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

2. traditional online commerce Open LedgerB
-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

3. 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

4. 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?

5. 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

6. Q&A