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Cryptocurrency supporters all around the world are celebrating the fact that today is the 12th anniversary of the Bitcoin white paper, a summary of the invention created by the pseudonymous inventor Satoshi Nakamoto. Bitcoin\u2019s inventor published the paper on metzdowd.com\u2019s Cryptography Mailing list and ever since then, the financial world hasn\u2019t been the same.<\/strong><\/p>\n 12 years ago, Satoshi Nakamoto<\/a> decided to let the world in on Bitcoin, the peer-to-peer electronic cash system that took the world by storm. The very first time Nakamoto published the paper<\/a> was at 2:10 p.m. Eastern Standard, on metzdowd.com. There\u2019s a lot we don\u2019t know about Bitcoin\u2019s inventor and to this day the anonymous creator\u2019s identity is still unknown. However, we do know that Nakamoto was a legendary genius and could have been a single person or even a group of people.<\/p>\n Bitcoin\u2019s inventor specifically chose to publish the \u201cBitcoin P2P e-cash paper<\/a>\u201d paper on metzdowd.com mainly because of the Cryptography Mailing list, a pipermail message service that was operated by a group of visionaries and cypherpunks.<\/p>\n The cypherpunks had been trying to create reliable digital money since the 1990s and several experiments like Wei Dai\u2019s b money<\/a> circulated on the message service. We also know that Satoshi wrote the codebase<\/a> for Bitcoin before the famous white paper was published.<\/p>\n Then on October 31, 2008, on the eve of Halloween, Satoshi wrote:<\/p>\n I\u2019ve been working on a new electronic cash system that\u2019s fully peer-to-peer, with no trusted third party.<\/strong><\/em><\/p>\n<\/blockquote>\n The system Nakamoto created, has given birth to a massive counter-economy<\/a> worth close to $400 billion, just in the market capitalization of all 7,000+ cryptocurrencies alone. Since the paper was first introduced, it has been cited 12,425 times to-date and mentioned in tens of thousands of articles during the last 12 years. Minus the paper\u2019s citations, the Bitcoin white paper<\/a> is 3,457 words in length and is composed of 16,686 characters excluding the arithmetic.<\/p>\n At the end of the paper, Nakamoto uses the term \u201cwe,\u201d and stresses that the paper is a proposal that describes a system of electronic transactions \u201cwithout relying on trust.\u201d<\/p>\n Nakamoto added:<\/p>\n We started with the usual framework of coins made from digital signatures, which provides strong control of ownership, but is incomplete without a way to prevent double-spending. To solve this, we proposed a peer-to-peer network using proof-of-work to record a public history of transactions that quickly becomes computationally impractical for an attacker to change if honest nodes control a majority of CPU power.<\/strong><\/em><\/p>\n<\/blockquote>\n Nakamoto then called the network \u201crobust in its unstructured simplicity.\u201d Of course, at that time when Satoshi published the white paper, nobody knew that the anonymous author literally developed the first working solution to the Byzantine Generals\u2019 Problem.<\/p>\n Bitcoin\u2019s creator knew that the infamous Byzantine Generals\u2019 Problem<\/a>, something that plagued computer scientists for decades, was officially solved<\/a> and Nakamoto detailed this fact in some of the earliest messages to the community.<\/p>\n Of all the mysterious clues about Satoshi\u2019s identity, the paper is one of the most succinct economic papers ever written. The white paper is so well crafted that many people think that it may have been written by another person, other than the online persona people communicated with until Dec. 2010.<\/p>\n Speculation aside, the paper gives a clear definition of the network and is considered a must-read for every cryptocurrency newb joining the counter-economy.<\/p>\n For some reason, on Halloween eve, Nakamoto felt the urge to tell the world there is a need for an electronic payment system \u201cbased on cryptographic proof instead of trust.\u201d This in turn would allow \u201cany two willing parties to transact directly with each other without the need for a trusted third party.\u201d With the central banks creating money out of thin air<\/a>, the need has never been more clear.<\/p>\n What do you think about Satoshi Nakamoto publishing the Bitcoin white paper 12 years ago today? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n The post Satoshi Nakamoto\u2019s Bitcoin White Paper: A 12-Year Old Summary of Robust Unstructured Simplicity<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n\n
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