metal coins – Gold & Silver first used in ancient Lydia and coastal Greek cities featuring face to face heads of a bull and a lion – first official minted currency made from electrum, a mixture of gold and silver
600-500 BC Atbash Cipher
A substitution Cipher used by ancient Hebrew scholars mapping the alphabet in reverse, for example, in English an A would be a Z, B a Y etc.
400 BC Skytale used by Sparta
474 BC Hundreds of gold coins from this era were discovered in Rome in 2018
350 BC Greek hydraulic semaphore system, an optical communication system developed by Aeneas Tacticus.
c200 BC Polybius Square
??? Wealthy stored coins in temples, where priests also lent them out
??? Rome was the first to create banking institutions apart from temples
118 BC First banknote in the form of 1 foot sq pieces of white deerskin
100-1 AD Caesar Cipher
193 Aureus, a gold coin of ancient Rome, minted by Septimius Severus
324 Solidus, pure gold coin, minted under Constantine’s rule, lasted until the late 8th century
600s Paper currency first developed in Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song Dynasty, 960–1279
c757–796 Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa
806 First paper banknotes used in China but isn’t widely accepted in China until 960
1024 The first series of standard government notes were issued in 1024 with denominations like 1 guàn (貫, or 700 wén), 1 mín (緡, or 1000 wén), up to 10 guàn. In 1039 only banknotes of 5 guàn and 10 guàn were issued, and in 1068 a denomination of 1 guàn was introduced which became forty percent of all circulating Jiaozi banknotes.
1040 The first movable type printer was invented in China and made of porcelain
? Some of the earliest forms of long distance communication were drums used by Native Africans and smoke signals used by Native Americans and Chinese
1088 Movable type in Song Dynasty China
1120 By the 1120s the central government officially stepped in and produced their own state-issued paper money (using woodblock printing)
1150 The Knights Templar issued bank notes to pilgrims. Pilgrims deposited their valuables with a local Templar preceptory before embarking, received a document indicating the value of their deposit, then used that document upon arrival in the Holy Land to retrieve their funds in an amount of treasure of equal value.
1200s-1300s During the 13th century bankers from north Italy, collectively known as Lombards, gradually replace the Jews in their traditional role as money-lenders to the rich and powerful. – Florence, Venice and Genoa - The Bardi and Peruzzi Families dominated banking in 14th century Florence, establishing branches in many other parts of Europe
1200 By the time Marco Polo visited China they’d move from coins to paper money, who introduced the concept to Europe. An inscription warned, "All counterfeiters will be decapitated." Before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle. Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were often left with a trustworthy person, and the merchant was given a slip of paper recording how much money they had with that person. Marco Polo's account of paper money during the Yuan Dynasty is the subject of a chapter of his book, The Travels of Marco Polo, titled "How the Great Kaan Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his Country."
1252 Florin minted in Florence, becomes the hard currency of its day helping Florence thrive economically
1340 Double-entry bookkeeping - The clerk keeping the accounts for the Genoese firm of Massari painstakingly fills in the ledger for the year 1340.
1397 Medici Bank established
1450 Johannes Gutenberg builds the printing press – printed words no longer just for the rich
1455 Paper money disappears from China
1466 Polyalphabetic Cipher
1466 Rotating cipher disks – Vatican – greatest crypto invention in 1000 yrs – the first system to challenge frequency analysis
1466 First known mechanical cipher machine
1472 The oldest bank still in existence founded, Banca Monte dei Paschi di Siena, headquartered in Siena, Italy
1494 Double-entry bookkeeping system codified by Luca Pacioli
1535 Wampum, a form of currency used by Native Americans, a string of beads made from clamshells, is first document.
1553 Vigenere Cipher
1557 Phillip II of Spain managed to burden his kingdom with so much debt (as the result of several pointless wars) that he caused the world's first national bankruptcy — as well as the world's second, third and fourth, in rapid succession.
1577 Newspaper in Korea
1586 The Babington Plot
1590 Cabinet Noir was established in France. Its mission was to open, read and reseal letters, and great expertise was developed in the restoration of broken seals. In the knowledge that mail was being opened, correspondents began to develop systems to encrypt and decrypt their letters. The breaking of these codes gave birth to modern systematic scientific code breaking.
1600s Promissory banknotes began in London
1600s By the early 17th century banking begins also to exist in its modern sense - as a commercial service for customers rather than kings. – Late 17th century we see cheques slowly gains acceptance
The total of the money left on deposit by a bank's customers is a large sum, only a fraction of which is usually required for withdrawals. A proportion of the rest can be lent out at interest, bringing profit to the bank. When the customers later come to realize this hidden value of their unused funds, the bank's profit becomes the difference between the rates of interest paid to depositors and demanded from debtors.
The transformation from moneylenders into private banks is a gradual one during the 17th and 18th centuries. In England it is achieved by various families of goldsmiths who early in the period accept money on deposit purely for safe-keeping. Then they begin to lend some of it out. Finally, by the 18th century, they make banking their business in place of their original craft as goldsmiths.
1605 Newspaper in Straussburg
c1627 Great Cipher
1637 Wampum is declared as legal tender in the U.S. (where we got the slang word “clams” for money)
1656 Johan Palmstruch establishes the Stockholm Banco
1661 Paper Currency reappears in Europe, soon became common - The goldsmith-bankers of London began to give out the receipts as payable to the bearer of the document rather than the original depositor
1661 Palmstruch issues credit notes which can be exchanged, on presentation to his bank, for a stated number of silver coins
1666 Stockholms Banco, the predecessor to the Central Bank of Sweden issues the first paper money in Europe. Soon went bankrupt for printing too much money.
1667 He issues more notes than his bank can afford to redeem with silver and winds up in disgrace, facing a death penalty (commuted to imprisonment) for fraud.
1668 Bank of Sweden – today the 2nd oldest surviving bank
1694 First Central Bank established in the UK was the first bank to initiate the permanent issue of banknotes
Served as model for most modern central banks.
The modern banknote rests on the assumption that money is determined by a social and legal consensus. A gold coin's value is simply a reflection of the supply and demand mechanism of a society exchanging goods in a free market, as opposed to stemming from any intrinsic property of the metal. By the late 17th century, this new conceptual outlook helped to stimulate the issue of banknotes.
1700s Throughout the commercially energetic 18th century there are frequent further experiments with bank notes - deriving from a recognized need to expand the currency supply beyond the availability of precious metals.
1712 First commercial steam engine
1717 Master of the Royal Mint Sir Isaac Newton established a new mint ratio between silver and gold that had the effect of driving silver out of circulation (bimetalism) and putting Britain on a gold standard.
1735 Classical Economics – markets regulate themselves when free of intervention
1744 Mayer Amschel Rothschild, Founder of the Rothschild Banking Empire, is Born in Frankfurt, Germany
Mayer Amschel Rothschild extended his banking empire across Europe by carefully placing his five sons in key positions. They set up banks in Frankfurt, Vienna, London, Naples, and Paris. By the mid 1800’s they dominated the banking industry, lending to governments around the world and people such as the Vanderbilts, Carnegies, and Cecil Rhodes.
1745 There was a gradual move toward the issuance of fixed denomination notes in England standardized printed notes ranging from £20 to £1,000 were being printed.
1748 First recorded use of the word buck for a dollar, stemming from the Colonial period in America when buck skins were commonly traded
1757 Colonial Scrip Issued in US
1760s Mayer Amschel Rothschild establishes his banking business
1769 First steam powered car
1775-1938 US Diplomatic Codes & Ciphers by Ralph E Weber used – problems were security and distribution
1776 American Independence
1776 Adam Smith’s Invisible Hand theory helped bankers and money-lenders limit government interference in the banking sector
1781 The Bank of North America was a private bank first adopted created the US Nation's first de facto central bank. When shares in the bank were sold to the public, the Bank of North America became the country's first initial public offering. It lasted less than ten years.
1783 First steamboat
1791 Congress Creates the First US Bank – A Private Company, Partly Owned by Foreigners – to Handle the Financial Needs of the New Central Government. First Bank of the United States, a National bank, chartered for a term of twenty years, it was not renewed in 1811.
Previously, the 13 states had their own banks, currencies and financial institutions, which had an average lifespan of about 5 years.
1792 First optical telegraph invented where towers with telescopes were dispersed across France 12-25 km apart, relaying signals according to positions of arms extended from the top of the towers.
1795 Thomas Jefferson invents the Jefferson Disk Cipher or Wheel Cipher
1797 to 1821 Restriction Period by England of trading banknotes for silver during Napoleonic Wars
1797 Currency Crisis
Although the Bank was originally a private institution, by the end of the 18th century it was increasingly being regarded as a public authority with civic responsibility toward the upkeep of a healthy financial system.
1799 First paper machine
1800 Banque de France – France’s central bank opens to try to improve financing of the war
1800 Invention of the battery
1801 Rotchschild Dynasty begins in Frankfurt, Holy Roman Empire – established international banking family through his 5 sons who established themselves in London, Paris, Frankfurt, Vienna, and Naples
1804 Steam locomotive
1807 Internal combustion engine and automobile
1807 Robert Fulton expands water transportation and trade with the workable steamboat.
1811 First powered printing press, also first to use a cylinder
1816 The Privately Owned Second Bank of the US was Chartered – It Served as the Main Depository for Government Revenue, Making it a Highly Profitable Bank – charter not renewed in 1836
1816 The first working telegraph was built using static electricity
1816 Gold becomes the official standard of value in England
1820 Industrial Revolution
c1820 Neoclassical Economics
1821 British gov introduces the gold standard - With governments issuing the bank notes, the inherent danger is no longer bankruptcy but inflation.
1822 Charles Babbage, considered the "father of the computer", begins building the first programmable mechanical computer.
1832 Andrew Jackson Campaigns Against the 2nd Bank of the US and Vetoes Bank Charter Renewal
Andrew Jackson was skeptical of the central banking system and believed it gave too few men too much power and caused inflation. He was also a proponent of gold and silver and an outspoken opponent of the 2nd National Bank. The Charter expired in 1836.
1833 President Jackson Issues Executive Order to Stop Depositing Government Funds Into Bank of US
By September 1833, government funds were being deposited into state chartered banks.
1833-1837 Manufactured “boom” created by central bankers – money supply Increases 84%, Spurred by the 2nd Bank of the US
The total money supply rose from $150 million to $267 million
1835 Jackson Escapes Assassination. Assassin misfired twice.
1837-1862 The “Free Banking Era” there was no formal central bank in the US, and banks issued their own notes again
1838 First Telegram sent using Morse Code across 3 km, in 1844 he sent a message across 71 km from Washington DC to Baltimore.
1843 Ada Lovelace published the first algorithm for computing
1844 Modern central bank of England established - meaning only the central bank of England could issue banknotes – prior to that commercial banks could issue their own and were the primary form of currency throughout England
the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt.
1848 Communist Manifesto
1850 The first undersea telegraphic communications cable connected France in England after latex produced from the sap of the Palaquium gutta tree in 1845 was proposed as insulation for the underwater cables.
1852 Many countries in Europe build telegram networks, however post remained the primary means of communication to distant countries.
1855 In England fully printed notes that did not require the name of the payee and the cashier's signature first appeared
1855 The printing telegraph made it possible for a machine with 26 alphabetic keys to print the messages automatically and was soon adopted worldwide.
1856 Belgian engineer Charles Bourseul proposed telephony
1856 The Atlantic Telegraph company was formed in London to stretch a commercial telegraph cable across the Atlantic Ocean, completed in 1866.
1860 The Pony Express was founded, able to deliver mail of wealthy individuals or government officials from coast to coast in 10 days.
1861 The East coast was connected to the West when Western Union completed the transcontinental telegraph line, putting an end to unprofitable The Pony Express.
1862-1863 First US banknotes - Lincoln Over Rules Debt-Based Money and Issues Greenbacks to Fund Civil War
Bankers would only lend the government money under certain conditions and at high interest rates, so Lincoln issued his own currency – “greenbacks” – through the US Treasury, and made them legal tender. His soldiers went on to win the war, followed by great economic expansion.
1863 to 1932 “National Banking Era” Commercial banks in the United States had legally issued banknotes before there was a national currency; however, these became subject to government authorization from 1863 to 1932
1864 Friedrich Wilhelm Raiffeisen founded the first rural credit union in Heddesdorf (now part of Neuwied) in Germany. By the time of Raiffeisen's death in 1888, credit unions had spread to Italy, France, the Netherlands, England, Austria, and other nations
1870 Long-distance telegraph lines connected Britain and India.
c1871 Marginalism - The doctrines of marginalism and the Marginal Revolution are often interpreted as a response to the rise of the worker's movement, Marxian economics and the earlier (Ricardian) socialist theories of the exploitation of labour.
1871 Carl Menger’s Principles of Economics – Austrian School
1872 Marx’s Das Capital
1872 Australia becomes the first nation to be connected to the rest of the world via submarine telegraph cables.
1876 Alexander Graham Bell patented the telephone, first called the electric speech machine – revolutionized communication
1877 Thomas Edison – Phonograph
1878 Western Union, the leading telegraph provider of the U.S., begins to lose out to the telephone technology of the National Bell Telephone Company.
1881 President James Garfield, Staunch Proponent of “Honest Money” Backed by Gold and Silver, was Assassinated
Garfield opposed fiat currency (money that was not backed by any physical object). He had the second shortest Presidency in history.
1882 First description of the one-time pad
1886 First gas powered car
1888 Ballpoint pen
1895 System of wireless communication using radio waves
1896 First successful intercontinental telegram
1899 Nickel-cadmium battery
1907 Banking Panic of 1907
The New York Stock Exchange dropped dramatically as everyone tried to get their money out of the banks at the same time across the nation. This banking panic spurred debate for banking reform. JP Morgan and others gathered to create an image of concern and stability in the face of the panic, which eventually led to the formation of the Federal Reserve. The founders of the Federal Reserve pretended like the bankers were opposed to the idea of its formation in order to mislead the public into believing that the Federal Reserve would help to regulate bankers when in fact it really gave even more power to private bankers, but in a less transparent way.
1908 St Mary’s Bank – first credit union in US
1908 JP Morgan Associate and Rockefeller Relative Nelson Aldrich Heads New National Monetary Commission
Senate Republican leader, Nelson Aldrich, heads the new National Monetary Commission that was created to study the cause of the banking panic. Aldrich had close ties with J.P. Morgan and his daughter married John D. Rockefeller.
1910 Bankers Meet Secretly on Jekyll Island to Draft Federal Reserve Banking Legislation
Over the course of a week, some of the nation’s most powerful bankers met secretly off the coast of Georgia, drafting a proposal for a private Central Banking system.
1913 Federal Reserve Act Passed
Two days before Christmas, while many members of Congress were away on vacation, the Federal Reserve Act was passed, creating the Central banking system we have today, originally with gold backed Federal Reserve Notes. It was based on the Aldrich plan drafted on Jekyll Island and gave private bankers supreme authority over the economy. They are now able to create money out of nothing (and loan it out at interest), make decisions without government approval, and control the amount of money in circulation.
1913 Income tax established -16th Amendment Ratified
Taxes ensured that citizens would cover the payment of debt due to the Central Bank, the Federal Reserve, which was also created in 1913.The 16th Amendment stated: “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”
1914 November, Federal Reserve Banks Open
JP Morgan and Co. Profits from Financing both sides of War and Purchasing Weapons
J.P. Morgan and Co. made a deal with the Bank of England to give them a monopoly on underwriting war bonds for the UK and France. They also invested in the suppliers of war equipment to Britain and France.
1917 Teletype cipher
1917 The one-time pad
1917 Zimmerman Telegram intercepted and decoded by Room 40, the cryptanalysis department of the British Military during WWI.
1918 GB returns to gold standard post-war but it didn’t work out
1919 First rotor machine, an electro-mechanical stream ciphering and decrypting machine.
1919 Founding of The Cipher Bureau, Poland’s intelligence and cryptography agency.
1919-1929 The Black Chamber, a forerunner of the NSA, was the first U.S. cryptanalytic organization. Worked with the telegraph company Western Union to illegally acquire foreign communications of foreign embassies and representatives. It was shut down in 1929 as funding was removed after it was deemed unethical to intercept private domestic radio signals.
1920s Department stores, hotel chains and service staions begin offering customers charge cards
1921-1929 The “Roaring 20’s” – The Federal Reserve Floods the Economy with Cash and Credit
From 1921 to 1929 the Federal Reserve increased the money supply by $28 billion, almost a 62% increase over an eight-year period. This artificially created another “boom”.
1927 Quartz clock
1928 First experimental Television broadcast in the US.
1929 Federal Reserve Contracts the Money Supply
In 1929, the Federal Reserve began to pull money out of circulation as loans were paid back. They created a “bust” which was inevitable after issuing so much credit in the years before. The Federal Reserve’s actions triggered the banking crisis, which led to the Great Depression.
1929 October 24, “Black Thursday”, Stock Market Crash
The most devastating stock market crash in history. Billions of dollars in value were consolidated into the private banker’s hands at the expense of everyone else.
1930s The Great Depression marked the end of the gold standard
1931 German Enigma machines attained and reconstructed.
1932 Turbo jet engine patented
1933 SEC founded - passed the Glass–Steagall Act, which separated investment banking and commercial banking. This was to avoid more risky investment banking activities from ever again causing commercial bank failures.
1933 FM Radio
1933 Germany begins Telex, a network of teleprinters sending and receiving text based messages. Post WWII Telex networks began to spread around the world.
1936 Austrian engineer Paul Eisler invented Printed circuit board
1936 Beginning of the Keynesian Revolution
1937 Typex, British encryption machines which were upgraded versions of Enigma machines.
1927 Founding of highly secret and unofficial Signal Intelligence Service, SIS, the U.S. Army’s codebreaking division.
1937 Made illegal for Americans to own gold
1938 Z1 built by Konrad Zuse is the first freely programmable computer in the world.
1939 WWII – decline of the gold standard which greatly restricted policy making
1939-45 Codetalkers - The Navajo code is the only spoken military code never to have been deciphered - "Were it not for the Navajos, the Marines would never have taken Iwo Jima."—Howard Connor
1942 Deciphering Japanese coded messages leads to a turning point victory for the U.S. in WWII.
1943 At Bletchley Park, Alan Turing and team build a specialized cipher-breaking machine called Heath Robinson.
1943 Colossus computer built in London to crack the German Lorenz cipher.
1944 Bretton Woods – convenient after the US had most of the gold
1945 Manhattan Project – Atom Bomb
1945 Transatlantic telephone cable
1945 Claude E. Shannon published "A mathematical theory of cryptography", commonly accepted as the starting point for development of modern cryptography.
C1946 Crypto Wars begin and last to this day
1946 Charg-it card created by John C Biggins
1948 Atomic clock
1948 Claude Shannon writes a paper that establishes the mathematical basis of information theory
1949 Info theorist Claude Shannon asks “What does an ideal cipher look like?” – one time pad – what if the keys are not truly random
1950 First credit card released by the Diners Club, able to be used in 20 restaurants in NYC
1951 NSA, National Security Agency founded and creates the KL-7, an off-line rotor encryption machine
1952 First thermonuclear weapon
1953 First videotape recorder
1953 Term “Hash” first used meaning to “chop” or “make a mess” out of something
1954 Atomic Energy Act (no mention of crypto)
1957 The NSA begins producing ROMOLUS encryption machines, soon to be used by NATO
1957 First PC – IBM
1957 First Satellite – Sputnik 1
1958 Western Union begins building a nationwide Telex network in the U.S.
1960s Machine readable codes were added to the bottom of cheques in MICR format, which speeded up the clearing and sorting process
1960s Financial organizations were beginning to require strong commercial encryption on the rapidly growing field of wired money transfer.
1961 Electronic clock
1963 June 4, Kennedy Issued an Executive Order (11110) that Authorized the US Treasury to Issue Silver Certificates, Threatening the Federal Reserve’s Monopoly on Money
This government issued currency would bypass the governments need to borrow from bankers at interest.
1963 Electronic calculator
1963 Nov. 22, Kennedy Assassinated
1963 Johnson Reverses Kennedy’s Banking Rule and Restores Power to the Federal Reserve
1964 LAN, Local Area Networks adapters
1965 Moore’s Law by CEO of Intel Gordon Moore observes that the number of components per integrated circuit doubles every year, and projected this rate of growth would continue for at least another decade. In 1975 he revised it to every two years.
1967 First ATM installed at Barclay’s Bank in London
1968 Cassette Player introduced
1969 First connections of ARPANET, predecessor of the internet, are made. started – SF, SB, UCLA, Utah (now Darpa) – made to stay ahead of the Soviets – there were other networks being built around the world but it was very hard to connect them – CERN in Europe
1970s Stagflation – unemployment + inflation, which Keynesian theory could not explain
1970s Business/commercial applications for Crypto emerge – prior to this time it was militarily used – ATMs 1st got people thinking about commercial applications of cryptography – data being sent over telephone lines
1970s The public developments of the 1970s broke the near monopoly on high quality cryptography held by government organizations.
Use of checks increased in 70s – bringing about ACH
One way functions...
A few companies began selling access to private networks – but weren’t allowed to connect to the internet – business and universities using Arpanet had no commercial traffic – internet was used for research, not for commerce or advertising
1970 Railroads threatened by the growing popularity of air travel. Penn Central Railroad declares bankruptcy resulting in a $3.2 billion bailout
1970 Conjugate coding used in an attempt to design “money physically impossible to counterfeit”
1971 The US officially removes the gold standard
1971 Email invented
1971 First microcomputer on a chip
1971 Lockheed Bailout - $1.4 billion – Lockheed was a major government defense contractor
1972 First programmable word processor
1972 First video game console
1973 SWIFT established
1973 Ethernet invented, standardized in ‘83
1973 Mobile phone
1973 First commercial GUI – Xerox Alto
1973 First touchscreen
1973 Emails made up more than ¾ of ARPANET’s packets – people had to keep a map of the network by their desk – so DNS was created
1974 A protocol for packet network intercommunication – TCP/IP – Cerf and Kahn
1974 Franklin National Bank Bailout - $1.5 billion (valued at that time) - At the time, it was the largest bank failure in US history
1975 New York City Bailout - $9.4 billion – NYC was overextended
1975 W DES - meant that commercial uses of high quality encryption would become common, and serious problems of export control began to arise.
1975 DES, Data Encryption Standard developed at IBM, seeking to develop secure electronic communications for banks and large financial organizations. DES was the first publicly accessible cipher to be 'blessed' by a national agency such as the NSA. Its release stimulated an explosion of public and academic interest in cryptography.
1975 Digital camera
1975 Altair 8800 sparks the microprocessor revolution
1976 Bretton Woods ratified (lasted 30 years) – by 80’s all nations were using floating currencies
1976 New Directions in Cryptography published by Diffie & Hellman – this terrified Fort Meade – previously this technique was classified, now it’s public
1976 Apple I Computer – Steve Wozniak
1976 Asymmetric key cryptosystem published by Whitfield Diffie and Martin Hellman.
1976 Hellman and Diffie publish New Directions in Cryptography, introducing a radically new method of distributing cryptographic keys, contributing much to solving key distribution one of the fundamental problems of cryptography. It brought about the almost immediate public development of asymmetric key algorithms. - where people can have 2 sets of keys, public and private
1977 Diffie & Hellman receive letter from NSA employee JA Meyer that they’re violating Federal Laws comparable to arms export – this raises the question, “Can the gov prevent academics from publishing on crypto?
1977 DES considered insecure
1977 First handheld electronic game
1977 RSA public key encryption invented
1978 McEliece Cryptosystem invented, first asymmetric encryption algorithm to use randomization in the encryption process
1980s Large data centers began being built to store files and give users a better faster experience – companies rented space from them - Data centers would not only store data but scour it to show people what they might want to see and in some cases, sell data
1980s Reaganomics and Thatcherism
1980 A decade of intense bank failures begins; the FDIC reports that 1,600 were either closed or received financial assistance from 1980 to 1994
1980 Chrysler Bailout – lost over $1 billion due to major hubris on the part of its executives - $1.5 billion one of the largest payouts ever made to a single corporation.
1980 Protocols for public key cryptosystems – Ralph Merkle
1980 Flash memory invented – public in ‘84
1981 “Untraceable Electronic Mail, Return Addresses and Digital Pseudonumns” – Chaum
1981 EFTPOS, Electronic funds transfer at point of sale is created
1981 IBM Personal Computer
1982 “The Ethics of Liberty” Murray Rothbard
1982 Commodore 64
1983 Satellite TV
1983 First built in hard drive
1983 Blind signatures for untraceable payments
Mid 1980s Use of ATMs becomes more widespread
1984 Continental Illinois National Bank and Trust bailed out due to overly aggressive lending styles and - the bank’s downfall could be directly traced to risk taking and a lack of due diligence on the part of bank officers - $9.5 billion in 2008 money
1984 Macintosh Computer - the first mass-market personal computer that featured a graphical user interface, built-in screen and mouse
1984 CD Rom
1985 Zero-Knowledge Proofs first proposed
1985 300,000 simultaneous telephone conversations over single optical fiber
1985 Elliptic Curve Cryptography
1987 ARPANET had connected over 20k guarded computers by this time
1988 First private networks email servers connected to NSFNET
1988 The Crypto Anarchists Manifesto – Timothy C May
1988 ISDN, Integrated Services Digital Network
1989 Savings & Loan Bailout - After the widespread failure of savings and loan institutions, President George H. W. Bush signed and Congress enacted the Financial Institutions Reform Recovery and Enforcement Act - This was a taxpayer bailout of about $200 billion
1989 First commercial emails sent
1989 Digicash - Chaum
1989 Tim Berners-Lee and Robert Cailliau built the prototype system which became the World Wide Web, WWW
1989 First ISPs – companies with no network of their own which connected people to a local network and to the internet - To connect to a network your computer placed a phone call through a modem which translated analog signals to digital signals – dial-up was used to connect computers as phone lines already had an extensive network across the U.S. – but phone lines weren’t designed for high pitched sounds that could change fast to transmit large amounts of data
1990s Cryptowars really heat up...
1990s Some countries started to change their laws to allow "truncation"
1990s Encryption export controls became a matter of public concern with the introduction of the personal computer. Phil Zimmermann's PGP cryptosystem and its distribution on the Internet in 1991 was the first major 'individual level' challenge to controls on export of cryptography. The growth of electronic commerce in the 1990s created additional pressure for reduced restrictions. Shortly afterward, Netscape's SSL technology was widely adopted as a method for protecting credit card transactions using public key cryptography.
1990 NSFNET replaced Arpanet as backbone of the internet with more than 500k users
Early 90s Dial up provided through AOL and Compuserve
People were leery to use credit cards on the internet
1991 How to time-stamp a digital doc - Stornetta
1991 Phil Zimmermann releases the public key encryption program Pretty Good Privacy (PGP) along with its source code, which quickly appears on the Internet. He distributed a freeware version of PGP when he felt threatened by legislation then under consideration by the US Government that would require backdoors to be included in all cryptographic products developed within the US. Expanded the market to include anyone wanting to use cryptography on a personal computer (before only military, governments, large corporations)
1991 WWW (Tim Berners Lee) – made public in ‘93 – flatten the “tree” structure of the internet using hypertext – reason for HTTP//:WWW – LATER HTTPS for more security
1992 Erwise – first Internet Browser w a graphical Interface
1992 Congress passed a law allowing for commercial traffic on NSFNET
1992 Cpherpunks, Eric Hughes, Tim C May and John Gilmore – online privacy and safety from gov – cypherpunks write code so it can be spread and not shut down (in my earlier chapter)
1993 Mosaic – popularized surfing the web ‘til Netscape Navigator in ’94 – whose code was later used in Firefox
1993 A Cypherpunks Manifesto – Eric Hughes
1994 World’s first online cyberbank, First Virtual, opened for business
1994 First DVD player
1994 Stanford Federal Credit Union becomes the first financial institution to offer online internet banking services to all of its members in October 1994
1994 Internet only used by a few
1994 Secure Sockets Layer (SSL) encryption protocol released by Netscape. Making financial transactions possible.
1994 One of the first online purchases was made, a Pizza Hut pepperoni pizza with mushrooms and extra cheese
1994 Cyphernomicon published – social implication where gov can’t do anything about it
1994-1999 Social Networking – GeoCities (combining creators and users) – had 19M users by ’99 – 3rd most popular after AOL and Yahoo – GeoCities purchased by Yahoo for $3.6B but took a hit after dotcom bubble popped and never recovered – GC shut down in ‘99
1995-2000 Dotcom bubble – Google, Amazon, Facebook: get over 600M visitors/year
1995 MP3 term coined for MP3 files, the earlier development of which stretches back into the ‘70s, where MP files themselves where developed throughout the ‘90s
1995 NSFNET shut down and handed everything over to the ISPs
1995 NSA publishes the SHA1 hash algorithm as part of its Digital Signature Standard.
1996, 2000 President Bill Clinton signing the Executive order 13026 transferring the commercial encryption from the Munition List to the Commerce Control List. This order permitted the United States Department of Commerce to implement rules that greatly simplified the export of proprietary and open source software containing cryptography, which they did in 2000 - The successful cracking of DES likely helped gather both political and technical support for more advanced encryption in the hands of ordinary citizens - NSA considers AES strong enough to protect information classified at the Top Secret level
1997 WAP, Wireless Access Point
1997 NSA researchers published how to mint e cash
1997 Adam Back – HashCash – used PoW – coins could only be used once
1997 Nick Szabo – smart contracts “Formalizing and Securing Relationships on Public Networks”
1998 OSS, Open-source software Initiative Founded
1998 Wei Dai – B-money – decentralized database to record txs
1998 First backdoor created by hackers from Cult of the Dead Cow
1998 Musk and Thiel founded PayPal
1998 Nick Szabo says crypto can protect land titles even if thugs take it by force – said it could be done with a timestamped database
1999 Much of the Glass-Steagal Act repealed - this saw US retail banks embark on big rounds of mergers and acquisitions and also engage in investment banking activities.
1999 Milton Friedman says, “I think that the Internet is going to be one of the major forces for reducing the role of government. The one thing that's missing, but that will soon be developed, is a reliable e-cash - a method whereby on the Internet you can transfer funds from A to B without A knowing B or B knowing A.”
1999 European banks began offering mobile banking with the first smartphones
1999 The Financial Services Modernization Act Allows Banks to Grow Even Larger
Many economists and politicians have recognized that this legislation played a key part in the subprime mortgage crisis of 2007.
1999-2001 Napster, P2P file sharing – was one of the fastest growing businesses in history – bankrupt for paying musicians for copyright infringement
In the industry known as the "first block of the block community," the three o'clock sleepless block chain group, brought together the heavyweight figures in the domestic block chain industry. On the second day of the New Year, starting at 11 am, the group members with a total market capitalization of about 1 trillion yuan, as the traditional world still rejoice in the Great Reign, Technology, valuation, investment and future, the main questions raised in the group were carefully answered and shared. The full text is as follows: Q1: Stellar recently fierce in Silicon Valley, do you think the threat to eth big? Patrick Dai:
ETH has become an ecosystem where the greatest risk comes from the risks inherent in one's own ecology but less from outside risks unless there is a tenfold increase in Ethereum's advanced ideas and technologies, giving it an opportunity to replace Ethereum , Otherwise it is a big threat to the nature, but not competing with the front of Ethereum, in other areas (outside the ICO) force, there are still a lot of business and investment opportunities. Q2: What do you think about the millions of TPS that eos claims? Patrick Dai:
Blockchain is not born for the TPS, if we need faster TPS, the existing banking system and Paypal and WeChat payment, is a better choice. In addition to the degree of decentralization and TPS is basically an irreconcilable conflict, many of the replacement of TPS is to sacrifice network to the degree of centralization to obtain, I personally think, simply in pursuit of higher TPS, but it makes no sense , Especially if the network after only a few dozen large nodes (this is not the early stages of the bank?), Then the high TPS, very often not significant.
TPS makes sense for specific things, but requires a compromise with the philosophy behind cryptocurrencies. Because traditional IT technology has been studied for distributed systems for decades, all algorithms based on BFT and various variants can achieve very high TPS, but their degree of centralization is relatively high. The average person in the network is Can not get the right of reciprocity If you can not participate in the supervision and verification of the network, in fact, the use of existing financial services are more than enough. Question 3: Qtum
Chain initial design of the core of what is the point? Qtum
how to build their own ecology? Qtum
globalization is good, even South Koreans like Qtum
,landing strategies and methods in different states around the world how to look?** Patrick Dai: The core of Qtum Blockchain design:
Question 4: Decentralized trading system, the future direction of development is? Patrick Dai
- Security, security is the number one priority for cryptocurrency systems, with no foundation for security and sophisticated software as a back-up.
- Qtum chain is basically compatible with bitcoin's UTXO and all BIPs, and is also compatible with EVM and EVM-based ecology.
- Flexible, the biggest innovation in Qtum is based on bitcoin transaction model, which supports the implementation of smart contract, so that Ethereum's virtual machine can run on the bitcoin network. In addition, the current Qtum network is already in the POS phase, and around 3000 A full node. POS is more friendly to business applications. Through technical support, development tools, Community Roadshow investment hatching in the constant construction of the ecology of the Qtum Blockchain. The more important thing is landing on the local community developers and local project developers to achieve localization, the international team will also be a lot of help.
: to the center of the trading system of my research is not much to talk about a few specific cases, the earliest to the center of the trading system is based on the colorcoin mastercoin and counterparty transactions colorcoin on the back appeared on NXT and the BTS Decentralized trading systems, followed by the emergence of etherdelta (based on the smart contract trading system), from the experience above, several decentralized trading system experience, similar to the centralized trading system of high-frequency mobile Sex, a great gap. About decentralized trading system in the order matching and order synchronization, this can find some developers in this area, consult. Q5: ipfs really can really decentralized web and app? Not a simple one? What is the point of going to a centralized app? Patrick Dai
: IPFS specific technology to achieve no in-depth study, but read the design concept, the project itself also mentioned for several years, to the center of the web and app should be serverless service to developers, as long as the interface , Regardless of who behind the service to provide. Is not a simple token, depending on the ecology behind it, bitcoin is essentially just a piece of data in a bitcoin network, and decentralized apps make sense, but at the moment many of Dapp's really just an app + blockchain as a settlement layer .
However, the future of blockchain and Dapp's future will transcend the existence of cryptocurrency and will become a social infrastructure: trust. Dapp has a lot of good direction: the game (props channels), content (movie music text), Internet of things, ID and so on. Q6: Everyone has been saying that it is necessary to decentralize and intensify the high level of Dapp's certain degree of contradictions. However, we can not just stay at the stage where btc is used as a currency and eth only serves as a currency to be raised. Developing Dapps to address user needs, that is, the need to strike a balance between a purely decentralized utopia and user application world, Dpos is a solution for now, what do you think? How to grasp the degree of the two? Patrick Dai:
Indeed, many Dapp is a pseudo-concept, but cryptocurrency itself has begun to penetrate into various places as the first successful application based on blockchain technology. My consideration for the future blockchain system is that there is enough decentralization at the bottom and the application layer can be neutralized. We need a trustless bottom plus an application layer that requires trust, on the one hand, a trustless premium (trust cost Lowest) + centralized premium (centralized), Dapp still has a lot to see in the future, such as gaming (virtual assets and channel changes) digital content (movie music) Internet of Things security and management of digital identities Areas of Pratt & Whitney Finance (Insurance-autonomous finance and micro-financial services, etc.).
At present, many Dapp just use the characteristics of a blockchain, that is, the issuance and clearing of tokens. The blockchain has many other features that need to be discovered and discovered. Q7: How do you think about the feasibility and security of cross-link technology? At present, you are optimistic about this project. In addition, how to ensure the trust and reliability of the link in the chain? Patrick Dai
: I personally feel that the current cross-link area is still in its early stages, both in bitcoin and Ethereum network have limited processing power, and the process of continuous evolution, I personally feel that this one cross-chain is not yet mature enough, and from the solution Just need to point out whether cross-link at least at this stage is not just a need.
On the Oracle side, this is a need, especially in the popularization of smart contracts, we need the blockchain can access external systems, in a sense, the current blockchain is an algorithm-driven self-consistent Closed system, the logic is pre-set. Through Oracle we can introduce external data sources to trigger the execution of the contract. There are many directions on how to solve the problem of credible data sources.
One is a centralized approach, such as providing data sources by auditing companies and government departments. Another way to go to the center is to introduce games and mortgages. Punish fraud and reward honest data sources and establish a preferred positive feedback mechanism. Of course, there are many other solutions, there is a lot of community research, Microsoft also has a cryptolet project. Q8: Ask a funny, 10 times eth, I have been curious about this issue, high-dimensional playing low-dimensional, non-dimensional entanglement. You must have thought about this 10 times the problem or possible direction method, want to hear you talk about the possibility of 10 times the direction of eth? Patrick Dai
: 10 times ETH advanced concepts and technology iteration, ETH basically invest this thing is done through the ICO done the ultimate, 15 seconds to complete the investment process (DD TS Token release). It takes a few months, compared to the traditional melting of an angel, which is a difference of 15 seconds vs 3 months. So somehow, ETH becomes the largest investment and financing platform in the world. This is also the largest application of Ethereum, but the application of other smart contracts but did not develop. From the cash point of view there are several directions:
From a technical point of view:
- distributed governance (refer to bitcoin 1M to 2M process and DAO processing);
- system of self-evolution and evolution;
- ease of use 10 times the increase;
Q9: On the current blockchain + distributed computing issues, I think in the future if the dapp market can really make it indispensable based on the blockchain program to solve the calculation, storage, node acceleration and other issues. Currently I see several projects on distributed computing are based on the construction of Ethereum, are worrying about the performance, how do you think? Patrick Dai
- scalability (full node size participation threshold TPS reciprocal rights);
- privacy and application independence and loose coupling (refer to Parity theft);
- Better flexibility (more types of virtual machines and a wider range of smart contract languages);
- network layering and partitioning and data compression;
- new consensus mechanisms (often requiring years of testing and practice) and more.
: Distributed Computing I did not study much, but its initial project should come from MaidSafe (https://maidsafe.net/
), a nearly 10-year project, essentially Proof of Resource, and many others. The type of computation is actually not very suitable for distributed processing, requiring serial processing of data that is essentially not accelerated through distributed computing, and distributed computing may be able to handle similar game rendering and image rendering needs, but I do not know How big is a market?
In addition, in distributed computing, it is also a problem how to use a common programming language to describe the computing task to be calculated and submit it accurately to the computing node. This one can consult the head of distributed computing projects. Q10: Analysis of the following characteristics and advantages and disadvantages of the underlying chain: BTC / QTUM / ETH / EOS / NEO / ELASTOS?
Q11: At present more discussion is the public chain and the basic agreement, the application of technology in the future how to develop, what application scenarios faster landing? Patrick Dai
- BTC: theological narrative, community consensus, completed from carriage to car transition, belongs to the encrypted currency attributes, but also want to do a good job of cryptographic currency attributes, UTXO and POW and some standard types of transactions, as a guarantee Secure, reliable and secure cryptocurrency system, a point-to-point electronic cash system. But this is instead the most wild imagination of mankind, and what is more imaginative than creating money?
- ETH: smart contract and Dapp platform, before the rise of ICO in March 2017, Ethereum did not show any special advantages, smart contract nor any sign of mass landing, an angel of manhood, promoted Ethereum However, smart contracts are still at an early stage and are still far away from large-scale applications. However, smart contracts should be time-tested in addition to cryptocurrency. Techno-Ethereum is essentially a Global account state machine, through the contract, the funds and data of the account to operate, compared to bitcoin more flexibility. But now also faces various technical challenges.
- QTUM: The Bottom BTC-based UTXO Model (Secure and Reliable) A wide variety of virtual machines (X86 developed by Ethereum EVM + Qtum) can be supported through the account abstraction layer and future support for various programming languages (C ++ Rust) to write a smart contract, is essentially a layered design, taking into account security and flexibility. In addition the underlying is already POS, and there are more than 3500 full nodes.
- Both EOS and NEO are evolving toward high TPS, but at this moment, I personally feel if I'm in the public chain or need to balance TPS and decentralize. If it is for business services is not needed.
- ELASTOS is based on the bottom of NXT, to achieve a distributed computing, the recent lack of attention, but NXT as the earliest implementation of a POS, account-based blockchain system, many of the back of the system is very helpful (NEM, etc. ), NXT technically made a lot of contribution to the development of the blockchain industry, but neglected to manage and operate, early token holders are too concentrated.
: The current blockchain technology is still in its early stages of evolution, standing in the Internet era 20 years ago, when we can hardly imagine today can be called a mobile phone uber, the development of technology to give everyone a more rich diversity The possibility is the future.
From an application perspective, the blockchain industry is indeed in the early stages of its application. Cryptocurrency is relative to the blockchain, similar to Email versus Internet, but the development behind the Internet goes far beyond emailing for information exchange, Then the future development of the blockchain will certainly not stop at cryptocurrencies born for value exchange.
Cryptocurrency is just the beginning. From a scenario perspective, the biggest feature of blockchain technology is that it guarantees a trustless platform through a variety of technologies, a trust-free platform that reduces the cost of all business transactions. Q12: First ask yourself a few questions: blockchain where the biggest investment opportunities? Patrick Dai
: Based on the changes and disruptiveness brought by cryptocurrency, its wealth is created faster than the industrial revolution and the information revolution. From an investment point of view, I personally feel that there are several good directions:
Q13: Is cryptocurrency popular at large scale? Patrick Dai
- Encrypted currency (cryptocurrency and token) in the underlying publicchain, which basically became the industry's first token-based blockchain technology with a close combination of blockchain
- Technologies and specific application scenarios (the industry is in its infancy)
- Encryption Asset Services Portal (Wallet Exchange IM)
- Breaking Down Scenarios Across Industries (Games, Entertainment, IoT, ID, Healthcare, Supply Chain)
- Organizational Change Research, Economics, Think Tanks, Deep Media.
: the development of technology with jumping, but difficult to retract, with the car, the car will never disappear, although the carriage also continued to exist for hundreds of years. The advent of cryptocurrency is not a coincidence, but is accompanied by the maturity of various internet infrastructures and the enlightenment of Cyber punk movement concept. It belongs to the fusion of technology and thought, not just to technological innovation.
Personally, I think the cryptocurrency is unlikely to disappear, the widespread adoption of cryptocurrency depends on the applicability of the cryptocurrency system, including what rigid demands are being addressed, and for the moment, the greatest use is to provide people around the world an option: a very fluid Transparent, credible, secure global assets. Q14: How to build a valuation model of blockchain platform? Patrick Dai
: I have sent an article before. At present, this is a big problem in the industry. We do not have a set of valuation system to realize early warning and assessment of risks. What is the valuation of a project? Before writing something for your reference. http://www.gongxiangcj.com/posts/3895
"The number of nodes and cryptocurrency valuation model." Q15: Who is Nakamoto? Patrick Dai
: From what I learned, Nakamoto was a hardworking man with idealistic feelings. It should be done independently by one person. There are many anonymous tech bucks in IRC channel in 2011 and 2012, on which you can see Nakamoto's figure. In addition to the birth of BTC, there is also some relationship with a Chinese Wei Dai.
Wei Dai, who wrote Bmoney's paper before, Zhong Zhongcong and Wei Dai also had some emails, and mentioned to Wei Dai that he has implemented Bmoney's part of cryptoCurrency, but in the second part of Bmoney there is actually a tentative idea about the contract. We can refer to Wei Dai's thesis at http://www.weidai.com/bmoney.txt
's idea Wei Dai has had some simple email exchanges, but Wei Dai's interest is no longer in the circle of cryptocurrencies. Q16: In all the coins, which one will live the longest? Patrick Dai
: simply look at cryptocurrencies, BTC completed a historic jump, but also a breakthrough from 0 to 1, followed by many cryptocurrencies are 1 to 1.1 and 1.1 to 1.2 changes, more than one billion US dollars in the amount of encrypted currency thoroughly It is unlikely that it will disappear because of the drive and governance of the community that the community will uphold even if the developer does not maintain it. However, there are indeed many crypto-currencies that will be eliminated and 95% of the projects should be gone after three years. Q17: 18 years blockchain private market analysis, what kind of industry is better? Patrick Dai
: Currently the industry needs to find other applications in addition to the cryptocurrency killer app, from the technical development point of view, I personally trust the concept of trustless Platform constantly landing and provide the underlying technology research and development and application scenarios. Q18: Which industry has the largest total of all the industries in the blockchain? Patrick Dai
: Cryptocurrency itself seems to be the biggest at this moment, and others feel that there are many opportunities for the gaming industry and for digital content (video and audio) and for financial services and the Internet of Things. Q19: Want to hear the competition between the public chain and the public relations and cooperation, how to comment on the big brother? Patrick Dai
: last year's growth in the industry, in essence, we are still eating BTC created by the combination of technology and ideas, creating a human species in the history of a new species premium, BTC has its historic significance. The groundbreaking idea it brought, gradually attracted the public's attention, but from a technical point of view, what BTC can do is limited, but it does solve its positioning.
Technology is not good or bad, mainly to meet the needs. BTC technology to meet its point-to-point electronic cash system positioning and needs. We do not expect to build infinite applications in the BTC above, this is impossible. The public chain is indeed an open experimental field and a community-driven evolutionary community of interests. Its vitality is also very strong. However, at present, the problem is that we really need technological progress to further promote the scene. If only from the perspective of cryptocurrency, BTC LTC DogeCoin for a user, in essence, is the same experience, and the experience of Ethereum is not much different. The difference is, BTC and the US dollar experience is very different.
I personally feel that the blockchain industry is an ecology. Whether it is serving one of the areas in the blockchain and ultimately building a blockchain together, it is essentially a collaborative evolution that builds a stronger consensus mechanism. Diversity provides the basis for the choice of consensus, and if there is only one technical direction, then the evolution of technology has become slow. In addition this is only a technical factor, but the blockchain system is not only as simple as technology, there is community community of interests behind. Q20: What dimensions are the most important when evaluating the value of a blockchain project? What factors can be rejected one vote?
The Beginning: The Essential Elements of the Encrypted Currency Valuation Model (I send some thoughts that I wrote before) As the first truly successful decentralized e-cash system, bitcoin became the anchor of value in the industry and By far the most centralized network, Bitcoin is designed as an electronic currency that is secure, secure, and has a very low threshold of participation in the early stages.
It is early everyone can participate, and become a full node without any threshold, anyone can download bitcoin client, early mining in his computer, so in fact the realization of the low threshold of the financial services system, everyone With the freedom to join and exit, bitcoin clients have been rapidly evolving early, and if the client is a game, the Bitcoin client's distribution is a borderless game.
In P2P network, a very important core element is full node. In a P2P network, the total number of nodes basically determines the technical value of this network. Why do you say that?
In the traditional database domain and distributed system, we study the consistency of the data, there are already many, all major companies have their own solutions, but few companies have tens of thousands of distributed system distributed nodes, So most of the research results are more suitable for some enterprises to solve the solution. For example, the Paxos algorithm proposed by Leslie Lamport in 1990 can achieve highly fault-tolerant requirements based on message passing. The latter algorithm is also widely used in google Chubby lock, and Chubby lock behind is widely used in Google's core design Bigtable, bigtable is to support a lot of Google's core business.
The realization of Bitcoin network is a fusion of technology and humanity.
In a traditional distributed network, in a large company's network, each node in many cases is due to network reasons, dropping or sending wrong messages, instead of deliberately forging information for the sake of profit.
The realization of bitcoin is facing a more complicated network environment, not only a more complex network environment, but also a more complicated game of humanity. In the traditional distributed network, no one will consider the introduction of incentives to allow nodes to maintain data consistency, Nakamoto was the first person to do so, and through a resource that can not be monopolized (hash function computing power ) To ensure the effective allocation of accounting rights to avoid single-point ddos attacks on specific accounting nodes.
Bitcoin network to each distributed node in the network, the consistency of each time slice into a time interval consistency, if you look at the global currency bitcoin network, you will find each time slice and time, different The miners in calculating the different chains, in fact, is a bifurcated network, but in a 10-minute time interval, the probability that the data is modified is a Poisson distribution. The probability of the attacker's success is q, The growth of the block is exponentially declining. When the blockchain has six acknowledgments, the attacker's probability of success tends to be essentially zero.
If you are the full node in a Bitcoin network, then you have the largest and equal rights to the network, and you no longer have to trust third parties or give up your rights to others. At present, many other cryptocurrencies tend to be centralized. Many consensus mechanisms realize a fast transaction processing speed. In essence, they deprive participants of their equal rights and allow the network to return to a centralized network. But if we really need to hand over our rights in the blockchain network, banks may be a better choice than a lot of centralized blockchain systems.
At present there are about 13,000 full nodes in the bitcoin network. Due to the characteristics of the p2p network, it is very difficult to accurately count the total number of nodes in the network. These 13000 full nodes bear the accounting of the distribution and transaction of currency, and are also bits The foundation of the currency. Bitcoin is definitely a more distributed clearing network than Alipay, and unlike Alipay, Alipay is just a payment instrument that serves the renminbi system. Bitcoin's global clearing network also has its own currency system --- Bitcoin Compared to a bank, opening a bitcoin "dot" actually requires only one computer to run a full node. Therefore, the final service boundary of Bitcoin is borderless, and the service objects of banks and Alipay have boundaries.
Bitcoin achieved a breakthrough from 0 to 1 and completed the carriage-to-car transition (steam engine). In fact, crypto-currencies appeared behind us. In fact, we made some improvements on the basis of Nakamoto. Indeed, we have not Take the carriage again, essentially all the cryptocurrencies are in the car.
If we look at bitcoin from a software science perspective rather than a currency perspective, the various cryptocurrencies that appear later are essentially improvements and enhancements based on bitcoin's open-source software, which many teams make And upgrading, and not much difference, whether it is to change a mining algorithm, or add some total, a lot of bifurcation is done from 1 to 1.001 experiment, bitcoin from paper currency to electronic currency from 0 To 1 transition and fission.
Today, Bitcoin has the strongest network effect and the loudest brand effect. Although the technology iteration is very, very slow, some progress has been made one after another, but it can not be surpassed from the aspect of things development. , But no matter whether it will be surpassed, the emergence of bitcoin has its historical inevitability and it will certainly accomplish its historic mission. As the world's largest distributed clearing network and built-in monetary system in the future, as well as the anchor of the value in the parallel financial world in the blockchain and the boost of crazy humanity, we predict where its future highs will be Speaking of other factors aside, cryptocurrency has opened up a new era in which its market value should surpass that of the previous wave of the Internet. Question 21: Blockchain whether the future is required to apply for a license to do? Patrick Da
i: From the future development of cryptocurrency, this is an inevitable. Question 22: The future of blockchain in the IP field? Patrick Dai
: This still need to solve the chain and chain problems, as well as integration with the existing legal system. But purely virtual assets may not be needed, such as audio and video saved in the art and electronic formats of game props and electronic designs. But no matter what kind of industry, we have to think about, in addition to the token premium liquidity brought us by the blockchain, the blockchain really helped solve what problems? Q23: Now the real consumption of blockchain project is not much, why do not wait for the project landing, re-vote? Tencent like buying now is not too late. Estimated seed round billion reasonable? Patrick Dai
: revolutionary ideas and new technology has brought endless imagination mixed with human speculation and greed. Q24: Want to know how to treat EOS Q1 beta? Patrick Dai
: the specific progress did not pay attention to too many details, each project has its own position, as long as the solution to a certain area or the general needs, I personally feel that are very valuable. But we also look at the duration of the project is also to our own positioning, if the measurement of time is one day, it is trader, if it is a month, it is a short-term speculators, if it is one year, in the block chain industry is long-term investors If it is three to five years or ten years, it's the value discoverer and the leader in technological change. Q25: What kind of impact can blockchain have on the economic vitality of the third and fourth tier cities today? When will have an impact? Patrick Dai
: I do not know this.
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Take Advantage of the Wixlar ICO! With the CryptoCurrency Market Capitalization of over $570 Billion USD, the ICO will support funding the Wixlar Group in order to start the Road Map of Wixlar Coins and expand faster in the CryptoCurrency Market. A minimum of 60% of all funds raised in the ICO will be used for building technology projects, funding small businesses and attracting more merchants, partners, and investors. This way when Wixlar Coin goes live, it will rapidly rise in price. Allocation of Wixlar Coins The number of Wixlar Coins is limited to 5,330,000,000 Coins, out of which 30% will be available for the ICO. Bonuses available from the first day of the ICO Wixlar Coins can be purchased using Bank Wire Transfer, Visa/Master Card, BitCoin BTC, Ethereum ETH and LiteCoin LTC. All funds will be received and held in multi-signature wallets to accomplish each step on the Road Map. Wixlar ICO occurs in 5 stages In each stage, you are eligible to buy early Wixlar Coins with special bonuses than the next stage. Going through the Wixlar Road Map, After the ICO is completed, Wixlar Wallets will be available and the Coin will be listed on the Global Exchanges beside some of our services that includes Wixlar Master Card, Wixlar Free-Lancing, Wixlar E-Shop, Wixlar Smart Contract, Wixlar Letter of Credit and many more. Before you can understand ethereum, it helps to first understand the internet. Today, our personal data, passwords and financial information are all largely stored on other people's computers - in clouds and servers owned by companies like Amazon, Facebook or Google. Even this CoinDesk article is stored on a server controlled by a company that charges to hold this data should it be called upon. This setup has a number of conveniences, as these companies deploy teams of specialists to help store and secure this data, and remove the costs that come with hosting and uptime. But with this convenience, there is also vulnerability. As we've learned, a hacker or a government can gain unwelcome access to your files without your knowledge, by influencing or attacking a third-party service - meaning they can steal, leak or change important information. Ethereum is one of the newest technologies to join this movement.
While bitcoin aims to disrupt PayPal and online banking, ethereum has the goal of using a blockchain to replace internet third parties -- those that store data, transfer mortgages and keep track of complex financial instruments. Ethereum, if all goes according to plan, would return control of the data in these types of services to its owner and the creative rights to its author. The idea is that one entity will no longer have control over your notes and that no one could suddenly ban the app itself, temporarily taking all of your notebooks offline. Only the user can make changes, not any other entity. In theory, it combines the control that people had over their information in the past with the easy-to-access information that we're used to in the digital age. Each time you save edits or add or delete notes, every node on the network makes the change. About the Blockchain & Bitcoin Conference Switzerland On September 19-20, 2018 the company "Smile-Expo" will arrange the second blockchain conference in Geneve. Conference gathered the brightest experts of the industry, well-known specialists, and gurus of the crypto market, developers, and entrepreneurs, representatives of payment systems, and lawyers who shared their way of thinking concerning blockchain technology development across the globe. Crypto market analysis, business solutions within FinTech achievements, Blockchain and Bitcoin prospects, cutting-edge technologies and technical aspects of working with the smart technology, the latest regulatory changes, Bitcoin mining and exchange – all these topics and more will be raised at the Blockchain & Bitcoin Conference Geneva on September 19-20, 2018. Exhibition area Explore new blockchain software and technological solutions in the exhibition area at Blockchain & Bitcoin Conference Switzerland. Developers will present their recent creations and answer questions regarding their functional features as well as we're glad to discuss cooperation opportunities. The exhibition area is a comfortable space for business communications, allowing all attendees to find new business partners and determine further ways of business growth. Land Securities Group, the largest UK Property Firm is adopting the Blockchain Technology in the near future.
The Largest UK Commercial Property Development and Investment Company L has said that the blockchain will ‘absolutely’ play a role in its business. Land Securities Group, or Landsec, owns and manages over 26,000,000 square feet of commercial property, from London’s offices and high street shops to those of major shopping centers and retail parks. It also owns the advertising Piccadilly Lights in Piccadilly Circus, London. In a CNBC interview, Robert Noel, CEO of Landsec, was asked whether the blockchain would be used in the company. He said: Absolutely … If you look at the way what we provide, which is services to business, and those services are around contract, anything that speeds up archaic land law, and contract law, and leasing law will be welcomed. With the use of the technology in Landsec’s services, it could help to speed up processes, particularly those that require the signing of contracts and extensive paperwork. This, in turn, would help to cut down on the amount of time needed to go back and forth between varying parties. Through the blockchain, each party involved would have access to an immutable copy of the contract, which is automatically executed when each party completes their part of the process. Noel claims, though, that the technology won’t mean a reduction in actual lawyers for the company. Nowadays, as the distributed ledger gains in prominence within a range of industries and varying use cases, industries are realizing the benefits that it can provide. So much so, that law firms are experimenting with the technology to determine its impact on manual processes that they currently perform. Following the success of different ICOs of many Crypto Currencies The Billionaire Mark Cuban on Bloomberg announces the extreme investments this year of how much money being invested in supporting the Blockchain Technology. Watch the video throughout to be in touch with the Crypto Industry and its huge growth. Wixlar Group is so proud to provide its unique services and extraordinary applications for its customers that would raise the performance and the creativity of the cryptocurrencies' markets. Start using Wixlar Today! Wixlar offers its customers on the beta testing mode, the ability to buy the tickets of the Events using Wixlar Coins. Wixlar Cryptocurrency is planning to follow a lot of international events offering instant transactions and low fee payments.
Buy Tickets Today through your online Wixlar Wallet https://WixlarCoin.com
The Munich Oktoberfest is probably the world’s largest folk festival. Over the past decade it has attracted an average of around six million visitors a year, who between them consume almost seven million liters of beer and munch their way through thousands of grilled sausages, chickens, giant pretzels and - for those really wanting to soak it all up - wild oxen. The festival, which spans just over two weeks, is held annually in a meadow just outside Munich’s city center. In addition to eating, drinking, and dancing, visitors can enjoy colorful parades, a variety of fairground rides, and for those, not themselves in traditional Bavarian gear, admire those that are. Its fame and popularity mean that Oktoberfest is a huge crowd-puller and as a rule accommodation and transport have to be booked well in advance. Blockchain Middle East Forum Dubai Event Dubai announced its intention to turn itself into the first blockchain-powered government in the world by 2020. These ambitions are part of the emirate’s goal of becoming a global business hub with next-generation technology playing a key role in delivering this vision. As a result, a number of Middle East companies both private and the public have made substantial progress on understanding the opportunities, application, and preparations of adopting the blockchain technology within their organization. With this in mind, we are excited to announce the return of the Blockchain Middle East Forum which offers unique networking opportunities for attendees to connect with industry leaders and innovators who are looking to explore the distributed ledger technology.
What you can expect from the Blockchain Middle East Forum • Blockchain revolution: Learn how Blockchain is reshaping the Middle Eastern business market and how your business can stay ahead of the game • Building a Blockchain culture: Recognize how to build ecosystems of open innovation within your organization to reduce conflict and uncertainty • Learning from across the globe: Learn from international experts from the Netherlands and Ireland and discover how they are successfully adopting Blockchain within their organizations • The value of Blockchain: Understand the importance of assessing the economic viability of Blockchain solutions alongside your current business process to increase overall ROI • Creating the right path for your business: Assess Blockchain technologies and identify the least disruptive Blockchain adoption path that will support business growth and expansion of your business network • Shaping tomorrow: Discuss how the Middle Eastern market will respond to the introduction of Blockchain and learn what the future holds “The delegates attending were the right ones and we are following up on commercial discussions - a valuable opportunity.” Partner and Global Head of Operational Consulting, Analysis Mason “The whole event was very well attended and organized; there was a right balance between presentations and interactive sessions.” Director, Davis Langdon The Blockchain Middle East Forum offers you the perfect platform to showcase your solution to your target market and meet and network with senior-level decision makers who are leading the way in the industry. The Blockchain Middle East Forum specializes in providing business development, marketing, and sales solutions that are tailored to specifically deliver on your business objectives. We pay patient attention to what our exhibition and sponsorship customers want, expect, need and value. Every sponsor wants to create customers, develop qualified sales leads, convert leads into sales and retain customers.
Proof of Work and Proof of Stake In 2009, BitCoin as the first decentralized currency was implemented in practice by Satoshi Nakamoto that combined primitives to manage ownership of BitCoins through Public key cryptography with hashing algorithms is order to keep a track or blockchain of who owns coins, known as "proof of work." Proof of work solved two main problems which are provided simple algorithm that allows network nodes to vote or verify some updates of the bitcoin ledger and allowed a free entry to this process to solve the problem of who gets to influence the consensus with preventing attacks. Proof of work succeed in that by substituting a formal barrier to participation, such as each single node power in the verifying process is depending on the computing power that the node brings. After that, problem of huge power and electricity fees began to appear in order to continue working with the proof of work which led to a new alternative approach called proof of stake that is calculating the weight of a node according to its currency staking or holding only which means more power and electricity saving. The discussion showing the benefits of the two approaches proof of work and proof of stake and both approaches can be used for any cryptocurrency. Each Transaction is being placed using a wallet (web wallet, Windows wallet, APPLE Wallet, Mobile Wallet) as a block in the blockchain in order to be verified or voted among the nodes in the network, that is the Miners work in the Proof of Work and Stakers work in the Proof of stake. Transactions can be processed in less time according to many people who are interested in mining and staking and allowing themselves to become a verifying node in the network to gain some profit which makes the network alive as long as there are active nodes in the network. Anyone can check the blockchain and the number of blocks processed through the blockexplorer but for security reasons, no one can know the exact owner or receiver of any transactions which provides privacy and anonymity for network users.
BitCoin and Crypto Concepts Introduction to BitCoin and Crypto Currencies Concepts The Decentralized Digital Currency Concept has been under study for decades where there might be no authority in the middle of transactions. BitCoin as the first cryptocurrency succeed to provide anonymous transactions without exposing the identity of the sender or receiver which led to a real practical way to provide security to users and anonymity control across the Globe. Crypto Currencies came to life after huge efforts through continuous researches History of CryptoCurrencies The anonymous 1980s and 1990s electronic cash protocols were mostly dependable on a crypt-graphic primitive called Chaumian Blinding that provided new currencies with privacy control, however, their underlying protocols failed to gain attraction because they were depending on a Centralized Authority. In 1998, Wei Dai's b-money succeed to become the first proposal to introduce an innovation idea depending on creating money through solving computational puzzles and Decentralized, however that proposal did not show actually how a decentralized environment can be implemented. In 2005, Hal Finney introduced a new concept of "reusable proofs of work" which is a whole system uses combined ideas from b-money and Adam Back's computationally Hashcash puzzles in order to create a new concept for CryptoCurrency, however it failed shortly because it relied on trusted computing mechanism as a backend. In 2009, BitCoin as the first decentralized currency was implemented in practice by Satoshi Nakamoto that combined primitives to manage ownership of BitCoins through public key cryptography with a hashing algorithm in order to keep a track or blockchain of who owns coins, known as "proof of work."
Proof of Stake Proof of Work POW and Proof of Stake POS Each system has its own pros and cons, each cryptocurrency's owners choose whether to use POW or POS or even Hybrid POW/POS that uses proof of work in the beginning of the coins until specific number of coins is mined then the system will be converted automatically to proof of stake where miners are becoming stakers that stake or hold coins in their wallets in order to vote or verify on transactions. Wixlar A Future Technology in Crypto Currencies Transactions, Portable Wallets and Decentralized Applications After twelve years of experience in business trades with global companies and seven years of cryptocurrency research, Wixlar Group Co. LTD decided to launch Wixlar Coins as a decentralized cryptocurrency Hybrid POW/POS with an enhanced secured hashing algorithm to become one of the easiest ways to make safe transactions with small businesses or big businesses or even for using Wixlar Coins to buy or sell any products or services online and offline (https://wixlar.com
). 2 Wixlar Services Wixlar Group offers some of the latest advanced technological services through a Global Decentralized Network based on the BlockChain Technology to the Public, Individuals and Companies (https://wixlar.com/services
) such as Wallets, Master Card, Exchanges, Smart Contract, Letter of Credit, Cloud Storage, E-Shop, Academy, Rewards, Partnerships, Lottery and Free-Lancing. 2.1 Wixlar Wallets Wixlar Coins are securely stored in your personal wallet on your computer, tablet, phone or laptop (Windows, Linux, Mac, Android, and Paper Wallet). You can Download your wallet and immediately start sending and receiving payments with a click of a button (https://wixlar.com/wallets
). 2.2 Wixlar MasterCard Wixlar offers a Global MasterCard to Wixlar Coin Holders to easily convert your Wixlar Coins into Dollars or Euros. This way you can withdraw Dollars or Euros from any ATM anywhere in the world or even purchase goods as a normal MasterCard (https://wixlar.com/mastercard
2.3 Global Exchanges Wixlar Coins can be exchanged into any other currency like $, €, £, ¥ etc, and into any other cryptocurrency like BTC, ETH, BCC, LTC etc, through different legal exchanges (https://WixlarCoin.com/exchanges
). 2.4 Wixlar Smart Contract Through Wixlar Wallets, our users are able to create their own tokens, assets or shares through Wixlar Smart Contracts in order to take their business to the next level through Wixlar Block-chain Technology (https://wixlar.com/smart-contract
). 2.5 Innovative Letter of Credit In Wixlar Letter of Credit, the Seller accepts to receive Wixlar Coins after shipping the goods to the Buyer. The Buyer approves to send the exact amount of goods in Wixlar Coins to our Wixlar Commercial Department that holds that balance and send a notification to the seller to ship the goods. Once the goods are received or shipped according to the mutual agreement between the buyer and the seller, Wixlar Commercial Department will release the Wixlar Coins to the Seller (https://WixlarCoin.com/letter-of-credit
). 2.6 Decentralized Cloud Storage The advantage of Wixlar Cloud Storage is that it splits apart, encrypts and distributes your files across a decentralized network through the BlockChain Technology. The Decentralization eliminates any failure or theft of your files, unlike traditional cloud storage providers. You hold your personal private key in order to get access and control your files. Wixlar Decentralized Cloud secures your sensitive data through a fuzzy logic hashing algorithm that makes it much more secure (https://wixlar.com/cloud-storage
). 2.7 Wixlar E-shop Wixlar Group is excited to announce the manufacturing of its own products such as Wixlar Phone, Wixlar Tablet, Wixlar Smart Watch, Wixlar Laptop and much more. Customers are able to purchase the latest technology products through the Wixlar E-Shop with the best prices and highest quality. By purchasing any product from the Wixlar E-shop, you are having an immediate integration of your Digital Currency Wallet in your product (https://wixlar.com/e-shop
2.8 Wixlar Academy Wixlar Academy takes the next step of our users’ and partners’ success through researches. Imagine yourself getting educated about smart technology and being certified! Wixlar Academy opens the door for everyone to reveal the open-source of the knowledge in the most recent niche topics through global authors sharing all information in the same place with references and proves about each topic. There are some incentives for the global authors according to the amount of the interactions between them and the readers of their topics. Wixlar Academy is your open-source for education with references, beside some of the exciting announcements for the Wixlar Events and Partners (https://WixlarCoin.com/academy
). 2.9 Wixlar Partners Wixlar Group is excited to co-operate with partners internationally. Merchants and sellers globally accept Wixlar Coins as a payment method on their website (https://WixlarCoin.com/partners
). 2.10 Wixlar Lottery A new concept for a better life! Imagine using your Wixlar Coins to get a lottery ticket on your dream Car, Yacht or Villa and winners are picked up through a fuzzy logic faith system that guarantees highest quality processing and fastest lottery entry through Wixlar Coins (https://WixlarCoin.com/lottery
). 2.11 Wixlar Free-Lancing Wixlar Free Lancing Platform is a global online marketplace used by freelancers to offer tasks and services to customers worldwide. Everyone can become a freelancer on Wixlar Free Lancing Platform and getting paid in Wixlar Coins (https://WixlarCoin.com/free-lancing
). 2.12 Wixlar Rewards Looking for a way to get Wixlar Coins for Free through some easy tasks and assignments, Wixlar Rewards are here for you (https://WixlarCoin.com/rewards
2.12.1 Marketers and Authors Rewards Marketers and Authors that achieve certain targets will be rewarded with Wixlar Coins; Stake Holders with a certain amount of Wixlar Coins can be eligible for one of the top rewards such as Wixlar Smart Phone, Wixlar Smart Tablet, and Wixlar Smart Watch. 2.12.1 Stake Holders Rewards Some investors like to put their money in a trusted place to get an annual interest. Wixlar Group made it easy! Any user can stake any amount of coins available in his/her wallet for a duration in order to get a 10% extra Wixlar coins annually. In that case, Wixlar Coins became a great saving to investors among the variable price of the coins according to the supply and demand, plus the annual interest (staking rate). Wixlar is the only Digital Currency offering more than 12 Services to the public, individuals, and companies. Wixlar TV: Wixlar TV Channel broadcasting live 24/7 with the latest news in business and technology. Wixlar is the only Digital Currency offering more than 12 Services to the public, individuals and companies and Wixlar TV Channel broadcasting live 24/7 with the latest news in business and technology. Streaming Life internationally at https://WixlarCoin.com/wixlartv
If you watch our website https://WixlarCoin.comand
especially on the Videos Section https://wixlar.com/videos/
and the Academy Section https://wixlar.com/academy/
then you will realize that we have been actively sponsoring and participating in major global events since August 2017 as well as already existing physical offices that invited and accommodated businessmen and companies from different parts of the world that will be partnering with Wixlar. As far as the team, you can watch the professionalism of the introduction video and the high standard of individuals, financial advisors, lawyers, accountants, developers and merchants that are a part of Wixlar Group.
Plus I was lucky enough to meet and extensively correspond with both Wei Dai and Nick Szabo, generally acknowledged to have created ideas that would be realized with Bitcoin. I had made an attempt ... In Bitcoin the units are measured in satoshis. A Satoshi is one hundred millionth of a Bitcoin (0.00000001) and is the smallest unit in Bitcoin. Likewise, Ether (ETH), the currency of the Ethereum network can also be broken into many denominations. Wei – Wei is the smallest (base) unit of Ether. Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold. Before disappearing from any involvement in bitcoin, Nakamoto in a sense handed over the reins to developer Gavin Andresen, who then became the bitcoin lead developer at the Bitcoin Foundation, the 'anarchic' bitcoin community's closest thing to an official ... Bitcoin is the first successful implementation of distributed cryptocurrency, partially described in 1998, by Wei Dai on the cypherpunks mailing list. Based on the idea that money is any object or any kind of record accepted as a payment for goods and services and repaying debts in a particular country or socio-economic context, Bitcoin is developed based on the idea of using cryptography to ... On 18 August 2008, the domain name "bitcoin.org" was registered. In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mail...
The Bitcoin Standard: https ... Großes Update bei MakerDAO bzw. DAI - Vault, BAT und SAI - Duration: 14:52. CryptoMonday 1,403 views. 14:52. How to Calculate Your Crypto Taxes - CryptoTrader .Tax ... 💙 Tips on How to Make Money. You Do Not Know Da Wei. 🤑 My Favourite Exchange: https://goo.gl/xvvjrt 🤗 2nd Favourite: https://goo.gl/aC6Z7d 💰 Buy Bitcoin with... Money as a Democratic Medium The Color of Money: Banking and Racial Inequality (with Slides) - Duration: 1:15:33. Harvard Law School 10,247 views willkommen zur Bitcoin-Informant Show Nr. 787. Heute sprechen wir über folgende Themen: Hauptfaktoren für den Monero Aufschwung, Bitcoin Suisse bietet Kunden jetzt Dash Staking auch ohne ... Second journal depuis mon confinement. Pour cette 119ème édition, nous couvrirons les récents halvings des forks de Bitcoin Core ainsi que les dernières crypto-nouvelles autour du coronavirus ...