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bitcoin.brf
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,BITCO93 ,A ,PE]-TO-,PE] #A
,ELECTRONIC ,CA% ,SY/EM
,SATO%I ,NAKAMOTO
SATO%9@AGMX4COM
WWW4BITCO94ORG
^1,AB/RACT4 ,A PURELY PE]-TO-PE] V].N (
ELECTRONIC CA% WD ALL[ ONL9E PAY;TS TO 2
S5T DIRECTLY F "O "PY TO ANO!R )\T GO+
"? A F9ANCIAL 9/ITU;N4 ,DIGITAL
SIGNATURES PROVIDE "P ( ! SOLU;N1 B !
MA9 B5EFITS >E LO/ IF A TRU/$ ?IRD "PY
IS / REQUIR$ TO PREV5T D\BLE-SP5D+4 ,WE
PROPOSE A SOLU;N TO ! D\BLE-SP5D+
PROBLEM US+ A PE]-TO-PE] NET"W4 ,! NET"W
"T/AMPS TRANSAC;NS BY HA%+ !M 9TO AN
ONGO+ *A9 ( HA%-BAS$ PRO(-(-"W1 =M+ A
RECORD T _C 2 *ANG$ )\T R$O+ !
PRO(-(-"W4 ,! L;GE/ *A9 N ONLY S]VES Z
PRO( ( ! SEQU;E ( EV5TS WIT;S$1 B PRO( T
X CAME F ! L>GE/ POOL ( ,,CPU P[]4 ,Z
L;G Z A MAJOR;Y ( ,,CPU P[] IS 3TROLL$
BY NODES T >E N COOP]AT+ TO ATTACK !
NET"W1 !Y'LL G5]ATE ! L;GE/ *A9 & #A
\TPACE ATTACK]S4 ,! NET"W XF A#A
REQUIRES M9IMAL /RUCTURE4 ,MESSAGES >E
BROADCA/ ON A BE/ EF=T BASIS1 & NODES C
L1VE & REJO9 ! NET"W AT W1 A3EPT+ !
L;GE/ PRO(-(-"W *A9 Z PRO( ( :AT HAPP5$
:ILE !Y 7 G"O4
#A4 ,9TRODUC;N
,COMM]CE ON ! ,9T]NET HAS COME TO RELY
ALM EXCLUSIVELY ON F9ANCIAL 9/ITU;NS
S]V+ Z TRU/$ ?IRD "PIES TO PROCESS
ELECTRONIC PAY;TS4 ,:ILE ! SY/EM "WS
WELL 5 = MO/ TRANSAC;NS1 X / SU6]S F !
9H]5T W1K;SES ( ! TRU/ BAS$ MODEL4
,COMPLETELY NON-REV]SIBLE TRANSAC;NS >E
N R1LLY POSSIBLE1 S9CE F9ANCIAL 9/ITU;NS
_C AVOID M$IAT+ 4PUTES4 ,! CO/ ( M$IA;N
9CR1SES TRANSAC;N CO/S1 LIMIT+ ! M9IMUM
PRACTICAL TRANSAC;N SIZE & CUTT+ (F !
POSSIBIL;Y = SMALL CASUAL TRANSAC;NS1 &
"! IS A BROAD] CO/ 9 ! LOSS ( ABIL;Y TO
MAKE NON-REV]SIBLE PAY;TS =
NON-REV]SIBLE S]VICES4 ,) ! POSSIBIL;Y (
REV]SAL1 ! NE$ = TRU/ SPR1DS4 ,M]*ANTS
M/ 2 W>Y ( _! CU/OM]S1 HASSL+ !M = M
9=MA;N ?AN !Y WD O!RWISE NE$4 ,A B#A
C]TA9 P]C5TAGE ( FRAUD IS A3EPT$ Z
UNAVOIDABLE4 ,^! CO/S & PAY;T
UNC]TA9TIES C 2 AVOID$ 9 P]SON BY US+
PHYSICAL CURR5CY1 B NO ME*ANISM EXI/S TO
MAKE PAY;TS OV] A COMMUNICA;NS *ANNEL
)\T A TRU/$ "PY4
,:AT IS NE$$ IS AN ELECTRONIC PAY;T
SY/EM BAS$ ON CRYPTOGRAPHIC PRO( 9/1D (
TRU/1 ALL[+ ANY TWO WILL+ "PIES TO
TRANSACT DIRECTLY ) EA* O!R )\T ! NE$ =
A TRU/$ ?IRD "PY4 ,TRANSAC;NS T >E
COMPUTA;NALLY IMPRACTICAL TO REV]SE WD
PROTECT SELL]S F FRAUD1 & R\T9E ESCR[
ME*ANISMS CD EASILY 2 IMPLE;T$ TO
PROTECT BUY]S4 ,9 ? PAP]1 WE PROPOSE A
SOLU;N TO ! D\BLE-SP5D+ PROBLEM US+ A
PE]-TO-PE] 4TRIBUT$ "T/AMP S]V] TO
G5]ATE COMPUTA;NAL PRO( ( ! *RONOLOGICAL
ORD] ( TRANSAC;NS4 ,! SY/EM IS SECURE Z
L;G Z H"O/ NODES COLLECTIVELY 3TROL M
,,CPU P[] ?AN ANY COOP]AT+ GR\P (
ATTACK] NODES4
#C
#B4 ,TRANSAC;NS #B
,WE DEF9E AN ELECTRONIC CO9 Z A *A9 (
DIGITAL SIGNATURES4 ,EA* [N] TRANSF]S !
CO9 TO ! NEXT BY DIGITALLY SIGN+ A HA% (
! PREVI\S TRANSAC;N & ! PUBLIC KEY ( !
NEXT [N] & ADD+ ^! TO ! 5D ( ! CO94 ,A
PAYEE C V]IFY ! SIGNATURES TO V]IFY !
*A9 ( [N]%IP4
#E
A#B
B#B
#G
,! PROBLEM ( C\RSE IS ! PAYEE C#B
C'T V]IFY T "O ( ! [N]S DID N D\BLE-SP5D
! CO94 ,A COMMON SOLU;N IS TO 9TRODUCE A
TRU/$ C5TRAL AU?OR;Y1 OR M9T1 T *ECKS E
TRANSAC;N = D\BLE SP5D+4 ,AF EA*
TRANSAC;N1 ! CO9 M/ 2 RETURN$ TO ! M9T
TO ISSUE A NEW CO91 & ONLY CO9S ISSU$
DIRECTLY F ! M9T >E TRU/$ N TO 2
D\BLE-SP5T4 ,! PROBLEM ) ? SOLU;N IS T !
FATE ( ! 5TIRE M"OY SY/EM DEP5DS ON !
COMPANY RUNN+ ! M9T1 ) E TRANSAC;N HAV+
TO G "? !M1 J L A BANK4
,WE NE$ A WAY = ! PAYEE TO "K T !
PREVI\S [N]S DID N SIGN ANY E>LI]
TRANSAC;NS4 ,= \R PURPOSES1 ! E>LIE/
TRANSAC;N IS ! "O T C.TS1 S WE DON'T C>E
AB LAT] ATTEMPTS TO D\BLE-SP5D4 ,! ONLY
WAY TO 3FIRM ! ABS;E ( A TRANSAC;N IS TO
2 AW>E ( ALL TRANSAC;NS4 ,9 ! M9T BAS$
MODEL1 ! M9T 0 AW>E ( ALL TRANSAC;NS &
DECID$ : >RIV$ F/4 ,TO A3OMPLI% ? )\T A
TRU/$ "PY1 TRANSAC;NS M/ 2 PUBLICLY
ANN\NC$ .<#A.>1 & WE NE$ A SY/EM =
"PICIPANTS TO AGREE ON A S+LE HI/ORY ( !
ORD] 9 : !Y 7 RCVD4 ,! PAYEE NE$S #I
PRO( T AT ! "T ( EA* TRANSAC;N1 ! D#B
MAJOR;Y ( NODES AGRE$ X 0 ! F/ RCVD4
#C4 ,"T/AMP ,S]V]
,! SOLU;N WE PROPOSE 2G9S ) A "T/AMP
S]V]4 ,A "T/AMP S]V] "WS BY TAK+ A HA% (
A BLOCK ( ITEMS TO 2 "T/AMP$ & WIDELY
PUBLI%+ ! HA%1 S* Z 9 A NEWSPAP] OR
,US5ET PO/ _% @(2-5@) _:4 ,! "T/AMP
PROVES T ! DATA M/ H EXI/$ AT ! "T1
OBVI\SLY1 9 ORD] TO GET 9TO ! HA%4 ,EA*
"T/AMP 9CLUDES ! PREVI\S "T/AMP 9 XS
HA%1 =M+ A *A91 ) EA* ADDI;NAL "T/AMP
RE9=C+ ! "OS 2F X4
E#B
#AA
#D4 ,PRO(-(-,"W #C
,TO IMPLE;T A 4TRIBUT$ "T/AMP S]V] ON A
PE]-TO-PE] BASIS1 WE W NE$ TO USE A
PRO(-(-"W SY/EM SIMIL> TO ,ADAM ,BACK'S
,HA%CA% .<#F.>1 R ?AN NEWSPAP] OR ,US5ET
PO/S4 ,! PRO(-(-"W 9VOLVES SCANN+ = A
VALUE T :5 HA%$1 S* Z ) ,,%A-#BEF1 ! HA%
2G9S ) A NUMB] ( Z]O BITS4 ,! AV]AGE "W
REQUIR$ IS EXPON5TIAL 9 ! NUMB] ( Z]O
BITS REQUIR$ & C 2 V]IFI$ BY EXECUT+ A
S+LE HA%4
,= \R "T/AMP NET"W1 WE IMPLE;T !
PRO(-(-"W BY 9CRE;T+ A NONCE 9 ! BLOCK
UNTIL A VALUE IS F.D T GIVES ! BLOCK'S
HA% ! REQUIR$ Z]O BITS4 ,ONCE ! ,,CPU
EF=T HAS BE5 EXP5D$ TO MAKE X SATISFY !
PRO(-(-"W1 ! BLOCK _C 2 *ANG$ )\T R$O+ !
"W4 ,Z LAT] BLOCKS >E *A9$ AF X1 ! "W TO
*ANGE ! BLOCK WD 9CLUDE R$O+ ALL !
BLOCKS AF X4
#AC
A#C
#AE
,! PRO(-(-"W AL SOLVES ! PROBLEM B#C
( DET]M9+ REPRES5TA;N 9 MAJOR;Y DECI.N
MAK+4 ,IF ! MAJOR;Y 7 BAS$ ON
"O-,,IP-ADDRESS-"O-VOTE1 X CD 2 SUBV]T$
BY ANY"O ABLE TO ALLOCATE _M ,,IP,'S4
,PRO(-(-"W IS ESS5TIALLY
"O-,,CPU-"O-VOTE4 ,! MAJOR;Y DECI.N IS
REPRES5T$ BY ! L;GE/ *A91 : HAS ! GRTE/
PRO(-(-"W EF=T 9VE/$ 9 X4 ,IF A MAJOR;Y
( ,,CPU P[] IS 3TROLL$ BY H"O/ NODES1 !
H"O/ *A9 W GR[ ! FA/E/ & \TPACE ANY
COMPET+ *A9S4 ,TO MODIFY A PA/ BLOCK1 AN
ATTACK] WD H TO R$O ! PRO(-(-"W ( !
BLOCK & ALL BLOCKS AF X & !N CAT* UP ) &
SURPASS ! "W ( ! H"O/ NODES4 ,WE W %[
LAT] T ! PROBABIL;Y ( A SL[] ATTACK]
CAT*+ UP DIM9I%ES EXPON5TIALLY Z
SUBSEQU5T BLOCKS >E ADD$4
,TO COMP5SATE = 9CR1S+ H>DW>E SPE$ &
V>Y+ 9T]E/ 9 RUNN+ NODES OV] "T1 !
PRO(-(-"W DI6ICULTY IS DET]M9$ BY A MOV+
AV]AGE T>GET+ AN AV]AGE NUMB] ( BLOCKS
P] H\R4 ,IF !Y'RE G5]AT$ TOO FA/1 !
DI6ICULTY 9CR1SES4
#AG
#E4 ,NET"W C#C
,! /EPS TO RUN ! NET"W >E Z FOLL[S3
#A"> ,NEW TRANSAC;NS >E BROADCA/ TO ALL
NODES4
#B"> ,EA* NODE COLLECTS NEW TRANSAC;NS
9TO A BLOCK4
#C"> ,EA* NODE "WS ON F9D+ A DI6ICULT
PRO(-(-"W = XS BLOCK4
#D"> ,:5 A NODE F9DS A PRO(-(-"W1 X
BROADCA/S ! BLOCK TO ALL NODES4
#E"> ,NODES A3EPT ! BLOCK ONLY IF ALL
TRANSAC;NS 9 X >E VALID & N ALR SP5T4
#F"> ,NODES EXPRESS _! A3EPT.E ( ! BLOCK
BY "W+ ON CR1T+ ! NEXT BLOCK 9 ! *A91
US+ ! HA% ( ! A3EPT$ BLOCK Z ! PREVI\S
HA%4
,NODES ALW 3SID] ! L;GE/ *A9 TO 2 !
CORRECT "O & W KEEP "W+ ON EXT5D+ X4 ,IF
TWO NODES BROADCA/ DI6]5T V].NS ( ! NEXT
BLOCK SIMULTANE\SLY1 "S NODES MAY RCV "O
OR ! O!R F/4 ,9 T CASE1 !Y "W ON ! F/ "O
!Y RCVD1 B SAVE ! O!R BRAN* 9 CASE X
2COMES L;G]4 ,! TIE W 2 BROK5 :5 ! NEXT
PRO(-(-"W IS F.D & "O BRAN* 2COMES D#C
L;G]2 ! NODES T 7 "W+ ON ! O!R BRAN* W
!N SWIT* TO ! L;G] "O4
--------------------------------------#D
,NEW TRANSAC;N BROADCA/S D N
NECESS>ILY NE$ TO R1* ALL NODES4 ,Z L;G
Z !Y R1* _M NODES1 !Y W GET 9TO A BLOCK
2F L;G4 ,BLOCK BROADCA/S >E AL TOL]ANT (
DROPP$ MESSAGES4 ,IF A NODE DOES N RCV A
BLOCK1 X W REQUE/ X :5 X RCVS ! NEXT
BLOCK & R1LIZES X MISS$ "O4
#F4 ,9C5TIVE
,BY 3V5;N1 ! F/ TRANSAC;N 9 A BLOCK IS A
SPECIAL TRANSAC;N T />TS A NEW CO9 [N$
BY ! CR1TOR ( ! BLOCK4 ,? ADDS AN
9C5TIVE = NODES TO SUPPORT ! NET"W1 &
PROVIDES A WAY TO 9ITIALLY 4TRIBUTE CO9S
9TO CIRCULA;N1 S9CE "! IS NO C5TRAL
AU?OR;Y TO ISSUE !M4 ,! /1DY ADDI;N ( A
3/ANT ( AM.T ( NEW CO9S IS ANALOG\S TO
GOLD M9]S EXP5D+ RES\RCES TO ADD GOLD TO
CIRCULA;N4 ,9 \R CASE1 X IS ,,CPU "T &
ELECTRIC;Y T IS EXP5D$4
,! 9C5TIVE C AL 2 FUND$ ) #AI
TRANSAC;N FEES4 ,IF ! \TPUT VALUE A#D
( A TRANSAC;N IS LESS ?AN XS 9PUT VALUE1
! DI6];E IS A TRANSAC;N FEE T IS ADD$ TO
! 9C5TIVE VALUE ( ! BLOCK 3TA9+ !
TRANSAC;N4 ,ONCE A PR$ET]M9$ NUMB] (
CO9S H 5T]$ CIRCULA;N1 ! 9C5TIVE C
TRANSI;N 5TIRELY TO TRANSAC;N FEES & 2
COMPLETELY 9FLA;N FREE4
,! 9C5TIVE MAY HELP 5C\RAGE NODES TO
/AY H"O/4 ,IF A GRE$Y ATTACK] IS ABLE TO
ASSEMBLE M ,,CPU P[] ?AN ALL ! H"O/
NODES1 HE WD H TO *OOSE 2T US+ X TO
DEFRAUD P BY /1L+ BACK 8 PAY;TS1 OR US+
X TO G5]ATE NEW CO9S4 ,HE "\ TO F9D X M
PR(ITABLE TO PLAY BY ! RULES1 S* RULES T
FAV\R HM ) M NEW CO9S ?AN "EY"O ELSE
COMB9$1 ?AN TO "UM9E ! SY/EM & ! VALID;Y
( 8 [N W1L?4
#G4 ,RECLAIM+ ,DISK ,SPACE
,ONCE ! LATE/ TRANSAC;N 9 A CO9 IS BURI$
"U 5 BLOCKS1 ! SP5T TRANSAC;NS 2F X C 2
4C>D$ TO SAVE DISK SPACE4 ,TO FACILITATE
? )\T BR1K+ ! BLOCK'S HA%1 TRANSAC;NS >E
HA%$ 9 A ,M]KLE ,TREE .<#G.> .<#B.>
.<#E.>1 ) ONLY ! ROOT 9CLUD$ 9 ! B#D
BLOCK'S HA%4 ,OLD BLOCKS C !N 2 COMPACT$
BY /U2+ (F BRAN*ES ( ! TREE4 ,! 9T]IOR
HA%ES D N NE$ TO 2 /OR$4
#BA
#BC
C#D
D#D
#BE
,A BLOCK H1D] ) NO TRANSAC;NS WD E#D
2 AB #HJ BYTES4 ,IF WE SUPPOSE BLOCKS >E
G5]AT$ E #AJ M9UTES1
_% #80 BYTES@##6@##24@##365
.K #4.2 ,,MB _: P] YE>4 ,) COMPUT]
SY/EMS TYPICALLY SELL+ ) #B ,,GB ( ,,RAM
Z ( #BJJH1 & ,MOORE'S ,LAW PR$ICT+
CURR5T GR[? ( _% #1.2 ,,GB _: P] YE>1
/ORAGE %D N 2 A PROBLEM EV5 IF ! BLOCK
H1D]S M/ 2 KEPT 9 MEMORY4
--------------------------------------#E
#H4 ,SIMPLIFI$ ,PAY;T ,V]IFICA;N
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