There are quite a few people who have put Bitcoin and the Internet on the scale. We almost all agree that both technologies are new and make it difficult for each generation in each period. Today, we will continue to follow Lucas Nuzzi, the director of technology research at New York-based Digital Asset Research, to get a new perspective on Bitcoin and the Internet!
Why say Bitcoin is like the Internet?
Many articles are explaining the similarities between the Early Internet and Bitcoin. The prototype of the Internet appeared about 50 years ago. In the 1960s, the Department of Defense created the Advanced Research Projects Agency Network (ARPANET) project to take advantage of packet switching technology. Packet switching is the primary platform for both data and audio communications around the world. This technology aims to help multiple computers communicate with each other on the same network. Does this idea sound familiar?
Unfortunately, the early days of using the Internet were not very satisfactory. You may remember and find that Websites are incredibly sketchy, ridiculous, the loading time is long … and it has haunted people up till now. Not only were early Internet users confused, but so were the outsiders. They were puzzled by this all-new progress, and they thought it was overly promoted.
And this story is the same as Bitcoin. The early Internet was remarkably similar to the current Bitcoin and Cryptocurrency. First, the Bitcoin Blockchain created 11 years ago is the first, immutable ledger for the whole world. It starts with a 9-page whitepaper. And over time, it began to attract more users and technology, finance enthusiasts.
Bitcoin is an entire monetary system
As AZCoin News once mentioned, CEO Binance, Changpeng Zhao, has voiced comparing Blockchain and the Internet. But from another perspective, Nuzzi has quite a new comment about the comparison between Bitcoin and the Internet. According to Nuzzi, Bitcoin is not just a technology or financial tool or a consumer application. Bitcoin is an entire monetary system.
Lucas Nuzzi, the director of technology research at Digital Asset Research
Quite a few people think that Bitcoin is the market leader because it is the first currency. But, based on research from 40 “edgy protocols” being built on top of Bitcoin, Nuzzi challenges anyone trying to assert Bitcoin is old technology.
According to his analysis of “A Look at Innovation in Bitcoin’s Technology Stack,” Nuzzi emphasized that the Bitcoin network is very dynamic and always interested in scalability. And so the world’s leading cryptocurrency has developed very actively.
Nuzzi shared:
“Bitcoin, in its totality, is a continuously evolving suite of protocols. The modular approach to innovation described here is essential, as it plays a crucial role in minimizing politicism in the evolution of Bitcoin and protects its fundamental monetary properties. Remember this article the next time someone claims Bitcoin is a static technology. ”
#Bitcoin is like the internet, but we’re still in 1988.
To remind myself of that, I built a Raspiblitz Bitcoin full node + Lightning using a @Raspberry_Pi and a 1988 television. We might be early, but the #LightningNetwork solves a real problem and Bitcoin is here to stay. pic.twitter.com/WsbN34ObGW
— Lucas Nuzzi (@LucasNuzzi) November 26, 2018
Bitcoin’s wide range of projects and solutions has attracted the stability of independent developers around the world, making it difficult for BTC’s censorship promise to be rejected, broken, or removed, with developers trying to solve everything from security issues to scalability to speed up mainstream adoption.
Read more:
- European Central Bank Supported Own Digital Currency For Faster And Cheaper Payments
- ADA Price Plunged When Cardano’s Incentivized Testnet Shelley Failed