I first heard about Bitcoin in 2012. I didn’t “get it.”
Terms like decentralized, distributed and disintermediation piqued my interest, but I lacked the technical understanding to really understand what I was looking at.
I started reading up a bit more in 2015. However, only after a deep dive over the last few months do I feel like I’ve even begun to wrap my head around it.
At this point, I can say one thing for certain: It’s the most interesting technology I’ve seen in my lifetime.
The feeling I get when I read and talk about it is very much what I imagine it felt like to talk about the Internet before the World Wide Web or personal computing in the 1970’s.
At this point I’ve read a few books and maybe a couple hundred articles about cryptocurrency in one form or another so I wanted to put together a short list of resources for understanding the basics of how the technology works and what the implications are as quickly as possible for non-technical people. Basically, This is the list I wish someone sent me two months ago.
I’ve arranged this list in the rough order I would recommend reading the articles.
It starts with a high level overview of Bitcoin and the associated blockchain, getting into the basics of how it works technically, and looking at the long-term implications. It then branches into blockchains more generally, Ethereum and eventually other cryptocurrencies and “appcoins.”
I’ve also included a short excerpt of what I think the core idea is from each piece so that if you just want to skim through this article, you should be able to pick up the central concepts in cryptocurrency.
1. Why Bitcoin Matters [Article]
By Marc Andreesen
In 2014 Marc Andreesen, the founder of Netscape, gave a high level overview of why Bitcoin matters and why he believes that it is as important a technology as we’ve seen since the Internet and Personal Computing.
“The practical consequence of solving this problem is that Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer.
The consequences of this breakthrough are hard to overstate.”
By Ritchie S. King, Sam Williams, and David Yanofsky
Now that you have a basic understanding of why Bitcoin may be important, this article explains the mining process and network architecture. It also explains some core cryptocurrency concepts like proof of work and hash functions.
“What bitcoin miners actually do could be better described as competitive bookkeeping. Miners build and maintain a gigantic public ledger containing a record of every bitcoin transaction in history.”
3. Fat Protocols [Article]
By Joel Monegro
Fat Protocols is Go to the full article.
Source:: Business 2 Community