Trust model of #bitcoin — part I
▻https://hackernoon.com/trust-model-of-bitcoin-part-i-34aacf47d444?source=rss----3a8144eabfe3---
Bitcoin is a decentralized form of digital currency based on a system of trust underpinned by cryptographic puzzles such as various properties of Elliptic curves. Without delving too much into the mathematical aspect of it, let’s see how the Bitcoin trust system is built. To properly grasp the key ideas in this post, profound knowledge of #cryptography is not needed. But, it is expected that you have the basic understanding of a private and public key.“Where do I sign?”Each time you want to authorize a payment, you’re asked for some sort of verification. The purpose of the verification is that once you’ve authorized a deal under your name, it is irreversible. Of course, there are cases where you might want to add a clause that the payment has to go in the other direction if certain conditions (...)