RaiBlocks and Centralized Consensus RaiBlocks may be the most fundamental change to cryptocurrencies since Bitcoin introduced the blockchain, and a lot of people are taking notice. Its market capitalization has grown from $26 million to over $2 billion in less than a month and it hasn’t even been listed on any of the major cryptocurrency exchanges yet. With growing interest comes growing skepticism. Instant transactions and no fees sounds too good to be true.
Bitcoin and the Blockchain In the original Bitcoin whitepaper, Satoshi Nakamoto introduced the world to the concept we now call the blockchain. Every transaction is grouped into a “block” and verified by a miner, and each block references preceeding block, creating a “chain” of blocks that are the extend backwards in time to the Genesis block, which started the Bitcoin blockchain. The Bitcoin Blockchain The Bitcoin blockchain records transactions, but it doesn’t directly store the amount of bitcoins owned by each address.