Each of these tokens are fungible, separate items,” Dr. “Bitcoin is really one hundred million individual tokens. In a transaction, each of the input “envelopes” gets ripped open and the tokens are “poured out”-you can think of the tokens as being little grains of rice-the tokens or “grains” are then put into new envelopes and we can decide how much we put into each envelope for the outputs. Wright likes to tell people to think of Bitcoin as a set of tokens in an envelope. Section 9 of the whitepaper, “Combining and Splitting Value” addresses “how you can deconstruct and reconstruct a coin,” Dr. Wright’s conversation in this > okens in an envelope” Here are my key takeaways from Charles and Dr. Video 9 of Theory of Bitcoin: The Bitcoin Whitepaper builds us up for the grand finale of the series, covering the “Combining and Splitting of Value” and “Privacy” whitepaper sections. Wright chooses freedom over equality because you can’t have both. Not all miners are created equal, and the proof of work system thrives on competition and inequality. Bitcoin is not digital gold.īitcoin is the innovation of a lifetime not only because of how it works technically, but also because its creator factored human nature into its functionality. This is not a system to facilitate anarchy. Craig Wright in “The Theory of Bitcoin: The Bitcoin Whitepaper series,” it becomes more and more apparent what its creator’s intentions were and how far they deviate from the narrative of BTC and other digital currencies. What is more important? Being free or being equal?Īs we move through all the sections of the Bitcoin whitepaper with Ryan X. There is no such thing as ‘be your own bank because you have Bitcoin’ because banks aren’t cash. No one’s being their own bank in Bitcoin. Home » Editorial » Theory of Bitcoin: The Bitcoin Whitepaper ‘Combining and Splitting Value & Privacy’ key takeaways
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