Actually we can now post a long article via the poll functions(not neat but works ).Now I am showing the first part of bitcoin white paper.
Bitcoin: A Peer-to-Peer Electronic Cash System
| 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. |
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| 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. |
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| 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 |
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| 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, |
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| 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, |
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| they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, |
1 votes
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| 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. |
1 votes
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