Bitcoin: A Peer-to-Peer Electronic Cash System

Revealed: 5%

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 prpost 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 posts 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, th

Fragore ⚡️ scratched 200 letter(s)

Guillaume Verbal scratched 105 letter(s)

Anonymous scratched 100 letter(s)

Anonymous scratched 100 letter(s)

Anonymous scratched 100 letter(s)

zapmelight scratched 100 letter(s)

Degennosaurus REKT scratched 100 letter(s)

another_droog ⚡️ scratched 21 letter(s)

Anonymous scratched 10 letter(s)

Anonymous scratched 1 letter(s)

Anonymous scratched 1 letter(s)

Anonymous scratched 1 letter(s)