From the BitCoin White Paper:- Not
double spending.
- Not
trusted third party.
-
Peer-to-peer distributed timestamp server.
- From
one party to another.
-
Timestamps transactions by hashing.
- Chain of hash-based proof-of-work.
- Record in a
public history of transactions
- Small casual transactions
(micro transactions)
- Payment system based on
cryptographic proof.
- Protect sellers from
fraud.
- Routine
escrow mechanisms could easily be implemented.
-
Chronological order of transactions.
- Chain of
digital signatures.- Verify by the
chain of
ownership.
- The
earliest transaction is the one that counts.
- The proof-of-work solves the
decision making.- The
honest chain will grow the fastest.
-
Incentive make more profitable to
play by the rules.
-
Moore's Law,
storage should not be a problem.- Accept
alerts from network nodes (WP Section: 8- SPV)
-
Privacy: by keeping
public keys anonymous.(similar to
stock exchanges)
- A
new key pair should be used for
each transaction.-
Nodes do not need to be
identified.
Not from the BitCoin White Paper:- RBF (Replace By Fees)
- SegWit (Segregated Witness)
- Lingtning Network
- Taproot
https://t.me/BitcoinWP/406