“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party,” Satoshi said in an Oct. 31 email in 2008.“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party,” Satoshi famously said in the opening sentence before linking the document
It proposed to achieve this via a network of nodes to validate and record transactions through a proof-of-work consensus mechanism, launching just two months later on Jan. 3, 2009.Satoshi’s computer science breakthrough came on the back of other impressive developments in the cryptography and e-money space.
In many ways, it could be seen as a precursor to the nodes of Bitcoin’s protocol which keep a record of the constantly growing blockchain. The hashes cryptographically link one block to the next, ensuring integrity of Bitcoin data. Timestamps also prevent double spending on Bitcoin, making the network tamper-proof and immutable.
Source: Digital Coin News (digitalcoinnews.net)
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