Blockchain and cryptocurrencies inherently belong together. While blockchain has many other uses, it is this one that started it all. The Bitcoin blockchain is something that marked the beginning of a technology that is changing the world. It has many fans and detractors. However, is the naming of blockchain really correct? Let’s take a look at it.
Blockchain technology refers to a special kind of distributed decentralized database that stores an ever-expanding number of records. These records are protected against tampering from both outside and inside. It is most commonly encountered in cryptocurrencies, but the applications are very diverse and can be used pretty much anywhere. The decentralised nature of this technology helps us ensure the privacy and anonymity of transactions.
Bitcoin was launched in 2009. However, before this happened, the creator Satoshi Nakamoto had his code checked by several coders. His notes in the code show that Bitcoin was meant to be a timechain, not a blockchain. However, we still call this technology a blockchain. Why? We don’t know exactly. But there are people who rage when someone says there is a blockchain better than the one at BTC.
The development of technology cannot be stopped, so it was inevitable that even the blockchain technology would develop further and that the newer versions will exceed the first creation. Thus if the community behind Bitcoin would like to call blockchain a timechain instead, it would be perfectly fine, however they should be able to acknowledge also other blockchains as well.
Tip: Central bank digital currencies bring many benefits, but also challenges
Naming a technology by the right name not only helps to separate and point out the uniqueness, but it also helps other people with understanding. But nothing should be conserved and dogmatised, and like anything else, if a technology wants to survive, it has to develop and evolve.