Bitcoin: A Peer-to-Peer Electronic Cash System Content Open Ledger Distributed Ledger Bitcoin: A Peer-to-Peer Electronic Cash System Miners

traditional online commerce Open Ledger B -5$ +5$ Bank Ledger Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. bank $5 A B

A B -5$ +5$ Bank Ledger A B C D open ledger open ledger A:$10 A->B:$5 B->D:$5 bank A B -5$ +5$ Bank Ledger A:$10 $5 A->C:$10 $10 $5 A B C D

distributed ledger A B C D synchronization? open ledger A:$10 B->D:$5 A->C:$10 $5 A:$10 $10 A B C D synchronization?

Miner A B C D 1. validate 2. find lock $5 broadcast unvalidated B->D:$5 A B $5 B->C:$1 broadcast unvalidated B->C:$1 C D B->C:$1

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