Building Bitconch: Third Generation Blockchain Technology

Building Bitconch: Third Generation Blockchain Technology

Synopsis

The goal of this project is to give a brief history of cryptography, the subsequent advances in technology produced by the cypherpunk movement it spawned, and to follow this evolution through to the modern development of blockchain technology in order to convey the importance of Bitconch as the culmination of decades of progress - making it the most advanced, secure, and fastest blockchain in existence.

Introduction

The right to self-determination is universally recognized – as autonomous individuals, we all have the right to “freely pursue [our] economic, social and cultural development.” However, whether these personal choices should be monitored by government or mainstream financial institutions has been a practical debate in modern philosophy and public policy. The development of cryptography and the subsequent addition of blockchain technology to this field attempts to reconcile the desire of the individual to unobstructedly self-determine, while also providing for the privacy needed to make personal decisions without the influence of third-party institutions. Coming as the third generation of blockchain, Bitconch stands as the culmination of decades of work in cryptography, internet, and blockchain technology. Through building upon these previous generations of technology, perfecting them, and collaborating with Turning and Nobel Prize laureate scientists – Bitconch is able to bring you the most advanced, secure, and fasted blockchain in existence.

The Catalyst – Beginning of the Crypto Wars

Prior to the 1970’s, cryptography was used solely by private government organizations - such as military and intelligence agencies. The knowledge held within this field fell under near classified status as the technology to encrypt data was seen as having the same level of power comparable to that of the atomic bomb. This government monopoly over encryption began to break down following the release of two publications: the Data Encryption Standard developed by IBM and adopted by the NSA, as well as, “New Directions in Cryptography” by Dr. Whitfield Diffie and Dr. Martin Hellman - the first of their kind available to the general public. The latter of these publications was groundbreaking in that it unlocked the vault in which cryptographic technology was heavily guarded by government entities. Diffie and Hellman built the foundation of Public-Key cryptography which solved the underlying issues present in the NSA approved previous generation of Symmetric Key cryptography - how keys are exchanged in order to decrypt data from one entity to another. The new method, known as the Diffie-Hellman key exchange, had the advantage of making the process of transferring encrypted data secure and capable of withstanding unwanted third-party decryption. This public revelation went against the US government’s attempt to restrict outside access to technology that could encrypt data thoroughly enough that it resistant to their decryption efforts. In doing so, Diffie and Hellman catalyzed the fight between the government's regulation of cryptography and the right of the individual to create and trade information securely and unhindered by outside institutions.

Rise of the Cypherpunks and the continued fight for the right to encryption

Around the same time as the introduction of commercially available dial-up internet access, the fight for the individual's right to advanced encryption technology against the US government's tirade to limit it’s access continued to evolve. Influenced by Diffie and Hellman’s work in Public-Key cryptography, a modest collection of individuals based in San Francisco began to form in the early 1990’s. By March of 1993, the movement was solidified into a formal ideology through the release of “A Cypherpunk's Manifesto”, which detailed the need for the deregulation of cryptography in order to maintain personal privacy in an increasingly digital world where corporations, financial institutions, and governments are able to lift the veil and peek into lives whenever they see fit. The lack in availability of encrypted peer-to-peer transactions means that all of the transactions made - all of the data released into the digital world - is not bound by terms set by the sending and receiving parties, it must first be filtered through a centralized third-party. This not only completely destroys the privacy needed to make a transaction with confidence, but also allows the data to fall victim to malicious intentions.