Almost 13 years ago on Oct. 31, 2008, Satoshi Nakamoto published Bitcoin’s (BTC) white paper. As a “purely peer-to-peer version of electronic cash,” the first cryptocurrency was deployed with a consensus mechanism called “proof-of-work” that allows networks to agree on which transactions are valid in order to verify them without the involvement of a third party. Three years later, a new approach dubbed “proof-of-stake” was proposed to address the inefficiencies of the PoW consensus mechanism and lower the amount of computational resources required to run a blockchain network.
During those 13 years of existence, we’ve already seen the rise and fall of initial coin offerings in 2017, which became “an alternative means of acquiring funding for business projects using the new, evolving digital financial market for tokens”; the significant growth of the decentralized finance, or DeFi, sector in 2020, which is changing the old financial systems and paving the way for a brand-new type of finance; the tremendous popularity of nonfungible tokens, or NFTs, which have taken the cryptocurrency sector by storm in 2021; and the ongoing development of central bank digital currencies, or CBDCs, all over the world.
Blockchain technology, which is at the core of this technological revolution, has become one of the most discussed topics not only within the financial sector but also far beyond it. Blockchains are being deployed in enterprise use cases, charity and philanthropy, responses to the global environmental crisis, healthcare and longevity, government services, and so on.
Continue reading: https://cointelegraph.com/explained/which-blockchain-is-the-most-decentralized-experts-answer
During those 13 years of existence, we’ve already seen the rise and fall of initial coin offerings in 2017, which became “an alternative means of acquiring funding for business projects using the new, evolving digital financial market for tokens”; the significant growth of the decentralized finance, or DeFi, sector in 2020, which is changing the old financial systems and paving the way for a brand-new type of finance; the tremendous popularity of nonfungible tokens, or NFTs, which have taken the cryptocurrency sector by storm in 2021; and the ongoing development of central bank digital currencies, or CBDCs, all over the world.
Blockchain technology, which is at the core of this technological revolution, has become one of the most discussed topics not only within the financial sector but also far beyond it. Blockchains are being deployed in enterprise use cases, charity and philanthropy, responses to the global environmental crisis, healthcare and longevity, government services, and so on.
Continue reading: https://cointelegraph.com/explained/which-blockchain-is-the-most-decentralized-experts-answer
