Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
The Decade in Blockchain — 2010 to 2020 in Review
ConenSys | Dec 3, 2019
On January 3rd, 2009, in the wake of a global financial crisis that accelerated the growing chasm of inequality throughout world economies, a mysterious figure named Satoshi Nakamoto launched a virtual currency named Bitcoin that functioned atop what s/he called a ‘Proof of Work chain.’
In its ‘genesis block,’ Nakamoto permanently embedded a brief line of text into the data that signaled the inspiration behind the newfangled tech: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
It was a rallying cry for a better way. What proceeded over the next decade has been a stratospheric rollercoaster ride for cryptocurrencies and digital assets, alongside the early phases of a total reworking of economic and human systems atop a philosophy of decentralization and democratization of access to value.
See: How Big Data and Blockchain are enhancing FinTech
There have been inconceivable highs and corresponding lows in the ten plus years since Bitcoin’s genesis block, as development of blockchain technology and awareness of its potential marches ever forward. As this decade draws to a close, it’s an opportune moment to view ten years of blockchain development in retrospective. The technology has grown from a digital currency worth only pennies to an emerging pillar of global economic systems—and it’s still just getting started.
Some context before we begin: As 2009 saw its end, blockchain development was limited. In fact, the first transactions ever to take place on the Bitcoin network were undertaken in December of 2009. The BitcoinTalk Forum, an early hotbed for blockchain developers, went live in November. The blockchain ecosystem was limited to a handful of technologists and developers with only an inkling of the phenomenon that they had already set in motion…
2010
February — The first ever cryptocurrency exchange, Bitcoin Market, is established. The first trade takes place a month later.
April — The first public bitcoin trade takes place: 1000BTC traded for $30 at an exchange rate of 0.03USD/1BTC
May — The first real-world bitcoin transaction is undertaken by Laszlo Hanyecz, who paid 10000BTC for two Papa John’s pizzas (Approximately $25 USD)
June — Bitcoin developer Gavin Andreson creates a faucet offering 5 free BTC to the public
July — First notable usage of the word “blockchain” appears on BitcoinTalk forum. Prior to this, it was referred to as ‘Proof-of-Work chain’
July — Bitcoin exchange named Magic The Gathering Online eXchange—also known as Mt. Gox—established
August —Bitcoin protocol bug leads to emergency hard fork
December — Satoshi Nakamoto ceases communication with the world
See: Red Cross boosts disaster-prone communities with blockchain ‘cash’
2019
January — Coinstar machines begin selling cryptocurrency at grocery stores across the US
February — Ethereum’s Constantinople hard fork is released, part two of Metropolis
April — Bitcoin surpasses 400 million total transactions
June — Daily Ethereum transactions surpass one million
June — Facebook announces Libra
July — United States senate holds hearings titled ‘Examining Regulatory Frameworks for Digital Currencies and Blockchain”
August — Ethereum developer dominance reaches 4x that of any other blockchain
October — Block.One fined $24 million by the SEC for its unregulated $4 billion EOS ICO
October — Over 80 million distinct Ethereum addresses have been created
September — Santander bank settles both sides of a $20 million bond on Ethereum
November — Over 3000 Dapps created. Of them, 2700 are built on Ethereum
November — Amount of Ether locked in Decentralized Finance apps reaches all time high of 2.7 million ETH.
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