Notes

History
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2013

July 12

Blockchain, Inc., a Bitcoin processing service based in Boston, was launched as the first company offering merchants a "wallet as a service" (WaaS) solution. The company was founded by Jared Tate and Peter Kirby.

2013-2017

2013
Bitcoin, one of the first cryptocurrencies, was introduced in 2009. It rapidly gained attention as a new and innovative form of electronic cash. Many people began to use the bitcoin blockchain for its trust and permissionless nature and many businesses started accepting it. Bitcoin inspired the creation of other cryptocurrencies, some of which were centralized (like Ethereum) and some were distributed (like Monero). On January 3, 2014, the largest online black market, The Silk Road, announced the use of bitcoin as the primary currency of its network.

The bitcoin blockchain was launched on January 3, 2009 (UTC) as a proof of concept. The system rolled back a week prior to block number one. The system remained decentralized for years after it was launched, as the founding developers had expected that bitcoin would experience a considerable growth in users over time. They had implemented a limit of 1,500 nodes to prevent a single entity or coalition of entities gaining control of the system. The early implementation was intentionally limited to ensure that the Bitcoin network could be used for payment. After the initial implementation, the community in the form of developers and users continued to improve and the system moved away from the initial proof of concept.

2017
The first derivative of the Bitcoin protocol to create a fixed block size and time interval was activated, known as Bitcoin Core 0.16. The delay of blocks to an average of 10 minutes significantly improved transaction throughput. BIP 101, which was introduced in December 2014, delayed the creation of blocks by 2 minutes to 10 minutes by default. Murch proposed a new definition of the term "block" in 2017, calling the required 1 MB block size threshold a "block size restriction" and calling the 6 block interval a "block interval restriction." The former proposed change was implemented as part of Bitcoin Core 0.17 in January 2017. The latter change was implemented in Bitcoin Core 0.16.10 on January 30, 2017. Murch made this proposal in response to a future increase in usage and difficulty of the network. The delay allowed Bitcoin's network to remain responsive to the growth of usage and volatility in transaction volume.

2018

2018-onwards
On August 1st, 2018
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