The Science of Blockchain
- Ip Kin Ching
- 2018年5月11日
- 讀畢需時 1 分鐘
The Science of Blockchain was written by by daughter when she was 11 years old.
Abstract
The Science of Blockchain
In 2008, blockchain was conceptualised and since then, this technology brought the world a new idea of not only currency, but a new age of technology .
The first blockchain was conceptualised by an anonymous person known as Satoshi Nakamoto and was implemented in 2009 as a core component of Bitcoin, where the technology serves as the public ledger for all transactions. The invention of Bitcoin made it as the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The design of Bitcoin has been the inspiration for other applications such as smart contracts and data exchange among Internet of things.
Bitcoin blockchain took advantage of several breakthroughs in cryptography. In 1991, the first work on a cryptographically secured chain of blocks was described by Stuart Haber and W. Scott Stornetta. In 1992, they incorporated Merkle Trees to the design, which improved its efficiency by allowing several documents to be collected into one block.
From January 2016 to January 2017, the Bitcoin blockchain file grew from 50GB to 100GB in size. And the hashrate reached 12,000 Th/s (terahash per second) which made it the most heavy loaded application on Internet.
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For full document please visit the google doc website
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