In 2008, Satoshi Nakamoto released a white paper explaining a breakthrough technology "The Blockchain". The Blockchain tech would fundamentally change the way we share digital data on the internet. Mr. Nakamoto remained online to clarify the apparent doubts in the community of coders, for a couple of months, before going anonymous.
Today we don't know who is Satoshi Nakamoto, but his technology will lead us a long way ahead.
The Blockchain is basically the next generation of internet also termed Web 3.0 . The internet lets you exchange information on the web, whereas the Blockchain allows you to exchange value over it.
Think of it as when you have a Rs 100 note. You are possessing a certain value. Now you give that note to your friend. With this action you have transferred that certain value to your friend and you no longer possess that value. The transfer occurred here is complete and permanent.
This same phenomena is not possible for digital data on the internet. Since whenever you transfer any data on the internet, a copy of it remains with you. We cannot transfer something as completely as Rs 100 note for example, on the internet. Therefore we just share information on the internet. And thus internet is called an " information exchange protocol ".
Here comes the need of a new technology in the picture. The Blockchain that is. On the blockchain platform we can transfer digital data with its value, completely on the web. Such unique transfer of value can be done on blockchain. Thus, Blockchain technology is a " value exchange protocol ".
P.S-
Web 1.0 - The early phase of internet between 1990-2001, when the web was static in nature. One could read information on the web pages and so there was one way sharing of data.
Web 2.0 - After about 2002 when social media took birth. Users could now participate on the web and comment on it. Thus two way exchange of data became possible.
Web 3.0 - Introduced in 2008-9 with the introduction of Blockchain Technology and Bitcoins. But got grounds in 2011-12 when Bitcoin usage got a boom in the tech geeks community. With Bitcoin
Users could transfer value on the web. Thus value exchange became possible on the web.
Today we don't know who is Satoshi Nakamoto, but his technology will lead us a long way ahead.
The Blockchain is basically the next generation of internet also termed Web 3.0 . The internet lets you exchange information on the web, whereas the Blockchain allows you to exchange value over it.
Think of it as when you have a Rs 100 note. You are possessing a certain value. Now you give that note to your friend. With this action you have transferred that certain value to your friend and you no longer possess that value. The transfer occurred here is complete and permanent.
This same phenomena is not possible for digital data on the internet. Since whenever you transfer any data on the internet, a copy of it remains with you. We cannot transfer something as completely as Rs 100 note for example, on the internet. Therefore we just share information on the internet. And thus internet is called an " information exchange protocol ".
Here comes the need of a new technology in the picture. The Blockchain that is. On the blockchain platform we can transfer digital data with its value, completely on the web. Such unique transfer of value can be done on blockchain. Thus, Blockchain technology is a " value exchange protocol ".
P.S-
Web 1.0 - The early phase of internet between 1990-2001, when the web was static in nature. One could read information on the web pages and so there was one way sharing of data.
Web 2.0 - After about 2002 when social media took birth. Users could now participate on the web and comment on it. Thus two way exchange of data became possible.
Web 3.0 - Introduced in 2008-9 with the introduction of Blockchain Technology and Bitcoins. But got grounds in 2011-12 when Bitcoin usage got a boom in the tech geeks community. With Bitcoin
Users could transfer value on the web. Thus value exchange became possible on the web.
good info.. keep posting...
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