Day 1 / 100DaysOfWeb3
Day 1 / #100DaysOfWeb3 : I will read Satoshi Nakamoto’s original paper to learn how Bitcoin works.
Table of contents
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Today, to carry out online transactions, you have to trust financial institutions. the problem is that to benefit from this trust, you have to pay fees to these institutes. Thus generating additional costs and the risk of falling on dishonest institutions. The solution would be to have an online payment system based on cryptography and chronological proof instead of trust.
Since each coin is an electronic signature chain, each owner transfers the coin to the next by signing the hash. It will consist of the previous transaction and the public key of the next owner.
On the day 2 of my #100DaysOfWeb3, I will learn about the need for a timestamp server and proof of work in bitcoins peer to peer electronic cash system.