Bitcoin: A Peer-to-Peer Electronic Cash System
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
1AKHViYgBGbmxi8qiJkNvoHNeDu9m3MfPE VerifiedThe 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.
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.
We propose a solution to the double-spending problem using a peer-to-peer network.
Satoshi Nakamoto
satoshin@gmx.com
www.bitcoin.org
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.
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.
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.
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.
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