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.
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.
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 --------------------------------------------------------------------- The Cryptography Mailing List Unsubscribe by sending "unsubscribe cryptography" to majordomo at metzdowd.com