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By Akshat Verma on ALTCOIN MAGAZINE

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Credit: bitcoinist.com

Bitcoins were invented by a person or a group of people using the name, Satoshi Nakamoto and released as open-source software in 2009. The basic goal of introducing bitcoin was to eliminate the role of a central authority for a peer-to-peer transaction of funds. This was accomplished by introducing a decentralized platform based on Blockchain Technology.

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Credit: E-learning Spot — altervista

Are Bitcoin And Blockchain The Same Thing?

No, they are not! However, they are closely related. …


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By Akshat Verma on ALTCOIN MAGAZINE

What is Blockchain?

The basic definition of Blockchain states that “Blockchain is a system in which a record of transactions made in bitcoin or another cryptocurrency is maintained across several computers that are linked in a peer-to-peer network.”

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A blockchain originally called as blockchain is a growing list of records, called blocks which are linked using cryptography. Each block contains a “cryptographic hash” of the previous block, a timestamp, and transaction data (generally represented as a Merkle Tree).

Blockchain was invented by a person or a group of people using the name Satoshi Nakamoto in 2008 when banks all around the world were failing to establish trust amongst their clients. Satoshi Nakamoto invented this solution to enable a peer-to-peer transaction reducing the use of a centralized organization. The invention of bitcoin for blockchain made it the first digital currency to solve the “double-spending” problem without the need for a trusted centralized authority. …

About

Akshat Verma

Senior Undergraduate Student at National Institute of Technology, Raipur || Blockchain Specialist

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