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| 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. | 2 votes · 0 satoshis |
| 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. | 0 votes · 0 satoshis |
| 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 | 0 votes · 0 satoshis |
| 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, | 0 votes · 0 satoshis |
| 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, | 0 votes · 0 satoshis |
| 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 · 0 satoshis |
| 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 · 0 satoshis |
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