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Chapter 1 Bitcoin and The Blockchain 1.1 Bitcoin and the Double-Spending Problem In 2009, someone, under the alias of Satoshi Nakamoto, released this iconic Bitcoin whitepaper1. Bitcoin was poised to solve a very specific problem: how can the double-spending problem2 be solved without a central authority acting as arbiter to each transaction? To be fair, this problem had been in the minds of researchers3 for some time4 before Bitcoin was released. But where previous solutions were of research quality, Bitcoin succeeded in bringing a working, production ready design to the masses. The earliest references to some of the concepts directly applied to Bitcoin are from the 1990s. In 2005, Nick Szabo, a computer scientist, introduced the concept of Bitgold5, a precursor to Bitcoin, sharing many of its concepts. The similarities between Bitgold and Bitcoin are sufficient that some people have speculated he might be Satoshi Nakamoto6. The double-spending problem is a specific case of transaction processing7. Transactions, by defini- tion, must either happen or not. Additionally, some (but not all) transactions must provide the guarantee of happening before or after other transactions (in other words, they must be atomic). Atomicity gives rise to the notion of ordering: transactions either happen or not before or after other transactions. A lack of atomicity is precisely the problem of the double-spending problem: “spending”, or sending money from spender A to receiver B, must happen at a specific point in time, and before and after any other transactions. If this were not the case, it would be possible to spend money more than once in separate but simultaneous transactions. 1 https://bitcoin.org/bitcoin.pdf 2 https://en.wikipedia.org/wiki/Double- spending 3 http://eprint.iacr.org/2015/464.pdf 4 http://ieeexplore.ieee.org/document/4268195/?reload=true 5 http://unenumerated.blogspot.com/2005/12/bit- gold.html 6 https://dave.liberty.me/who- is- satoshi- nakamoto/ 7 https://en.wikipedia.org/wiki/Transaction_processing 5PDF Image | Intro to Ethereum and Smart Contracts
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