This series continues to translate the original white paper by Satoshi Nakamoto to plain language. The goal is to have easily shared content, and send new people directly to nostr to read it. The original content will be posted, with the plain language below.
Please show support by sharing or sending sats.
Node - A participating computer in the Bitcoin network that checks transactions and follows the rules of the network.
5. Network Paragraph 1
The steps to run the network are as follows:
1) New transactions are broadcast to all nodes.
2) Each node collects new transactions into a block.
3) Each node works on finding a difficult proof-of-work for its block.
4) When a node finds a proof-of-work, it broadcasts the block to all nodes.
5) Nodes accept the block only if all transactions in it are valid and not already spent.
6) Nodes express their acceptance of the block by working on creating the next block in the chain, using the hash of the accepted block as the previous hash.
Plain Language
The steps to run the network are as follows:
1) The network is like a digital bulletin board where people post their transactions. Everyone in the network knows what's happening.
2) All those transactions get grouped together into a block. Like a batch of transactions or processes people want to have verified.
3) The challenge: solving a complex puzzle (proof-of-work) for the block. Once solved, the first one to solve it gets to announce their success to the whole network.
4) The winner broadcasts their block to everyone like a scoreboard to the puzzle game.
5) However, the other participants only accept the block if all the transactions in it are legit and haven't been used before.
6) Now, since they've successfully added a block, computers gear up for the next challenge. They create a new block, linking it to the previous one. Like a continuous chain of puzzles, ensuring a secure and organized environment for transactions.
Said another way, being a node is like being a referee, checking every move to keep the game fair. If a node accepts a block, it's not just sitting there – it's already thinking about the next round, linking it to the previous one and keeping the game going.
In a nutshell, the Bitcoin network is like a digital challenge playground and competition where participants work together to validate and secure transactions through solving complex puzzles.
#bitcoin #crypto #btc #blockchain #cryptocurrency #hodl #digitalgold #decentralized #satoshi #cryptonews #satoshinakamoto #whitepaper #bitcoinwhitepaper #nostr #grownostr
What content would you like to see?
Writing the whitepaper in plain language was halted right before the last part, which is the more technical part of the paper. I wanted to see if there was overall interest before continuing with this more challenging section.
I also have started another series, that explains money in plain language. I draw from the traditional rules of money:
-medium of exchange
-unit of account
-portable
-durable
-divisible
-fungible (interchangeable)
-store of value
Should we continue with the whitepaper? Or would you like to see the money paper?
Unlocking Knowledge: Bitcoin in Plain Language
This series continues to translate the original white paper by Satoshi Nakamoto to plain language. The goal is to have easily shared content, and send new people directly to nostr to read it. The original content will be posted, with the plain language below.
Please show support by sharing or sending sats.
Introduction Paragraph 2
What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.
Plain Language
We need a way to pay for things online without relying so much on trust and middlemen like banks. Imagine a system where you and another person can directly make transactions without needing a third party to oversee everything. To prevent fraud, we want transactions that are practically impossible to reverse.
In our idea, we suggest using a peer-to-peer system with a special server to keep track of when transactions happen. This server helps us prove the order of transactions through advanced computer work. As long as the good guys have more computing power than any group of bad guys, our system stays secure. It's a digital way of making sure everything happens in the right order without someone trying to cheat the system.
#bitcoin #crypto #btc #blockchain #cryptocurrency #hodl #digitalgold #decentralized #satoshi #cryptonews #satoshinakamoto #whitepaper #bitcoinwhitepaper #nostr #grownostr