What is ZillionCoin, Bitcoin and the Blockchain?

You've probably heard something about Bitcoin and the blockchain before. About Bitcoin in particular, which became a sensation after it was launched back in 2009. But you may not be aware precisely how these structures work and what they mean to the digital currency landscape.

Today, we hope to put that right. Bitcoin

Bitcoin was the pioneer. Without Bitcoin, there could be none of the digital currency networks which we enjoy today. Founded by the mysterious Satoshi Nakamoto, Bitcoin is a network supporting the trade, use and generation of digital currency units.

There is nothing particularly revolutionary about this, until you consider the network's structure. With no central element of control in place, Bitcoin became the first truly decentralized cryptocurrency network, with huge implication for the way in which we approach money.

So what exactly does this mean? It means that Bitcoin users can make money, can conduct deals and trades with digital coins, and can manage their wealth, in a way which is completely secure, private and immune from external or internal control and manipulation.

To put it simply, Bitcoin represented the first serious alternative to mainstream currencies. Appearing just after the global financial crisis of 2007 and 2008, the system was a breath of fresh air, and continues to represent a glimpse into the future of banking. Blockchain

So, how about the blockchain? The blockchain is a key component within Bitcoin network, and its development was a real breakthrough in the creation of functional digital currency networks.

In the early days of digital currencies, network developers found themselves continually hitting a problem. Double spend. Simply, within a decentralized network, it was extremely difficult to prevent currency units being spent multiple times rather than only once, either accidentally or maliciously.

To get around this problem, and to secure the integrity of the network, developers created a sort of digital ledger. As transactions take place across the network, these transactions are recorded in the 'ledger', which is monitored not by one central authority but by a network of connected nodes. This was the beginnings of the blockchain structure we know today.

In essence, the blockchain acts as a distributed database, saving critical pieces of information across a multitude of different points within the network. Without the revolutionary structure of the blockchain, the exciting landscape of digital currency would not be open to us today. We owe a serious debt to those early developers.