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On October 31, 2008, a certain Satoshi Nakamoto published a scientific essay. Satoshi who? A courageous student maybe? It was 100th attempt to solve a problem that plagued all virtual currencies by n. How to prevent digital money from being spent twice, can all data be copied arbitrarily? In world of real currencies, banks or clearing houses watch that all bookings are correct. Nakamoto now claimed to have a solution that does not have central testing sites and is also tamper-proof.
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Nakamoto soon provided a self-written software and invited programmers to try and develop m. On January 3, 2009 at 18.15 am, he started system. Its name: Bitcoin. Nakamoto guessed himself not what hype he would trigger with it. “The money of Future”, ” end of banks” – digital and financial experts beat ir enthusiasm.
But Nakamoto had already been dipped. He handed over his software to a team of developers and n introduced his communication with m. Wher Nakamoto is a man, a woman, a group, nobody knows it until today. But even his e-mail address at Gmx.com would have had to make doubts as to wher re really was a Japanese programmer at work, as he claimed.
It is clear, however, that Nakamoto has created something extraordinary. This does not mean digital currency Bitcoin itself. which has experienced speculative bubbles, like or currencies, meanwhile, value of a Bitcoin rose to 20,000 dollars. No, Nakamoto added oretical considerations, some of which have been circulating since 1980s, to a new kind of database that is distributed to many thousands of computers and protected by cryptographic procedures against tampering. Perhaps greatest upheaval since invention of double-book accounting. Your name: Blockchain, in English: Chain of blocks. The bitcoin was only first application.
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What exactly is Blockchain, example of bitcoin? It is story of all Bitcoins that have ever been created or transferred. Instead of a central digital cash register, this story is recorded in so-called blocks. They provide proof that someone has gotten enough Bitcoins at a time to be able to spend it.
This text comes from time Knowledge magazine 3/18. You can purchase current booklet at kiosk or here.
In blocks, up to a thousand transfers are combined and concatenated with older blocks thanks to mamatical finesse. This concatenation is done through a series of test numbers called hashes. If someone subsequently modifies only one bit in an older wire transfer, it would distort ir hash and thus all hashes following chain. The manipulation would be immediately detected by many or computers in system.
The node computers collect all new transfers at intervals in order to tie m to a bundle, i.e. a new block. The node computers have to do two tasks: On one end, check each transaction for its correctness, i.e. check in older blocks if someone has really gotten enough Bitcoins to transfer m to someone else now. The correct transactions are n all provided with a hash, i.e. a number of numbers.
The second task of node calculator is n to compute from total hash of collected transactions, timestamp of block and number of last already existing block, a separate hash for new block. To do this, node calculator must find a mamatical puzzle using a number named “Nonce”.
