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FollowingBitcoin was born when a white paper was written by a person or group pseudonym Satoshi Nakamoto. The paper, published on a cryptography message board in 2008, outlined a set of calculation rules for building a new type of distributed database called blockchain. The blockchain operates like a ledger, tracking every bitcoin transaction and self-validating, constantly checking and protecting it by the computing power of the entire network. The \"miners\" computer takes on the heavy work of maintaining the chain and will therefore receive a Bitcoin reward. In short, these rules make up the Bitcoin protocol, and in effect, they are Bitcoin.
Of course, the agreement does not apply only to cryptocurrencies. They are the foundation of how the Internet works, managing the transfer of data between computers. For example, email is based on several sets of protocols. What is the HTTP at the beginning of each URL? It stands for \"Hypertext Transfer Protocol\".
The Bitcoin protocol proves that digital currencies can be safely traded on the Internet. Subsequently, a large number of new forms of digital currencies emerged, each with its own protocol. Over the next decade or so, fundamental breakthroughs in cryptography and decentralized computing have continued to open up new possibilities for blockchain protocols.
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Why is the agreement important?
Theprotocol allows cryptocurrencies to be decentralized through blockchain, which means they are scattered across a computer network without a central hub or regulatory agency.
1. The key advancement of the Bitcoin protocol is that it creates a digital currency that can be traded or consumed without anyone having to worry about the money being spent during the transaction. (This is called a double payment problem, and it is no stranger to someone who has purchased concert tickets from strangers only to discover that the tickets have been scanned.)
2. Since the birth of the Bitcoin protocol, subsequent rule sets have developed to include a large number of functions. There are now thousands of cryptocurrencies, each with its own protocol.
3. For example, the Ethereum protocol is designed based on a \"smart contract\" in which a transaction or protocol is automatically executed when certain criteria are met.
4. A large number of new protocols running on the Ethereum blockchain have emerged, allowing a series of decentralized financial products to automate everything from lending and savings to insurance.
5. Ethereum is not the only \"smart contract\" protocol in the encryption field. New blockchain protocols such as Polkadot have emerged and competed.
