Email-cryptography-2008- Guest on 20th May 2020 02:03:26 PM
  1. I've been working on a new electronic cash system that's fully
  2. peer-to-peer, with no trusted third party.
  4. The paper is available at:
  5. http://www.bitcoin.org/bitcoin.pdf
  7. The main properties:
  8.  Double-spending is prevented with a peer-to-peer network.
  9.  No mint or other trusted parties.
  10.  Participants can be anonymous.
  11.  New coins are made from Hashcash style proof-of-work.
  12.  The proof-of-work for new coin generation also powers the
  13.     network to prevent double-spending.
  15. Bitcoin: A Peer-to-Peer Electronic Cash System
  17. Abstract.  A purely peer-to-peer version of electronic cash would
  18. allow online payments to be sent directly from one party to another
  19. without the burdens of going through a financial institution.
  20. Digital signatures provide part of the solution, but the main
  21. benefits are lost if a trusted party is still required to prevent
  22. double-spending.  We propose a solution to the double-spending
  23. problem using a peer-to-peer network.  The network timestamps
  24. transactions by hashing them into an ongoing chain of hash-based
  25. proof-of-work, forming a record that cannot be changed without
  26. redoing the proof-of-work.  The longest chain not only serves as
  27. proof of the sequence of events witnessed, but proof that it came
  28. from the largest pool of CPU power.  As long as honest nodes control
  29. the most CPU power on the network, they can generate the longest
  30. chain and outpace any attackers.  The network itself requires
  31. minimal structure.  Messages are broadcasted on a best effort basis,
  32. and nodes can leave and rejoin the network at will, accepting the
  33. longest proof-of-work chain as proof of what happened while they
  34. were gone.
  36. Full paper at:
  37. http://www.bitcoin.org/bitcoin.pdf
  39. Satoshi Nakamoto

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