Notes

History
The first use of the words "blockchain" and "Bitcoin" was in a 2004 paper by Vlad Zamfir. "The Bitcoin experiment is the first application of a blockchain in a real setting. " was written by the paper's co-authors in a September 2014 blog post.

Monetary policy

The blockchain is the basis of a peer-to-peer version of electronic cash known as Bitcoin and is a mechanism to create a distributed electronic ledger of all currency transactions. With Bitcoin, the ledger is public and accessed by anyone with the relevant software. Because every transaction in the Bitcoin blockchain, including those paid to miners, is registered publicly, the Bitcoin system has no central repository of transactions. Each transaction is registered in such a way that the sender, recipient, amounts, and any intermediary banks or other third parties are all publicly viewable, although the identity of the senders and recipients are not.

The previous mechanism for creating an electronic ledger, a publicly maintained bank repository, was decentralized and susceptible to various kinds of attacks, but was designed to be controlled by large financial institutions. The Bitcoin protocol controls the generation of the ledger and is distributed to small nodes that are owned by ordinary citizens. The nodes use cryptographic hashing techniques to record transactions into a shared public database.

The blockchain use cases do not depend on the concept of a real currency. As one of the coins used for the Internet of things is the “Internet token” — it is a digital representation of the shared ledger of coins that make up the entire Bitcoin network.

The World Bank has published a report on Blockchain technology in conjunction with its FinTech Innovation Lab.

Economics

According to Duncan Austin of the University of Cambridge, writing in 2014: "whether or not [Bitcoin] succeeds, it already represents the most important new technology for financial markets since the invention of the internet itself." and in December 2017: "The total value of all the bitcoin in the world is USD 18.9 billion, and is around USD 12.7 billion worth in terms of US dollars, USD $.

"For all of Bitcoin's growth and media attention, most economists don't think it will succeed, since it requires nothing more than what we already do and what we already know. https://volhovstroyka.ru/ You and I already have public ledgers. You can already use electronic money in most of the same ways that Bitcoin does. You can already use a ledger to solve a series of distributed problems. "
Here's my website: https://volhovstroyka.ru/