Kryptosys was started to further our research and development into Blockchain technology. By no means we claim to be the know-all-and-be-all of this Blockchain technology. As with every other human mortal, we are continuously learning and improving ourselves as we go along. So if you need to be mean, just chill out for a bit.
The Blockchain began to emerge in early 2009 in the wake of a worldwide economic crisis, via a paper written by Satoshi Nakamoto titled "Bitcoin - A Peer-to-Peer Electronic Cash System". His 9 page paper described a new protocol and a cryptocurrency called Bitcoin.
You can still view the paper here: https://bitcoin.org/bitcoin.pdf
Fast forward a mere 8 years later, we now have literally hundreds of cryptocurrencies and a digital ledger worth over USD 100 Billion!
Things move fast in this day and age... Here's the abridged version: We found out that Satoshi dude does not really exist; then there was another dude that claimed to be him and was exposed as not him because his hashes did not match; cryptocurrencies gave rise to ICOs (Initial Coin Offerings); lots of people got rich; a fair amount also got scammed; governments and banks started to take notice and are now scrambling to regulate this phenomena; and we're just beginning...
But as we delved into this Blockchain research we found (well at least to us) that cryptocurrency is a mere tip of the iceberg, a herald of bigger things to come. So we focused on applying the Blockchain technology into real world industry via 'Smart Contracts'.
Smart contracts are essentially computer generated agreements between two parties that can be programmed to self-execute and self-enforce itself. Now this term is widely attributed to a computer scientist and cryptographer Nick Szabo for his research into digital contracts and digital currency, as early as 1993.
So why the fuss now?
Technically, everything on the Blockchain now is essentially a smart contract. Even in Bitcoin, it is a contract between two individuals to agree to trade this digital value between each other. However, a more in depth implementation of the smart contract on the Blockchain can involve more complex interactions between two or more parties and even store non-currency related information such as identity and membership information.
The image below are some possibilities that researchers are looking at when we talk about implementation of the Blockchain Smart Contract in the real world:
Technically, everything on the Blockchain now is essentially a smart contract. Even in Bitcoin, it is a contract between two individuals to agree to trade this digital value between each other. However, a more in depth implementation of the smart contract on the Blockchain can involve more complex interactions between two or more parties and even store non-currency related information such as identity and membership information.
The image below are some possibilities that researchers are looking at when we talk about implementation of the Blockchain Smart Contract in the real world:
Exciting times, isn't it... We'll be diving deeper into this subject throughout this blog. As we continuously learn, experiment and build more solutions on Blockchain technology.
To quote author William Gibson: "The future is here... It's just not widely distributed yet".
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