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Bitcoin: The first blockchain app

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Early in January 2009, Nakamoto launched the Bitcoin network into action, using blockchain (a concept that had been around since the early 1990s, though this was the first time it had been correctly implemented), and created the first block in the blockchain, known as the genesis block.

This block contained 50 Bitcoin, as well as the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” as a justification and explanation as to why a system like Bitcoin was so important. Nakamoto continued coding updates into the protocol, running a node, and potentially mined around a million Bitcoin, a number that would make him one of the richest people in the world by the end of 2017 (at least “on paper”).

By the end of 2010, Satoshi Nakamoto published his last forum post and officially signed off from the project, but by this time many other cryptocurrency enthusiasts had joined in, began mining, supporting open source code development, and the rest is history.

Cryptocurrency Mining For Dummies

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