darkflame avatar

The Bitcoin White Paper

darkflame

Published: 03 Aug 2021 › Updated: 03 Aug 2021The Bitcoin White Paper

The Bitcoin White Paper

btc.png

"Abstract. A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution. Digital signatures provide part of the solution, but the main
benefits are lost if a trusted third party is still required to prevent double-spending.
We propose a solution to the double-spending problem using a peer-to-peer network.
The network timestamps transactions by hashing them into an ongoing chain of
hash-based proof-of-work, forming a record that cannot be changed without redoing
the proof-of-work. The longest chain not only serves as proof of the sequence of
events witnessed, but proof that it came from the largest pool of CPU power. As
long as a majority of CPU power is controlled by nodes that are not cooperating to
attack the network, they'll generate the longest chain and outpace attackers. The
network itself requires minimal structure. Messages are broadcast on a best effort
basis, and nodes can leave and rejoin the network at will, accepting the longest
proof-of-work chain as proof of what happened while they were gone."

https://bitcoin.org/bitcoin.pdf <-- Read the white paper, save for reference.


*There may be a day you cannot share this link anymore.
I used this to upload the PDF to ipfs, which you can see at this link.

Leave The Bitcoin White Paper to:

Written by

Read more #bitcoin posts


Best Posts From darkflame

We have not curated any of darkflame's posts yet. But you can encourage our curation team to review posts by visiting them regularly and by referring other readers. Because we give priority to frequently read content.

More Posts From darkflame