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Every narrow field produces its legends and myths, which become the foundation of something bigger than just a common interest or cooperation. The interest in everything mysterious and legendary lies at the basis of our culture and identity, no matter where people live or what they do. Legends and myths were created by both big groups, like religious communities, and small alliances, like clans and orders. Past millenniums didn’t deprive people from the wish to create new myths. Well, the life seems colorless and savorless without a certain amount of mystery, don’t you agree?
It seems what can be less mysterious than the purely technological process of Bitcoin creation. However, the crypto-currency field has its legend as well. And this legend is Satoshi Nakamoto. This is the myth about a person no one could see, about the person, who created Bitcoin.
Well, if you look closer, the story goes beyond the simple mystery or myth. Satoshi Nakamoto was believed to organize a new community and to make up the new principles and rules of its functioning. On the basis of these rules the cooperation between the participants is carried out within this community. Having created and developed the system, Satoshi left it… and disappeared. Only the name has left and the new approach to the perception of reality.
So this was the beginning of the modern IT myth, which turned the crypto-currency community of separate miners to the worldwide decentralized Order.
The legend about Sathoshi makes this purely mechanic process something more serious than simple money earning, something different from just a new financial system. Technologies that lie at the basis of Bitcoin give people the opportunity to trust each other more, to cooperate and develop better.
One cannot predict, how the myth about Satoshi Nakamoto will transform with time, however, let’s hope it would be the first step to the new future of mankind.
We are talking a lot about crypto-currency. However, what is cryptography itself? How does it relate to money and information?
Cryptography is the science of encoding the information. People have used it for more than 2000 years, and with the development of informational systems the importance of cryptography cannot be underestimated. Let’s look at this interesting science more closely.
People always felt the need to protect and encode some messages. The first who described cryptography in the scientific work was Aeneas Tacticus (IVth c. BC). Most often cryptography was used in military purposes. Well-known is a code called “Skitala”, used by Sparta against Athens (Vth c. BC).
The prime of cryptography was the Renaissance. The famous philosopher and writer Francis Bacon, together with seven other methods, invented the binary method of encoding (the same is used today in the computer programs).
The invention of the telegraph had a great influence on cryptography development: data transmission became public, so senders were made to think about their messages coding.
First World War proved that cryptography is the great military instrument, the importance of which was confirmed by real field victories. Second World War only approved this fact. Many of us have seen the film about the German coding machine “Enigma” and decoder “Turing Bombe” – “Alan Turing: The Enigma” (if you didn’t see this movie, do it, it’s worth your attention).
After the war, many governments banned the use of cryptography. The moratorium was broken only after the publishing of David Kahn’s fundamental work “The Codebreakers”. After this book new works began to appear. This led to better understanding what cryptography is, what are the main requirements to the encoded text. The science was divided into two branches – cryptsynthesis and cryptanalysis, in which first was responsible for encoding, and the second – for decoding of information.
The wide usage of the Internet opened new horizons to cryptography. Cryptographic methods became applied in commercial operations, telecommunication and other spheres. The usage of cryptography in commercial operations was especially popular, which led to the invention of the new payment system Bitcoin.
Financial platform Uphold has announced the future integration of two new crypto-currencies: Litecoin and Ethereum.
The company declares the vector on innovations aiming at providing its users with the access to all kinds of values and proudly notifies about the support of two new blockchain based crypto-currencies. With the appearance of these currencies the Uphold users will receive an additional opportunity to make use of the new innovative applications.
The integration of Litecoin will happen in April, Ethereum will be added in May.
“We have chosen these two crypto-currencies because of the rising of their popularity among developers’ community, among financial traders and crypto-enthusiasts” – a company representative added.
Uphold service, earlier known as Bitreserve, offers its users “safe and reliable” keeping of funds in the cloud storage. At the same time, the company admits that they aren’t a bank, but funds depository.
Except Bitcoin, Uphold works with the most leading fiat currencies and metals of values, offering its users the opportunity to convert them for free for the mid-market exchange rate that is updated in the real time mode.
Fiat money is legal means of payment, the nominal cost of which is established, insured, and guaranteed by state with the help of its authority, and which have no independent value.
Besides this, the platform users can send money to each other for free, and withdraw their belongings by the most suitable way – at the Bitcoin wallet, bank account or payment card.
Uphold rebranding occurred in October 2015, after that the company was accused of giving up the values and philosophy of Bitcoin. However, the company representatives called such statements “unfair”, pointing out that they will continue to support Bitcoin.
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