Bitcoin: A Peer-to-Peer Electronic Cash System - Satoshi Nakamoto

 

Bitcoin: A Peer-to-Peer Electronic Cash System
Satoshi Nakamoto
satoshin@gmx.com
www.bitcoin.org


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.

0 (0)
Article Rating (No Votes)
Rate this article
Attachments (1)
Comments
There are no comments for this article. Be the first to post a comment.
Full Name
Email Address
Security Code Security Code
Related Articles RSS Feed
RegTech może obniżyć koszty regulacji i nadzoru w sektorze finansowym – raport Fundacji
Viewed 1377 times since Fri, Jun 1, 2018
Kontrakty inteligentne – raport Chamber of Digital Commerce
Viewed 1500 times since Fri, Jun 1, 2018
Risk_Loss_Table
Viewed 828 times since Sat, Aug 8, 2020
Strategie blockchain/DLT w asset management
Viewed 1532 times since Fri, Jun 1, 2018
Stop Loss ( SL )
Viewed 176 times since Mon, Jun 10, 2024
EPOL.US (2010-2024) Mapa Cieplna
Viewed 248 times since Sat, Apr 6, 2024
WIG20 (1991-2023) Mapa Cieplna
Viewed 180 times since Wed, Mar 27, 2024
FW20_2024_FW20_16_06_2024
Viewed 3396 times since Sun, Jun 30, 2024
Futures
Viewed 951 times since Sun, Aug 9, 2020
Dane i Analizy
Viewed 6757 times since Fri, Oct 28, 2022