Inventing Bitcoin: The Technology Behind The First Truly Scarce and Decentralized Money Explained by Yan Pritzker

Author:Yan Pritzker [Pritzker, Yan]
Language: eng
Format: azw3
Published: 2019-01-16T16:00:00+00:00

No more central party. We have a fully distributed and decentralized system. We’ve almost got the entire picture. There remains one problem. When someone joins the network and asks for copies of the ledger, they may get different ledger histories from different nodes. How do we enforce a single, linear history, and how can we prevent miners from rewriting the past?

1 The adjustment period of 2016 blocks was chosen based on the desired ten minute block interval. 10 minutes x 2106 blocks is two weeks. The block interval was chosen by Satoshi arbitrarily to be big enough to have most nodes be able to sync to the latest block. The two week adjustment period was also picked somewhat arbitrarily, but designed to prevent the system from being gamed from overly quick changes in the hash rate.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.