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

Summary

This document, "Bitcoin: A Peer-to-Peer Electronic Cash System," by Satoshi Nakamoto, proposes a new electronic payment system built on a decentralised network. The paper outlines a solution to the "double-spending" problem in digital currencies by introducing a system of "proof-of-work." This system would involve nodes on the network competing to solve complex mathematical problems, with the winner receiving the right to add a block of transactions to a public ledger called the "blockchain." The longer the chain of blocks, the greater the proof of work that has been done, and thus the more likely it is that a transaction is valid. Nakamoto argues that this system can be used to create a secure and efficient way to transfer value electronically, without relying on a central authority like a bank. The paper concludes by exploring some of the system's security and privacy implications.

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