Exactly 10 Years of Satoshi’s Announcement of Bitcoin Release

Article by · January 9, 2019 ·

The Metzdowd cryptography mailing list received an email on the 8th of January 2009 from Satoshi Nakamoto about the initial release of Bitcoin. He had written other e-mails in regard to the subject before. But, the e-mail received on the 8th of January 2009  was the first after he had a working product to show for his hypothesis. The e-mail begins without any salutations:

“Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending.”

Cryptographers find these features highly significant, especially the double-spend challenge. Up till today, the cryptographers are still trying to figure out the problem’s solution, using Satoshi’s Bitcoin as a major research point. The solution of Satoshi includes decentralization and consensus legislation.

Encouraging an Early Blockchain Network

Satoshi request from people to create a node as a means of “helping the network a lot.” He further added that if some coins are required by people, they can easily acquire them considering the “ridiculously easy” hard level that Bitcoins began with. The difficulty of Bitcoin at the time of the press, for the previously mined block (557,643), is 5,618,595,848,853.28. That figure is affected by the number of time miners spent to discover the hash for the subsequent block. Difficulties would have been far lower as at the time Satoshi sent his e-mail. Block 10, that was mined 10 years ago presently, had a difficulty of just 1.

“You can get coins by getting someone to send you some, or turn on Options->Generate Coins to run a node and generate blocks. I made the proof-of-work difficulty ridiculously easy to start with, so for a little while, in the beginning, a typical PC will be able to generate coins in just a few hours. It’ll get a lot harder when competition makes the automatic adjustment drive up the difficulty.”

On today’s market, a basic block reward (before fees affected the mining game) from the earliest days equals more than $200,00. Roughly ten minutes would have been used to mine without using any special hardware. However, most of the Satoshi’s coins are still unspent.

Satoshi cautioned that the network might likely have to “restart.”

“The software is still alpha and experimental. There’s no guarantee the system’s state won’t have to be restarted at some point if it becomes necessary, although I’ve done everything I can to build in extensibility and versioning.”

There had been 16 full point versions of Bitcoin since then. Notably, it still has a clear difference from a “1.0” release and it is still accompanied by a disclaimer as to its developmental nature. Thousands of alternatives and also other blockchain implementations as well as designs were launched following the codebase developed by Satoshi. However, it is still the dominant cryptocurrency which has the highest price, market capitalization, and level of liquidity.

Presently, Satoshi Nakamoto if still living is either proud or frightened of what his creation has changed into. The cryptocurrency market today is valued above $100 billion. This couldn’t have happened without the first version of Bitcoin. For that, the passing of 10 years since its first announcement is noted.

 

 


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