Bitcoin was designed with a fundamental distinction: it intentionally does not use encryption for transactions.
While some might assume that a system dealing with digital cash would rely on encryption to secure transaction data, this was not the choice made in the design.
Bitcoin uses ECDSA (Elliptic Curve Digital Signature Algorithm) for securing transactions, which is a method for creating cryptographic signatures but not for encrypting data.
The signatures ensure that transactions are authenticated and that the sender has control over the coins being spent, but the data itself remains visible on the public ledger.
This is a critical point of divergence from other cryptographic systems that use similar signature algorithms in an encryption context.
ECDSA in Bitcoin’s design serves a transparent purpose: it allows anyone in the network to verify transactions without needing to decrypt them. The intent is to maintain transparency, ensuring that every transaction is open to validation by any participant.
Unlike systems that prioritize obscuring data from view through encryption, Bitcoin’s goal was to establish an open and auditable ledger where transaction authenticity could be verified publicly.
By opting for this approach, Bitcoin prioritizes a model where trust is not in secrecy but in verifiable proof through signatures.
This makes the system resilient and decentralised, with security derived from the ability of anyone to independently validate the blockchain, rather than relying on the secrecy that encryption might provide.
S. Tominaga AKA CSW
Oct 9, 2024
https://x.com/CsTominaga/status/1843905721995493827?t=Bec1SARpLYh_2P5woUQyAA&s=19
https://t.me/S_Tominaga/1174
While some might assume that a system dealing with digital cash would rely on encryption to secure transaction data, this was not the choice made in the design.
Bitcoin uses ECDSA (Elliptic Curve Digital Signature Algorithm) for securing transactions, which is a method for creating cryptographic signatures but not for encrypting data.
The signatures ensure that transactions are authenticated and that the sender has control over the coins being spent, but the data itself remains visible on the public ledger.
This is a critical point of divergence from other cryptographic systems that use similar signature algorithms in an encryption context.
ECDSA in Bitcoin’s design serves a transparent purpose: it allows anyone in the network to verify transactions without needing to decrypt them. The intent is to maintain transparency, ensuring that every transaction is open to validation by any participant.
Unlike systems that prioritize obscuring data from view through encryption, Bitcoin’s goal was to establish an open and auditable ledger where transaction authenticity could be verified publicly.
By opting for this approach, Bitcoin prioritizes a model where trust is not in secrecy but in verifiable proof through signatures.
This makes the system resilient and decentralised, with security derived from the ability of anyone to independently validate the blockchain, rather than relying on the secrecy that encryption might provide.
S. Tominaga AKA CSW
Oct 9, 2024
https://x.com/CsTominaga/status/1843905721995493827?t=Bec1SARpLYh_2P5woUQyAA&s=19
https://t.me/S_Tominaga/1174
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