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this case the counterfeiting and double-spend issues are handled by clearing all elec‐ tronic transactions through central authorities that have a global view of the currency in circulation. For digital money, which cannot take advantage of esoteric inks or holo‐ graphic strips, cryptography provides the basis for trusting the legitimacy of a user’s claim to value. Specifically, cryptographic digital signatures enable a user to sign a digital asset or transaction proving the ownership of that asset. With the appropriate archi‐ tecture, digital signatures also can be used to address the double-spend issue. When cryptography started becoming more broadly available and understood in the late 1980s, many researchers began trying to use cryptography to build digital curren‐ cies. These early digital currency projects issued digital money, usually backed by a national currency or precious metal such as gold. While these earlier digital currencies worked, they were centralized and as a result they were easy to attack by governments and hackers. Early digital currencies used a central clearinghouse to settle all transactions at regular intervals, just like a traditional banking system. Unfortunately, in most cases these nascent digital currencies were targeted by worried governments and eventually litigated out of existence. Some failed in spectac‐ ular crashes when the parent company liquidated abruptly. To be robust against inter‐ vention by antagonists, whether legitimate governments or criminal elements, a de- centralized digital currency was needed to avoid a single point of attack. Bitcoin is such a system, completely de-centralized by design, and free of any central authority or point of control that can be attacked or corrupted. Bitcoin represents the culmination of decades of research in cryptography and dis‐ tributed systems and includes four key innovations brought together in a unique and powerful combination. Bitcoin consists of: • A de-centralized peer-to-peer network (the bitcoin protocol); • A public transaction ledger (the blockchain); • A de-centralized mathematical and deterministic currency issuance (distributed mining), and; • A de-centralized transaction verification system (transaction script). History of Bitcoin Bitcoin was invented in 2008 by Satoshi Nakamoto with the publication of a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. Satoshi Nakamoto combined several prior inventions such as b-money and HashCash to create a completely de-centralized electronic cash system that does not rely on a central authority for currency issuance or settlement and validation of transactions. The key innovation was to use a distributed computation system (called a “Proof-Of-Work” algorithm) to conduct a global “elec‐ tion” every 10 minutes, allowing the de-centralized network to arrive at consensus about History of Bitcoin | 3PDF Image | Mastering Bitcoin
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