History Of cryptocurrency

By | January 5, 2022

History Of cryptocurrency

In 1983, American cryptographer David Chaum conceived an anonymous cryptographic electronic money called Icash. Later, in 1995, it was implemented by DigiCash, an early form of cryptographic electronic payment, which required user software to withdraw notes from a bank and assign a unique encrypted key before it could be sent to the recipient. This means that the issuing digital currency cannot be traced by the bank, government or any third party.

In 1996, the National Security Agency published a paper entitled How to Make a Mint: The Cryptography of Anonymous Electronic Cash, which described the cryptocurrency system, first on the MIT mailing list and later in the 1997 US Law Review (Vol. 46). issue 4).

In 1998, Wei Dai published a description of “B-Money”, which was described as an anonymous, distributed electronic cash system. Shortly after, Nick Sabo described Beat Gold.Like bitcoin and the other cryptocurrencies that would follow it, BitGold (later gold-based exchange, not to be confused with BitGold) was described as an electronic currency system that required users to perform tasks with cryptographic solutions. proof was required to be provided. and has been published.

In 2009, the first decentralized cryptocurrency, bitcoin, was probably created by developer Satoshi Nakamoto. He used SHA-256, a cryptographic hash function, in his proof-of-work scheme. In April 2011, Namecoin was created as an attempt to create a decentralized DNS, which would make Internet censorship more difficult.Soon, in October 2011, Litecoin was released. He used the script as his hash function instead of SHA-256. Other notable cryptocurrencies use PeerCoin, a proof-of-work/proof-of-stack hybrid.

 

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