This marks the start of a new series of posts that will focus on blockchain technology. I will explore cryptocurrencies such as Bitcoin, Ethereum, and a lot of other aspects like proof-of-work, proof-of-stake, and decentralized finance just to name a few. I will compare concepts, applications and processes in the crypto world to their close counterparts in the non-crypto world. I believe this approach will help with grasping the concepts better as readers can draw parallels with what they are already familiar with. Where possible, I will also go into the internal details of the technical implementation - for those really curious audience.
Necessity is the mother of invention
For each topic I pick, I will first identify the problem it aims to solve so that you can really appreciate the solutions. The crypto hype in 2017 was pre-mature. Since then blockchain has come a long way! A lot of novel ideas were proposed and implemented to truly bring blockchain for mass adoption one day. To give you a sense of the sheer size, at the time of this writing, we have: (see reference)
- 5115 cryptocurrencies - you will soon learn why so many
- $389,470,336,056 market Cap - combined value of all cryptocurrencies
- $61,496,965,839 daily volume - value of transactions per day
Obviously not everything is novel and sometimes it can be hard to explain the prevailing sentiment. For instance, Dogecoin was created purely as a meme coin in 2013 and now it has about $330,000,000 Market cap - that’s how much crypto community values memes, but I digress. I will try to keep clear of any speculations - although it’s hard when the idea and vision of a tech is too good. In the best case scenario, Blockchain could be bigger than the Internet revolution and in a conservative scenario, at least disrupt the financial system. As you follow the series, I think you will agree with me. If not, that’s fine and you will nevertheless be wiser with all these novel ideas. If you are not sold on the idea yet, here are some headline news:
- PayPal allows Bitcoin and crypto spending
- Square just bought $50 million in bitcoin
- European Central Bank exploring digital Euro - to be clear, it’s not a crypto currency but they are exploring a possibility for the underlying technical infrastructure to be decentralized like a blockchain.
All posts in this series will end in the format CS - X.Y. This is to create a logical ordering of concepts for someone who wants start from the beginning. The target audience is anyone who wants to learn about blockchain technology and its applications.
I hope you enjoy reading and learning from this series as much as I enjoy writing it.
See you again on this channel soon!