Eleven years ago today, Satoshi Nakamoto — the person, or persons, responsible for creating Bitcoin — unleashed the cryptocurrency’s white paper into the wild. Published on October 31, 2008, the white paper, officially titled, ‘Bitcoin: A Peer-to-Peer Electronic Cash System,’ described a novel, immutable, decentralized peer-to-peer network that could track and verify transactions while also preventing double-spending and producing a transparent record for anyone to verify in almost real-time. Nakamoto began by outlining how e-commerce relied almost exclusively on financial institutions acting as trusted third parties to process payments. Although the system worked well enough for most transactions, it still suffered…
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Thursday 31 October 2019
