Proof of Existence is an online service that verifies the existence of computer files as of a specific time via timestamped transactions in the bitcoin blockchain. It was launched in as an open source project. It was developed by Manuel Araoz and Esteban Ordano. On May 24, reporter Jeremy Kirk from IDG News Service wrote that "It's essentially a notary public service on bitcoin proof of existence Internet, an inexpensive way of using Bitcoin's distributed computing power to allow people to verify that a document existed at a bitcoin proof of existence point in time.
Terence Lee from Tech in Asia said, "Notaries — people with legal training that are licensed by the state to authenticate the signing of documents — could use this to timestamp contractual agreements. On April 22, reporter Rob Wile from Business Insider wrote that it is "Perhaps the most straightforward example of a post-Bitcoin service using Satoshi 's blockchain". Chris Dixon said, "Bitcoin is a platform upon which new technologies can be developed" and went on to list Proof of Existence as one of the first Bitcoin Blockchain applications.
Forbes writer Mike Montgomery said in September"The intriguing aspect of this for entrepreneurs is that all kinds of other information could piggyback on the Bitcoin transfers recorded on the blockchain. Security expert Robert Graham said, "BitCoin is not so much bitcoin proof of existence 'currency' as an 'emergent phenomenon'. It makes things possible that have nothing to do with money.
The service enters a sha cryptographic hash of a document into the blockchain. The service costs 5 mBTC per use. As of this writing ; This wasn't always the service's behavior. The other transaction output holds 4. From Wikipedia, the free encyclopedia. Proof of Bitcoin proof of existence Type. Blueprint for a New Economy". Proof-of-authority Proof-of-space Proof-of-stake proof-of-work. Dogecoin Gulden Litecoin PotCoin.
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