History of blockchain technology

The history of blockchain technology started fully with the creation of bitcoin blockchain in 2008 by a hidden identity named Satoshi Nakamoto.

Before bitcoin came into being, there were several attempts to create a decentralized means of payment.

Pre- Satoshi Era

The launch of bitcoin in 2008 is what most people know when asked about the history of blockchain but there were previous attempts before 2008.

The first attempt in creating a blockchain-like protocol was contained in David Chaum’s 1982 dissertation titled, “Computer Systems Established, Maintained and Trusted by Mutually Suspicious Groups”.

In 1983, the American cryptographer, David Chaum developed ecash and he later developed digicash, 12 years later. The cryptography was used to build confidentiality in economic transactions.

There was another attempt in 1991 by Stuart Haber and Scott Stornetta. They wanted to implement a system where documents can be time stamped without the ability to tamper with any time stamped document.

In 1992, Haber, Stornetta and Dave Bayer incorporated the Merkle tree into the design to improve its efficiency.

This allows several documents to be collected into one block.

In 1998, the term cryptocurrency was coined by Wei Dai in an attempt to develop a new decentralized payment method that uses cryptographic systems.

Satoshi Era

All previous attempts on creating decentralized forms of payment were not successful until 2008 when Satoshi Nakamoto created the bitcoin blockchain.

The domain bitcoin.org was registered on the 18th of August, 2008 while on the 31st of October, 2008, a paper was published titled; Bitcoin: A peer to peer electronic cash system.

Bitcoin Blockchain was fully launched in 2009 while its first transaction was recorded on the 12th of January, 2010 when Nakamoto sent 10btc to Cypherpunk Hal Finney, a computer programmer.

Accepting bitcoin as a means of payment started on the 22nd of May, 2010 when Laszlo Hanyecz, a programmer bought two Papa John’s pizzas for 10,000btc. The pizza remains the most expensive pizza.

Blockchain technology led to the development of cryptocurrency which has since then developed into a widely accepted decentralized means of payment featuring more than 10,000 cryptocurrencies while thousands of new projects that are still under developing stage.

About Kumo

Kumo, registered as Kumo Technologies Inc in Delaware, U.S. is a fiat and crypto social payment app which allows users to exchange fiat (NGN) to crypto, save and earn interest in dollar with as low as $5, utility payment such as DSTV subscription, airtime, data among others.

Kumo wallet is your all-in-one social payment app for seamless payment solutions.

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