Bitcoin, the Protocol

50 %
50 %
Information about Bitcoin, the Protocol

Published on February 23, 2014

Author: gvrooyen



After four years of quiet growth and development, the Bitcoin cryptocurrency leaped into prominence during 2013. Much of the current discourse around Bitcoin focuses on its viability as currency and its valuation. However, to appreciate its potential as the “Internet of ownership transfer”, a deeper understanding of its technical underpinnings is needed.

In this colloquium, Prof G-J van Rooyen gives a technological primer on the nuts and bolts of the cryptocurrency. The talk will demonstrate how the cunning use of hashes makes it possible to transfer ownership in such a way that cheating (double-spending) is impossible in a correctly functioning network. This is shown to be the most successful solution to the long-standing Byzantine Generals Problem, and a breakthrough in distributed information management.

The talk will also show how the Bitcoin peer-to-peer network forms the first widespread use of triple-entry accounting, and consider the applications of such technology. We will briefly dip into the scripting language built into the protocol: “DUP HASH160 EQUALVERIFY CHECKSIG” turns the Bitcoin protocol into Bitcoin the currency. More advanced scripts can make arbitrarily complex contracts and interactions possible.

Add a comment

Related presentations

Les changements sur le marché du distressed aux Etats-Unis et en Europe

Main Sections of the Report 1) Nifty Technical View 2) 4 Large Cap Trade Ide...

This presentation consits the yearly results of Kinepolis Group

Related pages

Bitcoin network - Wikipedia, the free encyclopedia

The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol. Users send bitcoins, the units of currency, by ...
Read more

How the Bitcoin protocol actually works | DDI

Many thousands of articles have been written purporting to explain Bitcoin, the online, peer-to-peer currency. Most of those articles give a hand-wavy ...
Read more

Protocol documentation - Bitcoin Wiki

This page describes the behavior of the reference client. The Bitcoin protocol is specified by the behavior of the reference client, not by this page.
Read more

Bitcoin - Wikipedia, the free encyclopedia

Bitcoin is a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009. The system ...
Read more

Protocol rules - Bitcoin Wiki

Rules for clients. The wiki substantially documents the Bitcoin protocol, but equally important are the rules used by the client to process messages.
Read more

Bitcoin: The End Of Money As We Know It | TheProtocol.TV

Tagline: Whatever Bitcoin may be; most people do not yet understand what this controversial and influential innovation is about and how it works.
Read more

Bitcoin – Wikipedia

Bitcoin protocol specification: Bitcoin, Englisch für „Binärziffermünze“, ist ein weltweit verfügbares dezentrales Zahlungssystem und der Name ...
Read more

FAQ on the payment protocol -

Recently Gavin merged support for BIP 70, 71 and 72 into Bitcoin-Qt. BIP 70, aka the payment protocol, is intended to be a big change to how people use ...
Read more

Bitcoin: A Peer-to-Peer Electronic Cash System

Bitcoin: A Peer-to-Peer ... Satoshi Nakamoto ... "Protocols for public key cryptosystems," In Proc. 1980 Symposium on ...
Read more

ezCoinAccess, ZenBox, & Airbitz team up for Bitcoin ...

ezCoinAccess, ZenBox, & Airbitz team up for Bitcoin Education. ... California. To help educate newcomers about the value and utility of Bitcoin, ...
Read more