Billions of dollars are being spent, right now, to solve a problem we didn’t know existed a few years ago.
The problem boils down to creating a decentralized app platform that’s secure, scalable and governed in a fair, transparent way. And the solution might change the world in a similar way the internet did a few decades back.
This is the race to build the next blockchain. Blockchain, often defined as a "digitized, decentralized, public ledger," is already a proven technology. But it's far from perfect, and improvements could extend its utility far beyond cryptocurrency.
One of the keywords newcomers hear when learning about blockchain are the notions of a hash and a hashing algorithm which seem to be ubiquitous for security. Running a decentralized network and consensus machine such as the Bitcoin or Ethereum network with tens of thousands of nodes connected via p2p requires both “trustlessness” and verification efficiency. That is, these systems need ways to encode information in a compact format that allows for secure, fast verification by their participants.