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The title of the article doesn't match the content. The tile suggests the article will talk about the white paper specifically. It instead talks about what Bit
by aazaa 6y ago
The title of the article doesn't match the content.
The tile suggests the article will talk about the white paper specifically. It instead talks about what Bitcoin got right/wrong in general.
The white paper says nothing about specific hash functions, signature schemes, scripting systems (not even mentioned at all), currency units, and many other things that ended up being important to Bitcoin.
And one of the things the white paper got wrong was to conflate chain "length" with "strength". The white paper appears to mix the two terms, even though it's clear that chain "length" wouldn't work at all as a security mechanism.
You can see examples right in the abstract:
> The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power.
Chain "strength" is the cumulative hash power behind a particular chain, which is not the same as the number of blocks.
The white paper later corrects itself:
> The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it.
- petertodd 6y agoRe: "longest chain", the first release of Bitcoin actually used longest chain rather than most work! This was secretly changed by Satoshi very early on, presumably when Satoshi realized that "longest chain" is broken and "most work" is the correct protocol. This would have been a hard-fork if not for the fact that at the time hashpower was so low that difficulty was still at the minimum limit of one, so the two versions did the same thing in practice.