Bitcoin: A Peer-to-Peer Electronic Cash System

Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto
https://bitcoin.org/bitcoin.pdf

Presented by Gabriel Bonner, Software Engineer at Independa

Of course you're aware of Bitcoin, you probably know some other cryptocurrencies and you might even have money in the market. But do you really understand how it works, under the hood? Why is the blockchain protocol considered secure enough that investors have poured billions of dollars into it and whole new industries have sprung up around it? Join us to take a deep dive into a technology that seems poised to revolutionize the financial industry, and perhaps others. Whether you're a blockchain bull, skeptic, cynic, or blockhead we welcome you to learn about this popular topic and participate in a lively discussion after the presentation.

Abstract: A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.

Street parking on 6th, 7th & 8th Avenues north of B Street is usually easy at that hour. Meters nearby are free after 6. Read signage before you park on A street.

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