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"Mastering Bitcoin" by Andreas Antonopoulos (@aantonop) is a pillar of our industry.
Here are 10 lines I picked out to give you a glimpse of what's inside, and to encourage you to read it. (Thread)
Here are 10 lines I picked out to give you a glimpse of what's inside, and to encourage you to read it. (Thread)
"The key innovation was to use a distributed computation system (called a 'Proof-of-Work' algorithm) to conduct a global 'election' every 10 minutes, allowing the decentralized network to arrive at consensus about the state of transactions." -@aantonop, 4
"Bitcoin's block interval of 10 minutes is a design compromise between fast confirmation times (settlement of transactions) and the probability of a fork." -@aantonop, 247
"Satoshi Nakamoto's main invention is the decentralized mechanism for emergent consensus. Emergent, because consensus is not achieved explicitly--there is no election or fixed moment when consensus occurs." -@aantonop, 217
"The bitcoin transaction script language is stateless, in that there is no state prior to execution of the script, or state saved after execution of the script. Therefore, all the information needed to execute a script is contained within the script." -@aantonop, 132
"The UTXO set grows as new UTXO is created and shrinks when UTXO is consumed. Every transaction represents a change (state transition) in the UTXO set." -@aantonop, 119
"Mining is the mechanism that underpins the decentralized clearinghouse, by which transactions are validated and cleared." -@aantonop, 213
"Outputs are discrete and indivisible units of value, denominated in integer satoshis. An unspent output can only be consumed in its entirety by a transaction." -@aantonop, 120
"Finally, after 6.93 million blocks, in approximately 2140, almost 2,099,999,997,690,000 satoshis, or almost 21 million bitcoin, will be issued. Thereafter, blocks will contain no new bitcoin, and miners will be rewarded solely through the transaction fees." -@aantonop, 213
"Some nodes, called full nodes, also maintain a complete and up-to-date copy of the blockchain. Full nodes can autonomously and authoritatively verify any transaction without external reference." -@aantonop, 172
