In the beginning of the year 2000, cryptocurrency wasn’t known yet in the world. Computer technology started to advance because of the demand for it, because since crypto started, the demand for intelligent hardware started to rise big time. Crypto mining became a reality for many home computer users, thereby the efficiency of the hardware systems needed to become improved in order to become more productive for crypto. Nowadays, the world news is spreaded with crypto developments and luckily the blockchain network is secured by an algorithm that is impossible to crack. But where did crypto come from, what makes it so popular and what could threaten the blockchain in the future?
How did crypto evolve?
The first blockchain technology named Bitcoin was proposed by Satoshi Nakamoto’s white paper in the year of 2008. The decentralized digital electronic currency enables online payments without recourse to any intermediary. Currently, there are thousands of second generation cryptocurrencies called altcoins including Shiba Inu (Dutch: Shiba inu kopen), Solana, Cardano, Ripple etc. Mining is the process by which new mineable tokens of crypto enter the network. The miners are participants that perform cryptographic operations that add new transactions to a ledger. Since the beginning of crypto, the competition on the mining netwerk was very low and for people that wanted to mine it was very easy to do using simple hardware like a home laptop. With time passing, the competition of mining started to grow, which led towards the demand for more advanced hardware, which offered miners a competitive advantage over other miners that are part of the network. This competition has resulted in a worldwide network of miners that use very powerful hardware in order to mine efficiently.
The blockchain ownership
Bitcoin is based upon a blockchain which in theory is a ledger that registers who owns what that is protected by the algorithm to prevent others from stealing your possession. Every crypto, for example a Shiba Inu trade (Dutch: Shiba inu koers) is assigned a unique cryptographic key. This key is vulnerable for a finite time, that varies from a few minutes to a few hours to a day. If crypto can become cracked, the key will be revealed during the transactions that are performed, with that the ownership of a crypto can become changed.
The Bitcoin security
The crypto network ‘s security is empowered by a well developed cryptographic algorithm. Scientists are estimating that quantum computers with enough power would be able to crack a Bitcoin ‘s encryption. It would require a computer with several million qubits and enough time to crack the system to finish the task. The question that rises is that the elliptic Curve Cryptography is resistant to the quantum computer. Which means that if the crypto algorithm is strong enough to protect each private key from the public key. It seems likely that once society and bigger corporations will develop qbit cpus with upgrades, the crypto will become quantum resistant and it will survive the technological development of the computer hardware in the future. Or sha256 will become seriously changed to become more resistant against hackers or Bitcoin itself will do so. Once more banks or governments will get involved, the amount of money that can become invested into crypto will solve the problem of security. Don’t forget that once sha256 will become compromised, it will bring chaos everywhere worldwide, because the entire web will become compromised by establishing that.