Yesterday, just 10 years ago, on October 31,
Bitcoin’s Whitepaper: 8 Pages Full of Innovation
The Bitcoin whitepaper should be on the reading list of anyone who wants to understand the innovation of the first crypto network, which is supported by a proof-of-work (PoW) system. Although a large number of similar protocols and white papers have been published in the last 10 years, they are not comparable to the results of Satoshi’s whitepaper or the Bitcoin network itself. Instead of a centralized controller, Satoshi describes a “system based on cryptographic evidence rather than trust.”
Resistance to the Byzantine mistake
Compared to other theoretical papers on digital coins, the original whitepaper briefly and concisely describes the essence of the network, even before it went live on January 3, 2009. Since then, we have tracked the development of the Bitcoin network, the performance of the cryptocurrency, and the expansion of reach.
We also saw how the system has resisted problems such as the Byzantine fault for 10 years. “The network stamps transactions by dividing them into a continuous chain with a Hashrate-based proof of work, forming a database that can not be changed without having to change the proof of work,” wrote Satoshi.
“The system is sure as long as honest nodes together have more CPU power than a cooperating group of attacker nodes.”
Since then, the Bitcoin whitepaper has changed the lives of many people. Online merchants no longer have to rely on financial institutions to handle electronic payments. It was not always easy for Bitcoin supporters. Market downturns, legal hurdles or disagreements within the community have marked the development of the cryptocurrency. However, Bitcoin fans agree that we are still at the beginning of the financial revolution, which has set the coin we love in motion.