Wednesday, September 6, 2023

The History of Blockchain Technology

https://preview.redd.it/bd2hw4nswrmb1.jpg?width=1600&format=pjpg&auto=webp&s=e4db27cb3568bb0e1e11f1ec4e8951f0bddc5070

Blockchain has the potential to explore and grow to be a bedrock of the all-embracing and record-keeping systems. This concept was introduced way back 10 years ago and was initiated by a group of unknown people behind the cryptocurrency Bitcoin. The technology was named under the pseudonym of Satoshi Nakamoto. Let us get a glimpse at all sorts of terms and concepts related to blockchain technology.

Blockchain Technology

Blockchain technology is a process of storing and transferring information of every transaction in a distributed ledger which is quite chronological, secure, and immutable. Initially, a cryptographer named David Chaum in his 1982 dissertation proposed a blockchain-like protocol framing the concept through "Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups."

Further, in 1991 a team of research scientists Stuart Haber and W. Scott Stornetta described Blockchain technology within a system for time-stamping digital documents that cannot be easily tampered with. The team incorporated cryptography for linking the blocks of data to turn it into a fluent chain. Later in 1992, the experts enhanced this structural system by using Merkle trees to enable multiple documents to be collected into one block. Hence, this was a great improvement in the history.

You are aware of the most famous and widely used application of blockchain technology- Bitcoin. This is a digital currency that was announced by an anonymous person/group under the name Satoshi Nakamoto. This cryptocurrency uses a peer-to-peer network for tackling and performing a publicly distributed ledger of transactions removing the necessity of a trusted authority or central server.

Bitcoin’s Role

Bitcoin as a cryptocurrency properly gave a solution to the problem of double-spending, which occurs when a user tries to use the same token/coin more than once. Bitcoin also released the concept of proof-of-work defined as a mode to validate high-end transactions and meanwhile create new blocks. Theoretically, this process happens by solving a mathematical puzzle which needs a lot of computational power.

A Glimpse History of Blockchain

1991

Stuart Haber and W. Scott Stornetta traced a cryptographically secured chain of different blocks for the first time. These scientists and experts practised some computational practical Solutions in order to apply the time-stamping using digital documents to avoid any modulation or misplacement in the database. So, they announced a system using cryptography to store the time-stamped documents in a Chain of Blocks.

1992

Later in 1992, Stuart Haber and W. Scott Stornetta used a system - Merkle Trees to form a legal corporation and introduce some variant set of features. Hence, Blockchain Technology came in handy which helped to keep several documents collection within one block. The concept of Merkle used a Secured Chain of Blocks to keep numerous data records in a sequence. However, this new tech went into vain and strict hiding after the release of the Patent in 2004.

1998

Further in 1998, Nick Szabo- a computer scientist and expert worked on a ‘bit gold’- a decentralised digital currency to bring some closure and evolution of new concepts.

2000

Later, Stefan Konst published his theory pursued based on cryptographic secured chains indulging his own ideas for implementation.

2004

In the year 2004, Hal Finney- a cryptographic activist established a system for digital cash in the name of “Reusable Proof of Work”. This era was signed as the game-changer in the history of Blockchain as well as Cryptography. This exclusive system pushed many experts and motivated everyone to solve the Double Spending Problem by securing the ownership of tokens eventually registered on a trusted server.

2008

Later, the developers effortlessly working under the pseudonym Satoshi Nakamoto introduced a white paper establishing the perfect model for a blockchain. They conceptualized the core focused concept of “Distributed Blockchain” in this released white paper naming it as” A Peer-to-Peer Electronic Cash System.” The model of Merkle Tree was modified and revolutionized to prepare a system which needs to be more secure displaying a safe history of data exchange. This new system works on a peer-to-peer network of time stamping which since then has become so useful that Blockchain is now the backbone of Cryptography.

2009

Nakamoto enforced the first blockchain as the public ledger for transactions with the primary use of Bitcoin. Since then, you will notice the steady evolution of Blockchain becoming more promising and now a need in major used domains.

2014

In 2014, blockchain technology got separated from currency stating its own use cases while its potential is explored in diverse financial, and interorganisational transactions. Blockchain 2.0 was born which defined the working of applications beyond currency. Meanwhile, the Ethereum blockchain system released some computer programs into the blocks highlighting financial instruments like bonds which is now known as smart contracts.

2016

Two years later, the concept of Blockchain is used as a single word rather than implementing it as two different concepts mentioned in the original paper of Nakamoto. In the same era, a bug in the Ethereum DAO code was drawn to light as a hard fork of the Ethereum Network. On the next level, the Bitfinex bitcoin exchange was attacked resulting in the loss of almost 120,000 bitcoins. This year was indeed a disaster for investors closely connected to this event.

2017

Japan accepted Bitcoin as a legal currency. Meanwhile, Block. One company released the EOS blockchain operating system to back up commercial decentralized applications.

2018

Bitcoin turned 10 in the year 2018 which followed the eventual drop in the bitcoin value continuously hitting the rock bottom of value worth $3,800 at the end of 2018. Some online platforms including Google, Twitter, and Facebook started restricting and banning the advertising of cryptocurrencies.

2019

In this era, Ethereum network transactions crossed a bar of 1 million in a single day. Meanwhile, Amazon released a statement on the general availability of the Amazon Managed Blockchain service right accessible on AWS.

2020

Stablecoins came in demand and trend promising more reliability and stability which is not seen in traditional cryptocurrencies. Later on the scale, the second highest cryptocurrency Ethereum launched Beacon Chain while preparing documentation of Ethereum 2.0.

2022

Ethereum got renewed from the Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS). Whereas, the original Ethereum mainnet was affiliated with Beacon Chain which already had hands-on Proof-of-Stake. Hence, now you can view it as one chain while the energy consumption of Ethereum has minimized by ~99.95%.

Role of Blockchain Technology

Since history tells it all blockchain technology has already inspired and brought on board countless applications and innovations which includes Ethereum as a major contribution. This platform along with the follower ABCN blockchain is used to create improvised smart contracts and limitless decentralized applications. On the other hand, Litecoin is noted as a faster and cheaper version of the initial cryptocurrency Bitcoin.

Meanwhile, a subordinate project named Hyperledger initiated a system to develop some enterprise-grade blockchain solutions. Since the era and bandwagon new wave of new concepts and applications, blockchain technology is widely used for various purposes and use cases including supply chain management, voting systems, digital identity, healthcare records, entertainment and many more. In logical terms, you can define a blockchain posing the below-mentioned layers:

· Infrastructure (hardware)

· Networking (node discovery, information propagation and data verification)

· Consensus (proof of work and proof of stake)

· Data (blocks and transactions)

· Application (smart contracts/decentralized applications)

Final Words

Blockchain technology since history is still evolving and exploring many more challenges while acquiring countless opportunities ahead. Some naming challenges are scalability, security, privacy, reliability, interoperability, regulation, and adoption alike. Whereas, some naming opportunities are transparency, efficiency, innovation, trust, and social impact alike. Blockchain technology still holds the potential to metamorphose many industries/domains in the future.


Interesting Crypto events in SEPTEMBER

It's September already, holy smokes, this year has flown by! What interesting events has transpired during September over the years? Turns out, a lot.

September 2010: BitcoinMarket.com Launches

  • In September 2010, BitcoinMarket.com became one of the first platforms to allow users to trade Bitcoin for fiat currency (USD).

September 2013: The Silk Road Shutdown

  • On September 30, 2013, the FBI successfully shut down the Silk Road marketplace, which primarily used Bitcoin for its transactions.

September 2017: China Bans ICOs

  • China's decision to ban Initial Coin Offerings (ICOs) in September 2017 causing a temporary drop in the prices of various cryptocurrencies.

September 2018: Ethereum's Constantinople Upgrade

  • Ethereum underwent a major upgrade called Constantinople in September 2018. This update aimed to enhance scalability and improve the overall efficiency of the Ethereum network.

September 2019: Bakkt Launches Bitcoin Futures

  • Bakkt, a subsidiary of the Intercontinental Exchange (ICE), launched its Bitcoin futures trading platform in September 2019.

September 2020: DeFi's Explosive Growth

  • In September 2020, the DeFi space experienced uuuuuuuuge growth, with the total value locked in DeFi protocols surging to billions of dollars.

September 2021: El Salvador Adopts Bitcoin as Legal Tender

  • Just last year, in September 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender.

September 2022: Ethereum's Transition to Proof of Stake

  • September 2022 marked a significant milestone for Ethereum as it started its transition from Proof of Work (PoW) to Proof of Stake (PoS) with the launch of the Beacon Chain.

Did I miss anything? Please let me know and I'll add them to the list.


The Honey Badger Becoming The Unofficial Bitcoin Mascot

To begin with, here's how a Honey Badger looks like.

Honey Badger in South Africa

Honey Badger's Profile

The honey badger is a small, fierce mammal that is known for its fearless and aggressive nature. It's not afraid to take on much larger animals, such as lions and crocodiles and even eats snakes. In general, this animal doesn't give 2 $#&%!

So..., this fearless attitude made the honey badger a popular symbol for bitcoin, which is also a new and disruptive technology that is not afraid to challenge the status quo. In addition, the honey badger is also known for its intelligence and adaptability which are also shared by Bitcoin - a decentralized currency that is not controlled by any government or financial institution and was designed to be censorship-resistant and to protect the privacy of its users.

What then?

It all began with a video that went viral in 2011 due to its hilarious commentary, showing a footage of a Honey Badger doing it's thang (original video was taken from NatGeo Special).

Nasty Honey Badger

A year later, Roger Ver, who was the owner of a computer store Memorydealers and one of the early adopters of Bitcoin, began to accept Bitcoin as payment. This was advertised via a billboard that shows an image of a honey badger as well as the word "Bitcoin".

Honey Badger and Bitcoin Billboard in 2012 (Roger Ver's Twitter account)

Subsequently, the honey badger became a very prominent symbol in the cryptocurrency world which can be seen in the prevalence of the animal in various Bitcoin-related memes, names and events and even embraced by the Bitcoin community.

Sources

Honey Badger. (2023). In Wikipedia. Link

Reiff. (2023). Who Is Roger Ver, aka "Bitcoin Jesus"? Link

Mcmillan. (2013). How Bitcoin Became the Honey Badger of Money. Link


Top Projects Listed on Bitlink: A Review

Hello, fellow crypto enthusiasts! I'm sure you are always on the lookout for the best projects to invest in and trade. Well, today I want to share with you my experience with Bitlink, the secure and efficient cryptocurrency exchange that offers a variety of trading options and features. Bitlink is not just another exchange, it's a platform that connects you with the hottest projects in the crypto space. Here are some of the top projects listed on Bitlink that I think you should check out:

- **Bitcoin (BTC)**: The king of crypto, the original and most popular cryptocurrency in the world. Bitcoin is the first decentralized digital currency that operates without a central authority or intermediary. It is powered by a peer-to-peer network of nodes that validate transactions and secure the network. Bitcoin is widely accepted as a form of payment and a store of value, and has a limited supply of 21 million coins. Bitlink allows you to trade Bitcoin with low fees and high liquidity, as well as access advanced tools such as margin trading, futures contracts, and options. You can also earn interest on your Bitcoin holdings by lending them on Bitlink's lending platform.

- **Ethereum (ETH)**: The second-largest cryptocurrency by market cap, Ethereum is more than just a currency. It is a platform that enables developers to create decentralized applications (dApps) that run on smart contracts, which are self-executing agreements that enforce the rules and terms of a transaction. Ethereum also supports the creation of tokens that represent various assets and utilities, such as ERC-20 and ERC-721. Bitlink supports trading Ethereum and its tokens, as well as providing access to decentralized exchanges (DEXs) and decentralized finance (DeFi) protocols that run on Ethereum. You can also stake your Ethereum on Bitlink's staking platform and earn rewards for securing the network.

- **Cardano (ADA)**: The third-largest cryptocurrency by market cap, Cardano is a blockchain platform that aims to deliver more advanced features than any protocol previously developed. Cardano is designed to be scalable, interoperable, and sustainable, using a unique two-layer architecture that separates the settlement layer from the computation layer. Cardano also employs a novel proof-of-stake (PoS) consensus mechanism called Ouroboros, which is proven to be secure and energy-efficient. Bitlink supports trading Cardano and its native token ADA, as well as enabling users to participate in Cardano's governance system by voting on proposals and delegating their stake to pools.

- **Polkadot (DOT)**: The fourth-largest cryptocurrency by market cap, Polkadot is a network that connects multiple blockchains into one unified system. Polkadot enables cross-chain communication and interoperability, allowing different blockchains to exchange data and value with each other. Polkadot also supports the creation of custom blockchains called parachains, which can have their own features and functionalities. Polkadot uses a hybrid consensus model that combines proof-of-stake (PoS) with nominated proof-of-stake (NPoS), where validators secure the network and nominators select validators to stake with. Bitlink supports trading Polkadot and its native token DOT, as well as allowing users to join Polkadot's ecosystem by creating or joining parachains.

- **Solana (SOL)**: The fifth-largest cryptocurrency by market cap, Solana is a high-performance blockchain that claims to be the fastest in the world. Solana can process over 50,000 transactions per second (TPS) with sub-second finality, thanks to its innovative consensus algorithm called Proof-of-History (PoH), which creates a historical record of events on the network that can be verified by anyone. Solana also supports smart contracts and decentralized applications (dApps) that can run on its scalable and low-cost platform. Bitlink supports trading Solana and its native token SOL, as well as providing access to Solana's growing ecosystem of projects and partners.

These are just some of the top projects listed on Bitlink that I think are worth exploring. Of course, there are many more projects that you can discover and trade on Bitlink, such as Binance Coin (BNB), Chainlink (LINK), Uniswap (UNI), Dogecoin (DOGE), and more. Bitlink is not only an exchange, but also a gateway to the crypto world. You can download the app now or visit their website for more information. Join Bitlink today and be part of the crypto revolution! #Bitlink


ICYMI Last Week → Spot bitcoin ETF delays | PEPE accused of rug pull | ChatGPT Enterprise

You're reading WeGro Coin's weekly news roundup, providing you with industry news to keep you in the know, eye-catching stories, and chart insights. 

This week, The SEC delayed spot bitcoin ETF decisions, Friend.tech fizzled fast, PEPE was accused of a rug pull, and OpenAI launched ChatGPT Enterprise.

These stories, chart insights, and more below! 

Let's dive in! πŸ‘‡

SEC Delays Spot Bitcoin ETF Decision for All Applicants - The U.S. Securities and Exchange Commission (SEC) has delayed until October making a decision on all of the spot bitcoin exchange-traded fund (ETF) applications filed by applicants earlier this year, according to agency filings on Thursday.

Friend.tech Fizzles Fast as Activity and Fees Tank - Less than three weeks after its launch, the decentralized social network Friend.tech has already been declared “dead” by critics following a recent drop in key metrics such as activity, inflows and volume.

Other stories that caught our πŸ‘€

Pepecoin, once an extremely profitable memecoin, has plunged by more than 80% four (4) months after its record high. Now, there are accusations of a rug pull.

OpenAI accounted the launch of ChatGPT Enterprise on Aug. 28. This new offering provides enterprise-grade security and privacy, and unlimited higher-speed GPT-4 access.

X, formerly known as Twitter, has edged closer to its goal of integrating cryptocurrencies into its services by securing a currency transmitter license in Rhode Island.

China is reportedly aiming to extend its social credit systems influence into the metaverse and other online virtual realms, raising concerns about privacy and control.

This Week in the Charts

🧐 Is September going to be a red month for BTC this year? This is a question everyone may be thinking based on BTC's cycle. 

πŸ‘€ We have seen a nice pump on BTC recently but unfortunately, we are seeing it back down to the $25k area.
→ With this play, we'll still be watching to see if BTC will make it to the downside target out of the wedge we have been following of around $21,000 while having Fibonacci swing low to swing high targets between $19k and $21,600. Doesn't mean we will hit this, but going back to the weekly charts and BTC's last cycle between August and September there is a chance of at least heading into September in the downside. 

⚠️ Even if this happens we should pull back on the weekly charts and look at its cycle leading into the halving year.
πŸ”œ There is a possibility, looking back, that this September could be our last big dip before heading into higher highs and higher lows leading into the halving year.

🚨 It's important to  remember that anything could happen, similar to the last COVID event that could extend this downside. 

✨ I choose to have excitement based on its cycle that no matter what happens in September or leading into the halving year we all know the halving is moving closer and closer with each passing month. πŸš€

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