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owner?) and when exactly did A send the coins to B (was it before or after other transactions?). If you are interested in learning more about the math behind public-key cryptography, a simple introduction with code samples is available in chapter 7 of The JWT Handbook12. Before getting into the matter of ordering, let’s first tackle the problem of coin genesis. We assumed A was the rightful owner of the 50 coins in our example because the transaction that gave A his or her coins was simply modeled like any other transaction: it had A’s public-key in the owner field, and it did point to a previous transaction. So, who gave those coins to A? What’s more, who gave the coins to that other person? We need only follow the transaction links. Each transaction points to the previous one in the chain, so where did those 50 coins come from? At some point that chain must end. To understand how this works, it is best to consider an actual case, so let’s see how Bitcoin handles it. Coins in Bitcoin were and are created in two different ways. First there is the unique genesis block. The genesis block is a special, hardcoded transaction that points to no other previous transaction. It is the first transaction in the system, has a specific amount of Bitcoins, and points to a public-key that belongs to Bitcoin creator Satoshi Nakamoto. Some of the coins in this transaction were sent to some addresses, but they never were really used that much. Most of the coins in Bitcoin come from another place: they are an incentive. As we will see in the next section about ordering transactions, the scheme employed to do this requires nodes in the network to contribute work in the form of computations. To create an incentive for more nodes to contribute computations, a certain amount of coins are awarded to contributing nodes when they successfully complete a task. This incentive essentially results in special transactions that give birth to new coins. These transactions are also ends to links of transactions, as well as the genesis block. Each coin in Bitcoin can be traced to either one of these incentives or the genesis block. Many cryptocurrency systems adopt this model of coin genesis, each with its own nuances and requirements for coin creation. In Bitcoin, per design, as more coins get created, less coins are awarded as incentive. Eventually, coin creation will cease. 1.2.2 Ordering Transactions The biggest contribution Bitcoin brought to existing cryptocurrency schemes was a decentralized way to make transactions atomic. Before Bitcoin, researchers proposed different schemes to achieve this. One of those schemes was a simple voting system. To better understand the magic of Bitcoin’s approach, it is better to explore these attempts. In a voting system, each transaction gets broadcast by the node performing it. So, to continue with the example of A sending 50 coins to B, A prepares a new transaction pointing to the one that gave him or her those 50 coins, then puts B’s public-key in it and uses his or her own private-key (A’s) to sign it. This transaction is then sent to each node known by A in the network. Let’s say that in addition to A and B, there are three other nodes: C, D, E. 12 https://auth0.com/e- books/jwt- handbook 11PDF Image | Intro to Ethereum and Smart Contracts
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