[EoE Archive, What we did] EOE059, Mon, 10th Sep. 2018, What we did - Reading Satoshi's White Paper
1. orignal content's link: https://bitcoin.org/bitcoin.pdf
2. original date and time: 19:30-21:00, Mon, Sep. 10th, 2018
3. type: EOE session
4. title: EOE059, Mon, 10th Sep. 2018
5. last updated: 22:10, Mon, Sep. 10th, 2018
6. author: James JO
7. place: Seoul Startup Hub @Gongduk-dong
1. Talked about "6. Incentive"
o Why any group of nodes with the majority of the CPU power would not collude to destroy or manipulate the network?
- In the third paragraph, refer to
...
"If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments or using it to generate new coins. He ought to find it more profitable to play by the rules, such rules that favor him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth."
...
- Thus, making false transactions and destroying the current network would be less profitable choice than just earning the transaction fees (incentives) by playing by the rules.
- getting rewards, incentives, transaction fees are all the same thing.
and then we tried to go over from the 2nd part, "2. Transactions" in order.
2. talked about "2. Transaction"
- the digital signature is one of the key fundamental technology embedded to invent the original blockchain.
- Owner means the key owner
- In the first paragraph, the second sentence, "the next" means the next owner, or the payee (the receiver)
- combine and hash the next owner's public key and the previous transaction and add them to the end of the coin.
- the second paragraph talked about mint-based system's problem.
- the third one emphasizes that the earlier transaction has the priority over the next one, that's one that counts.
- to be aware of a single history of all the transaction, it must be publicly announced and the majority of nodes agree it was the first received transaction.
3. Went over "3. Timestamp server"
- "The timestamp proves that the data must have existed at the time, obviously, in order to get into the hash. Each timestamp includes the previous timestamp in its hash, forming a chain, with each additional timestamp reinforcing the ones before it."
- so the hash has every record of the transaction history.
- it's different than the previous paragraph's "first transaction has the priority"
4, Walked through "4. Proof-of-Work" (unfinished)
- The unclear part, "The average work required is exponential in the number of zero bits required and can be verified by executing a single hash."
- I assumed that part means that as the number decreases, the difficulty level increases.
- And, SD felt bored, and we already spent one and half hours reading that much, so we finished
5. What was about to happen
- We set up a deadline to be more-prepared to better explain the bitcoin's mechanism, which is a month, so by 10th Oct. 2018, either of two should have a presentation explaining details of the mechanism.
- articles for the next session would be selected by James TODAY!!
That's it.
this post's link
https://eoesociety.blogspot.com/2018/09/eoe-archive-what-we-did-eoe059-mon-10th.html
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