when was bitcoin’s whitepaper published by satoshi nakamoto?
When was bitcoin’s whitepaper published by Satoshi Nakamoto?
Answer:
The Bitcoin whitepaper, titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” was published by Satoshi Nakamoto on October 31, 2008. This landmark paper introduced the concept of a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries such as banks. It outlined the fundamental principles behind Bitcoin, including how the blockchain works, the proof-of-work system, and other technical details that established the foundation for the cryptocurrency.
Here is a summary of key points from the Bitcoin whitepaper:
- Decentralization: The whitepaper proposed a system that functions without a central authority, relying instead on a distributed network of nodes for transaction validation.
- Proof of Work (PoW): To prevent double-spending and ensure the security of the network, transactions are verified through a PoW consensus mechanism, where miners compete to solve complex cryptographic puzzles.
- Blockchain Technology: Transactions are recorded in a public ledger known as the blockchain, which is maintained by the network of nodes and is resistant to tampering.
- Fixed Supply: Bitcoin has a capped supply of 21 million coins, which helps to prevent inflation and preserve the value of the currency over time.
The publication of this whitepaper had profound implications for the future of digital finance, leading to the creation of not only Bitcoin but also a vast ecosystem of other cryptocurrencies and blockchain technologies.
Final Answer:
The Bitcoin whitepaper was published by Satoshi Nakamoto on October 31, 2008.