[Blockchain Knowledge] Blockchain Growth Quintet

Birth of blockchain

On October 31, 2008, the founder of BTC, Satoshi Nakamoto published the “BTC White Paper”, proposing “an electronic cash system that is completely realized through peer-to-peer technology, which enables online payment to be initiated directly by one party and paid to another one party without any financial institutions as third party, that is, the so-called decentralized payment system; he also described the technology that constitutes blockchain, such as 'hash function, distributed ledger, blockchain, asymmetric encryption, proof of workload', etc.

On January 3, 2009, the founding block of BTC was dug up. On January 12, 2009, the first transfer transaction took place in the 170th block, which opened its booming era as a peer-to-peer value exchange network. With a fixed production of 21 million, the BTC system is seen as an experiment to solve inflation. In the first few years, BTC was in the stage of a technical experiment involving a very small number of people. The relevant commercial activities have not really begun, so did the application of blockchain technology.

Germination of blockchain

From 2009 to 2013, BTC mining and trading gradually becoming scale in global, and blockchain technology based on BTC transactions was also receiving attention from global financial giants.

On February 6, 2010, BTC's first trading platform appeared. In July of the same year, Mt.Gox was established, which marked the official inflow of BTC into the market. The value of BTC was gradually taken seriously, and prices also rose. According to network statistics, since 2011, the price of BTC on March 31 of each year is 0.70 US dollars, 4.9 US dollars, 93 US dollars, 243 US dollars, 417 US dollars, 1020 US dollars, 7003 US dollars.

But in 2010, the mining and research on BTC focused on a small number of geeks, as did the study of blockchain.

In 2011, the application of blockchain in digital currency increased. In 2013, the popular digital currency included BTC, LTC, etc., which had the same implementation principle in technology, and this improved BTC.

☺ ☺ I write and translate articles about cryptocurrency, including trading strategy in python. I work for a quant platform in China: fmz.com. I share my strategy on it. it's a professional platform for traders to write, backtest and run their strategy.

Blockchain popularity FMZ

At the beginning of 2013, the Cyprus government in the financial crisis closed banks and stock markets, pushing the price of BTC to soar. In August of the same year, the German government confirmed the status of BTC as a currency. In November, the US Senate hearing also confirmed the legitimacy of BTC.

Although the blockchain has not yet reached the mainstream social economy, the overly optimistic expectations have led to a surge in BTC prices. On November 19th, the BTC reached a new high of $1,242, and people began to know BTC and blockchain.

At the same time, in 2013, the concept of Ethereum was proposed, and began to develop in 2014 through ICO. Ethereum is an open source public blockchain platform with smart contract capabilities that handles peer-to-peer contracts with its dedicated encryption Ether to provide decentralized virtual machines.

Ethereum solved the problem of insufficient BTC expansion. The development of the blockchain has also entered the 2.0 period, introducing concepts such as smart contracts, which allows the blockchain to be extended from the original currency system to the registration, transfer of equity, claims and property rights, trading and execution of securities and financial contracts, and even financial fields such as gambling and anti-counterfeiting, opening up new areas of blockchain world applications.

Of course, in 2014, with the intervention of the Chinese banking system, a series of events such as the collapse of Mt.Gox led to the continuous decline of BTC prices, triggering the first wave of bear market; but the development of the blockchain has received attention from all circles.

☺ ☺ I write and translate articles about cryptocurrency, including trading strategy in python. I work for a quant platform in China: fmz.com. I share my strategy on it. it's a professional platform for traders to write, backtest and run their strategy.

Blockchain boom FMZ

In 2015, BTC transactions entered a real bull market, and various domestic financial institutions participated in blockchain technology research.

In August 2015, the retail giants Overstock launched blockchain trading platform at NASDAQ events, and proposed the concept of “transaction- is-settlement” – real-time settlement, which clearly and concisely points out the highlights of the blockchain system;

In September of the same year, the R3 Alliance was established. Goldman Sachs Bank, Bank of America, Citibank and other dozens of international banks and financial institutions joined and its members are all over the world. In October, Nasdaq officially announced their blockchain products. - Nasdaq Linq, also the first product launched by an established financial services company and shows how assets transaction can be digitally managed through the blockchain platform.

At this stage, with Britain withdrawing from the EU and the abolition of banknotes in India and other events, global financial turmoil has increased, the BTC with hedging function has begun to recover and its market demand has increased. BTC prices have soared from the highest of $400 in early 2016 to $20,000 in the end of 2017. BTC's wealth-enhancing effect has led to the explosion of other virtual tokens and various blockchain applications. Various blockchain assets have been madly sought after by the world, and BTC and blockchain have completely entered the global perspective.

With development of the blockchain, China has responded to the needs of globalization, followed the international pace, and actively promoted research, standardization and industrialization relate to the domestic blockchain; Financial authorities such as China Central Bank, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission Financial authorities and local governments have begun to push the blockchain technology to the ground. FMZ

According to statistics, as of the end of May 2018, the number of companies operating with blockchain business in China was nearly 500, and the industry has initially formed scale.

☺ ☺ I write and translate articles about cryptocurrency, including trading strategy in python. I work for a quant platform in China: fmz.com. I share my strategy on it. it's a professional platform for traders to write, backtest and run their strategy.

Blockchain 3.0 era

Now everyone is talking about blockchain 3.0, which is the future of blockchain. Because blockchain will allow humans to make large-scale collaboration without geographical restrictions in a trustful way; therefore, it can be expected that blockchain technology as a general-purpose technology will accelerate the penetration of digital tokens into other fields, and integrate innovations from all walks of life to build a programmable credit society.
☺ ☺ I write and translate articles about cryptocurrency, including trading strategy in python. I work for a quant platform in China: fmz.com. I share my strategy on it. it's a professional platform for traders to write, backtest and run their strategy.