Bitcoin open source implementation of ... - Satoshi Nakamoto

Feb. 11, 2009: Satoshi Nakamoto posts about Bitcoin in the P2P foundation for the first time.

I've developed a new open source P2P e-cash system called Bitcoin. It's completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust. Give it a try, or take a look at the screenshots and design paper:
Download Bitcoin v0.1 at http://www.bitcoin.org
The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.
A generation ago, multi-user time-sharing computer systems had a similar problem. Before strong encryption, users had to rely on password protection to secure their files, placing trust in the system administrator to keep their information private. Privacy could always be overridden by the admin based on his judgment call weighing the principle of privacy against other concerns, or at the behest of his superiors. Then strong encryption became available to the masses, and trust was no longer required. Data could be secured in a way that was physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter what.
It's time we had the same thing for money. With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.
One of the fundamental building blocks for such a system is digital signatures. A digital coin contains the public key of its owner. To transfer it, the owner signs the coin together with the public key of the next owner. Anyone can check the signatures to verify the chain of ownership. It works well to secure ownership, but leaves one big problem unsolved: double-spending. Any owner could try to re-spend an already spent coin by signing it again to another owner. The usual solution is for a trusted company with a central database to check for double-spending, but that just gets back to the trust model. In its central position, the company can override the users, and the fees needed to support the company make micropayments impractical.
Bitcoin's solution is to use a peer-to-peer network to check for double-spending. In a nutshell, the network works like a distributed timestamp server, stamping the first transaction to spend a coin. It takes advantage of the nature of information being easy to spread but hard to stifle. For details on how it works, see the design paper at http://www.bitcoin.org/bitcoin.pdf
The result is a distributed system with no single point of failure. Users hold the crypto keys to their own money and transact directly with each other, with the help of the P2P network to check for double-spending.
Satoshi Nakamoto http://www.bitcoin.org
EDIT: Original Link
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12-03 17:24 - 'Satoshi Nakamoto's Account on the P2P Foundation Has Come to Life' (newconomy.media) by /u/xxxGametrader420xxx removed from /r/Bitcoin within 198-208min

Satoshi Nakamoto's Account on the P2P Foundation Has Come to Life
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12-01 04:03 - 'Satoshi Nakamoto's Account Posts on P2P Foundation Forum, Likely Hacked' (cryptoslate.com) by /u/cybersofts removed from /r/Bitcoin within 184-194min

Satoshi Nakamoto's Account Posts on P2P Foundation Forum, Likely Hacked
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Satoshi Nakamoto's page at P2P Foundation is active again! Most likely hacked. /r/Bitcoin

Satoshi Nakamoto's page at P2P Foundation is active again! Most likely hacked. /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

12-01 11:33 - 'Satoshi Nakamoto's page at P2P Foundation is active again! Most likely hacked.' (self.Bitcoin) by /u/Ambuaz removed from /r/Bitcoin within 83-93min

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Satoshi Nakamoto's page at P2P Foundation is active again! Most likely hacked.
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Author: Ambuaz
1: p***ounda*ion.ning.**m/pro*il*/*atoshi*a*am*to 2: p*pfo**d*tion.*ing.co*/*r*fil*/SatoshiNa*am*to*^^1 3: i.redd*it/h8*h**e33n1*1.j**
Unknown links are censored to prevent spreading illicit content.
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Satoshi Nakamoto's page at P2P Foundation is active again! Most likely hacked. /r/Bitcoin

Satoshi Nakamoto's page at P2P Foundation is active again! Most likely hacked. /Bitcoin submitted by cryptoallbot to cryptoall [link] [comments]

12-03 01:53 - 'Satoshi Nakamoto Breaks Silence on P2P Foundation (Is he back ??!)' (youtube.com) by /u/Piterst removed from /r/Bitcoin within 7-17min

Satoshi Nakamoto Breaks Silence on P2P Foundation (Is he back ??!)
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12-03 17:24 - 'Satoshi Nakamoto Posted ‘Nour’ On His Account Created in 2009 on P2P Foundation' (cryptovibes.com) by /u/EffigyBoy removed from /r/Bitcoin within 195-205min

Satoshi Nakamoto Posted ‘Nour’ On His Account Created in 2009 on P2P Foundation
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Do you think Satoshi Nakamoto was in danger? Could it be that he was murdered after getting deanonymized? And are there more test passages of him then in p2p-foundation? /r/Bitcoin

Do you think Satoshi Nakamoto was in danger? Could it be that he was murdered after getting deanonymized? And are there more test passages of him then in p2p-foundation? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin founder Satoshi Nakamoto reconnects with P2P Foundation after five years

Bitcoin founder Satoshi Nakamoto reconnects with P2P Foundation after five years submitted by jtk3 to Bitcoin [link] [comments]

Is the Craig Wright story an elaborate ruse designed to get the real Satoshi to post another message on P2P foundation, like he did with Dorian Nakamoto? /r/Bitcoin

Is the Craig Wright story an elaborate ruse designed to get the real Satoshi to post another message on P2P foundation, like he did with Dorian Nakamoto? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Satoshi Nakamoto and Bitcoin are not the only contents in Blockchain, This public chain which is possible modifying global finance trending is the "brave wind and waves" for DeFi

DEFI is extending rapidly, Market value is skyrocketing
Every single employee and employer will be shocked by DeFi in Blockchain industry, There has not been a single concept existed can compare to DeFi since block chain technology created ,sparking the fire to spread through the whole block chain industry; Even the founder of Bitcoin and Blockchain Satoshi Nakamoto may not considered that the DeFi trending will exceed Bitcoin.
Defi has become the hot topic in Blockchain field since the beginning of 2019;DeFi is the abbreviation for Decentralized Finance, also called open finance, meaning to build decentralized contracts which belongs to open financial system. DeFi is dedicating to provide time free, space free financial activities to all the people, it is what we called decentralized finance.
In the current financial systems, all financial services are controlled or adjusted unitedly by centralized finance system, whether the basic function such as deposit and transfer, loan or derivatives transactions are monitored and distributed by centralized financial organizations; DeFi is hoping to build a transparent, addressable and inclusive P2P financial system, minimizing the trust risks, simplifying the transactions payment process, expanding transactions scenarios.
DeFi platform has 3 obvious advantages compare to traditional centralized financial systems.
1.Global financial services are applying broadly, allowing everyone getting financial services through internet or smart phones which based on decentralized financial system built-in blockchains, including all the services that current banks organizations provide.
2.Blockchain techniques have high openness characteristic, everyone has the right to access, but nobody has central control right, achieving decentralizing for financial transactions. This point is the original purpose for creating Bitcoin by Satoshi Nakamoto.
3.Cross border will be more convenient and more economical. DeFi is applying the openness trait in Blockchain, avoiding expensive commission during global payment, allowing financial transaction to be more convenient, efficient when minimizing the global transferring cost.
Due to these benefits, DeFi is able to occupy first place at the triennial palace examination for block chain industries because of the benefits above. Capitalist is taking up the positions of the fallen and rising to fight one after another; According to the data within block chain fields on Aug 20, the market value for the whole DeFi industry is reaching 11.3billion dollars, which is the signal for passing the top digital currency industry; at the meantime, all the transactions are reaching 429million dollars in all decentralized exchanges; The total loan is reaching 1.5 billion on loan platform; The fixed asset is reaching 6.37billion dollar value for DeFi.
For global depressed economic, DeFi industry capital is exceeding most financial industries. When the river rises, the boat floats high. DeFi related project is gaining large profits in the vigorous blockchain exploitation processes. Token price is skyrocketing in DeFi. In two years, Total value DeFi project is rising to 10billion or more, From reasonable perspective, The whole DeFi ecosystem is filling with industry bubble, which is missing the flexibility and grounded projects.
Superior projects have something in common.
The so-called decentralized finance in DeFi, It consists two parts, which are decentralization and finance, under current circumstances, most projects only achieve “Financial “part in the industry, real decentralizing has not been achieved; For most DeFi projects, the first customized version was not satisfied the marketing expectations, most core functions will need to be updated, so the initial team has to have complete authority to control the projects in order to complete on-time and efficiency updating jobs.
This means that all the DeFi projects we see, most projects are controlled by initial creating team. Is controlled DeFi belongs to real DeFi? Does any single project can achieve Finance +decentralized?
New born AITD may satisfied blockchain expectation for DEFI, AITD Blockchain new generation foundation public chain at business level is built for “Decentralization +Finance.
As the marketing needs increasing annually for finance industries, such as banks, insurances, securities. AITD is following the trend closely, connecting the idea and purpose of DeFi, building a healthy, complete decentralized financial ecosystem; Blockchain DeFi+AITD are extending to new direction for insurance, Trust, pledge, cross region payment.
INSURANCE: AITD is innovating the current medical system by integrating insurance easy use scenarios, let’s using medical insurance as an example. AITD blockchain is not only storing digital information prove to blocks, but also achieving message sharing; AITD is able to break through the each steps in insurance process, solving asymmetry problem, allowing information transparency during insurance process for upstream and downstream, achieving value flows; Providing the rewarding mechanism for information provider through information sharing, leading medical system information publicized, breaking through each circulation for Medical- insurance-monitoring, realizing medical electronic and electronic insurance business, achieving insurance business stored in block chain networks through blockchain smart contract, achieving auto insurance verification, intelligent insurance claiming goal.
PLEDGE The essence of Pledge is new Smart business, as a new model are becoming the main track for real application, achieving to be the solid foundation for decentralized finance. Financial services should not be built under opacity lonely island. AITD is dedicating to build a finance system that allows everyone visiting as long as internet is available, letting value flow freely; According to the high intelligence and high transparency characteristic, AITD will bring new revolutionized storm to global financial system. The transforming direction for Pledge is open finance, open finance is the future morphology for finance. In the future, we are building highly ecological operating systems, fully integrating the innovative characteristics for front technology, smart business, open organization, digitalized finance, forming delicate business system.
TRUST: which is connecting block chain techniques is incorporating innovation, freedom, equality gene.In the premise of Justice and fair, Block chain Trust is containing market value maintaining promotion system, which is able to observe the instant experiences feedbacks for global users through constant updating, promoting changes for products, perfecting uses experiences’ .AITD collective Trust has high transparency rate, requiring real name authentication for loan corporation and investors themselves, processing transparency for each project’s process, dedicating to build a safe, stable, transparent, efficient online and offline platforms for medium , small, micro sized companies which have capital demand and person who has financing needs; innovating the traditional Trust operation mode, practicing facilitating health industry through technology, applying assets operation idea of integrating “smart” ”capital” idea, collaborating with medical fields experts who made great contributions in this field;dedicating to facilitate medical resources, medical research abilities and financial capitals high efficiency integration.
CROSS REGION PAYMENTS: Block chain payment techniques are changing “traditional assets flow and information flow” operation modes through the structure and improving traditional high cost transferring, low transparency rate, transactions risks through unique advantages of block chains; AITD has comprehensive, strong international bank card fund collecting products and diverse overseas or local payment receiving methods, which are able to provide global one station online payment solution proposals, allowing users to transfer from anywhere, anytime in the world, enabling merchant to accept different kinds of payments habits, processing exchange rate payment automatically; According to cross region payment scenarios, transferring speed and low cost advantages will be concentrated, platform will collaborate with other platforms within the globe, assisting these platforms which have global community backgrounds to explore payment channels.
AITD is incorporating block chain technology and finance to the maximum level. In the original thoughts of Bitcoin from Satoshi Nakamoto,counting on Bitcoin to modify the current financial system mode, allowing real freedom for currency, open sources, decentralization, flowing throughout the society and applying, creating multiple finance scenarios Trust Consensus; AITD+DeFi can achieve things that bitcoin cannot achieve.
AITD advantages, self-owned public chain
Traditional DeFi projects are distributed on the Ethereum or other networks, traffic jam, low experience rate, high processing fee, internet jam, resisting developer and so on, DeFi projects is suggesting user and developer quitting in Ethereum; AITD which belongs to DeFi is facing the same problems, but AITD team has already found the best solution for this problem. We will explain it later.
The current situation that DeFi industries are facing:Although there are too much complaining towards Ethereum, the new or old projects cannot kept without Ethereum. According to the DeFi prime data, in 242 DeFi projects that collecting one time, 197 numbers of DeFi are deployed on Ethereum, EOS and Bitcoin only contain 22 and 23 , DeFi project number is approaching to zero on other public chains, Ethereum is considering as the second leading factor for blockchain industries after Bitcoin, determining the fate of DeFi.
Why are DeFi (such as hot Compound, Uniswap) not existing in other public chains? Ultimately, the reason for public chains hardly generate Defi (except Ethereum) due to the following 3 reasons.
1).Public chain which considers Ethereum as the first public chain, possessing competitive advantages in kinds of assets, total number of assets.
2) Unlike Ethereum, other public chains are not paying much attention to DeFi. they are losing the initiation for following the trend now
3) DeFi Decentralization governing after scaling, causing costs for moving Ethereum to other public chain are hard to estimate.
Actually, after DeFi shocked digital currency encrypted market, each public chain is entering DeFi military prepared competition, capital, techniques, human resources are constantly devoting into DeFi; Finally, there is no single public chain exceeding Ethereum or challenging Ethereum.Pulic chain problems are the pain points for the industry.
Ether researcher once said that “According to the jam in Ether network, even worse than ICO bubble, this is not exaggerated, During the prosperous period for ICO in 2018, Each transaction processing fee is reaching 5.4 US dollars. However, at the 5:00pm in Aug 13th , this number is skyrocketing and reaching 7.4 us dollars, It is 15 times high comparing to 0.5 US dollars in the previous month;DeFi prosperity on Ether is marketing behavior which is against humanity.
Under this circumstances, the trend for searching new public chain is necessary; what is the AITD team solution? The answer is public chain
To avoid anti humanity sanction by Ether public chain and also to build a complete, efficient DeFi ecosystem. AITD team is researching and developing self-owned public chain in block chain for three years, providing multi block chain scenarios services to large user groups on AITD block chain.
In the future,AITD will provide reliable, safe, convenient blockchain services to users in basic public information search, copyright administration, tracing for certified products, ensuring product security scenarios, achieving multi-path communication which Bitcoin is not able to process; Meanwhile, AITD chain is achieving self-closing loop for ecosystem, extending the spirit of DeFi to insurance, Trust, Pledge,Cross border payment etc in multiple financial scenarios, achieving decentralized finance for real.
Current block chain network is independent internet relatively, encountering information island problems; Isolation of the internet is not supporting collaborative operation between each blockchain network. Isolation limit applied fields for the blockchain techniques at maximum level; However, AITD is dedicating to build a strong extensibility block chain networks, when it achieves fast, safe cross chain data visit, it also builds a valuable internet for the whole block chain industry.
Valued internet+ Blockchain decentralized finance, AITD have strong ambition, dedicating to provide value of 11.3billion the best application in financial world, we will wait for the expecting result.
submitted by AITDBlockchai to u/AITDBlockchai [link] [comments]

Resources for Understanding Crypto Currencies and Blockchain

Salutations fellow Redditors!
In my desire to improve my financial literacy, I could not avoid the subject of crypto currencies and would like to know what resources (books, Youtube videos, websites, news outlets, etc.) could supplement my independent study and assist in my education as an investor. I could only understand a few ideas outlined in Satoshi Nakamoto's paper on Bitcoin and need more assistance in understanding the Bitcoin concept on a foundational level.
Lastly, I have a few more questions and I would appreciate the your responses to them:
  1. How do crypto currencies support the decentralization of wealth? How do individuals remove themselves from the constraints of the conventional financial system by moving to a digital currency (I am familiar with the P2P concept)
  2. What makes a coin a coin? Meaning, what gives a crypto currency value - Is that determined by the demand and scarcity? How can more be created, and what can be done to make it more accessible to support the idea of decentralization (i.e. prevent a Federal Reserve for Bitcoin)
  3. Governments are averse to crypto currencies due to their inability to control its distribution, earn revenue by taxes, and enforce regulations. From the perspective of a well-intentioned legislator, what kind of meaningful regulations can be applied to facilitate transparent commerce, prevent fraud, and assist with social issues such as income inequality?
Thank you for taking the time to assist with these questions, I appreciate your responses.
submitted by OscarM47 to CryptoCurrencies [link] [comments]

Review and Prospect of Crypto Economy-Development and Evolution of Consensus Mechanism (1)

Review and Prospect of Crypto Economy-Development and Evolution of Consensus Mechanism (1)

https://preview.redd.it/7skleasc80a51.png?width=553&format=png&auto=webp&s=fc18cee10bff7b65d5b02487885d936d23382fc8
Table 1 Classification of consensus system
Source: Yuan Yong, Ni Xiaochun, Zeng Shuai, Wang Feiyue, "Development Status and Prospect of Blockchain Consensus Algorithm"
Figure 4 Evolution of consensus algorithm

Figure 4 Evolution of consensus algorithm
Source: Network data

Foreword
The consensus mechanism is one of the important elements of the blockchain and the core rule of the normal operation of the distributed ledger. It is mainly used to solve the trust problem between people and determine who is responsible for generating new blocks and maintaining the effective unification of the system in the blockchain system. Thus, it has become an everlasting research hot topic in blockchain.
This article starts with the concept and role of the consensus mechanism. First, it enables the reader to have a preliminary understanding of the consensus mechanism as a whole; then starting with the two armies and the Byzantine general problem, the evolution of the consensus mechanism is introduced in the order of the time when the consensus mechanism is proposed; Then, it briefly introduces the current mainstream consensus mechanism from three aspects of concept, working principle and representative project, and compares the advantages and disadvantages of the mainstream consensus mechanism; finally, it gives suggestions on how to choose a consensus mechanism for blockchain projects and pointed out the possibility of the future development of the consensus mechanism.
Contents
First, concept and function of the consensus mechanism
1.1 Concept: The core rules for the normal operation of distributed ledgers
1.2 Role: Solve the trust problem and decide the generation and maintenance of new blocks
1.2.1 Used to solve the trust problem between people
1.2.2 Used to decide who is responsible for generating new blocks and maintaining effective unity in the blockchain system
1.3 Mainstream model of consensus algorithm
Second, the origin of the consensus mechanism
2.1 The two armies and the Byzantine generals
2.1.1 The two armies problem
2.1.2 The Byzantine generals problem
2.2 Development history of consensus mechanism
2.2.1 Classification of consensus mechanism
2.2.2 Development frontier of consensus mechanism
Third, Common Consensus System
Fourth, Selection of consensus mechanism and summary of current situation
4.1 How to choose a consensus mechanism that suits you
4.1.1 Determine whether the final result is important
4.1.2 Determine how fast the application process needs to be
4.1.2 Determining the degree to which the application requires for decentralization
4.1.3 Determine whether the system can be terminated
4.1.4 Select a suitable consensus algorithm after weighing the advantages and disadvantages
4.2 Future development of consensus mechanism
Chapter 1 Concept and Function of Consensus Mechanism
1.1 Concept: The core rules for the normal operation of distributed ledgers
Since most cryptocurrencies use decentralized blockchain design, nodes are scattered and parallel everywhere, so a system must be designed to maintain the order and fairness of the system's operation, unify the version of the blockchain, and reward users maintaining the blockchain and punish malicious harmers. Such a system must rely on some way to prove that who has obtained the packaging rights (or accounting rights) of a blockchain and can obtain the reward for packaging this block; or who intends to harm , and will receive certain penalty. Such system is consensus mechanism.
1.2 Role: Solve the trust problem and decide the generation and maintenance of new blocks
1.2.1 Used to solve the trust problem between people
The reason why the consensus mechanism can be at the core of the blockchain technology is that it has formulated a set of rules from the perspective of cryptographic technologies such as asymmetric encryption and time stamping. All participants must comply with this rules. And theese rules are transparent, and cannot be modified artificially. Therefore, without the endorsement of a third-party authority, it can also mobilize nodes across the network to jointly monitor, record all transactions, and publish them in the form of codes, effectively achieving valuable information transfer, solving or more precisely, greatly improving the trust problem between two unrelated strangers who do not trust each other. After all, trusting the objective technology is less risky than trusting a subjective individual.
1.2.2 Used to decide who is responsible for generating new blocks and maintaining effective unity in the blockchain system
On the other hand, in the blockchain system, due to the high network latency of the peer-to-peer network, the sequence of transactions observed by each node is different. To solve this, the consensus mechanism can be used to reach consensus on transactions order within a short period of time to decide who is responsible for generating new blocks in the blockchain system, and to maintain the effective unity of the blockchain.
1.3 The mainstream model of consensus algorithm
The blockchain system is built on the P2P network, and the set of all nodes can be recorded as PP, generally divided into ordinary nodes that produce data or transactions, and"miner" nodes (denoted as M) responsible for mining operations, like verifying, packaging, and updating the data generated by ordinary nodes or transactions. The functions of the two types of nodes may be overlapped; miner nodes usually participate in the consensus competition process in general, and will select certain representative nodes and replace them to participant in the consensus process and compete for accounting rights in specific algorithms. The collection of these representative nodes is recorded as DD; the accounting nodes selected through the consensus process are recorded as AA. The consensus process is repeated in accordance with the round, and each round of the consensus process generally reselects the accounting node for the round . The core of the consensus process is the "select leader" and "accounting" two parts. In the specific operation process, each round can be divided into four stages: Leader election, Block generation, Data validation and Chain updating namely accounting). As shown in Figure 1, the input of the consensus process is the transaction or data generated and verified by the data node, and the output is the encapsulated data block and updated blockchain. The four stages are executed repeatedly, and each execution round will generate a new block.
Stage 1: Leader election
The election is the core of the consensus process, that is, the process of selecting the accounting node AA from all the miner node sets MM: we can use the formula f(M)→f(M)→AA to represent the election process, where the function ff represents the specific implementation of the consensus algorithm. Generally speaking, |A|=1,|A|=1, that is, the only miner node is finally selected to keep accounts.
Stage 2: Block generation
The accounting node selected in the first stage packages the transactions or data generated by all nodes PP in the current time period into a block according to a specific strategy, and broadcasts the generated new block to all miner nodes MM or their representative nodes DD. These transactions or data are usually sorted according to various factors such as block capacity, transaction fees, transaction waiting time, etc., and then packaged into new blocks in sequence. The block generation strategy is a key factor in the performance of the blockchain system, and it also exposes the strategic behavior of miners such as greedy transactions packaging and selfish mining.
Stage 3: Verification
After receiving the broadcasted new block, the miner node MM or the representative node DD will verify the correctness and rationality of the transactions or data encapsulated in the block. If the new block is approved by most verification/representative nodes, the block will be updated to the blockchain as the next block.
Stage 4: On-Chain
The accounting node adds new blocks to the main chain to form a complete and longer chain from the genesis block to the latest block. If there are multiple fork chains on the main chain, the main chain needs to be based on the consensus algorithm judging criteria to choose one of the appropriate fork chain as the main chain.
Chapter 2 The Origin of Consensus Mechanism
2.1 The two armies problems and the Byzantium generals problem
2.1.1 The two armies


Figure 2 Schematic diagram of the two armed forces
Selected from Yuan Yong, Ni Xiaochun, Zeng Shuai, Wang Feiyue, "Development Status and Prospect of Blockchain Consensus Algorithm", Journal of Automation, 2018, 44(11): 2011-2022
As shown in the figure, the 1st and 2nd units of the Blue Army are stationed on two sides of the slope, and cannot communicate remotely between each other. While the White Army is just stationed in the middle of the two Blue Army units. Suppose that the White Army is stronger than either of the two Blue Army units, but it is not as strong as the two Blue Army units combined. If the two units of the Blue Army want to jointly attack the White Army at the same time, they need to communicate with each other, but the White Army is stationed in the middle of them. It is impossible to confirm whether the messengers of two Blue Army units have sent the attack signal to each other, let alone the tampering of the messages. In this case, due to the inability to fully confirm with each other, ultimately no effective consensus can be reached between the two Blue Army units, rendering the "paradox of the two armies".
2.1.2 The Byzantine generals problem


Figure 3 Diagram of the Byzantine generals' problem
Due to the vast territory of the Byzantine roman empire at that time, in order to better achieve the purpose of defense, troops were scattered around the empire, and each army was far apart, and only messengers could deliver messages. During the war, all generals must reach an agreement, or decide whether to attack the enemy based on the majority principle. However, since it is completely dependent on people, if there is a situation where the general rebels or the messenger delivers the wrong message, how can it ensure that the loyal generals can reach agreement without being influenced by the rebels is a problem which was called the Byzantine problem.
The two armies problems and the Byzantine generals problem are all elaborating the same problem: in the case of unreliable information exchange, it is very difficult to reach consensus and coordinate action. The Byzantine general problem is more like a generalization of the "paradox of the two armies".
From the perspective of the computer network, the two armies problem and the Byzantine problem are common contents of computer network courses: the direct communication between two nodes on the network may fail, so the TCP protocol cannot completely guarantee the consistence between the two terminal networks. However, the consensus mechanism can use economic incentives and other methods to reduce this uncertainty to a level acceptable to most people.
It is precisely because of the two armies problem and the Byzantine problem that the consensus mechanism has begun to show its value.
2.2 Development history of consensus mechanism
2.2.1 Classification of consensus mechanism
Because different types of blockchain projects have different requirements for information recording and block generation, and as the consensus mechanism improves due to the development of blockchain technology, there are currently more than 30 consensus mechanisms. These consensus mechanisms can be divided into two categories according to their Byzantine fault tolerance performance: Byzantine fault tolerance system and non-Byzantine fault tolerance system.

Table 1 Classification of consensus mechanism
Source: Yuan Yong, Ni Xiaochun, Zeng Shuai, Wang Feiyue, "Development Status and Prospect of Blockchain Consensus Algorithm"
2.2.2 Development frontier of consensus mechanism
-Development of consensus algorithm
According to the proposed time of the consensus algorithm, we can see relatively clearly the development of the consensus algorithm.
Source: Network data

Figure 4 Development frontier of consensus algorithm

Figure 5 Historical evolution of blockchain consensus algorithm
Source: Yuan Yong, Ni Xiaochun, Zeng Shuai, Wang Feiyue, "Development Status and Prospect of Blockchain Consensus Algorithm"
The consensus algorithm has laid the foundation for the blockchain consensus mechanism. Initially, the research of consensus algorithms was mainly used by computer scientists and computer professors to improve the spam problem or conduct academic discussions.
For example, in 1993, American computer scientist and Harvard professor Cynthia Dwork first proposed the idea of proof of work in order to solve the spam problem; in 1997, the British cryptographer Adam Back also independently proposed to solve the spam problem by use of the mechanism of proof of work for hashing cash and published officially in 2002; in 1999, Markus Jakobsson officially proposed the concept of "proof of work", which laid the foundation for the subsequent design of Satoshi Nakamoto's Bitcoin consensus mechanism.
Next lecture: Chapter 3 Detailed Explanation of Consensus Mechanism Technology
CelesOS
As the first DPOW financial blockchain operating system, CelesOS adopts consensus mechanism 3.0 to break through the "impossible triangle". It provides both high TPS and decentralization. Committed to creating a financial blockchain operating system that embraces regulation, providing services for financial institutions and the development of applications on the regulation chain, and developing a role and consensus eco-system regulation level agreement for regulation.
The CelesOS team is committed to building a bridge between blockchain and regulatory agencies / finance industry. We believe that only blockchain technology that cooperates with regulators will have a bright future and strive to achieve this goal.
📷Website
https://www.celesos.com/
📷 Telegram
https://t.me/celeschain
📷 Twitter
https://twitter.com/CelesChain
📷 Reddit
https://www.reddit.com/useCelesOS
📷 Medium
https://medium.com/@celesos
📷 Facebook
https://www.facebook.com/CelesOS1
📷 Youtube
https://www.youtube.com/channel/UC1Xsd8wU957D-R8RQVZPfGA
submitted by CelesOS to u/CelesOS [link] [comments]

Resources and Questions for Understanding Crypto Currencies and BlockChain

Salutations fellow Redditors!
In my desire to improve my financial literacy, I could not avoid the subject of crypto currencies and would like to know what resources (books, Youtube videos, websites, news outlets, etc.) could supplement my independent study and assist in my education as an investor. I could only understand a few ideas outlined in Satoshi Nakamoto's paper on Bitcoin and need more assistance in understanding the Bitcoin concept on a foundational level.
Lastly, I have a few more questions and I would appreciate the your responses to them:
  1. How do crypto currencies support the decentralization of wealth? How do individuals remove themselves from the constraints of the conventional financial system by moving to a digital currency (I am familiar with the P2P concept)
  2. What makes a coin a coin? Meaning, what gives a crypto currency value - Is that determined by the demand and scarcity? How can more be created, and what can be done to make it more accessible to support the idea of decentralization (i.e. prevent a Federal Reserve for Bitcoin)
  3. Governments are averse to crypto currencies due to their inability to control its distribution, earn revenue by taxes, and enforce regulations. From the perspective of a well-intentioned legislator, what kind of meaningful regulations can be applied to facilitate transparent commerce, prevent fraud, and assist with social issues such as income inequality?
Thank you for taking the time to assist with these questions, I appreciate your responses.
submitted by OscarM47 to BitcoinBeginners [link] [comments]

Combination of finance and blockchain

In recent years, "blockchain finance" has gradually become increasingly popular. Fundamentally, blockchain finance refers to the application of blockchain technology in the financial field, which is also the first application scenario of blockchain. So, how does the blockchain integrate with finance, how to promote and what kind of landing application scenarios can it achieve? Let us talk about the mystery of "blockchain finance".
As we all know, blockchain is a low-level technology based on Bitcoin, which is essentially a decentralized trust mechanism, and collectively maintains a sustainable database by sharing at distributed nodes to achieve information security and accuracy. Finance is an economic activity that uses the currency itself as the operating target and aims to increase the value of the currency through currency accommodation. One of its essence is credit transactions. Credit is the foundation of finance, and finance best reflects the principles and characteristics of credit. In a developed commodity economy, credit has been integrated with currency circulation. We can clearly see the repeated appearance of "credit and trust", which is the basis of the overlap between blockchain and finance, and is also the starting point of the combination.
The first product of the integration of blockchain and finance is Bitcoin. The concept of Bitcoin was originally proposed by Satoshi Nakamoto on November 1, 2008, and was officially born on January 3, 2009. According to Satoshi Nakamoto's idea, Bitcoin is a virtual encrypted digital currency in the form of P2P. Point-to-point transmission means a decentralized payment system. Through the characteristics of anonymity, irreversible and traceable, we can see the fundamental role of trust and credit mechanisms in blockchain technology and financial concepts. It is only based on trust that Bitcoin can be circulated freely among different people and different countries. Trust has laid the foundation for the value of Bitcoin and also provided a good start for the development of digital currency and blockchain finance.
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Who Created Bitcoin?

The creation of effective processes, products, and ideas is crucial for a business because it could mean implementing new ideas, improving services or creating dynamic products. Innovation can act as a catalyst that can make one's business grow and can help an individual adapt in the marketplace. In the case of Mr. Satoshi Nakamoto, the creator of Bitcoin, he used the emerging technology of blockchain to create bitcoin and innovate the use of computer and internet. Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin blockchain network without the need for intermediaries. Bitcoin pioneers wanted to put the seller in charge, eliminate the middleman, cancel interest fees, and make transactions transparent, to hack corruption and cut fees.
Bitcoin is one of the greatest innovation yet also have a big mystery in the tech world today. Until now that creator of Bitcoin is still unknown. The first instance of the name Satoshi Nakamoto came in the form of a user profile on a forum for the peer to peer advocacy and development organization P2P Foundation. In this profile, Satoshi’s personal information lists his date of birth as 1975 and his nation of residence as Japan. Several people are suspected to be Satoshi. As said to this article One of the first and most easily dismissed claims was that of Dorian Satoshi Nakamoto. The 68-year-old Japanese-American living in California, was identified in a 2014 Newsweek article as the elusive Bitcoin creator. Another one is a cryptography enthusiast as well as a pioneer in decentralized digital currency, Nick Szabo developed a precursor to Bitcoin, BitGold. Still, he is denying that he's the creator of bitcoin.
One of the most intriguing updates regarding Nakamoto's real identity is with Craig Wright, for he is claiming that he's the real Satoshi Nakamoto and creator of bitcoin. He is an Australian academic who was brought into the spotlight of Satoshi when Wired Magazine published an article in 2015 claiming Wright “either invented bitcoin or is a brilliant hoaxer”. In regards to his announcement, it lacks evidence on proving that he is Satoshi. Adding fuel to the fire was an ongoing investigation by Australian tax authorities into Wright’s bitcoin holdings, which, after a police raid of Wright’s home, drove the academic to England. Some prominent bitcoin personalities like Jeff Garzik is still skeptical about Wright's proclamation.
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Introduction to Cryptocurrency: BTC, the King of All Tokens

Introduction to Cryptocurrency: BTC, the King of All Tokens
Written by the CoinEx Institution, this series of jocular and easy to understand articles will show you everything you need to know about major cryptocurrencies, making you fully prepared before jumping into crypto!
https://preview.redd.it/d6qqcqnqpsn41.png?width=1638&format=png&auto=webp&s=3e1873bd9f22e159fe5675e1e7314a75eaf61ad4
If you are not in the cryptocurrency field, “BTC” may be a stranger to you, but not the Bitcoin. BTC is the abbreviation for Bitcoin. In addition, it has another name: XBT.
Speaking of BTC, we have to mention one name, Satoshi Nakamoto, father of BTC. His story started from 2008 when a financial crisis broke out across the world, which laid a foundation for the birth of BTC.
On November 1 that year, a person claiming to be Satoshi Nakamoto published the BTC White Paper titled “BTC: A Peer-to-Peer Electronic Cash System” on a P2P foundation website, marking the birth of BTC. Two months later, on January 3, 2009, the BTC genesis block was created. BTC got rid of the constraints of third-party institutions by distributed ledgers, which Nakamoto called the “blockchain.” If users are prepared to dedicate their CPU hashrate to run a special software, they can become a “miner”. While mining new BTC, the miners also set up a network to maintain the blockchain together.
At the time, BTC was considered as a virtual commodity, not a currency, by some countries, banks and government agencies. It wasn’t until one day a man bought two pizzas for the 10,000 BTC he had mined that BTC had its value (What a losing business).
After that, there are ups and downs of the BTC market, but the identity of Nakamoto, has always remained a mystery. Some say he’s from the National Security Agency, and some say he’s a financial expert. But still, he is nowhere to find, and nobody knows anything about him.
The wonderful part of BTC lies in the fact that it is something anyone can mine! But if you think you can mine as many BTC as you want, think twice. To avoid inflation, the upper limit for the number of BTC was set at 21 million. Without relying on the central authority, BTC is issued by the blockchain. Assets and transactions are secured by the digital encryption algorithms and the entire network to resist 51% hashrate attacks. Transaction records are collected and maintained by all computers on the network, and the validity of each transaction must be confirmed by blockchain inspection.
People say, having been widely recognized and used, the BTC technology presents all mankind with an era of blockchain. As the king of cryptocurrency, what makes BTC so special?
1. Decentralization
BTC is the first distributed cryptocurrency. The entire network consists of users and there is no central bank. Decentralization guarantees the security and freedom of BTC.
2.Worldwide circulation
BTC can be managed on any computer connected to the Internet. No matter where you are, you can mine, buy, sell or receive it. That is exactly what makes it a magnet for a lot of miners and users.
3. Exclusive ownership
Controlling your BTC requires your private key, which can be isolated and stored on any storage medium, and no one can get it except yourself. That experience makes you feel so special and secured.
4.Low transaction fees and no hidden costs
The BTC network will charge a certain fee for each transaction to ensure faster transaction execution. In addition, as an A-to-B payment method, BTC does not have tedious procedures or limits, and users only need to provide a BTC address to make payment. How convenient!
5. Cross-platform mining
Bitcoin is definitely a passion for geeks! Miners can discover the hashrate of different hardware on many platforms. BTC mining can be both profitable and fun.
Today the circulating market value of BTC has reached 1.32 trillion, and the reward is halved about every 4 years. In May 2020 we will usher in the third halving of Bitcoin, with a block height of 630,000, and the reward will be directly reduced from 12.5 BTC to 6.25 BTC. By 2140, there will be no more new Bitcoin generated in the world, and the number of Bitcoin in circulation will not exceed 21 million.
If you want to enter the cryptocurrency field, you might as well start by buying BTC. It may present a new door to wealth in front of you, and the key to this door lies in CoinEx. Come on, learn more and trade! https://www.coinex.com/
submitted by CoinExcom to Coinex [link] [comments]

CSW: I am Satoshi Nakamoto. I created Bitcoin - [BitKan 1v1] Craig Wright vs Jiangzhuoer

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Question 1: Both the BCH and BSV communities think that they are the true, original bitcoin from Nakamoto. What do you think was the original idea from Nakamoto?
**CSW:**My original idea is defined in white paper for no limits. And I also described this in the P2P Foundation. It is a distributed system. Users use it to connect to each other, and the miners, to stop double Spending. I explain this further late in 2010, I basically said that the network expands to have a number of nodes that become large data center type operations, because it's not about running nodes. People who run nodes are foolish unless that making money, that's it. When I created Bitcoin, it is a overlay network of the peer-to-peer network, the top of peer-to-peer network. We did peer-to-peer. Peer-to-peer means not what you send to the network, and then another user gets it by the network. That is outside the definition of peer to peer. That is a typical centralized mesh. Why Bitcoin works is that user Alice sends to user Bob,Bob received the transaction. So Bob wrote that he received it. He sent it to the network. IP to IP was one of the fundamental parts of Bitcoin that was removed by core right after I left, basically, I fix Bitcoin and I had the lay out in the first place. There's no question that what happened, and whatever else and what version of things Nakamoto wanted, because I am Satoshi Nakamoto. I created Bitcoin. Very soon, people will notice that. If you don't like it, I don't care.

Question 2. As the main witnesses of BTC to BCH fork, what do you think was the main reason for the fork at that point of time? Now what do you think about the fork at the time? Have you ever changed your mind?
CSW: There was a BCH fork away from Bitcoin, BTC added a number of things to make cryptocurrency more anonymous, which makes it illegal, which means the government can shut it down. Don’t ever believe the government can’t stop bitcoin. Government, the US government and Chinese government could stop bitcoin in a heartbeat. They are going to follow international law to shut down. The Liberty Reserve closed down involved 42 countries working together. It involved basically a distributive system of 10,000 different operations. Not Raspberry pie nodes because it is only 15 real BTC nodes, operators to ran money system. We can't work to unable governments to see machines. If the criminal use of bitcoin is to become anonymous that government can seize machines, can arrest people, can torture by law. The American government can enforce orders in China. So BTC wanted to make something that was not bitcoin. It wanted to change bitcoin further. So BTC split away from bitcoin. That's the fork. Bitcoin didn't change. I make sure we kept going. Jihan and Bitmain. I would like to have a talk about what we are planning, and the mining, we are building. Jihan and Bitmain, took the information to go into confidence and make sure that there was a fork. So this fork happened because Jihan and Bitmain are basically a bunch of lying stuff, and that would be found out later. The second fork was only last year. That was with BCH. Just to keep it simple. Bitcoin vary again. There’s no system of bitcoin is out to try to make it illegal, to make it criminal, to make it anonymous. Roger Ver, who helps from things like Silk Road and Charlie's friend money laundering operation, which Charlie's friend went to jail for. Other people like them that invested a lot of the dark websites, which all under investigation at the moment, which will be founded to watch in the next several years. People like Roger and even Jihan, wanted to use bitcoin to take the illegal money and transfer, they want it to be a dark web system. So they added extra objects to change the bitcoin further. They try to allow it to be more anonymous in a different way. So the simple thing is, there is bitcoin as I created, and there is bitcoin designed to be illegal and then it forks.

Question 3. Finally, can we invite Dr. Craig and Mr. Jiang to talk about each other's technology l and vision? What is the most worthwhile point to learn?
**CSW:**Sorry, I don’t look at those broken versions of bitcoin. I have no interest in learning about how people don’t want to understand bitcoin, how about you want to see the value and how they want to create the system or see these cryptocurrencies in the 90s. If people want to do that, that’s all their choice, but I am not interested in watching them go down in flames. Thank you.

Jiang asked CSW: You have ever wondered why there isn't a 0 in Base58 encodings. (Satoshi, the creator of Base58 explicitly took out 0 and O to avoid confusion). Why didn't you even know the Base58 encoding if you are Satoshi?
https://www.reddit.com/btc/comments/9apx40/professor_technobabble_wondering_why_there_isnt_a/
CSW: He's supposedly trying to mislead the audience by making out the checksum to pass off the transaction. He is basically trying to lie to the people and the audience, making them seen that I don’t understand bitcoin. If you look at why it works, the address was not part of the bitcoin. Bitcoin is a wallet, exchange peer-to-peer with the template. Basically, why does this work is that you have is a transaction that has a checksum to send between wallets. That checksum is a relevant. It never goes into the bitcoin network. The checksum is added only to ensure the transaction to the network while a wallet is correct. The original version of bitcoin didn’t eventually work that way. So what he is trying to mislead you is to say is what I don’t understand checksum etc., which is the lie propagate by people like Bitmain, where insists what it is you do a checksum of the code and then you hand it up. And the third part of this is very simply put. Without the checksum, the transaction sends to the network properly. The checksum is purely a wallet function, so you can add any checksum function and Wormhole would allow this work. Wormhole was an attempt to make an illegal system. Wormhole is another of these things because Jihan and the others wanted to take money out of China. They work with people to do money laundering, so the value that they see of bitcoin is to help money laundering. So they want to try and lie to people and make it that I don’t understand this technology, because they want to keep their money laundering scam going. So if you actually look at my posts, you will see that I've already explained the checksum in details. If you look at the work bitcoin transaction, you will see there has no transaction checksum. No one wants you to look at that because they want you to stay stupid and ignorant, because spending money out of you requires that you are dumb.


Digest from [BitKan 1v1] debate.
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submitted by BitKan to bitcoincashSV [link] [comments]

Why we created the Bank of Hodlers

When Satoshi Nakamoto released the Whitepaper for Blockchain technology and Bitcoin, he did it with the intention of creating a decentralized payment system that works on a peer-to-peer network sharing protocol. Blockchain technology is the network on which bitcoin (and other currencies) can be transacted. The highlight of the technology was to present a system based on ‘trust’, that operated devoid of a centralized authority.
However, the disruptive nature of this technology in relation to the economy, as well as financial and banking services created a gap in the mission of bitcoin. This system, over time, has shown a number of merits and demerits - but the mission of bitcoin is facing barriers to ubiquity due to the skeptical nature of various governments, not willing to get onboard with decentralization.
The skepticism can be attributed to:-
  1. Understanding the content - The blockchain network and cryptocurrency exchanges have their basis in cryptography. Merely trying to understand the processes involved in it can be an arduous task. Imagine trying to incorporate this technology into a larger economic framework based on centralization. This technology has the ability to cause a paradigm shift in economic and financial services. However, for this technology to be successfully implemented into the larger scheme of things, it is important to get on board with understanding blockchain technology and cryptocurrencies, as a whole - to be able to successfully be used by entities, both people and organizations.
  2. Fear of the Unknown - Banks and other financial institutions charge a high rate of interest on loans, as well as recurring transaction, service and maintenance fees, among other things. These institutions often make high levels of profits, sometimes at the cost of the customer. The 2008 financial crisis gave rise to the need for transparency and accountability, leaving financial experts and academicians to look for a reasonable solution. Blockchain technology facilitates new and innovative processes that cannot be modified retroactively without being verified by a majority of the network. This provides a considerable amount of transparency and operational efficiency to users. It also eliminates the need for intermediaries charging high transaction fees, which generally increases the time taken to execute transactions. Banks and financial institutions are the backbones of the traditional economic structure which a significant part of the world is still dependent on. The move to blockchain technology and cryptocurrency trading strikes fear at the heart of these institutions. Banks generate large amounts of profits from transaction fees and high rates of interests charged on loans. They stand to lose these generated revenues because of blockchain’s decentralized trading on p2p networks.
Ripple exists to solve for these problems posed to banking institutions. It is the third largest cryptocurrency, after Bitcoin and Ethereum. It has a market cap of $20 billion and trades at $0.43, as of 12th October 2018. It is denoted by XRP, which is a part of the Ripple foundation that seeks to partner with all the banks.
Ripple is considered to be a digital asset for payment transactions. XRP mainly helps enterprises and banks for payment transactions at a faster rate with minimal transaction costs. Unlike some other cryptocurrencies, mining of Ripple tokens is not possible since the transactions are powered through a centralized blockchain.
Ripple’s model is based on partnerships with banks to solve for cross-border payment issues associated with bitcoin. Its purpose is to solve for the aspect of inflation as a result of fiat currencies being pumped into the economy. It also solves for geographical issues by providing real-time global payments across 27 countries.
A single currency solution is only possible if governments are willing to give up the system of multi-fiat currencies.
Bitcoin’s framework removed the need for centralized banking, for the provision of financial services. The framework shed light on the fact that; While financial services are necessary, financial institutions aren’t. According to Bill Gates, the principal founder of Microsoft, “We need banking, but we don't need banks anymore.”
Bank of Hodlers is trying to find the middle ground between the vision of bitcoin, and the actual prevailing situation of regulatory hurdles, low network hurdles in blockchain solutions, etc. The goal is to create actual value as a medium of exchange and, as a store of value.
There are multiple companies out there that aren’t banks but facilitate banking and financial services. Without a centralized regulatory authority, how does one ensure that customers pay back the amount they’ve borrowed.
  1. The first way to ensure this would be to operate within the banking system itself. If customers don’t pay back the loan amount, it affects their credit scores.
  2. The second way to do this would be to ensure that companies have some security in place, in the event of a shortage.
The problem with this is the fact that credit score data is subjective across borders. Since it is a subjective parameter, it is not a good metric and hence, it isn't a reliable one at that. On an average, one in twenty people has a bad credit score. Furthermore, credit score data isn’t the most secure since credit score companies get hacked all the time.
What, then, would be a viable solution to ensure effective repayment of loans?
  1. The first step would be to ensure that the loan is collateralized. The loan would have to collateralized against cryptocurrency assets. Assets in the form of cryptocurrencies would replace the funds going out of the company in the form of loans.
  2. The second step is pre-emptive in the sense that customers who don’t own the assets we’re looking for cannot avail our services.
We realized that the collateralized system would enable us to give a far better user experience. It would allow us to be objective in the way we offer our services.
The best sort of collateral we’re looking for are the ones where the price can be understood on a dynamic base, where we can understand their volatilities in terms of Loan to Asset Value (LAV). The items that are considered as collateral against loans are equities held in national or international exchanges, national or treasury bonds, and cryptocurrencies.
In regards to equities and bonds, one would need to buy it while operating under stringent rules by the national centralized financial authority, where one can argue that these rules protect the customer- which is mostly true. This, however, defeats the purpose of what we set out to achieve.
  1. The only logical thing to offer is crypto-backed financial services. It still doesn’t solve for the decentralized approach that bitcoin was trying to foster.
  2. The next best thing for us is to distribute the firm’s profits amongst token holders, put out the transaction data on the public ledger of the tokens, facilitate these financial services through decentralized applications, and ensure that we aren’t the middlemen in any of these services.
This is as close to Satoshi’s vision that can work without having to rely on any particular coin or currency becoming the ubiquitous international one.
---
You can view more information about what we are building on our blog here.
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What is cryptoeconomics?

What is cryptoeconomics? Ethereum developer Vlad Zamfir says that cryptoeconomics is:
“A formal discipline that studies protocols that govern the production, distribution, and consumption of goods and services in a decentralized digital economy. Cryptoeconomics is a practical science that focuses on the design and characterization of these protocols.”
The blockchain technology runs on the principles of cryptoeconomics.
Let’s break it down. Cryptoeconomics comes from two words: Cryptography and Economics. People tend to forget the “economics” part of this equation and that is the part that gives the blockchain its unique capabilities. The blockchain wasn’t the first time that a decentralized peer-to-peer system was used, torrent sites have used it for ages to share files. However, in every sense of the word, it has been a failure.
Why was peer-to-peer file sharing a failure?
In a torrent system, anyone can share their file with a decentralized network. The idea was that people would download them and keep seeding aka sharing the file with the network for others to download. The problem was that this worked on an honor system. If you were downloading a file, then you were expected to seed as well. The problem is that humans are not really the most honorable of creatures and without any economic incentives it made no sense for people to keep seeding a file which took up unnecessary space in their computers.
Satoshi Nakamoto and the blockchain technology
In October 2008, an unknown man/woman/group calling themselves Satoshi Nakomoto released a paper which would lay the foundation for bitcoin. This would shake the online community to its very foundations, for the first time we had a working model for something based in cryptoeconomics. The way it differed from earlier p2p decentralized systems, was that people now actually had an economic incentive to “follow the rules”. But more than that, the true genius of the blockchain technology lied in how it circumvented the Byzantine General’s Problem to create a perfect consensus system (more on that later).
Cryptoeconomic properties of Bitcoin
So what are the properties that a cryptocurrency like Bitcoin has as a result of cryptoeconomics?
Let’s go through them one by and one:
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CSW: I am Satoshi Nakamoto. I created Bitcoin - [BitKan 1v1] Craig Wright vs Jiangzhuoer

CSW: I am Satoshi Nakamoto. I created Bitcoin - [BitKan 1v1] Craig Wright vs Jiangzhuoer
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https://preview.redd.it/1iwfewe5p8d31.png?width=1058&format=png&auto=webp&s=382657331bde565effe91030e2d55871cc423b67

Question 1: Both the BCH and BSV communities think that they are the true, original bitcoin from Nakamoto. What do you think was the original idea from Nakamoto?
CSW:My original idea is defined in white paper for no limits. And I also described this in the P2P Foundation. It is a distributed system. Users use it to connect to each other, and the miners, to stop double Spending.
I explain this further late in 2010, I basically said that the network expands to have a number of nodes that become large data center type operations, because it's not about running nodes. People who run nodes are foolish unless that making money, that's it. When I created Bitcoin, it is a overlay network of the peer-to-peer network, the top of peer-to-peer network. We did peer-to-peer.
Peer-to-peer means not what you send to the network, and then another user gets it by the network. That is outside the definition of peer to peer. That is a typical centralized mesh. Why Bitcoin works is that user Alice sends to user Bob,Bob received the transaction. So Bob wrote that he received it. He sent it to the network. IP to IP was one of the fundamental parts of Bitcoin that was removed by core right after I left, basically, I fix Bitcoin and I had the lay out in the first place.
There's no question that what happened, and whatever else and what version of things Nakamoto wanted, because I am Satoshi Nakamoto. I created Bitcoin. Very soon, people will notice that. If you don't like it, I don't care.

Question 2. As the main witnesses of BTC to BCH fork, what do you think was the main reason for the fork at that point of time? Now what do you think about the fork at the time? Have you ever changed your mind?
CSW: There was a BCH fork away from Bitcoin, BTC added a number of things to make cryptocurrency more anonymous, which makes it illegal, which means the government can shut it down. Don’t ever believe the government can’t stop bitcoin. Government, the US government and Chinese government could stop bitcoin in a heartbeat. They are going to follow international law to shut down. The Liberty Reserve closed down involved 42 countries working together. It involved basically a distributive system of 10,000 different operations. Not Raspberry pie nodes because it is only 15 real BTC nodes, operators to ran money system. We can't work to unable governments to see machines.
If the criminal use of bitcoin is to become anonymous that government can seize machines, can arrest people, can torture by law. The American government can enforce orders in China. So BTC wanted to make something that was not bitcoin. It wanted to change bitcoin further. So BTC split away from bitcoin. That's the fork. Bitcoin didn't change. I make sure we kept going.
Jihan and Bitmain. I would like to have a talk about what we are planning, and the mining, we are building. Jihan and Bitmain, took the information to go into confidence and make sure that there was a fork. So this fork happened because Jihan and Bitmain are basically a bunch of lying stuff, and that would be found out later.
The second fork was only last year. That was with BCH. Just to keep it simple. Bitcoin vary again.
There’s no system of bitcoin is out to try to make it illegal, to make it criminal, to make it anonymous. Roger Ver, who helps from things like Silk Road and Charlie's friend money laundering operation, which Charlie's friend went to jail for. Other people like them that invested a lot of the dark websites, which all under investigation at the moment, which will be founded to watch in the next several years.
People like Roger and even Jihan, wanted to use bitcoin to take the illegal money and transfer, they want it to be a dark web system. So they added extra objects to change the bitcoin further. They try to allow it to be more anonymous in a different way. So the simple thing is, there is bitcoin as I created, and there is bitcoin designed to be illegal and then it forks.

Question 3. Finally, can we invite Dr. Craig and Mr. Jiang to talk about each other's technology l and vision? What is the most worthwhile point to learn?
CSW:Sorry, I don’t look at those broken versions of bitcoin. I have no interest in learning about how people don’t want to understand bitcoin, how about you want to see the value and how they want to create the system or see these cryptocurrencies in the 90s. If people want to do that, that’s all their choice, but I am not interested in watching them go down in flames. Thank you.

Jiang asked CSW: You have ever wondered why there isn't a 0 in Base58 encodings. (Satoshi, the creator of Base58 explicitly took out 0 and O to avoid confusion). Why didn't you even know the Base58 encoding if you are Satoshi?
https://www.reddit.com/btc/comments/9apx40/professor_technobabble_wondering_why_there_isnt_a/
CSW: He's supposedly trying to mislead the audience by making out the checksum to pass off the transaction. He is basically trying to lie to the people and the audience, making them seen that I don’t understand bitcoin. If you look at why it works, the address was not part of the bitcoin. Bitcoin is a wallet, exchange peer-to-peer with the template.
Basically, why does this work is that you have is a transaction that has a checksum to send between wallets. That checksum is a relevant. It never goes into the bitcoin network. The checksum is added only to ensure the transaction to the network while a wallet is correct. The original version of bitcoin didn’t eventually work that way. So what he is trying to mislead you is to say is what I don’t understand checksum etc., which is the lie propagate by people like Bitmain, where insists what it is you do a checksum of the code and then you hand it up.
And the third part of this is very simply put. Without the checksum, the transaction sends to the network properly. The checksum is purely a wallet function, so you can add any checksum function and Wormhole would allow this work. Wormhole was an attempt to make an illegal system. Wormhole is another of these things because Jihan and the others wanted to take money out of China. They work with people to do money laundering, so the value that they see of bitcoin is to help money laundering. So they want to try and lie to people and make it that I don’t understand this technology, because they want to keep their money laundering scam going. So if you actually look at my posts, you will see that I've already explained the checksum in details. If you look at the work bitcoin transaction, you will see there has no transaction checksum. No one wants you to look at that because they want you to stay stupid and ignorant, because spending money out of you requires that you are dumb.

Digest from [BitKan 1v1] debate.
bitkan.pro aggregates all trading depth of Binance Huobi and OKEx. or Try our APP!
submitted by BitKan to btc [link] [comments]

Satoshi Nakamoto Breaks Silence on P2P Foundation (Is he back ??!) Satoshi Nakamoto Presents Bitcoin Mine Bitcoin Inverse Head And Shoulders - Satoshi Speaks?! Bitcoin or BTC and Satoshi Nakamoto 9000% Gain till this day 2020. Story behind of Cryptocurrency. Identity of the Creator of Bitcoin Found?

Satoshi Nakamoto ist der Gründer von Bitcoin und der ursprüngliche Autor des Original Bitcoin Client.Er sagte in einem P2P Foundation Profil, dass er aus Japan kommt.Abgesehen davon gibt es kaum Informationen über seine Identität. Er hat seit 2007 an Bitcoin gearbeitet. P2P Foundation Bitcoin open source implementation of P2P currency 2009-02-11 22:27:00 UTC - Original Post - View in Thread. I've developed a new open source P2P e-cash system called Bitcoin. It's completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust. Give it a try, or take a look at the screenshots and design paper ... Satoshi Nakmoto's Profil auf P2P-Foundation. Gemäß den Angaben seines Profils auf P2P-Foundation ist Nakamoto am 5. April 1975 geboren und in Japan lebend. Sowohl das Geburtsdatum als auch der Wohnort dürfen bezweifelt werden. Erste Hinweise auf eine komplett erfundene Person gaben sein perfektes Englisch als auch die Zeiten, zu denen Beiträge abgesetzt wurden, welche nicht mit den ... February 11, 2009 Satoshi Nakamoto P2P Foundation I’ve developed a new open source P2P e-cash system called Bitcoin. It’s completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust. In seinem P2P Foundation Profil erzählte er, dass er aus Japan komme und an 5. April 1975 geboren werden. Genesis Block. Die öffentliche Aktivität Der Artikel über die neue Kryptowährung wurde 2008 erschien. Ein Jahr später wurde die erste Software erschien, die sofort ins Netz kam. Satoshi Nakamoto, der Entwickler von Bitcoin, fortgesetzte die Kommunikation in den Webforen mit ...

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Satoshi Nakamoto Breaks Silence on P2P Foundation (Is he back ??!)

Development of bitcoin Nakamoto has stated that work on the writing of the code for bitcoin began in 2007.[8] On 18 August 2008 he or a colleague registered ... On his P2P Foundation profile as of 2012, Nakamoto claimed to be a 37-year-old male who lived in Japan,[23] but some speculated he was unlikely to be Japanese due to his native-level use of ... They were active in the development of bitcoin up until December 2010. On a P2P Foundation profile, Nakamoto claimed to be a man living in Japan, born on 5 April 1975. Speculation about the true ... Visit my website: https://bitcoin-mine.org Video transcript: I’m am Satoshi Nakamoto - the creator of Bitcoin. I’ve launched the Bitcoin project in late 2009... Satoshi Nakamoto, the creator of Bitcoin and by extension the father of cryptocurrencies, has reappeared after a four-year silence to utter only one single word: nour. The update appeared on his ...

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