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2024-01-16 16:42:00

Unlocking Knowledge: Bitcoin in Plain Language

This series continues to translate the original white paper by Satoshi Nakamoto to plain language. The goal is to have easily shared content, and send new people directly to nostr to read it. The original content will be posted, with the plain language below.

Please show support by sharing or sending sats.

2. Transactions Paragraph 3
We need a way for the payee to know that the previous owners did not sign any earlier transactions. For our purposes, the earliest transaction is the one that counts, so we don’t care about later attempts to double-spend. The only way to confirm the absence of a transaction is to be aware of all transactions. In the mint based model, the mint was aware of all transactions and decided which arrived first. To accomplish this without a trusted party, transactions must be publicly announced[1], and we need a system for participants to agree on a single history of the order in which they were received. The payee needs proof that at the time of each transaction, the majority of nodes agreed it was the first received.

Plain Language
We want to make sure that the person receiving the digital coin knows that the people who had it before didn't use it in any previous transactions. However, for us, only the very first transaction matters, and we're not concerned about any attempts to spend the coin again later.

To confirm that a transaction didn't happen before, we need to know about all the transactions. In the previous system with the central authority, they knew about every transaction and decided which one happened first. Now, without relying on a trusted authority, we need transactions to be publicly announced. Additionally, we need a way for everyone involved to agree on the order in which these transactions occurred.

The person receiving the coin needs evidence that, at the time of each transaction, most of the participants in the network agreed it was the first one to be received. This way, we can be confident about the order of transactions and make sure the digital coin is used properly.

#bitcoin #crypto #btc #blockchain #cryptocurrency #hodl #digitalgold #decentralized #satoshi #cryptonews #satoshinakamoto #whitepaper #bitcoinwhitepaper #nostr #grownostr

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npub1aqxs793kps5eanmvnse97at6nc975pg6e0c6tjzxq700x0jzdl7qvvmhkh

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2024-01-16 16:42:00

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