From f443db4a14257f70b6b9a0e98c60bd19322b45d0 Mon Sep 17 00:00:00 2001 From: Matthew Sedaghatfar Date: Thu, 23 Nov 2017 13:01:19 -0500 Subject: [PATCH 1/2] Update ch01.asciidoc Updated Market cap value --- ch01.asciidoc | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/ch01.asciidoc b/ch01.asciidoc index c7bc6945..6d09d867 100644 --- a/ch01.asciidoc +++ b/ch01.asciidoc @@ -47,7 +47,7 @@ When cryptography started becoming more broadly available and understood in the ((("Nakamoto, Satoshi")))((("distributed computing")))((("bitcoin", "history of")))Bitcoin was invented in 2008 with the publication of a paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System,"footnote:["Bitcoin: A Peer-to-Peer Electronic Cash System," Satoshi Nakamoto (https://bitcoin.org/bitcoin.pdf).] written under the alias of Satoshi Nakamoto (see <>). Nakamoto combined several prior inventions such as b-money and HashCash to create a completely decentralized electronic cash system that does not rely on a central authority for currency issuance or settlement and validation of transactions. ((("Proof-of-Work algorithm")))((("decentralized systems", "consensus in")))((("mining and consensus", "Proof-of-Work algorithm")))The key innovation was to use a distributed computation system (called a "Proof-of-Work" algorithm) to conduct a global "election" every 10 minutes, allowing the decentralized network to arrive at _consensus_ about the state of transactions. ((("double-spend problem")))((("spending bitcoin", "double-spend problem")))This elegantly solves the issue of double-spend where a single currency unit can be spent twice. Previously, the double-spend problem was a weakness of digital currency and was addressed by clearing all transactions through a central clearinghouse. -The bitcoin network started in 2009, based on a reference implementation published by Nakamoto and since revised by many other programmers. The implementation of the Proof-of-Work algorithm (mining) that provides security and resilience for bitcoin has increased in power exponentially, and now exceeds the combined processing power of the world's top supercomputers. Bitcoin's total market value has at times exceeded $20 billion US dollars, depending on the bitcoin-to-dollar exchange rate. The largest transaction processed so far by the network was $150 million US dollars, transmitted instantly and processed without any fees. +The bitcoin network started in 2009, based on a reference implementation published by Nakamoto and since revised by many other programmers. The implementation of the Proof-of-Work algorithm (mining) that provides security and resilience for bitcoin has increased in power exponentially, and now exceeds the combined processing power of the world's top supercomputers. Bitcoin's total market value has at times exceeded $135 billion US dollars, depending on the bitcoin-to-dollar exchange rate. The largest transaction processed so far by the network was $150 million US dollars, transmitted instantly and processed without any fees. Satoshi Nakamoto withdrew from the public in April 2011, leaving the responsibility of developing the code and network to a thriving group of volunteers. The identity of the person or people behind bitcoin is still unknown. ((("open source licenses")))However, neither Satoshi Nakamoto nor anyone else exerts individual control over the bitcoin system, which operates based on fully transparent mathematical principles, open source code, and consensus among participants. The invention itself is groundbreaking and has already spawned new science in the fields of distributed computing, economics, and econometrics. From 061443e0674a36b3aeb9f431f4520962bc7bf1df Mon Sep 17 00:00:00 2001 From: "Andreas M. Antonopoulos" Date: Fri, 2 Feb 2018 14:20:20 -0600 Subject: [PATCH 2/2] Updated "largest value ever Tx" --- ch01.asciidoc | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/ch01.asciidoc b/ch01.asciidoc index 6d09d867..5bd8b511 100644 --- a/ch01.asciidoc +++ b/ch01.asciidoc @@ -47,7 +47,7 @@ When cryptography started becoming more broadly available and understood in the ((("Nakamoto, Satoshi")))((("distributed computing")))((("bitcoin", "history of")))Bitcoin was invented in 2008 with the publication of a paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System,"footnote:["Bitcoin: A Peer-to-Peer Electronic Cash System," Satoshi Nakamoto (https://bitcoin.org/bitcoin.pdf).] written under the alias of Satoshi Nakamoto (see <>). Nakamoto combined several prior inventions such as b-money and HashCash to create a completely decentralized electronic cash system that does not rely on a central authority for currency issuance or settlement and validation of transactions. ((("Proof-of-Work algorithm")))((("decentralized systems", "consensus in")))((("mining and consensus", "Proof-of-Work algorithm")))The key innovation was to use a distributed computation system (called a "Proof-of-Work" algorithm) to conduct a global "election" every 10 minutes, allowing the decentralized network to arrive at _consensus_ about the state of transactions. ((("double-spend problem")))((("spending bitcoin", "double-spend problem")))This elegantly solves the issue of double-spend where a single currency unit can be spent twice. Previously, the double-spend problem was a weakness of digital currency and was addressed by clearing all transactions through a central clearinghouse. -The bitcoin network started in 2009, based on a reference implementation published by Nakamoto and since revised by many other programmers. The implementation of the Proof-of-Work algorithm (mining) that provides security and resilience for bitcoin has increased in power exponentially, and now exceeds the combined processing power of the world's top supercomputers. Bitcoin's total market value has at times exceeded $135 billion US dollars, depending on the bitcoin-to-dollar exchange rate. The largest transaction processed so far by the network was $150 million US dollars, transmitted instantly and processed without any fees. +The bitcoin network started in 2009, based on a reference implementation published by Nakamoto and since revised by many other programmers. The implementation of the Proof-of-Work algorithm (mining) that provides security and resilience for bitcoin has increased in power exponentially, and now exceeds the combined processing power of the world's top supercomputers. Bitcoin's total market value has at times exceeded $135 billion US dollars, depending on the bitcoin-to-dollar exchange rate. The largest transaction processed so far by the network was $400 million US dollars, transmitted instantly and processed for a fee of $1. Satoshi Nakamoto withdrew from the public in April 2011, leaving the responsibility of developing the code and network to a thriving group of volunteers. The identity of the person or people behind bitcoin is still unknown. ((("open source licenses")))However, neither Satoshi Nakamoto nor anyone else exerts individual control over the bitcoin system, which operates based on fully transparent mathematical principles, open source code, and consensus among participants. The invention itself is groundbreaking and has already spawned new science in the fields of distributed computing, economics, and econometrics.