In 2008, the pseudonymous person (or persons) by the name of Satoshi Nakamoto released a whitepaper called Bitcoin: A Peer-to-Peer Electronic Cash System. The release of the whitepaper came at the time of the 2008 global financial crisis, putting trust among financial establishments at an all-time low. According to the paper, while the current system works well for most transactions, “it still suffers from the inherent weaknesses of the trust based model,” it noted. In order to solve this issue, the nine-page whitepaper suggested the answer lies with an electronic payment system. Based on cryptographic proof rather than trust, the…

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