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Cryptocurrencies, Blockchain and Smart Contracts — Oh My!

by Peter Adrianov, Blockchain Developer of NTR Lab

In 2009 a new online payment system was created by an anonymous entity with the pseudonym of Satoshi Nakamoto. To this day no one knows if Nakamoto is one person or a group, but just about everyone has heard about what they created — bitcoin. Bitcoin became the first widespread cryptocurrency.

Cryptocurrency allows you to store its value without intermediaries. In this, it is similar to cash. As cash lies on your nightstand, your bitcoins are stored in a large file called a blockchain.

The file is structured so that new blocks can be added only to the end chain; nothing written previously can be changed. The blocks store records of transactions, what address to what address, amount, transaction time.

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