Quote from: Zilon on February 16, 2022, 01:12:29 PM

In the present econometric society where compromised and unreliable database has stirred up doubts and trust issues amongst citizens in a centralized society came a technology that actually proved integrity can be maintained using a distributed ledger that runs on a decentralized network doing this through a proof of work algorithm to achieve a global consensus which has been a major challenge in all manipulative and controlled centralized database in any distributed computing.

Bitcoin birth has triggered lots of inquisitiveness to the mystery behind the technology even though cryptography existed as far back as 1990s, this early cryptographic discoveries didn't see any significant progress because it was tied down to a centralized value (basically gold and fiat) after its creation this gave room to different manipulations and compromise making sure the poor never had access to play part in the big game so the can always keep the masses in check.

what has bitcoin got to do with this:
Satoshi has cleared the doubt that transparent, well trusted and reliable database can be generated in a decentralized network where no central third party serve as an intermediary how? it is simple by solving the Byzantine General's problem which is a process where a collective network of individuals or central authority tries to effect a change, follow a course of action or make a general agreement on the state of a system on a highly compromised and unreliable network.

[/b] How was satoshi able to solve this?[/b]
Satoshi was able to solve this big economic issue by introducing a decentralized public ledger that relies on a proof of work algorithm to establish any valid consensus. Which means nothing on the network is hidden and no process can be undone since tampering with a single data on the blockchain will affect every other entry down to the genesis block rendering the whole database void and all this approach don't need a central authority to decide which data comes first rather than a consensus of the nodes on the network even satoshi himself doesn't have autonomy over the network what a selfless service

Why should this be your concern
A new technology is launched and is creping into our financial institution gradually it might not necessarily replace the fiat currency but one this i am excited about is that on the long run it will spring up innovations to improve on the centralization issues and still give more edge to bitcoin adoption either as a technology, a currency , an asset or a network which ever way Bitcoin will get more adoption. cheers!!

interesting subject ... will have to follow up more about this subject

Richardtolson1

Posts

Merits