sincethefirstblock

As technology advances and interactions move online,
the exchange of value becomes digital as well.

Payments
are one of the oldest mechanisms
for transferring value between people.

In digital environments,
transfers are recorded within systems
that validate operations and update balances.

Each transaction updates the system’s record
to reflect who holds what at a given moment.

Across networks and platforms, the structure of that system determines:
What form authority takes,How state is maintainedAnd which properties payments exhibit
1. Client–server payment systems
The traditional approach to digital payments
is based on client–server architectures.

A user sends a request.
A central system receives it, validates it,
and decides whether it is accepted.

Balances and transactions
are updated inside a single database
maintained by that system.

That database
acts as the authoritative source for all balances.

All participants depend on the same authority
to observe and modify that state.

Why this matters:Validation and state are centralized.Correctness, availability, and recoverydepend on the operation of a single system.
2. Centralized and decentralized systems
In centralized systems,
validation of changes, maintenance of state, and authority
are concentrated in a single entity.

That entity controls the ledger,
decides which transactions are accepted,
and defines the system’s final state.

In decentralized systems,
those functions are handled
by multiple participants operating under shared rules.

Validation is produced through coordinated agreement.
State is maintained by participants observing and updating the same history.

Digital currencies are built on this model.

Bitcoin was the first system to apply this structure
to digital value at scale.

Why this matters:The behavior of a digital currencyis determined by how validation, authority, and state are organized.
3. Value and scarcity
Digital payment systems
already enabled value transfer.

Digital currencies restructure
how that exchange works,
how state is defined,
and how authority governs the transfer of units.

The supply and issuance of those units
follow from the system’s architecture,
its design, and the rules it operates under.

The value of a digital currencydepends on its purposeand the context in which it is used.

Not all digital units are designed
to function as general-purpose money.

Some are structured to represent ownership.
Others enable access to specific network functions.

When a digital currency is structured
to operate as a medium of exchange,
two conditions become central:
ValueScarcity
Value defines what can be exchanged for the unit.
Scarcity constrains supply, influencing the cost of obtaining it.

Scarcity emerges
when the system defines issuance
through enforceable rules that constrain supply.

Bitcoin introduced a digital currency
with a predefined issuance schedule
and a fixed maximum supply,
where scarcity is enforced
by the network’s validation rules.

Its exchange properties follow
from those structural limits.

Why this matters:For a digital currencyto function as a medium of exchange,its value and scarcitymust be structurally sustainedby the system itself.
4. Market dynamics and adoption
Digital currencies
operate in open markets.

Their units are commonly traded
through exchanges and peer-to-peer networks,
among other mechanisms that facilitate transfer.

Price emerges from supply and demand in real time,
operating continuously across global markets.

Scarcity constrains supply.

Demand fluctuates with adoption,
utility, and macroeconomic context.

Bitcoin and Ethereum
are traded globally, priced continuously,
and integrated into financial markets.
Adoption depends on usability,
recognized value, and confidence
in the system’s operation.

Why this matters:A digital currencyexists both as a technical system and as a market asset.Its stability and relevancedepend on how those dimensions interact.
Final reflection
Digital payments
enabled value to be exchanged online.

Digital currencies
restructured how authority, state, and transfer are defined.

Value depends
on function and constrained supply.

Price emerges
from supply and demand in open markets.

Different systems
implement these layers in different ways.

Understanding these layers
is essential before engaging with specific systems.

This is the ninth block.
We start from the first block.
And we build from there.

#blockchain
#Infrastructure
#sinceTheFirstBlock

Abbiamo descritto come il consenso consente a un sistema di decidere
con cui le transazioni entrano nella catena
e come uno stato condiviso è mantenuto nel tempo.

Quell'architettura porta chiari benefici.

Introduce anche vincoli
che derivano direttamente dallo stesso design.

Comprendere queste limitazioni è necessario
per capire quando i sistemi blockchain
sono adatti da usare e quando non lo sono.
1. Tempo di transazione e validazione
In un sistema blockchain, una transazione non è completata
quando viene presentato per la prima volta.
Deve essere propagato attraverso la rete, verificato indipendentemente,

All'inizio di questa serie,
abbiamo descritto cosa succede quando una transazione entra nel sistema.
Viene ricevuto dalla rete,
validato e infine riflesso in uno stato condiviso.

Quel processo si basa già su qualcosa di fondamentale.
Più partecipanti indipendenti devono concordare sullo stesso risultato.
Quell'accordo
è ciò che mantiene il sistema coerente
man mano che si evolve nel tempo.
1. Consenso
I sistemi blockchain mantengono uno stato condiviso e coerente.
Perché ciò accada, i partecipanti concordano su:
Quali transazioni sono valide
L'ordine in cui vengono applicate

Nel blocco precedente,
abbiamo esaminato come i sistemi blockchain
sono già utilizzati nella pratica,
attraverso applicazioni concrete ed esempi reali.

Quei sistemi fanno più che registrare informazioni.
Trasferiscono valore,
aggiornare la proprietà,
e coordinare l'attività
attraverso infrastrutture condivise.

Quindi cosa succede
quando le condizioni sono soddisfatte
e il sistema deve agire?
1. Dai registri condivisi alle azioni
I sistemi blockchain mantengono
uno stato condiviso e coerente.

Le transazioni aggiornano i saldi.
Le variazioni di proprietà sono registrate.
Il sistema avanza blocco dopo blocco.