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[...] serial number 1234567″, and gives the signed message to Bob. Bob can use his copy of the block chain to check that, indeed, the infocoin is Alice’s to give. If that checks out then he [...]

[...] one infocoin. What we’d like is a way of making infocoins unique. They need a label or serial number. Alice would sign the message “I, Alice, am giving Bob one infocoin, with serial number [...]

[...] gloss over crucial points. My aim in this post is to explain the major ideas behind the Bitcoin protocol in a clear, easily comprehensible way. We’ll start from first principles, build up to [...]

[...] ’t mean everyone in the network, since we don’t a prioriknow who is on the Infocoin network. For the same reason, it can’t mean some fixed fraction of users in the network. We [...]

[...] subtract out your tax deductions – that’s mortgage interest, charitable giving, medical expenses and more – you’d keep a record of all tax-deductible expenses, add [...]

[...] Health Insurance Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health [...]

[...] the protocol works, and then dig down into the nitty-gritty, examining the raw data in a Bitcoin transaction. Understanding the protocol in this detailed way is hard work. It is tempting instead to [...]

[...] instance, if a miner controls one percent of the computing power being used to validate Bitcoin transactions, then they have roughly a one percent chance of winning the competition. So provided a lot [...]

[...] and to enable new forms of collective human behaviour. Talk about fun! I’ll describe Bitcoin scripting and concepts such as smart contracts in future posts. This post concentrates on explaining [...]

[...] with  , then  . If this is done by all (or even just a substantial fraction) of Bitcoin miners then it creates a vulnerability. Namely, it’s possible for someone to improve their [...]

[...] the so-called Genesis block. This is a special transaction, having no inputs, but a 50 Bitcoin output. In other words, this transaction establishes an initial money supply. The Genesis block is [...]