History of cryptocurrencies

In cryptocurrency systems, the security, integrity and balance of your account statements (accounting) are guaranteed through a network of agents (segmented file transfer or multi-source file transfer) that are verified (mistrust) mutually called miners, which are, for the most part, public in general and actively protect the network (the network) by maintaining a high rate of processing algorithms, in order to have the opportunity to receive a small tip, which is distributed in a random manner. Breaking the existing security in a cryptocurrency is mathematically possible, but the cost to achieve it would be unacceptably high. For example, an attacker trying to break the Bitcoin work test system would need a computational power greater than that of the entire network (swarm) of all the miners in the system, and even then, it would only have a probability of success of the system. 50% (number of authentication round), in other words, breaking Bitcoin's security would require a capacity superior to that of technology companies the size of Google. It is expected that quantum computing could become a reality in the future, which would break the balance if developers could not implement the system in time to use quantum-mechanical algorithms, because it is a proprietary technology. The cryptocurrencies make possible the so-called Internet of value, also known by the acronym IoV (from the English Internet of value), also called Internet of money: they are Internet applications that allow the exchange of value in the form of cryptocurrencies. This value can be contracts, intellectual property, shares or any property of something with value. Things of value could already be exchanged before using payment systems like Paypal. However, the difference between paying with something like Paypal and paying with a cryptocurrency is that paying with PayPal requires payment to be made through private networks such as credit cards and banks, while payment using cryptocurrencies does not have intermediaries. It goes directly from the buyer to the seller. In this way, we have a system of universal value transfer, free of intermediation. This system: Reduces the cost of the transaction, since there is no intermediation. Reduce times Although online payments are fast, the settlements between the parties take time and the seller receives the amount days after the payment. With cryptocurrencies, the delay is of the order of minutes. Eliminates the need to use financial agents to make transactions. Also among them, several advanced exchanges stand out that allow us to register, place the information and start making transactions. This greatly benefits users who trade with cryptocurrencies. History. In 1983, the American cryptographer David Chaum conceived an electronic cryptographic monetary system called ecash. Later, in 1995, it implemented DigiCash, which used cryptography to anonymously return money transactions, albeit with a centralized issuance and settlement (payment) .8 This system required software to withdraw money from a bank and designate specific encrypted keys. before they can be sent to a recipient. This allowed the digital currency to not be tracked by the issuing bank, the government or any third party. In 1996, the NSA published an investigation entitled How to Make a Mint: the Cryptography of Anonymous Electronic Cash. This research described a cryptocurrency system, published on an MIT9 mailing list. Later, in 1997 it was published in The American Law Review (Vol. 46, Issue 4). The concept or idea of ​​cryptocurrency was first described by Wei Dai, in 1998, where he proposed the idea of ​​creating a new type of decentralized money that would use cryptography as a means of control, 11 while the first cryptocurrency that was created was Bitcoin, created in 2009 by the pseudonymous developer Satoshi Nakamoto, which uses the set of cryptographic functions SHA-2 (exactly the SHA-256) as its PoW scheme (work proof) . Subsequently, other cryptocurrencies, such as Namecoin (an attempt to decentralize the DNS domain name system, which would make internet censorship very difficult), Litecoin (which uses scrypt as a PoW scheme, as well as, to have faster transaction confirmation) ), Peercoin (which uses a PoW / PoS hybrid scheme [labor test / participation test], also has an inflation rate of around 1%) and Freicoin (which implemented the concept of e Silvio Gesell adding depreciation over time). Many other cryptocurrencies have been created, although not all have been successful, especially those that have not brought any innovation.