Bitcoin: What Is Blockchain?
Blockchain is the process of making immutable data. To make immutable data there must not be a single central point of failure on the network that could potentially bring it down. This is why the process of making BLOCKCHAIN is a never-ending process of two things:
- Continued dilution of authority, control & influence stemming from its point of creation, &…
- Continued growth/extension of the Blockchain Technology with data from a continued variety of sources, which makes it increasingly more valuable to more people.
The point of creation is the centralised starting point, which itself is the point of authority, control & influence. It’s this point that must be diluted over time through a process of continued distribution and in turn continued competition between those who sustain & secure the network for its economic rewards. This means the probability of the network ever failing reduces further as time goes on, which also makes the network & the data on it increasingly secure.
The continued growth/extension of the blockchain technology is made up of an ever-increasing amount of data. The more people who use the chain to store their data on, the more valuable & precious it becomes to more people who then have an incentive to see it maintained and secured. This is the economic model/principle that underpins its security.
Only a blockchain that uses Proof Of Work consensus algorithm can create a competitive & therefore de-centralised & neutral network. However, just because a network uses POW to create its coin’s doesn’t necessarily mean the network is neutral because the mining might be centrailsed. For example, in the case of Cardano (ADA) only Input Output Hong Kong (IOHK) can mine its token, which means it is a centralised system and not worth anything at all because it has a central point of failure & therefore not immutable.
This is why Satoshi Nakamoto created Bitcoin as a commodity by releasing the white paper on 31st October 2008 and providing everyone who saw it with a chance to start it. Satoshi Nakamoto then started brought the network into existence 2 months & 4 days later on 3rd January 2009. Because “Satoshi Nakamoto” was a Japanese pseudonym and yet the white paper was released to the western world in English the starting point of the network was divided into two parts 1) The Paper itself & 2) The author/creator. This then allowed the network to grow without any central point of authority, control or influence over a period of 10yrs+, which is where the value in Bitcoin lies.
It’s because the network is neutral that Bitcoin is neutral & Bitcoin economically sustains the blockchain, which is why you cannot have one without the other.
Development & usage will always be drawn toward the most neutral & therefore most secure network, which means the value lies in its neutrality.
The only neutral Blockchain protocol is the protocol that Satoshi Nakamoto designed & described in his White Paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”. This protocol named Bitcoin Satoshi Vision is known as Bitcoinˢᵛ & has the ticker symbol (BSV).
To understand why the Satoshi Nakamoto’s Bitcoin protocol is known as Bitcoinˢᵛ & has the ticker symbol BSV read my Medium article titled: “Bitcoin: A Tail of Blockchain BTC/BCH/BSV” linked here — https://medium.com/@sirtoshitv/bitcoin-a-tail-of-blockchains-x3-eebb136457c7
Satoshi Nakamoto had a vision. That vision was Bitcoin. Bitcoin is Satoshi’s Vision. Bitcoin is BSV.
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