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Web3 Fundamentals

Lecture 1: History of Blockchain Technology

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Lecture 1: History of Blockchain Technology

This lecture explores the pre-history of blockchain, tracing the evolution of money from physical objects like gold to digital forms. It examines the essential properties of money—durability, portability, divisibility, uniformity, limited supply, and acceptability—and the challenge of replicating these in a digital system without a central authority (the double-spend problem). Key historical predecessors are discussed, including David Chaum's **Ecash** (which used blind signatures for anonymity) and Adam Back's **Hashcash** (which used proof-of-work to prevent spam). The lecture concludes with how Bitcoin combined these technologies to create the first decentralized, secure digital currency.

History of Blockchain Quiz

Knowledge Check

1. Which of the following is NOT one of the six properties of money discussed in the lecture?

2. What specific example did the lecturer use to illustrate something that is unique but not acceptable as money?

3. What was the primary problem with 'First Virtual', an early digital payment system?

4. What hypothetical currency name does the lecturer use to explain the properties of money?

5. What concept did Adam Back's 'Hashcash' originally introduce?

6. In the 'Double Spend' example involving Alice, who did she buy a hot dog from?

7. What major issue did Chaumian Ecash/Digicash fail to solve completely without a central authority?

8. According to the lecture, what is 'money that doesn't grow on trees' an example of?

9. What book by Neil Stephenson is mentioned regarding a cryptocurrency backed by gold?

10. What phrase did Adam Back use to describe Bitcoin in relation to Hashcash?