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    Plamen Tenev
    Bitcoin is a peer-to-peer electronic cash system created by Dr. Craig Wright under the pseudonym Satoshi Nakamoto, as detailed in the 2008 Bitcoin Whitepaper. The Bitcoin ledger and blockchain were established in January 2009 with the generation of the Genesis block and mining of Block 1. Bitcoin functions as a payment system to enable peer-to-peer transactions, though developments are making it easier to leverage the blockchain for other applications.

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    Presentation 4

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    Plamen Tenev
    19 views7 pages
    Bitcoin is a peer-to-peer electronic cash system created by Dr. Craig Wright under the pseudonym Satoshi Nakamoto, as detailed in the 2008 Bitcoin Whitepaper. The Bitcoin ledger and blockchain were established in January 2009 with the generation of the Genesis block and mining of Block 1. Bitcoin functions as a payment system to enable peer-to-peer transactions, though developments are making it easier to leverage the blockchain for other applications.

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    Bitcoin is a peer-to-peer electronic cash system created by Dr. Craig Wright under the pseudonym Satoshi Nakamoto, as detailed in the 2008 Bitcoin Whitepaper. The Bitcoin ledger and blockchain were established in January 2009 with the generation of the Genesis block and mining of Block 1. Bitcoin functions as a payment system to enable peer-to-peer transactions, though developments are making it easier to leverage the blockchain for other applications.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    19 views7 pages

    Presentation 4

    Uploaded by

    Plamen Tenev
    Bitcoin is a peer-to-peer electronic cash system created by Dr. Craig Wright under the pseudonym Satoshi Nakamoto, as detailed in the 2008 Bitcoin Whitepaper. The Bitcoin ledger and blockchain were established in January 2009 with the generation of the Genesis block and mining of Block 1. Bitcoin functions as a payment system to enable peer-to-peer transactions, though developments are making it easier to leverage the blockchain for other applications.

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    © All Rights Reserved
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    BITCOIN

    Пламен Тенев №21


    BITCOIN Bitcoin is a peer to peer
    electronic cash system created
    by Dr. Craig Wright under the
    pseudonym Satoshi Nakamoto.
    It was first detailed in
    the Bitcoin 

    Whitepaper in October 2008, and


    the source code was released in
    January 2009. The Bitcoin ledger
    and Blockchain were established
    with the generation of
    the Genesis block on the 3rd of
    January 2009 and the mining of
    Block 1 six days later on the 9th
    of January 2009.
    Applications
    Bitcoin is primarily  But developments
    a payment system which such as Paymail and Sim
    supports peer to peer plified Payment 
    connection and Instant
    Transactions. Verification are changing
    the landscape
    Early in the History of and making it much
    Bitcoin payments easier for users to
    required users to connect and leverage the
    understand complicated blockchain for the back-
    technical details of end of their applications.
    Bitcoin's technological
    underpinnings to make
    transactions.
    Network
    The Bitcoin Network is There is no central
    the network that all governance that determines
    peers use to access the how peers on the network
    ledger. The network must connect, but the
    forms spontaneously incentive structure that 
    over time as more Bitcoin employs to bring
    peers access and use enterprise miners into the
    the system. system results in
    the formation of a small
    world network which is
    simple and resilient.​
    The Ledger
    The Bitcoin ledger is a record of all valid
    transactions that have ever been
    transmitted to the network. The ledger is
    formed as a Directed Acyclic Graph (DAG)
    where each transaction is a node.

    The graph starts at the Coinbase transaction


    of the first block ever found and via chains
    of digital signatures maps out the entire
    history of valid exchange actions, allowing
    the tracing of all bitcoins back to their
    creation.
    The Ledger
    Transactions
    Each transaction uses
    bitcoins stored in 'unspent
    All Bitcoin
    transaction outputs' as the
    Transactions are payments of
    transaction inputs.
    some kind. Transactions are
    The transaction process
    written in a flexible scripting
    aggregates the satoshis hel
    language that is used to
    d in each input and spends
    assign custodial control to
    them into a new set
    each transaction output via
    of unspent transaction
    the creation of arbitrary
    outputs. When UTXOs are
    spending conditions defined
    spent in a transaction they
    by scripts.
    are consumed.

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