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- Kevin Kelly focused his words saying that Bitcoin not invented or created out of thin air
- Blockchain is the outward technological innovation that falls under computing and software whose advances are always in development.
- Adam Becker introduced proof of work in 1997, and sometime later, Halfini more extensively extended this technology to a reusable proof of work in 2004.
Kevin Kelly, who is known for his key role as a founding executive editor of Wired magazine, recently shared his view on Bitcoin and Blockchain as “Fifth Innovation Revolution.”
According to him, Blockchain is the outward technological innovation that falls under computing and software whose advances are always in development. He also named Blockchain as the innovative technology of this decade.
The three systems based to support the Blockchain technology are already in the mature development mode. The introduction of Cryptocurrency in a centralized medium could have brought a fatal failure if the centralized system or group faced suppression from external sources.
In the year 2000, the introduction of peer-to-peer technology for cryptocurrencies came in and took the position in implementing distributed cryptocurrencies. But couldn’t find a way to resolve double payments (the same money used twice).
Adam Becker introduced proof of work in 1997, and sometime later, Halfini more extensively extended this technology to a reusable proof of work in 2004. Satoshi Nakamoto successfully paved and integrated these three technologies in the Bitcoin Framework.
Kevin Kelly focused his words saying that Bitcoin not invented or created out of thin air; he believes he used the above three technologies and used it as the base framework for the Bitcoin.
The technology Bitcoin uses were already existent previously before Bitcoin was born or before its white paper released in 2008.
Bitcoin is the key user of Blockchain technology, the one technology that has brought much innovation in a decade than the previous technologies has brought any innovative changes in the past fifty years.
Blockchain provides peer to peer transaction support, which cannot be edited or tampered by any external agents. Kevin also stated that the fall or rise of Bitcoin would not disturb or kill the innovation of Blockchain technology in any format.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
