Cryptocurrency: An Overview of Its History
An idea can change lives, and a prime example of this is Bitcoin—the first cryptocurrency—and its underlying technology, blockchain.
Bitcoin was engineered by an anonymous crypto architect called Satoshi Nakamoto in 2009. The idea behind Bitcoin was simple and revolutionary: to allow monetary transactions without any middlemen.
Because Bitcoin removed the need for middlemen, its database was decentralized. Contrary to early skepticism, Bitcoin’s decentralized, public ledger proved to be more secure than a centralized record.
To hack a centralized database, hackers need to win access to one server, which, while difficult, is still very possible. On the other hand, a decentralized database can be compromised only if all the connected computers are hacked at the same time. With hundreds of thousands of computers connected in the blockchain network, the chances of this happening, as you can guess, are very remote.
Greater security and ease of completing monetary transactions were the main reasons Bitcoin and its underlying blockchain technology became an instant hit.
Ethereum Ushered in the Era of Blockchain 2.0
For the next few years after its launch, Bitcoin ruled the cryptocurrency space. And then Ethereum made an entry and took the world of cryptocurrency by storm.
Launched in 2015, Ethereum showed there’s much more to cryptocurrency than transference of digital money without a middleman. As programming language was built into its chain, developers were able to create contracts that can execute automatically.
However, Ethereum’s contribution is not just limited to the widening the scope of cryptocurrency. It also showed that it’s possible for startups to create their own cryptocurrency and raise staggering amounts of funds quickly.
Thanks to the unprecedented success of Ethereum, many new cryptocurrencies were launched in the next few years. That said, not all new cryptocurrencies were successful. As a matter of fact, many sank without a murmur. But, more importantly, the cryptocurrencies that were successful left an indelible mark on the world. One such cryptocurrency is Trion, whose market cap today is over $1.5 billion.
If you want to learn more about Trion and other successful cryptocurrencies, check out this infographic, which provides you with the backstories of and other interesting facts about the 25 most successful cryptocurrencies to date.