Sat. Feb 23rd, 2019

What is Blockchain Technology.

By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet.

To understand better let’s divide into two components.

1- Bitcoin Token : a snippet of code that represents ownership of a digital concept

2- Bitcoin Protocol : a distributed network that maintains a ledger of balances of bitcoin.

 

“Both components referred as Bitcoin”

The system enables payments to be sent between users without passing through a central authorized authority, such as a bank or payment gateway. It is implemented  electronically. Bitcoins aren’t printed, like dollars or euros – they’re produced by computers all around the world, using free software.It is virtual currency and can be used without any boundation.

The smallest unit of a bitcoin is called a satoshi. It is one hundred millionth of a bitcoin (0.00000001)

Who created it?

A pseudonymous software developer going by the name of Satoshi Nakamoto proposed bitcoin in 2008, as an electronic payment system based on mathematical proof. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way.

Who is Satoshi Nakamoto?

Satoshi Nakamoto was the inventor of the bitcoin protocol,

Satoshi Nakamoto is the name used by the unknown person or people who developed and invent bitcoin protocol, authored the bitcoin white paper, and created and deployed bitcoin’s original reference implementation.Satoshi Nakamoto published a paper via the Cryptography Mailing List in November 2008. As part of the implementation, they also devised the first blockchain database.

He then released the first version of the bitcoin software client in 2009, and participated with others on the project via mailing lists, until he finally began to fade from the community toward the end of 2010.

Nakamoto worked with people on the open-source team, but took care never to reveal anything personal about himself, and the last anyone heard from him was in the spring of 2011, when he said that he had “moved on to other things”.

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