Home
News
- Satoshi Nakamoto published the Bitcoin white paper, an overview of the unique network and native money that transformed the world, 13 years ago at roughly 2:10 PM
- On November 13, 2008, Nakamoto stated that the Byzantine generals’ dilemma is solved by the proof-of-work chain
- Bitcoin transactions are pseudonymous, and users may add as much privacy as they like because the system is built on the principles of public openness and privacy
Satoshi Nakamoto published the Bitcoin white paper, an overview of the unique network and native money that transformed the world, 13 years ago at roughly 2:10 PM (EDT). The abstract of the 12-part white paper says that Bitcoin is a purely peer-to-peer type of electronic cash that would allow online payments to be transmitted directly from one party to another without passing via a banking institution.
When the article was initially released, academics and computer scientists throughout the globe had no idea that Bitcoin’s creator had solved an issue that had tormented computer scientists for years, the Byzantine Generals Problem or Byzantine Fault. Nakamoto told a pseudonymous member of metzdowd.com’s Cryptography Mailing List, James A. Donald, two weeks after publishing the white paper on Halloween 2008, that the inventor had solved the problem.
On November 13, 2008, Nakamoto stated that the Byzantine generals’ dilemma was solved by the proof-of-work chain. The merits of Nakamoto’s paper were obvious, and the advantages of triple-entry accounting were plain to those who examined the inventor’s paper and observed the network’s inauguration on January 3, 2009. The proof-of-work chain is the solution to the synchronisation problem, and to knowing what the globally shared view is without having to trust anyone, Satoshi informed Donald a few days earlier. Since then, Nakamoto’s paper has given rise to the Bitcoin network and a slew of other blockchains.
Furthermore, the white paper is widely used in academics these days, having been cited 17,201 times on Google Scholar and mentioned in numerous crypto network white papers. Since its publishing on October 31, 2008, there hasn’t been another white paper as productive and inventive as Nakamoto’s. It essentially evoked the next level of ledger accounting systems, since triple-entry bookkeeping — in contrast to single and double-ledger systems — gives a notion that is practically trustless if the autonomous system is removed from the equation.
ALSO READ: BITCOIN COULD WELL HIT 2022 WITH A $150,000 PRICE TAG
Bitcoin transactions are pseudonymous, and users may add as much privacy as they like because the system is built on the principles of public openness and privacy. According to the Bitcoin white paper, the traditional banking paradigm achieves a measure of privacy by limiting access to information to the parties involved and a trusted third party.
While the requirement to publicly publish all transactions eliminates this strategy, privacy can still be preserved by interrupting the flow of information in another way: by keeping public keys anonymous. Satoshi Nakamoto’s Bitcoin innovation has permanently transformed the world, much as the printing press changed society for the better by allowing individuals to study without an apprenticeship and the combustion engine made travel much faster.
Skeptics, bankers, and governments derided and scoffed at the young technology initially, and eventually sought to stop it from growing exponentially. These days, the world’s largest financial institutions are attempting to implement Nakamoto’s notions, and governments are attempting to develop their own blockchain technologies.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
