About Bitcoin
The Bitcoin blockchain is a decentralized digital ledger that records all Bitcoin transactions across a network of computers. Launched in 2009 by an anonymous entity known as Satoshi Nakamoto, it is the first and most well-known cryptocurrency blockchain. The blockchain is maintained by a consensus among participants in the system, using a process called mining, which involves solving complex mathematical puzzles to validate transactions and create new blocks. This technology ensures security, transparency, and immutability, making it difficult to alter historical transaction data.
The Bitcoin blockchain operates without the need for a central authority, and it became a pioneering example of a peer-to-peer financial system. The Bitcoin chain can be used for building decentralized applications serving financial services, micropayment channels, tokenization platforms, decentralized identity and verifiable credentials, data anchoring and timestamping services, NFTs. DeFi apps can be built, most often, through sidechains or second-layer solutions like the Liquid Network and the Lightning Network. The development of dApps on Bitcoin is evolving, with innovations like Taproot offering more smart contract flexibility, potentially opening the door to a wider array of dApps directly on the Bitcoin blockchain or through its layered solutions.