"We are the only ones who don't know, apparently before BTC there were many other cryptos."
Most investors believe that Bitcoin (BTC) was the first cryptocurrency created, but the truth is that there were other digital assets before BTC. You want to know it? Let's read the details below.
The First Cryptocurrency
eCash
In 1983, an American cryptographer named David Chaum wanted to develop an electronic cash similar to today's crypto that could be transferred between individuals securely and privately.
Including implementing a "blinding formula" to be used to encrypt information sent between individuals.
Following that, Chaum founded DigiCash to create his first cryptographic electronic money called eCash. Although DigiCash went bankrupt in 1998, his ideas and several formulas played an important role in developing the next crypto.
Other Early Cryptocurrencies
E-Gold
In 1996, Dr. Douglas and Barry Downey created electronic money tied to gold ownership. This digital currency allows users to transfer ownership of gold between website users.
Bit Gold
Nick Szabo created the concept that eventually led to the creation of BTC. This concept is called Bit Gold, where it uses many blockchain techniques such as peer-to-peer networks, mining, ledgers and cryptography.
B-Money
In 1998, developer Wei Dan proposed the B-money system which is used to transfer currency through a decentralized network. The system also includes means of contract enforcement in the network without the use of third parties.
Hashcash
Developed in the mid-1990s, Hashcash was the most successful pre-BTC digital currency designed for various purposes such as minimizing email spam.
Hashcash also uses a Proof-of-Work (PoW) algorithm to help generate and distribute new digital assets.
