Bitcoin: A Peer-to-Peer Electronic Cash System. Satoshi Nakamoto. 2009 by blockchainlib

View this thread on steempeak.com
· @blockchainlib · (edited)
$1.19
Bitcoin: A Peer-to-Peer Electronic Cash System. Satoshi Nakamoto. 2009
## 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. 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. We propose a solution to the double-spending problem using a peer-to-peer network. 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. 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. 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. The 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.

![bitcoin-1.png](https://cdn.steemitimages.com/DQmRxWHnb3neXt7pLVfhZp4pnc24hhTzbjwHktUtCGyfWKa/bitcoin-1.png)

![bitcoin-2.png](https://cdn.steemitimages.com/DQmXe8xUq9FY8fpA7AesitF65CmuiubB9dJQuYCNEMfbQn9/bitcoin-2.png)

![bitcoin-3.png](https://cdn.steemitimages.com/DQmahAEB7TJxRYofyFMBdzcW3NM8YEUWJb3gb9Dewd6UsLU/bitcoin-3.png)

![bitcoin-4.png](https://cdn.steemitimages.com/DQmXbwtHezc6cBnWDzNUk3t5YdpAXtSWSENFFiB6GDHs5ij/bitcoin-4.png)

![bitcoin-5.png](https://cdn.steemitimages.com/DQmadp3Gcn68zyXb8Di85P4DRFLto1tJTRFjndXVBz2bNtY/bitcoin-5.png)

![bitcoin-6.png](https://cdn.steemitimages.com/DQmafVefVoND4G3mNMNw4eNZyox2pEGkYZfXhZGsLDUxUJP/bitcoin-6.png)

![bitcoin-7.png](https://cdn.steemitimages.com/DQmdgSoEZ6VUCkR8pwUMfGxU4QS5VQgv61sviapubHeCeZq/bitcoin-7.png)

![bitcoin-8.png](https://cdn.steemitimages.com/DQmXR2ngHo9FTHW3qEcv26VNopaz5N5aidQ94e1y69WHWSU/bitcoin-8.png)

![bitcoin-9.png](https://cdn.steemitimages.com/DQmNWwExS3XY36N1tWrGrAjQn7Pe8UMRv45GXCVQb4HcFS3/bitcoin-9.png)

## References
[1] W. Dai, "b-money," http://www.weidai.com/bmoney.txt, 1998.
[2] H. Massias, X.S. Avila, and J.-J. Quisquater, "Design of a secure timestamping service with minimal
trust requirements," In 20th Symposium on Information Theory in the Benelux , May 1999.
[3] S. Haber, W.S. Stornetta, "How to time-stamp a digital document," In Journal of Cryptology , vol 3, no
2, pages 99-111, 1991.
[4] D. Bayer, S. Haber, W.S. Stornetta, "Improving the efficiency and reliability of digital time-stamping,"
In Sequences II: Methods in Communication, Security and Computer Science , pages 329-334, 1993.
[5] S. Haber, W.S. Stornetta, "Secure names for bit-strings," In Proceedings of the 4th ACM Conference
on Computer and Communications Security , pages 28-35, April 1997.
[6] A. Back, "Hashcash - a denial of service counter-measure,"
http://www.hashcash.org/papers/hashcash.pdf, 2002.
[7] R.C. Merkle, "Protocols for public key cryptosystems," In Proc. 1980 Symposium on Security and
Privacy , IEEE Computer Society, pages 122-133, April 1980.
[8] W. Feller, "An introduction to probability theory and its applications," 1957.

Source: https://bitcoin.org/bitcoin.pdf
Source: https://nakamotoinstitute.org/literature/bitcoin/
https://creativecommons.org/licenses/by-sa/4.0/

![Blockchain-Library-Logo2-resized.png](https://cdn.steemitimages.com/DQmRM26nzycEjsHNRfQy2JomnY87dDTBDfRikZPFdVLVob7/Blockchain-Library-Logo2-resized.png)

The Blockchain Library’s goals are twofold: to provide easy access to resources on cryptocurrency research for scholars, academics, analysts, and anyone with an interest in cryptocurrency publications; the second is provide an archive and historical timeline on the development of the blockchain field and to document the journey of its growth.

https://blockchainlibrary.org/
πŸ‘  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 21 others
properties (23)
post_id65,656,781
authorblockchainlib
permlinkbitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009
categorybitcoin
json_metadata{"app":"steemit\/0.1","image":["https:\/\/cdn.steemitimages.com\/DQmRxWHnb3neXt7pLVfhZp4pnc24hhTzbjwHktUtCGyfWKa\/bitcoin-1.png"],"tags":["bitcoin","satoshi","nakamoto","blockchain","cash"],"links":["http:\/\/www.weidai.com\/bmoney.txt","http:\/\/www.hashcash.org\/papers\/hashcash.pdf","https:\/\/bitcoin.org\/bitcoin.pdf","https:\/\/nakamotoinstitute.org\/literature\/bitcoin\/","https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/","https:\/\/blockchainlibrary.org\/"],"format":"markdown"}
created2018-11-07 18:51:21
last_update2018-11-07 18:56:09
depth0
children8
net_rshares1,269,291,380,334
last_payout2018-11-14 18:51:21
cashout_time1969-12-31 23:59:59
total_payout_value1.015 SBD
curator_payout_value0.179 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length3,944
author_reputation30,588,315,114,755
root_title"Bitcoin: A Peer-to-Peer Electronic Cash System. Satoshi Nakamoto. 2009"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (85)
@blockchainlib ·
Trying a new approach to archiving with PNG image files per page, with the PDF stored on the Steem and IPFS blockchains.
πŸ‘  
properties (23)
post_id65,656,906
authorblockchainlib
permlinkre-blockchainlib-bitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009-20181107t185431050z
categorybitcoin
json_metadata{"app":"steemit\/0.1","tags":["bitcoin"]}
created2018-11-07 18:54:33
last_update2018-11-07 18:54:33
depth1
children1
net_rshares1,819,759,671
last_payout2018-11-14 18:54:33
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length120
author_reputation30,588,315,114,755
root_title"Bitcoin: A Peer-to-Peer Electronic Cash System. Satoshi Nakamoto. 2009"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@blockchainlib ·
Abstract and references are included as text markup, as well as source and license.
πŸ‘  
properties (23)
post_id65,656,994
authorblockchainlib
permlinkre-blockchainlib-re-blockchainlib-bitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009-20181107t185630118z
categorybitcoin
json_metadata{"app":"steemit\/0.1","tags":["bitcoin"]}
created2018-11-07 18:56:33
last_update2018-11-07 18:56:33
depth2
children0
net_rshares1,857,878,656
last_payout2018-11-14 18:56:33
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length83
author_reputation30,588,315,114,755
root_title"Bitcoin: A Peer-to-Peer Electronic Cash System. Satoshi Nakamoto. 2009"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@aiyanna ·
$0.05
re-blockchainlib-bitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009-20181108t005056952z
This post has received a 25.00% upvote from @aiyanna! 

This is an extra way we have decided to give back and award serious bloggers!
Feel free to leave a comment or suggestion to improve the efforts of this bot. Delegation and donations will be used to increase steem power. 
πŸ‘  , , ,
πŸ‘Ž  ,
properties (23)
post_id65,669,946
authoraiyanna
permlinkre-blockchainlib-bitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009-20181108t005056952z
categorybitcoin
json_metadata{"app":"communitybot\/1.1.0"}
created2018-11-08 00:50:57
last_update2018-11-08 00:50:57
depth1
children2
net_rshares47,148,825,608
last_payout2018-11-15 00:50:57
cashout_time1969-12-31 23:59:59
total_payout_value0.036 SBD
curator_payout_value0.011 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length277
author_reputation17,201,073,656,971
root_title"Bitcoin: A Peer-to-Peer Electronic Cash System. Satoshi Nakamoto. 2009"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (6)
@t50 ·
re-aiyanna-re-blockchainlib-bitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009-20181108t005056952z-20181112t184130074z
**Limited Promotion! Use both @t50 and @hybridbot for a chance of receiving extra upvotes!**

You got a 11.40% upvote from @t50 courtesy of @shakailove!

Anyone can use this service by sending a minimum of 0.010 SBD or STEEM to @t50 with the post you want upvoted as the memo.

Consider investing Steem Power to receive daily payouts from bot income.
[10 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=10%20SP), [25 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=25%20SP), [50 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=50%20SP), [75 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=75%20SP), [100 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=100%20SP), [125 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=125%20SP), [150 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=150%20SP), [200 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=200%20SP), [250 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=250%20SP), [300 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=300%20SP), [350 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=350%20SP), [400 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=400%20SP), [450 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=450%20SP), [500 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=500%20SP), [600 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=600%20SP), [700 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=700%20SP), [800 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=800%20SP), [900 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=900%20SP), [1000 SP](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=1000%20SP) or use the [delegation manager](https://steembottracker.com/delegation.html?delegatee=t50&amount). At any time you can get your investment back by [undelegating](https://v2.steemconnect.com/sign/delegate-vesting-shares?delegator=&delegatee=t50&vesting_shares=0%20SP).

# Partners
@upfundme and #upfundme
TASKMANAGER bitshares token
@hybridbot - bid/membership hybrid bot (0.010 SBD minimum)
@memearmy meme [support community bot](https://steemit.com/memearmy/@memearmy/memearmy-community)

properties (22)
post_id65,923,692
authort50
permlinkre-aiyanna-re-blockchainlib-bitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009-20181108t005056952z-20181112t184130074z
categorybitcoin
json_metadata{"app":"postpromoter\/1.9.4"}
created2018-11-12 18:41:30
last_update2018-11-12 18:41:30
depth2
children0
net_rshares0
last_payout2018-11-19 18:41:30
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length3,057
author_reputation90,503,769,215
root_title"Bitcoin: A Peer-to-Peer Electronic Cash System. Satoshi Nakamoto. 2009"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@steembloggers ·
re-aiyanna-re-blockchainlib-bitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009-20181108t005056952z-20181113t041026491z
You got a 17.70% upvote from @steembloggers courtesy of @shakailove!
properties (22)
post_id65,944,845
authorsteembloggers
permlinkre-aiyanna-re-blockchainlib-bitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009-20181108t005056952z-20181113t041026491z
categorybitcoin
json_metadata{"app":"postpromoter\/1.7.4"}
created2018-11-13 04:10:27
last_update2018-11-13 04:10:27
depth2
children0
net_rshares0
last_payout2018-11-20 04:10:27
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length68
author_reputation43,317,827,415,004
root_title"Bitcoin: A Peer-to-Peer Electronic Cash System. Satoshi Nakamoto. 2009"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@teevmoore ·
re-blockchainlib-bitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009-20181109t133738918z
This post has received a 15.00% upvote from @teevmoore! 
properties (22)
post_id65,752,585
authorteevmoore
permlinkre-blockchainlib-bitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009-20181109t133738918z
categorybitcoin
json_metadata{"app":"communitybot\/1.1.0"}
created2018-11-09 13:37:39
last_update2018-11-09 13:37:39
depth1
children0
net_rshares0
last_payout2018-11-16 13:37:39
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length56
author_reputation22,559,700,688,435
root_title"Bitcoin: A Peer-to-Peer Electronic Cash System. Satoshi Nakamoto. 2009"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@drotto ·
<p>This post has received a 1.04 % upvote from @drotto thanks to: @blockchainlib.</p>
properties (22)
post_id65,782,933
authordrotto
permlinkre-blockchainlib-bitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009-20181110t032153897z
categorybitcoin
json_metadata{"tags":["bitcoin"],"app":"drotto\/0.0.5pre2"}
created2018-11-10 03:21:54
last_update2018-11-10 03:21:54
depth1
children0
net_rshares0
last_payout2018-11-17 03:21:54
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length86
author_reputation424,402,347,817
root_title"Bitcoin: A Peer-to-Peer Electronic Cash System. Satoshi Nakamoto. 2009"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@amayahaley21 ·
re-blockchainlib-bitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009-20181112t200326999z
Hi, my name is @amayahaley21 and this post has receive a 15.00% upvote. If you would like for me to visit your posts you can delegate 100+ steempower to me and I will visit your posts until you remove your delegation. You can also donate 2+ steem to me and I will visit your posts for 30-days. All Steem earned will be used to help me grow! 


πŸ‘  
properties (23)
post_id65,927,188
authoramayahaley21
permlinkre-blockchainlib-bitcoin-a-peer-to-peer-electronic-cash-system-satoshi-nakamoto-2009-20181112t200326999z
categorybitcoin
json_metadata{"app":"communitybot\/1.1.0"}
created2018-11-12 20:03:27
last_update2018-11-12 20:03:27
depth1
children0
net_rshares416,165,209
last_payout2018-11-19 20:03:27
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length344
author_reputation16,135,327,241,394
root_title"Bitcoin: A Peer-to-Peer Electronic Cash System. Satoshi Nakamoto. 2009"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)