The Genesis Block

Colin L. Read ()
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Colin L. Read: SUNY Plattsburgh

Chapter Chapter 4 in The Bitcoin Dilemma, 2022, pp 29-36 from Springer

Abstract: 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.

Date: 2022
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DOI: 10.1007/978-3-031-09138-4_4

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