Most people who deal with Bitcoin will have noticed that the real genius of Satoshi Nakamoto’s invention lies not in the coins but in the blockchain.
The term “Bitcoin 2.0” is often used to describe applications based on blockchain technology that deal with issues such as “intelligent contracts” and “identity verification” that were previously impossible in a decentralized way on the Internet.
There’s a reason people call the Bitcoin evolution the “honey roof of money”
Jeff Garzik, one of the Bitcoin protocol developers, described the significance of the blockchain away from digital currencies as follows:
“As a computer scientist and in the computer science scene in general, there is a purely theoretical view of how computers communicate with each other and how to coordinate them. Satoshi and the Bitcoin evolution Blockchain have solved this problem elegantly and unexpectedly”.
Companies focused on the blockchain such as BlockScore and BlockCyber have already been able to secure investments this year and there will certainly continue to be applications that make use of the blockchain to solve problems in a decentralized way in the future.
New focus on Bitcoin evolution
The collapse of Mt Gox, once the largest Bitcoin exchange, was a wake-up call for many in the Bitcoin evolution community.
The attitude of former CEO Mark Karpeles was notorious and opaque months before the collapse and caused confusion among many users of the exchange. Ultimately, many people lost large sums of money to Bitcoin as the stock market collapsed. The outcry from the Bitcoin community was great and the other major exchanges were urged to prove their solvency by professional auditors. Stock exchanges such as Bitstamp, Kraken and Coinbase agreed to an audit.
However, the demand for more transparency will not be satisfied by audits of the exchanges. The self-confessed Bitcoin evangelist Andreas Antonopoulus announced in a tweet that his departure from the Bitcoin Foundation was mainly due to insufficient transparency.
Even though the first half of 2014 cannot say exactly where the journey is going, it has proven that the technology can survive under catastrophic conditions (Mt.Gox) and that the community is pulling together to make the Bitcoin suitable for mass production and distribution.