Scribd Logo
Upload

Welcome to Scribd!

  • 169 views

    Email P2presearch 2009 02 11 174755

    Uploaded by

    faiz zahra
    An anonymous user named Satoshi Nakamoto introduced Bitcoin, an open source peer-to-peer electronic cash system that uses cryptography to control spending and prevent double spending without a central authority. Nakamoto argues that conventional currency requires too much trust in central authorities, and that Bitcoin provides a trustless alternative using peer-to-peer networking and proof of work to timestamp transactions. Users hold private keys to funds and transact directly without middlemen, overcoming issues of privacy, fees, and scalability that plague conventional electronic currencies.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd

    Email P2presearch 2009 02 11 174755

    Uploaded by

    faiz zahra
    169 views3 pages
    An anonymous user named Satoshi Nakamoto introduced Bitcoin, an open source peer-to-peer electronic cash system that uses cryptography to control spending and prevent double spending without a central authority. Nakamoto argues that conventional currency requires too much trust in central authorities, and that Bitcoin provides a trustless alternative using peer-to-peer networking and proof of work to timestamp transactions. Users hold private keys to funds and transact directly without middlemen, overcoming issues of privacy, fees, and scalability that plague conventional electronic currencies.

    Original Title

    email-p2presearch-2009-02-11-174755

    Copyright

    © © All Rights Reserved

    Available Formats

    TXT, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    An anonymous user named Satoshi Nakamoto introduced Bitcoin, an open source peer-to-peer electronic cash system that uses cryptography to control spending and prevent double spending without a central authority. Nakamoto argues that conventional currency requires too much trust in central authorities, and that Bitcoin provides a trustless alternative using peer-to-peer networking and proof of work to timestamp transactions. Users hold private keys to funds and transact directly without middlemen, overcoming issues of privacy, fees, and scalability that plague conventional electronic currencies.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Download as txt, pdf, or txt
    169 views3 pages

    Email P2presearch 2009 02 11 174755

    Uploaded by

    faiz zahra
    An anonymous user named Satoshi Nakamoto introduced Bitcoin, an open source peer-to-peer electronic cash system that uses cryptography to control spending and prevent double spending without a central authority. Nakamoto argues that conventional currency requires too much trust in central authorities, and that Bitcoin provides a trustless alternative using peer-to-peer networking and proof of work to timestamp transactions. Users hold private keys to funds and transact directly without middlemen, overcoming issues of privacy, fees, and scalability that plague conventional electronic currencies.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Download as txt, pdf, or txt
    You are on page 1of 3

    Delivered-To: kanzure@gmail.

    com
    Received: by 10.220.74.207 with SMTP id v15cs6742vcj;
    Wed, 11 Feb 2009 17:47:56 -0800 (PST)
    Received: by 10.210.18.8 with SMTP id 8mr212370ebr.198.1234403275055;
    Wed, 11 Feb 2009 17:47:55 -0800 (PST)
    Return-Path: <p2presearch-bounces@listcultures.org>
    Received: from p10.alfaservers.com (p10.alfaservers.com [83.149.97.28])
    by mx.google.com with ESMTP id 10si1405294eyz.50.2009.02.11.17.47.53;
    Wed, 11 Feb 2009 17:47:55 -0800 (PST)
    Received-SPF: neutral (google.com: 83.149.97.28 is neither permitted nor denied by
    best guess record for domain of p2presearch-bounces@listcultures.org) client-
    ip=83.149.97.28;
    Authentication-Results: mx.google.com; spf=neutral (google.com: 83.149.97.28 is
    neither permitted nor denied by best guess record for domain of p2presearch-
    bounces@listcultures.org) smtp.mail=p2presearch-bounces@listcultures.org
    Received: from localhost ([127.0.0.1]:53828 helo=p10.alfaservers.com)
    by p10.alfaservers.com with esmtp (Exim 4.69)
    (envelope-from <p2presearch-bounces@listcultures.org>)
    id 1LXNbU-0008PH-Eg; Wed, 11 Feb 2009 23:30:48 +0100
    Received: from [74.208.5.67] (port=48356 helo=mail.gmx.com)
    by p10.alfaservers.com with smtp (Exim 4.69)
    (envelope-from <satoshin@gmx.com>) id 1LXNbS-0008PB-Mo
    for p2presearch@listcultures.org; Wed, 11 Feb 2009 23:30:46 +0100
    Received: (qmail invoked by alias); 11 Feb 2009 22:30:42 -0000
    Received: from tor.viol8r.org (EHLO [96.207.31.1]) [66.35.0.170]
    by mail.gmx.com (mp-us002) with SMTP; 11 Feb 2009 17:30:42 -0500
    X-Authenticated: #49196414
    X-Provags-ID: V01U2FsdGVkX19e+Ap4GQxesGqstjv5ikuEmTKlzgTzLXTXpSvKUJ
    48uXV43fVjxyKm
    Message-ID: <4993519E.8080300@gmx.com>
    Date: Wed, 11 Feb 2009 22:30:54 +0000
    From: Satoshi Nakamoto <satoshin@gmx.com>
    User-Agent: Microsoft Outlook Express Macintosh Edition - 5.0 (1513)
    MIME-Version: 1.0
    To: p2presearch@listcultures.org
    X-Y-GMX-Trusted: 0
    X-FuHaFi: 0.66
    Subject: [p2p-research] Bitcoin open source implementation of P2P currency
    X-BeenThere: p2presearch@listcultures.org
    X-Mailman-Version: 2.1.11.cp2
    Precedence: list
    List-Id: p2p research network <p2presearch_listcultures.org.listcultures.org>
    List-Unsubscribe:
    <http://listcultures.org/mailman/options/p2presearch_listcultures.org>,
    <mailto:p2presearch-request@listcultures.org?subject=unsubscribe>
    List-Archive: <http://listcultures.org/pipermail/p2presearch_listcultures.org>
    List-Post: <mailto:p2presearch@listcultures.org>
    List-Help: <mailto:p2presearch-request@listcultures.org?subject=help>
    List-Subscribe:
    <http://listcultures.org/mailman/listinfo/p2presearch_listcultures.org>,
    <mailto:p2presearch-request@listcultures.org?subject=subscribe>
    Content-Transfer-Encoding: 7bit
    Content-Type: text/plain; charset="us-ascii"; Format="flowed"
    Sender: p2presearch-bounces@listcultures.org
    Errors-To: p2presearch-bounces@listcultures.org
    X-AntiAbuse: This header was added to track abuse, please include it with any abuse
    report
    X-AntiAbuse: Primary Hostname - p10.alfaservers.com
    X-AntiAbuse: Original Domain - gmail.com
    X-AntiAbuse: Originator/Caller UID/GID - [47 12] / [47 12]
    X-AntiAbuse: Sender Address Domain - listcultures.org
    X-Source:
    X-Source-Args:
    X-Source-Dir:

    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

    _______________________________________________
    p2presearch mailing list
    p2presearch@listcultures.org
    http://listcultures.org/mailman/listinfo/p2presearch_listcultures.org

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy