Quick jump
Hello and welcome to this blog post about Bitcoin White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the Bitcoin white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the Bitcoin (BTC).
I can ensue you that, you will be able to understand every bits and pieces related to Bitcoin (BTC) after going through the Bitcoin white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
Bitcoin White Paper
Bitcoin (BTC) white paper will be going to provide you, all the information that is needed to get started with Bitcoin (BTC), including the inspiration for creating, the problem it is trying to solve and the solution proposed by Bitcoin (BTC).
Bitcoin first got introduced by Satoshi Nakamoto in 2008 by publishing a white paper, “Bitcoin: A Peer-to-Peer Electronic Cash System”.
Bitcoin is open-source. peer-to-peer electronic cash system that operates without any central control or authority. All the Bitcoin transactions are managed by network participants by running specific software programs.
Bitcoin is a cryptocurrency, a new form of digital money that allows users to sent Bitcoin to other users on the peer-to-peer to network without the need of intermediaries like banks.
Bitcoin offers lower transaction fees, faster processing, higher security, and auditability in comparison to centralized financial institutions.
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 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 a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they’ll generate the longest chain and outpace attackers.
The network itself requires minimal structure. Messages are broadcast 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. “
Bitcoin-White-PaperWhite Paper Link: Bitcoin White Paper
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