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Tuesday, October 31, 2017

Crypto News: Satoshi Nakamoto’s Brilliant White Paper Turns 9-Years Old

Satoshi Nakamoto’s Brilliant White Paper Turns 9-Years Old

On October 31 of 2008, a paper written by a person or group named ‘Satoshi Nakamoto’ released a white paper called “Bitcoin: A Peer-to-Peer Electronic Cash System.” The document issued to the subscribers of the cryptography mailing list described a revolutionary technology that created the world’s first genuine peer-to-peer and decentralized monetary system. The internet-based money enabled online payments without a third party and also wasn’t issued by a government or corporate entity. Nakamoto’s brilliant paper sums up Bitcoin’s primary attributes in the first few sentences that state:  

"[Bitcoin] 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."

When Bitcoin was released into the wild in January of 2009, the decentralized network slowly started transforming the way society perceives money and the entire financial system in general. Bitcoin started with just a few adopters, like Hal Finney who received 10 BTC completing the very first bitcoin transaction. Now the protocol is used by millions of people from every corner of the world, giving individuals a better way to bank, while also moving their funds without permission from so-called rulers.

"Sorry to be a wet blanket. Writing a description for (bitcoin) for general audiences is bloody hard. There’s nothing to relate it to. ~ Satoshi Nakamoto"


Full story at http://bit.ly/2xGeoD9


Source: Bitcoin News


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