Bitcoin's white paper is 12 years old. Long live Bitcoin.

By ModernEuler | Moderncrypto | 31 Oct 2020


After years of studies starting in back 80s, the cryptocurrency idea came to an end. 

12 years ago, on Friday Oct 31 14:10:00 EDT 2008, Satoshi Nakamoto send an email starting with ".. I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party. ... " See the original email below. 

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In this email he published Bitcoin's white paper: "Bitcoin: A Peer-to-Peer Electronic Cash System." This paper described the Bitcoin currency and solves the problem of double spending so as to prevent the currency from being copied.

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The whitepaper's idea had similar ambitions to the previous papers back in 80s and 90s (David Chaum's e-Cash and DigiCash, Adam Back's hashcash, Wei Dai's b-money,Nick Szabo's Bit Gold ) : secure digital signatures, not requiring the use of a third party, proof-of-work, and hashing the transactions together to form a chain. (Source: thestreet.com)

Bitoin has made tremendous progress since then. $1 was worth 1,309.03 BTC in Octorber, 2009. Today it hits $14,000. Adoption of crypto and Bitcoin in particular gaining wide-stream adoption. For example PayPal customers now will be able to use cryptocurrencies to shop at any merchant in its large network starting from early 2021. PayPal will initially support Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) (cointelegraph.com). JPM's coin  and Huawei's crpto wallet, Bitcoin ATM Installations, BraveBrowser, DeFi projects are to name a few progress on and Bitcoin and crypto. 

Even JPMorgan turns bullish on Bitcoin citing ‘potential long-term upside’. 

As you see, Bitcoin and crypto will be changing the financial landscape in the coming years .

 

Thanks for reading. I hope you’ve found it helpful.

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Bitcoin P2P e-cash paper

Satoshi Nakamoto satoshi at vistomail.com
Fri Oct 31 14:10:00 EDT 2008

 


I've been working on a new electronic cash system that's fully
peer-to-peer, with no trusted third party.

The paper is available at:
http://www.bitcoin.org/bitcoin.pdf

The main properties:
 Double-spending is prevented with a peer-to-peer network.
 No mint or other trusted parties.
 Participants can be anonymous.
 New coins are made from Hashcash style proof-of-work.
 The proof-of-work for new coin generation also powers the
    network to prevent double-spending.

Bitcoin: A Peer-to-Peer Electronic Cash System

Abstract.  A purely peer-to-peer version of electronic cash would
allow online payments to be sent directly from one party to another
without the burdens of going through a financial institution.
Digital signatures provide part of the solution, but the main
benefits are lost if a trusted 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 honest nodes control
the most CPU power on the network, they can generate the longest
chain and outpace any attackers.  The network itself requires
minimal structure.  Messages are broadcasted 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.

Full paper at:
http://www.bitcoin.org/bitcoin.pdf

Satoshi Nakamoto

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ModernEuler
ModernEuler

A crypto and blockchain enthusiast and blogger. Writing about Crypto and trading since 2017. I cover the topics including crypto news, trading suggestions, chart analysis, etc. Follow me on Twitter @cryprostream


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