Blockchain isn’t the only tech behind Bitcoin

Blockchain isn’t the only tech behind Bitcoin

At the Blockchain Africa Conference held in Johannesburg, South Africa, prominent bitcoin and security expert Andreas Antonopoulos criticized banks and technology firms for treating the term “blockchain” as interchangeable with public blockchain networks – bitcoin in particular.

This is highly erroneous because the blockchain is just one of many technologies that supplement the bitcoin network and allow it to function as a decentralized, distributed, and peer-to-peer financial network.

The Bitcoin network consists of various solutions and cryptographic technologies, including Schnorr signatures, advanced elliptic curve applications, and ring signatures. The blockchain merely operates as a database within the Bitcoin and Ethereum blockchain networks; it keeps track of transactions and processes cryptographically secured data in real-time. It is only once all these technologies have coalesced that we have a functioning and actualized Bitcoin network.

“Blockchain is the technology behind bitcoin. Which is incorrect,” Antonopoulos stated.

Blockchain is one of the four foundational technologies behind Bitcoin and it can’t stand alone. But that hasn’t stopped people from trying to sell it. Blockchain is Bitcoin with a haircut and a suit you parade in front of your board. It is the ability to deliver sanitized clean comfortable version of the blockchain of Bitcoin to people who are too terrified of actually disruptive technology.

He emphasized that if major banks, technology companies, or blockchain startups were asked to define the term blockchain or even to just distinguish it from the term database, they would not be able to do so. Antonopoulos went further to argue that “if what you’re doing is a database with signatures, it is not interesting. It is boring.”

A PR stunt by major conglomerates

Research conducted by Lisa Pham of Bloomberg revealed that the market valuation of technology company On-line PLC surged by around 394 percent in the 24-hour period after announcing its plans to develop a blockchain-based…

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Peter Bordes

Exec Chairman & Founder at oneQube
Exec Chairman & Founder of oneQube the leading audience development automation platfrom. Entrepreneur, top 100 most influential angel investors in social media who loves digital innovation, social media marketing. Adventure travel and fishing junkie.
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