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The Genesis Block

In: The Bitcoin Dilemma

Author

Listed:
  • Colin L. Read

    (SUNY Plattsburgh)

Abstract

Recall SatoshiNakamoto, Satoshi’s motivation for theNakamoto, Hatoshi need of a Proof of WorkProof of Work cryptocurrency. Satoshi advocated for a digital payment system that would allow direct transactions between parties without the intervention of a “trusted third party.” These transactions can be memorialized in perpetuity by raising the cost of corrupting the system of transactions to an impracticably expensive level. The security of the system is ensured if there are a sufficient number of honest, independent and uncontrolled nodes with more collective processing power than any possible coalition of those who would try to corrupt it. Satoshi’s bright flash of creativity provided the basis for the encryption of all digital coins that will follow.

Suggested Citation

  • Colin L. Read, 2022. "The Genesis Block," Springer Books, in: The Bitcoin Dilemma, chapter 0, pages 29-36, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-09138-4_4
    DOI: 10.1007/978-3-031-09138-4_4
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