{"id":13800,"date":"2021-10-31T17:54:03","date_gmt":"2021-10-31T17:54:03","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/celebrating-the-seminal-bitcoin-white-paper-satoshi-nakamoto-published-13-years-ago-today\/"},"modified":"2021-10-31T17:54:03","modified_gmt":"2021-10-31T17:54:03","slug":"celebrating-the-seminal-bitcoin-white-paper-satoshi-nakamoto-published-13-years-ago-today","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/celebrating-the-seminal-bitcoin-white-paper-satoshi-nakamoto-published-13-years-ago-today\/","title":{"rendered":"Celebrating the Seminal Bitcoin White Paper Satoshi Nakamoto Published 13 Years Ago Today"},"content":{"rendered":"

All around the world cryptocurrency supporters and proponents of blockchain technology are celebrating the 13th anniversary of the Bitcoin white paper. The summary of the inventor\u2019s creation was published on metzdowd.com\u2019s Cryptography Mailing List on Halloween 2008, as it gave birth to an asset with a market valuation of over $1 trillion and sparked the creation of over 10,000+ cryptocurrencies that followed Satoshi Nakamoto\u2019s innovative design.<\/strong><\/p>\n

Introducing the Proof-of-Work Chain: A Solution to the Byzantine Generals Problem<\/h2>\n

13 years ago at approximately 2:10 p.m. (EDT), Satoshi Nakamoto published the Bitcoin white paper<\/a>, a summary of the innovative network and native cryptocurrency that changed the world. The 12-part white paper starts off with an indented paragraph called an abstract which explains that Bitcoin is a \u201cpurely peer-to-peer version of electronic cash [that] would allow online payments to be sent directly from one party to another without going through a financial institution.\u201d<\/p>\n

When the paper was first published, academia and computer scientists worldwide were not aware that Bitcoin\u2019s inventor solved a problem<\/a> that had plagued computer scientists for years \u2014 the \u201cByzantine Generals Problem<\/a>\u201d or the \u201cByzantine Fault.\u201d Two weeks after Nakamoto published the white paper on Halloween 2008, he told the pseudonymous member of metzdowd.com\u2019s Cryptography Mailing List, James A. Donald, the inventor solved the problem. Nakamoto said on November 13, 2008:<\/p>\n

The proof-of-work chain is a solution to the Byzantine generals\u2019 problem.<\/p>\n

The benefits of Nakamoto\u2019s paper were clear and the advantages of triple-entry bookkeeping became apparent to people who studied the inventor\u2019s paper and witnessed the launch of the network on January 3, 2009. Satoshi also told Donald a few days earlier, that the \u201cproof-of-work chain is the solution to the synchronisation problem, and to knowing what the globally shared view is without having to trust anyone.\u201d<\/p>\n

Triple-Entry Bookkeeping: Nakamoto\u2019s Bitcoin Invention Has Forever Changed the World<\/h2>\n

Since then, Nakamoto\u2019s paper gave birth to the Bitcoin network and the myriad of blockchains that followed. Moreover, the white paper is leveraged in academia quite a bit these days as it is referenced in many crypto network white papers and cited 17,201 times on Google Scholar. It is safe to say there hasn\u2019t been another white paper as prolific and innovative as Nakamoto\u2019s since its release on October 31, 2008. It quite literally invoked the next level of ledger accounting systems as triple-entry bookkeeping \u2014 in contrast to single and double-ledger systems \u2014 offers a concept that is nearly trustless, if we remove trusting the autonomous system.<\/p>\n

Bitcoin transactions are pseudonymous and users can add as much privacy as they want as the system offers both public transparency and privacy at its core. \u201cThe traditional banking model achieves a level of privacy by limiting access to information to the parties involved and the trusted third party,\u201d the Bitcoin white paper<\/a> details. \u201cThe necessity to announce all transactions publicly precludes this method, but privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous.\u201d<\/p>\n

Just as the printing press changed society for the better and allowed people to learn without an apprenticeship and just as the combustion engine made traveling a whole lot faster, Satoshi Nakamoto\u2019s Bitcoin invention is one that has forever changed the world.<\/p>\n

In the beginning skeptics, bankers, and governments mocked and laughed at the nascent technology and in time they even tried to attack crypto\u2019s exponential growth. These days, the biggest financial institutions in the world are trying to adapt to Nakamoto\u2019s concepts and governments are trying to produce their own versions of blockchain technology.<\/p>\n

The white paper is now a very important paper that is hosted on the websites of large corporations, city web portals, and cited as one of \u201cthe seminal works\u201d of computer science. On Lex Fridman\u2019s podcast<\/a> at the end of April 2020, Twitter CEO and Square co-founder, Jack Dorsey, told Fridman the white paper is like \u201cpoetry.\u201d<\/p>\n

\u201cI think the Bitcoin whitepaper is one of the most seminal works of computer science in the last 20 or 30 years,\u201d Dorsey said.<\/p>\n

Bitcoin.com News readers that are interested in reading the innovative Bitcoin white paper can read Satoshi Nakamoto\u2019s famous paper in its entirety here<\/a><\/strong>. <\/em><\/p>\n

What do you think about the 13th anniversary of the Bitcoin white paper? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFeatured, 12-page paper, Bitcoin, Bitcoin White Paper, BTC, Byzantine Generals’ Problem, cryptographic proof, Cypherpunks, free markets, Halloween, Jack Dorsey, James A. Donald, Lex Fridman, liberty, metzdowd.com, Oct. 31, Peer-to-peer, Satoshi Nakamoto, triple-entry accounting, White Paper<\/p>\n","protected":false},"excerpt":{"rendered":"

All around the world cryptocurrency supporters and proponents of blockchain technology are celebrating the 13th anniversary of the Bitcoin white paper. The summary of the inventor\u2019s creation was published on metzdowd.com\u2019s Cryptography Mailing List on Halloween 2008, as it gave birth to an asset with a market valuation of over $1 trillion and sparked the…<\/p>\n","protected":false},"author":0,"featured_media":13801,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13800"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13800"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13800\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13801"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}