30 Sep '14, 6pm

Bitcoin: Magic, Fraud, or Sufficiently Advanced Technology? Part II: Technical Structure

Part I introduced some of the challenges in the way of the public understanding of how Bitcoin works, and summarized the strategic roles of the open source software model, peer-to-peer networking, and digital signatures. Part II concludes by discussing hashing and the essential roles it plays in the technical structure of Bitcoin, as well how the system has been designed to be self-financing right from the beginning into the indefinite future. Making a hash of it Hashing plays a role quite different from digital signatures. It proves that a message has not been altered. Running a hash of the same message always produces the same result. If a hash does not match a previous one, it is a warning that the current version of the message does not match the original. To illustrate, here is a message from Murray Rothbard. He wrote in Man, Economy, and State that: “It must be reite...

Full article: http://bitcoinmagazine.com/16888/bitcoin-magic-fraud-or-s...

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