Blockchain 1.0

The first use of Nakamoto’s technology was Blockchain 1.0. The most basic type of decentralized ledger for keeping track of transactions and storing data across numerous machines is this one. In plain English, the information contained in the initial blockchains was restricted to the values of a “thing” that underwent ownership changes over time. The “thing” we are referring to was typically a form of digital money.

This variant of Bitcoin basically acts as an automated mechanism for electronic cash transfers that don’t require human oversight in between transactions.