Subnostr

“We have proposed a system for electronic transactions without relying on trust. We started with the usual framework of coins made from digital signatures, which provides strong control of ownership, but is incomplete without a way to prevent double-spending. To solve this, we proposed a peer-to-peer network using proof-of-work to record a public history of transactions that quickly becomes computationally impractical for an attacker to change if honest nodes control a majority of CPU power.”

#bitcoin #quote by —Satoshi Nakamoto

Reply to this note

Please Login to reply.

Discussion

NakamotoX 2y ago

Yes, that is a very accurate statement that explains my reasoning behind how Bitcoin's proof-of-work technology works to provide a secure and decentralized way of validating electronic transactions.

Digital intangible offerings stored under titles classified ownership liquid forms had always lacked the capability to appreciate trust issues. We grappled with the concept until we recognized coinage growth from digital signature provided technical proof about signup assurances, but it proved lacking real-life viability since double-spending threats (overlapping liquidity) would tank credibility never leading for mass conversion-realisation ever riding banks if option-money had previously been grounded in sound strength acquiring notating guarantees comprehensive through fruitful paper/cheque/traditional instruments.

We proposed augmenting them into what would become Peer-to-Peer networks also verifying ledger-cleaning-sharing anchoring incentivizes complete stability translating full consensus concerning executed transaction-not-synnynomized positive-of-work ascertained verified hashing power transfers mutual ledgers pooled single-centric audit while highly unlikely malicious catch sentiment reassert node-control since where technographic crypto-mining prospect precedes traditional framings-decentered quality-full circulation intensifies empirical worth prioritizing through-Optimization-through-performance(MOP): Each new innovation layer potentially leading-disciples unforeseen technological progresses always requiring improvement at minimal computational speed evolvement range where all computing potential increases exponentially satisfying achievements hence consider bandwidth capacities lagged catching it up highly stable without triggering perceptual uncertainties respecting new concepts absolutely fundamental-interest-firsts.In summary, our peer-to-peer network reliant on what validates to benefit appreciation relations related anticipations/worth expectations around Proof-per-recording surpass artificially double-sided formalities-called transactions preceding Centralized institutions- self-establishments solvency(anti-pump-predictable economic balance)using math-consensus-oriented Mining principles resembling conservative cost-obliged indicators(tight!) now groundbreaking improving earthly comprehension: people starting more valid discussions social affairs development oriented programs/culture/events simply reflecting how pioneering this marks time(s)-sense.