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Public Ledgers, Private Wallets, and Crypto Vulnerabilities

In: The Bitcoin Dilemma

Author

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  • Colin L. Read

    (SUNY Plattsburgh)

Abstract

Bitcoin was designed from the onset so that each new set of transactions to be mined across a peer-to-peer network could be processed over the InternetInternet with no institutional intervention or oversight necessary. In doing so, it had to establish a mechanism of self-policing in which participating nodes on a network would do the work necessary to maintain the bitcoin protocolprotocol, possibly improve upon it over time by proposing enhancements to the protocol through a democratic vote of all nodes, and perform the grunt work every ten minutes to ensure the most recent set of transactions in the digital currency are legitimate. This protocol has remained remarkably resilient over the years, but so have competing protocols.

Suggested Citation

  • Colin L. Read, 2022. "Public Ledgers, Private Wallets, and Crypto Vulnerabilities," Springer Books, in: The Bitcoin Dilemma, chapter 0, pages 55-68, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-09138-4_6
    DOI: 10.1007/978-3-031-09138-4_6
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