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2 Cryptocurrencies: A Brief Introduction Our modern economy relies heavily on digital means of payments. Trade in the form of e-commerce for example necessitates the usage of digital tokens. In a digital currency system, the means of payment is simply a string of bits. This poses a problem, as these strings of bits as any other digital record can easily be copied and re-used for payment. Essentially, the digital token can be counterfeited by using it twice which is the so-called double-spending problem. Traditionally, this problem has been overcome by relying on a trusted third-party who manages for a fee a centralized ledger and transfers balances by crediting and debiting buyers and sellers’ accounts. This third-party is often the issuer of the digital currency itself, one prominent example being PayPal, and the value of the currency derives from the fact that users trust the third-party to prohibit double-spending (top of Figure 2.1). Cryptocurrencies such as Bitcoin go a step further and remove the need for a trusted third-party. Instead, they rely on a decentralized network of (possibly anonymous) validators to maintain and update copies of the ledger (bottom of Figure 2.1). This necessitates that consensus between the validators is maintained about the correct record of transactions so that the users can be sure to receive and keep ownership of balances. But such a consensus ultimately requires that (i) users do not double-spend the currency and (ii) that users can trust the validators to accurately update the ledger. How do cryptocurrencies such as Bitcoin tackle these challenges? Trust in the currency is based on a blockchain which ensures the distributed verification, updating and storage of the record of transaction histories.6 This is done by forming a blockchain. A block is a set of transactions that have been conducted between the users of the cryptocurrency. A chain is created from these blocks containing the history of past transactions that allows one to create a ledger where one can publicly verify the amount of balances or currency a user owns. Hence, a blockchain is like a book containing the ledger of all past transactions with a block being a new page recording all the current transactions. Figure 2.2 illustrates how the blockchain is updated. To ensure consensus, validators compete for 6In this sense it is different from traditional money which is merely a partial memory of past transactions as it only records the current distribution of balances and does not record how past transactions generate the current distribution. 5PDF Image | The Economics of Cryptocurrencies Bitcoin and Beyond
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