Blockchain

• Is it a new idea, a new tech? Bitcoin combines 3 distinct technologies:

• Game theory (incentive to secure a network)

• P2P (file sharing of a common ledger)

• Encryption/Cryptography

• Blockchain 1.0 – the killer app called bitcoin – electronic money, also known as crypto.

• What is the problem that bitcoin solves and what did Satoshi Nakamoto succeed in? bitcoin solves a mathematical problem; the double spend problem (reversibility of electronic payments) in a electronic network without a 3 rd party (created decentralized system). It secures ownership of an digital asset via a distributed computation.

• Why is it important? Eliminates 3 rd party.