When I first heard of Bitcoin, it was 2010, and I was active on some cypherpunk mailing lists where Bitcoin development was discussed. Once I learned about it, I became excited by the imagined issues it could help to solve. It already addressed the shortcomings of its predecessors like DigiCash (eCash) and the growth of virtual economies like World of Warcraft and RuneScape. With early digital payment companies like Liberty Reserve running afoul of regulators and the law, decentralization was essential to making the digital currency a success. Then, with his Whitepaper, Satoshi Nakamoto kicked off one of the most significant financial and social upheavals in history.
What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.–Satoshi Nakamoto
I quickly started mining and being active in Bitcoin and researching Proof-of-Work and other consensus mechanisms that were just in their early stages. Hal Finney had proposed this concept as far back as 2004, but Bitcoin was the first to make a successful implementation.
By using a decentralized ledger, Bitcoin removed the need for 3rd party trust. However, using a decentralized ledger, there was the need to solve the Byzantine Generals Problem to ensure all users could agree on the ledger’s state. Proof-of-Work solves this issue and allows it to scale without dispute resolution.
CrytpoCartel came from a group of like-minded early Bitcoin miners who branched out into AltCoin mining and blockchain development—at the same time, adhering to the decentralized and open-source concepts that cryptocurrencies and blockchain are founded upon.
In 2013 Colored Coins was a concept of applying (what would become) smart contracts in Ethereum to the Bitcoin network. In addition, projects like CounterParty would allow token creation—an early version of what would pave the way for the ICO craze and now NFTs.
By 2014 there was the development and pre-sale of Ethereum while other AltCoins usually based on Proof-of-Work came and went with the first wave of “shit coins.” Unfortunately, as with any new game-changing technologies, cryptocurrencies were not immune to scammers, as there are still many today.
Ethereum and the concept of smart contracts and DApps unleashed a lot of additional potential to blockchains over just an exchange of value. With Decentralized Autonomous Companies (DACs) and Organizations (DAOs). Projects like Aragon raised $25,000,000 in 15 minutes during Initial Coin Offerings (ICOs) in 2017.
CryptoCartel has helped to launch many smart contracts, DApps, DAOs, and NFT projects including entire cryptocurrencies and tokens. For the past 12 years, we have operated behind the scenes with a basic web presence, but now we are launching this new website to share our experience and insights gathered over the years. We look forward to this next chapter of CryptoCartel!
Bitcoin is back to almost $1000US HAppy New Year!— CryptoCartel (@CryptoCartel) January 6, 2014