The foundation for was first established when pseudonymous developer, Satoshi Nakamoto, published a white paper titled ‘’ on November 01, 2008. Within the document, Nakamoto explained how the currency is capable of working without the intervention of any centralized authority.
He went on to explain the cryptographic significance of the Proof of Work algorithm, which solves the problem of double spending on the network. All transactions are cryptographically signed and stored on the public , increasing transparency while still providing a basic amount of privacy.
The economic crisis of 2008 had far-reaching consequences. It had severe financial implications and caused the public to lose faith in banks and financial institutions. This inherent distrust of authority across all walks of society played a significant role in the inception, development, and future of .
Satoshi Nakamoto finally launched in January 2009 when he initiated the first transaction and mined the first block, now known as the . Notably, this block contained text that referenced a newspaper headline from January 03, 2009:
“Chancellor on brink of second bailout for banks.”
The text is believed to be a reference to the then-Chancellor Alistair Darling who, at the time, was about to announce a second bailout for large financial institutions to save them from insolvency. Nakamoto, however, left the community before he had a chance to personally explain the headline’s intent. Regardless, many believe that the text serves to remind the world why the digital currency movement first started.
bitcoin: Success Without Marketing
It is no secret that members within the community have devoted countless hours to the project. The has received not only a host of improvements, new features, and security patches but also far-reaching advocacy on all forms of media. Many early adopters invested in because it offered an unprecedented solution to the world’s economic problems. Unfortunately, very few crypto projects today have the same clear vision or backing.
The development of could be contributed to community developers who worked on improving the digital currency. Adam Back, Nick Szabo, Gregory Maxwell, Luke Dashjr, and Peter Wuille are some of the names who worked hard to build a community-driven payment system without a centralized agency. Miners who lease computational resources to the for verifying transactions have also contributed to the growth of the oldest digital currency. The rise of would have been impossible if it had not received support from the masses.
While may have started out as a standoff against the prevailing financial system, it is one of the few that has managed to find utility in today’s crowded market. For one, it enables the international transfer of funds at a fraction of the cost of any traditional banking method. Furthermore, of the seven million people on this planet, many do not have access to basic financial services. , meanwhile, can be used by anyone with an internet connection. Satoshi Nakamoto and other early crypto contributors never promoted to the masses with advertisements or endorsements. In fact, Nakamoto’s identity remains a secret to this day.
However, now things are different, and not necessarily in a good way.
More recently, an increasing number of have started to ignore their community, favoring money over the greater good. Founder of , Justin Sun, for instance, has garnered a reputation for sprouting controversial opinions on social media. This has caused many to question the leadership of the currency, and if Sun is the right choice for the future of . After all, most such as are unlike , in that they continue to be heavily influenced by the philosophy and political views of their creators.
Alluva’s Take on Finding Success and The Role of the Community
The success of has shown that a digital currency could be launched without spending any capital on advertisement or marketing. Satoshi Nakamoto laid the foundation for the world’s biggest crypto payment system, and his work was continued by open source developers. Community support has been a key for . This proves that a digital backed with a strong development team and community support will see a significant rise in price. Investors are always on the lookout for such multi-bagger investment opportunities.
It is true that, given the sheer number of in the market today, marketing becomes necessary to gain minimal visibility. However, marketing needs to be supported with a dedicated focus on the community. After all, it is the community that makes a .
We at understand that dedicated and loyal communities contribute significantly to the success of projects. To that end, we have built a unique platform that puts community confidence and sentiment first. Users earn rewards for accurately predicting the future price of any digital currency. Investors, on the other hand, are able to use these ratings as a due diligence metric. As our community grows in size, we believe that Alluva can have a direct impact on the entire market as a whole. Eventually, Alluva’s community-driven crypto rating platform will help investors identify profitable crypto investment opportunities before others in the market.
To learn how Alluva is decentralizing crypto price predictions, visit our website . To stay updated with Alluva-centric developments, feel free to follow our Medium channel . If you have any questions about the platform, we’ll be happy to answer them in our Telegram group .
Published at Mon, 08 Apr 2019 11:17:13 +0000
