A decade back in time we were at the birth of the modern crypto market.
The 31.10.2008 was the day when the probably most modern Phantom Satoshi Nakamoto with his abstract – Bitcoin: A Peer-to-Peer Electronic Cash System – came along.
The following fully quoted clothing of the Bitcoin Whitepaper by Satoshi Nakamoto – the foundation stone for today’s crypto market, which contains thousands of projects.
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they’ll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone
In the meantime, the Bitcoin phenomenon has already hit the mainstream at least once. Even though the big hype of the last year has directly turned into a bear market and the attention of the media and mainstream users has again waned, the Bitcoin has become a phenomenon of superlatives. An “electronic money system” that has created an entire market out of the ground. At the same time, this market is fuelling ideas, visions and ideas that more than do justice to the marketing concept of disruption.
Who has grown up with ten?
Ten years after the creation of Bitcoin, I am still of the opinion that the systems are not yet designed for mass adoption. Apart from pure financial services, which still do not meet the demands of real transfer volumes, other projects in the new market are still in their infancy.
However, the development of the last ten years is nevertheless – and this is beyond question – gigantic and impressive. The blockchain technology, which owes its fame to Bitcoin, is now a trend term used by many projects and companies. Thanks to this technology, some can engage in true disruption and redefine how systems work in our modern information society.
Already today many possibilities of the disruptive effect can be clearly recognized. Projects such as Steem, EOS, Ethereum, Neo and many others bring with them potentials that set new standards in terms of the Internet and user empowerment.
And it must not be forgotten that everything is still in its infancy here. The really big steps will only follow in the future if they follow. I am very optimistic about this question, but there are just as many critical views that I hope can be overcome. The best thing is for the new market to convince us of the advantages it can offer the users.
A documentary entitled Cryptopia – Bitcoin, Blockchain and the Future of the Internet – which is expected to be exciting, will soon shed more light on this topic.
[Click] You can read more about the documentary Cryptopia and the Kickstarter campaign here. [Click]
An interesting side note:
Despite falling share prices, Bitcoin is sometimes also a topic for well-known names. You can find tweets from personalities like Elon Mask or Twitter CEO Jack Dorsey that refer to the digital currency:
Otherwise, I’d like to close this belated contribution to the tenth anniversary with an open question about the coming years.
Where do you see the crypto market and various projects in the next ten years? Where are we on 31.10.2028?