19 Dec '12, 8pm

P2P Currency - An alternative digital currency system called “Bitcoin” has been developed as a community-driven open...

P2P Currency - An alternative digital currency system called “Bitcoin” has been developed as a community-driven open...

An alternative digital currency system called “Bitcoin ” has been developed as a community-driven open source project. Allowing instant payments to anyone, anywhere in the world, Bitcoin operates with no central authority. Instead, managing transactions and issuing money are carried out collectively by the network using cryptography to control the creation and transfer of money. The key development of Bitcoin is the reliability against hacks. Each payment transaction is broadcast to the network, and double-spending of the same bitcoins is prevented by using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. It is argued that the system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. However, other security concerns have been reported, inc...

Full article: http://www.realitysandwich.com/p2p_currency

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