The introduction of Bitcoin to the world sparked a revolution of finance and economics. Bitcoin set money’s value free from government constraint. Now the value could be determined solely by the market. Instead of depending on centralized third parties for every financial transaction, people could inexpensively exchange value around the world and in a completely decentralized manner.
Bitcoin ushered in the age of truly digital cash .
Eric Sammons of the Saragossa Group gives an in-depth analysis of the original nature of digital currencies, the creation of Darkcoin , its evolution into Dash and the goals of its developers.
Sammons says: “By creating an open-source money, Satoshi Nakamoto , the inventor of Bitcoin, unlocked vast vistas for others to explore. Over the years many developers have taken up the challenge and built upon the foundation that is Bitcoin to solve many real-world problems. One such person is Evan Duffield .” The importance of anonymity
With a background in both software development and finance, Duffield was captivated by Bitcoin from its earliest days. He was particularly intrigued by the idea of digital cash: a technology which could replicate the features of physical cash but without the drawbacks inherent to conventional currency.
Duffield says: “I started tinkering with Bitcoin in 2011, really early in its development. I decided I wanted to dive into cryptographic currency and like all things, and the best way for me to learn something new is to either sink or swim.” As he studied Bitcoin more deeply, however, he discovered a weakness in its design: a lack of true anonymity . According to Sammons, some might argue anonymity is only essential for those who wish to engage in illegal activities. But this is not the case. Anonymity is necessary for cash for two reasons.
Firstly, it gives each transaction privacy , […]
