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Highlights
- Cardano Founder Charles Hoskinson has revealed the many innovation that led to BTC
- Bitcoin's birth marks a combined 50 years of technological development
- The digital cash has now grown to become the 8th largest asset in the world
Charles Hoskinson, the founder of Cardano (ADA), has highlighted the long and gradual evolution that led to the creation of Bitcoin and the broader cryptocurrency industry. Hoskinson traced the 50-year journey showing the series of metamorphoses that led to Bitcoin’s creation.
In a post shared on X, the Cardano founder used a detailed pictorial illustration to show how the idea of the digital asset known as Bitcoin today was born in 1974 by the work of Cerf and Kahn. Two years later, cryptography was established by Diffie and Hellman.
Great ideas aren’t the product of sudden inspiration but rather a gradual connection of decades of concepts and progress. Bitcoin and the broader cryptocurrency industry are the end result of five decades of innovation pic.twitter.com/mNOS1m5KGO
— Charles Hoskinson (@IOHK_Charles) May 28, 2024
Evolutionary Trends That Led to the Birth of Bitcoin
In tracing Bitcoin from its roots, Hoskinson emphasizes one principal idea. According to him, great ideas are rarely born from sudden inspiration but are the result of decades of interconnected concepts and progress.
“Bitcoin and the broader cryptocurrency industry are the end result of five decades of innovation,” Hoskinson remarked.
Over the course of five decades, some notable concepts in the evolution of Bitcoin that emerged include linked time stamping, public keys as identities, byzantine fault tolerance, and digital cash. Others are proof of work, smart contracts, and peer-to-peer networks.
Interestingly, the first four key concepts all occurred in the 80s with digital cash innovation by David Chaum. The digital cash launched in 1983 enabled Blind Signatures for Untraceable Payments. Although other innovations were ongoing, it took nine years for the Proof of Work (PoW) consensus model to evolve in 1992.
This was followed by the Smart Contract in 1997.
Hoskinson Appreciation for Pioneers
Brahm Cohen’s BitTorrent in 2001 ushered in the Peer-to-Peer (P2P) networks. That happened to be a significant milestone in the evolutionary path of Bitcoin’s birth. Other notable occurrences between then and the launch of Bitcoin in 2009 were Julian Assange’s WikiLeaks of 2006 and the Lehman Bankruptcy of 2008.
This journey culminated on January 3, 2009, when Satoshi Nakamoto launched Bitcoin, marking a significant milestone in the history of digital currencies.
Stakeholders say Hoskinson’s evolutionary tree of Bitcoin helps the larger crypto appreciate the hard work of different contributors to the realization of digital assets which is now the eighth largest asset class globally.
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