A Dissection of Bitcoin by Paul Huang

By Paul Huang

Bitcoin is the 1st electronic foreign money in human heritage that doesn't require a relevant clearing authority. The technological implication of this invention is profound: it opens the opportunity of construction a very disbursed economy the place no centralized professionals are had to behavior monetary transactions.

This booklet is the final word resolution to the customarily requested, yet even-more-often unsatisfactorily spoke back query: HOW DOES BITCOIN WORK?

This is the 1st booklet that dissects the unique Bitcoin resource code written by means of Satoshi Nakamoto. It opens the Bitcoin black-box, examines all its components, and indicates you all of the information you ever want to know in regards to the Bitcoin system.

The complete booklet has 10 chapters. This model you're approximately to buy comprises the 1st four chapters.

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A Dissection of Bitcoin

Bitcoin is the 1st electronic forex in human historical past that doesn't require a principal clearing authority. The technological implication of this invention is profound: it opens the potential for construction a very disbursed economic climate the place no centralized specialists are had to behavior monetary transactions.

Extra resources for A Dissection of Bitcoin

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The technological implication of this invention is profound: it opens the possibility of building a completely distributed financial system where no centralized authorities are needed to conduct financial transactions. Some even venture to predict that such a system will eventually lead to the end of central banking and the cease of nation-states. This book is the ultimate answer to the often asked, but even-more-often unsatisfactorily answered question: HOW DOES BITCOIN WORK? Nowadays, you can easily find many answers to this question on the Web: from blogs to magazine articles, to books, to video lectures.

You can safely ignore all the code after line 34. No one sends bitcoins to an IP address anymore. It is unsafe. All the code related to sending bitcoins to an IP has been removed from the later versions. Now let’s examine SendMoney(). 5. cpp Here is the source code of this function. AcceptTransaction()) 24: { 25: // This must not fail. The transaction has already been signed and recorded. RelayWalletTransaction(); 31: } 32: MainFrameRepaint(); 33: return true; 34: } When this function is called, its 3 parameters take the following values: scriptPubKey contains script code OP_DUP OP_HASH160 OP_EQUALVERIFY OP_CHECKSIG.

5. How this book is organized Before laying out the organization of this book, I’ll have to first give a ten-thousand-feet overview on what a Bitcoin Application (thus abbreviated as BA throughout the book) compiled from the source code does. A BA needs to handle four major tasks: Construct a transaction. The primary function of a BA is to send bitcoins to someone. To do so, you need to first create a "transaction", which is just a fancier word for a record that records who paid how many bitcoins to whom.

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