Since 2008, when the term bitcoin was coined by Satoshi Nakamoto as a novel electronic and completely peer-to-peer cash system free of trusted third party, the interest in the bitcoin and blockchain technology has increased.
Recognizing it as a revolutionizing technology across the industries, especially in banking and finance, in terms of transactions and their privacy and security, researchers are not leaving any stone unturned to come up with exotic protocols with each passing day and each is the newer, advancer and better protocol than the previous. In continuation to the blockchain series on TheBlockchainAcademy.com, I have included 6 major blockchain protocols, so as to embrace the technology and increase awareness among investors and end users of blockchain.
The starting of the bitcoin dates back to November 2008, when a thesis had been posted by Nakamoto on a US mailing list where the cryptographers share or exchange information. The thesis titled “Bitcoin: A peer-to-peer electronic cash system”, presented the following characteristics of this protocol:
- Enables transaction directly with no need of any trusted third party
- Enables the non-reversible transactions
- Decreases credit cost in minor casual transactions
- Decreases transaction fees
- Prevents double-spending