Pop quiz: When did Bitcoin begin?
“Blind Signatures for Untraceable Payments,” a keystone document that detailed an anonymous transaction system that would directly inspire future digital currency experiments.
Whereas eCash was an electronic currency system implemented in coordination with the legacy banking system, E-gold was operating as a parallel financial system built entirely without the acknowledgment or input of regulatory authorities. During this time, the United States government was wary of the public having access to public key cryptography and the means to encrypt their presence on the internet.
Hashing is the process of turning any piece of data of any size into a random string of characters of predetermined length. The slightest change to the underlying data would result in an entirely different hash, allowing for easy data verification. For example, a SHA-256 hash of the phrase “What is Bitcoin?” produces the following hexadecimal number:
Dai’s first proposal removed the central authority’s singular control of a transactional database and replaced it with a shared ledger system among a network of pseudonymous peers represented as public key addresses. To mint a digital currency, a node would have to solve a computational problem and broadcast the solution to the network in a multiphase auction.
Szabo’s North Star is the vision of creating a free economic society outside the control of corporations and nation-states. In 1994, he proposed smart contracts — essentially, digital contracts executed and enforced via code rather than jurisdictional law — as a fundamental building block of borderless e-commerce.
Szabo proposed a second-layer solution involving a secure, trusted, auditable bank that could track the issuance of Bit Gold over time, continuously packaging the proof-of-work tokens into equal units of value, creating a stable medium of exchange. However, the system would be susceptible to Sybil attacks that could cause a split in the network.
From the early days, Bitcoin was an open-source software project built and maintained by a community of developers and enthusiasts. On Nov. 8, 2008, Bitcoin was registered on the open-source software development platform SourceForge. This was when Bitcoin became a team project. On Nov. 27, 2010, Slush Pool launched. The oldest mining pool in the Bitcoin industry, Slush Pool provided prospective miners a means to pool together computational resources to mine Bitcoin and share in the block rewards proportionate to work done. This allowed individuals lacking in abundant CPU power to collectively participate in the network’s operations and earn Bitcoin in the process.
After the site had become a haven for illegal drug trade and other sorts of criminal commerce, federal law enforcement authorities began investigating its operations, culminating in Ulbricht’s arrest on Oct. 2, 2013. He is now serving multiple life sentences with no possibility of parole. In retrospect, the inventor’s anonymity was core to the success and persistence of the Bitcoin project. With law enforcement agencies cracking down on nefarious uses of cryptocurrencies in the years that followed, it would have been natural that had Satoshi been irrefutably identified, the creator of a borderless, permissionless, privacy-preserving alternative monetary system would have received a sentence not unlike Ulbricht’s.
The fall of the once leading exchange due to a security breach has become a Tacoma Narrows Bridge disaster for the crypto industry, highlighting the systemic risks around the centralized custody of crypto assets. In a sense, it is a cautionary tale for those participating in the crypto economy.
While the NYDFS is currently planning to revisit the BitLicense, the regulatory framework set a precedent for how authorities at the state and federal levels can choose to cultivate or inhibit commercial and technological innovation. In 2020, the NYDFS introduced the conditional BitLicense — a variation of its standard framework for crypto regulation. PayPal began offering crypto assets, including Bitcoin, on its platform the same yearSince its inception, the U.S.
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