Web3 for Attorneys is yet another in a series of articles that will cover all of these and more. The purpose of this week's entry is to give the reader a basic understanding of the mechanisms involved and what is to follow. Most of you on our list are executives with a lot on your minds. Therefore, we are serving our data to you in bite-sized nuggets in the form of bulleted lists. Here is this week's summary of Web3 for Attorneys:
- Bitcoin was invented in 2009 by Satoshi Nakamoto. His/her true identity has been speculated, but not confirmed. Satoshi compiled the research of technologists in the eighties and nineties to create the blockchain technology that we see today.
- Blockchain technology is simply a way to create a decentralized ledger that has the ability to be shared and confirmed via millions of peers throughout a massive worldwide network. An early notable example of a massive peer-to-peer network is Napster (though they did not use a blockchain).
- “The Blockchain” used for Bitcoin is only one such ledger. Etherium has its own. There are countless others, but much of the current activity in the news operates on one of these two. Whatever is not on these two blockchains operate similarly and we will explain further when appropriate.
- One Bitcoin is currently worth roughly $31K USD (as of 5/10/22). Only 21 million exist. About 2 million are still available to be mined.
- Millions of transactions take place on blockchains every day, and many of them have nothing to do with finance, but instead utilize the reliability of its ledger. Often those transactions cost just a few cents in USD.