To celebrate the bitcoin white paper published 9th Anniversary

To celebrate the bitcoin white paper published 9th Anniversary


2017 is a very unusual year in the history of bitcoin, as to the center of the currency, it goes beyond many people’s expectations, has become the market value of more than $100 billion asset size. 9 years ago today, the value of the “Internet” anonymous creator Nakamoto bitcoin released a white paper, reached a new milepost in Halloween bitcoin.

In October 31, 2008, the genius of the point-to-point electronic cash system was born.

In October 31, 2008, a (or a group of people claiming to be in the Cong guy) released “bitcoin: a point-to-point electronic cash system” of the white paper, this mailing list subscribers to encrypt the white paper describes a revolutionary technology to the user, thus creating the world’s first true, point to point and to the center of the monetary system. Pay this money online is no longer needed by the third party, it is not entirely by the government or corporate entity issued. Nakamoto So in the first few words have brilliantly summed up the basic attribute of bitcoin:

This paper presents a completely electronic cash system through the point to point technology, it makes the online payment can be directly initiated by one party and paid to the other party, does not need any of the financial institutions. Although the digital signature part to solve this problem, but if you still need the support of third parties in order to prevent double payment, then the system will lose the value of existence. We propose a solution to the cash system in peer-to-peer environment, and to prevent double payment problems. The network through random hash of all transactions with timestamps, merge them into a continuous extension based on random hash chain that work as a record of the transaction, unless it is proved all the work, the formation of the transaction will not be changed”.

What can not and bitcoin analogy

When bitcoin was released in January 2009, to the center of the network began to change public attitudes to money and the entire financial system. Bitcoin began only a few people use, such as HalFinney is the first of several completed bitcoin transactions and received one of the 10 bitcoin people. Now, this agreement by millions of people around the world, offers the individual banks better than money transfer way, but also make their money in personal allocation has not been the ruler’s permission.

“Sorry, I am a blanket. To describe the general audience bitcoin is very difficult, and what can not analogy, in order to make it easier for people to understand”. – Nakamoto

In fact, bitcoin is considered to be the “people’s money”, as to the center of the encrypted currency without a ruler to management, thus giving people the freedom of monetary sovereignty. The complexity of the monetary system is not based on force or fraud, but based on mathematical cognition. This is in contrast to the banking system as we know it today.

“What we need is based on password proof rather than on the electronic payment system of trust, it allows any desire to trade both sides to deal directly, without the need for a trusted third party.” The paper explains Nakamoto So.

People put forward a trust electronic trading system.

Now, in 2017, more and more people start looking to bring bitcoin this revolutionary system. At this point I’m writing, a bitcoin value of more than $6000, every 24 hours trading billions of dollars in bitcoins. Bitcoin has led to more than 1000 kinds of protocol uses a modified imitator bitcoin underlying technology and produce a new competitive encryption currency, followed by the bitcoin market space competition after encryption the total market value of nearly $78 billion in currency trading, billions of dollars every day. Many supporters still believe that bitcoin is a technology innovation is changing the social evolution, like the Internet in the past few decades, the rise of the same.

There are a lot of people think that the importance and relevance of Nakamoto paper will exist forever, never give newcomers a good summary: what is the encryption currency, and great possibility of application in the future. “We have proposed an electronic trading system does not rely on trust, Nakamoto finally draws the conclusion.

Since then, bitcoin has become a life and growth in nature of economic activity. In the 9th anniversary anniversary of the bitcoin white paper, 2017 found no signs that the slowdown in the revolutionary system.

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