IYSC Forum


Welcome to the International Youth Scientific Congress Forum

Bitcoin Whitepaper

Bitcoin Whitepaper
« on: 29 July , 2019, 12:23:46 pm »
Good morning,

I have opened this topic to comment and share with you an interesting fact about the Bitcoin network. There is a manual which explains how does this blockchain work. The Bitcoin whitepaper is a document which explains everything about the cryptocurrency concept and the mechanisms and technology which make this Blockchain work. The article was written and published in 2008 by the creator of this network, Satoshi Nakamoto.
Down here I will leave the official whitepaper written by Satoshi, it has lots of details about Blockchain and it is sometimes difficult to follow. However, I think it is amazing to have the opportunity to read a document that has supposed that much in our lives and that was the beginning of a revolutionary technology like Bitcoin.

Bitcoin Whitepaper: https://bitcoin.org/bitcoin.pdf

I will also leave a web page which analyses the whitepaper and makes it easy to understand:

There is also an Ethereum whitepaper which explains how does this blockchain works and shows the differences between both networks.

Best regards,
Manuel Cortés (Spain)

Re: Bitcoin Whitepaper
« Reply #1 on: 29 July , 2019, 14:45:45 pm »
Good afternoon everyone,

After introducing what the Bitcoin whitepaper is, I will try to add some more information about some concepts I have mentioned. I have written a name we should remember, Satoshi Nakamoto.

Satoshi is the name used by the unknown person or group who developed the Bitcoin software and who created the whitepaper in 2009. Nakamoto was the first one who solved the double-spending problem for cryptocurrency using a peer to peer network. The interesting thing about the person behind this name or pseudonymous is that he was active in the development of bitcoin up until December 2010. Then, he just disappeared and left the Bitcoin network.

We have to remember that he was the first one to add a block to the chain, so he created the genesis-block of one of the most important cryptocurrency blockchains, Bitcoin. He won 50BTC when he mined that first block and if we analyze the transactions inside it, we can find a hidden message:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

The text refers to a headline which was published in The Times on 3 January 2009. This message has been interpreted as both a timestamp of the genesis block and a derisive comment on the instability caused by the fractional-reserve banking.

When Satoshi disappeared without revealing his identity many theories have been stablished. I will analyze some of the people who the community thinks are Satoshi:

Dorian Nakamoto: when the existence of this man appeared, it caused a great astonishment in the crypto and wider tech community as this was the first time that the world was close to find who really Satoshi Nakamoto was.

Dorian Nakamoto is thought to be the creator of Bitcoin because of his name and his training as an engineer, however he has aggressively denied it and he has not been working as an engineer for years. His name and location were uncovered by a magazine which was trying to find who Nakamoto was.

Craig Wright: Individuals suspected of being Satoshi Nakamoto have denied the claim or remained silent. That has not been the case of Craig Wright, an Australian scientist. He was introduced to the world at a Bitcoin Investor’s conference in Las Vegas in 2015, after that conference he has been presented as the strongest evidence yet of Satoshi Nakamoto’s true identity. That evidence consisted of similarities in timestamps and Wright’s blog entries, however he has also been very criticized after some true facts emerged. Even Vitalik Buterin (developer of Ethereum) came out against Craig as Satoshi.

Nick Szabo: Nick Szabo is a computer engineer who invented smart contracts and Bit Gold, a precursor to bitcoin. Several blogs and articles have suggested that Szabo could be Satoshi Nakamoto because of his training and knowledge and his previous projects which have concepts and ideas that are very similar to the Bitcoin ones.

This mystery will continue like this until Satoshi accepts to reveal his true identity or when someone discovers who he is. But we have to take in account that in 2017 he probably had US$19 billion, being at that time the 44th richest person in the world.

https://www.investopedia.com/tech/three-people-who-were-supposedly-bitcoin-founder-satoshi-nakamoto/ https://academy.bit2me.com/quien-ha-creado-bitcoin/

I hope you find this curiosity interesting and encourage you to continue looking for facts or interesting topics we could discuss.

Best regards,
Manuel Cortés (Spain)

Re: Bitcoin Whitepaper
« Reply #2 on: 29 July , 2019, 15:11:35 pm »
Hi everyone,

I also want to contribute with some information about Satoshi Nakamoto since I think this is a very interesting topic.

As we know, one of the biggest mysteries in the world of technology is the identity of Satoshi Nakamoto, the computer programmer who invented the digital currency Bitcoin. Satoshi Nakamoto is a pseudonym, it can be a person or a group. Today, nobody has yet discovered who or what it is. In 2008, Satoshi Nakamoto published his White Paper or White Paper that contained the first mention of Bitcoin, calling it a P2P (Peer-to-Peer) electronic cash system, at that time Bitcoin was just an idea on a paper. It was in 2009 when Nakamoto put the concept to the test, launching the first Software of this cryptocurrency. Nakamoto was active those early years, writing in forums, sending emails and working with other developers and coders to improve the program. In 2010, Satoshi Nakamoto announced his retirement and declared Gavin Andresen as the leading developer for the implementation of the Bitcoin software client, handed the keys for the control of the software source code repository to Andresen, he also gave the domain bitcoin.org and several other domains. After doing this, Nakamoto began to communicate less and less with the forums and in 2011 disappeared. No one, not even the closest collaborators, ever met the founder in person.

Although Satoshi Nakamoto disappeared completely, that person or group did not leave empty-handed, it is estimated that Nakamoto took with him a million bitcoins, which, at today's price, has quite significant value.

Why did Nakamoto disappear? For this story there are two main hypotheses that compete with each other. One of them says that Satoshi wanted to leave Bitcoin alone and that it became what it is without him, on the other hand, the other story tells that Satoshi just wanted to see Bitcoin take off and maintain its privacy.

But who is Satoshi Nakamoto? This is a question that still arouses amazement in the world of cryptocurrencies, there are many suggested identities that we will discuss later. Let's take a look at what we do know about Nakamoto, we are completely sure that he did not work alone, maintained close contact with other developers through forums and emails, followed the source code while asking other people for advice, this continued until that the contact between him and his team vanished. At that time, Nakamoto himself said he was a 37-year-old man living in Japan, something completely false according to many people. His perfect use of the English language to communicate in the forums and email and the fact that the source code was never documented in Japanese, make it a very unusual statement and behaviour for someone who claims to have lived in Japan all his life.

By now we know that there is a lot of mystery surrounding the inventor of Bitcoin. In 2011, Stefan Thomas, a Swiss coder and active member of the Bitcoin community at that time, had a great idea, decided to look at the time stamps of the Nakamoto forum posts, with more than 500 posts, should be possible to find some pattern in it. Thanks to this research, they noticed an incredible decline to almost no publication between 05:00 am and 11:00 am GMT. It is very likely that Nakamoto was sleeping in that period of time. When looking at the different time zones in the world, Nakamoto probably lived in the parts of North America that were in this time zone and the central time zone, some parts of Central America, the Caribbean and South America are also possibilities.

An expert computer security researcher named Dan Kaminsky said the code was so well done that Nakamoto could be an incredibly intelligent genius or a team of people.

In 2011, an article in The New Yorker written by Joshua Davis, suggested that Nakamoto's identity was based on several possible people, they would probably be finish researcher Vili Lehdonvirta and Michael Clear, an Irish student at the time. Both one and the other responded flatly denied this.

In October of that same year, Adam L. Penenberg, a research journalist who writes for Fast Company, said he had evidence suggesting that Neal King, Vladimir Oksman and Charles Bry. Penenberg discovered that they had submitted to a patent application that contained the phrase "Computer-impracticable to reverse" this phrase was used in the Bitcoin White Paper. To reaffirm his suspicions, he said that the domain name bitcoin.org was registered three days after registering the patent.

In May 2013, Ted Nelson speculated that a Japanese mathematician named Shinichi Mochizuki was Satoshi Nakamoto. These accusations were denied without any argument.

In this same year, Nakamoto also linked up with Ross William Ulbricht, owner of Silk Road. This link was published by two Israeli mathematicians named Dorit Ron and Adi Shamir based on the blockchain analysis, later they retracted this claim.

In April 2013, researchers from Aston University linked computer scientist Nick Szaho (Manuel talked about him) with the Bitcoin technical document. Szaho is a decentralized currency enthusiast and published in document about Bitgold, which is considered an ancestor of Bitcoin. The statement was not taken seriously when even the researchers said it was a far-fetched theory, because the study does not conclusively point out Szaho, he was simply the most likely of all the people studied.

None of this theories have been proven, so I imagine that each one has different points of view. What do you think? Leave your opinion here!

Hope to read you soon,
David Corral Pazos

Re: Bitcoin Whitepaper
« Reply #3 on: 30 July , 2019, 17:25:54 pm »
Good morning,

This message is just a curiosity related with Satoshi Nakamoto. You might have heard that Satoshi’s identity was almost revealed by a person you all know, John McAfee.

This antivirus pioneer said he had spoken with the Bitcoin creator and he had planned to reveal his identity in April. McAfee said he would reveal who Satoshi was within a week, however he backed off the plan, he argued that this revelation could hurt his efforts to fight an extradition to the U.S.

McAfee said in a phone interview from the Bahamas: "I’ve spoken with him, and he is not a happy camper about my attempt to out him”

This software pioneer said in the interview that he had spent his whole life pursuing hackers, so he had been prepared for this difficult task. As he said: “People forget I’m a technologist, I am one of the best”. McAfee antics and erratic behavior have overshadowed his past, many people don’t remember he was the creator of one of the best antivirus systems and that he was a software pioneer.

But, as I said before, he cancelled his plans to reveal Satoshi’s identity because he had to defend himself on many fronts. I’ll leave down here the message he posted on twitter. 
The US extradition request to the Bahamas is imminent. I met with Mario Gray, my extradition lawyer, and it is now clear (read his letter below) that releasing the identity of Satoshi at this time could influence the trial and risk my extradition. I cannot risk that. I'll wait.

McAfee told Bloomerg that Wright (I have already explained who he is in the previous message) wasn’t the man he found and spoke to, so this theory of Craig being Nakamoto would be completely wrong.
My entire life I’ve been tracking people who are the best in the world, and hiding their identity. Finding Satoshi was a piece of cake for me.

Does he really know who Satoshi is? How could this change the way Bitcoin works or the community supporting it? We won’t know it until McAfee decides to reveal his identity and so far he is the only ne who has discovered who this anonymous creator of the Bitcoin protocol is.

I hope you find this post interesting! :D

Best regards,
Manuel Cortés (Spain)

Re: Bitcoin Whitepaper
« Reply #4 on: 30 July , 2019, 21:25:21 pm »
Hi everyone,

Before starting, let me thank Manuel for talking about the Bitcoin Whitepaper, as it was the origin of blockchain and everything related with it.

It is really interesting to read this whitepaper, but do we really know what a whitepaper in cryptocurrency is?

Well, basically a whitepaper is where a company or group of developers business plan or strategy, in this case for a particular crypto coin project. In the whitepaper it reviews value proposition, how it will be used and grown in the future.

What’s the purpose of this?

This document helps to cover several tasks. It informs the public of the project and what they hope to accomplish. Why the project is needed and roadmap timeline of milestones and when they hope to complete certain actions. It can also cover and ICO information like tokens or coin distribution.

Summarizing, a white paper is simply a business plan, in this case for a particular cryptocurrency. It can give the public an overall feel for the project and whether it is worth truly investing in. Think of it as a brochure that tells you whether a particular destination is truly worth your time.

I hope this information to be useful, do not forget to read the Bitcoin and Ethereum Whitepaper which Manuel has uploaded.

Best wishes,
David Corral Pazos