It’s been more than a decade since the creation of the first cryptocurrency. Projects and technologies have appeared and disappeared. In this series of articles, we would like to talk about the history of crypto development and why certain decisions were made during the MetaHash development.
The concept of cryptocurrencies appeared long before the release of BTC. In 1998, Nick Szabo (computer scientist and cryptographer) designed a mechanism for a decentralized digital currency he called “bit gold”. It was never implemented, but has been called “a direct precursor to the Bitcoin architecture”.
Nowadays, it’s difficult to find a person who hasn’t heard about Bitcoin. But usually, all knowledge about digital assets ends on it :)
The main documents of the first cryptocurrency were published at the end of 2008, but the real turning point occurred on January 3, 2009 — when the genesis block and the first 50 BTC were generated.
Despite a low BTC price, more and more users started mining. But over time, this process became more complicated. The era of PoW blockchains has given rise to many situations, that made life difficult not only for cryptocurrency holders but also for ordinary PC users. Particularly, the use of graphic cards in mining has created a shortage of graphics chips on the market and significantly increased their cost.
It makes a problem for users to come into the projects. Yes, you still can just purchase coins on the exchange. But can’t start mining easily.
PoS algorithm made blockchains more open for people. As the base for the MetaHash project, we choose multi-PoS, so any user, as you know, can start wallet forging just with 100 MHC and delegation with 512 MHC. Low requirements allow newcomers to meet with the cryptocurrency world. So far as we all see the trend to blockchain implementation everywhere, it’s really important to have at least minimum understanding of it.
It’s never too late to study, don’t miss opportunities to improve your knowledge :)
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