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Monday, 26 March 2018

A Bitcoin Story

What is needed is an electronic payment system based on cryptographic proof instead of trust. 

On October 2008 the several hundred members of an obscure mailing list comprising cryptography experts and enthusiasts receive an email from somebody calling himself Satoshi Nakamoto.
     *"I have been working on a new electronic cash system that is fully peer o peer,with no trusted third party",he writes flatly.his brief text directs them to a nine-page whtie paper posted at a new web site that he had registered two months earlier,which describes a currency system he calls bitcoin.
    The paper explains,in clear but dry text accompanied by illustrations,equations,code,and foot notes,this system of digital "Currency",it's certainly not a currency a anybody in mainstream society would understand the word."we define an electronic coin as a chain of digital signatures,"Nakamoto writes."Each owner transfers the coin to the next by digitally signing a hash of previous transaction and the public key of the next owner and adding these to the end of a coin. A payee can verify the signatures to verify the chain of ownership."