On January 8, 2009, Satoshi Nakamoto sent an email to the cryptography community on Metzdowd about the launch of Bitcoin software v0.1 (later renamed Bitcoin Core), creating the network. Grid users of electronic currency decentralized Bitcoin.
This is not the first time he mentioned this topic. But this is the first time that the "father" of Bitcoin has a tangible product to present to people their ideas. No need to say hello, email starts by going straight to the center:
"The announcement of the first release of Bitcoin, a new electronic money system uses peer-to-peer networks to avoid double-spending." It's completely decentralized, there's no server or centralized point. ”
Only that much is enough to attract researchers' attention, especially about double-spending. The reason is that because many people are still studying the problem up to now, many of them took Satoshi's Bitcoin project as their starting point. The solution offered by Satoshi revolves around decentralization and using a "consensus" algorithm.
The first few days of building the Bitcoin network
Satoshi then encouraged people to set up the node because it "will help the network a lot". He also said that if people wanted to try Bitcoin mining, they could easily do so because the difficulty of digging the BTC algorithm at that time was "simply unbelievable".
Indeed, the block number 557,634 dug up on 08/01/2019 with a difficulty up to 5,618,595,848,853.28. Meanwhile, block 10, digging up exactly 10 years ago, only has difficulty of 1.
Bitcoin inventor writes:
"You can get coins by receiving from others, or open Options-> Generate Coins to run nodes and start creating blocks. I made the difficulty of proof-of-work algorithms unbelievably easy for everyone to start, so a normal PC would be able to create coins after only a few hours. Things will become more difficult when competition makes the network's self-regulating mechanism increase the difficulty. ”
The reward for digging Bitcoin blocks in the early days is 50 BTC, worth approximately $ 200,000 in exchange rates today. At that time, to dig a block, it only took about 10 minutes without any special hardware to support it. However, the majority of Satoshi's self-extracting BTC is still intact, not used.
Bitcoin software v0.1: When using it must bear all risks
However, Satoshi still does not forget to warn about the possibility that the network will have to "restart".
“The software is still in the alpha stage and still testing. There is no guarantee that the system will not need to reboot at a certain time, although I have tried my best in being able to expand and install the version. "
Bitcoin software since then has added 16 more versions (latest is 0.17.1). It is still a long way to go to version "1.0" and still comes with a warning that is still being developed. However, the Satoshi builder has become the foundation for thousands of other projects as well as the new Blockchain application and design. BTC is still the electronic currency with the highest price, highest capitalization and highest liquidity.
Today also marked another equally important event, as it was the first time Bitcoin's late developer Hal Finney first learned of the currency and posted a tweet: "Running a Bitcoin test" .
What then, as we all know, has become part of history.
According to CryptoCoinsNews
Come to CJ Group to update information quickly and soonest:
Channel CJ Team: https://t.me/CJGchannel
Website: https://cjgroupvn.com