Ethereum was conceptualized and proposed by a programmer named Vitalik Buterin in 2013, and it was formally released in 2014. Vitalik Buterin outlined the concept of Ethereum in a blog post in 2013, and subsequently worked with other co-founders to develop the project. He was active in the Bitcoin community and criticized the technical limitations and scalability issues of Bitcoin, which inspired him to develop Ethereum as a new blockchain platform.
Vitalik Buterin is a Russian-Canadian programmer born in 1994, and he has been an early supporter and advocate of Bitcoin and blockchain technology. After launching Ethereum in 2014, he became one of the key figures in the blockchain industry and has continued to be involved in and promote the development of the Ethereum project. The creation of Ethereum enabled the implementation of smart contracts and decentralized applications (DApps), opening up new possibilities for the development and application of blockchain technology
Satoshi Nakamoto is the pseudonymous creator of Bitcoin, but their true identity remains a mystery to this day. Nakamoto published a paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" in 2008, introducing the concept and design principles of Bitcoin, and launched the Bitcoin network in 2009. They were involved in the early development and promotion of the Bitcoin network but disappeared from public view around the end of 2010 and has not been heard from since.
The true identity of Nakamoto has been a topic of much speculation and conjecture. Some believe Nakamoto may be an individual, while others speculate that Nakamoto could be a group of people. However, despite numerous guesses and hypotheses about Nakamoto's identity, there is still no concrete evidence revealing who they really are.
Regardless of Nakamoto's true identity, their contributions and creations brought Bitcoin into the world and propelled the development of cryptocurrencies and blockchain technology. The mystery surrounding their identity has also become a fascinating legend in the history of Bitcoin.
Here's a detailed explanation of the Bitcoin mining reward halving in English:
Initial Mining Reward:
When the Bitcoin network was launched in 2009, the initial mining reward in the genesis block was set at 50 bitcoins. This meant that whenever a miner successfully mined a new block and added it to the blockchain, they were rewarded with 50 newly created bitcoins.
Mining Reward Halving:
According to the Bitcoin protocol, approximately every 210,000 blocks (roughly every 4 years), the mining reward is halved. This means that miners receive only half of the previous block reward in each new halving cycle.
The first mining reward halving event occurred in 2012, reducing the mining reward from 50 bitcoins to 25 bitcoins. Subsequent halving events occurred in 2016 and 2020, reducing the mining reward to 12.5 bitcoins and then 6.25 bitcoins, respectively.
Impact on Supply:
The mining reward halving events lead to a gradual reduction in the supply of new bitcoins. Over time, the number of new bitcoins generated per block halves, resulting in a gradual decrease in the supply of new bitcoins.
This gradual and predictable decrease in supply is a key feature of Bitcoin's monetary policy, contributing to its scarcity and helping to maintain its value.
Market Impact:
Mining reward halving events are often closely watched by the market and are often associated with increases and fluctuations in the price of Bitcoin. This is because the mining reward halving directly affects the supply and inflation rate of Bitcoin, which can impact market demand and price.
Overall, the mining reward halving is an important event in the Bitcoin network that affects the supply and inflation rate of Bitcoin, as well as market sentiment and investor confidence. It is considered a significant factor in the Bitcoin ecosystem
Voting and Governance: Blockchain provides a secure, transparent, and tamper-resistant platform for voting and governance. Blockchain-based voting systems prevent election fraud and manipulation, enhancing democratic transparency and participation.
Overall, blockchain technology innovates in financial services, supply chain management, smart contracts, digital identity verification, intellectual property protection, voting, and governance, transforming operational processes and business models in these fields.
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