Trust model of #bitcoin — part II
▻https://hackernoon.com/trust-model-of-bitcoin-part-ii-bfcfa15b8f09?source=rss----3a8144eabfe3--
Trust model of Bitcoin — part IIIn part I of this two-part series, we explored how transactions are sealed cryptographically making it impossible for anyone, except the owner, to claim them. We briefly talked about how those transactions are submitted through the wire and broadcasted to the full network. We also touched on how those transactions are picked up by the receiver and used in further transactions hence creating an ordering where outputs of previous transactions are consumed as inputs to a freshly created transaction.After a transaction is created, it needs to be written down somewhere, so that it can be referenced later. This demands a storage model where all transactions can be recorded (also known as the ledger). Why do we need previous transactions? Because in order to (...)