Bitcoin's open design encourages innovation and experimentation.
β Satoshi Nakamoto
The proof-of-work difficulty is adjusted every 2016 blocks to keep the average time between new blocks at ten minutes.
β Satoshi Nakamoto
Iβve designed Bitcoin to solve the double-spending problem without a trusted authority or central server.
β Satoshi Nakamoto
The system is designed to be scalable and efficient.
β Satoshi Nakamoto
Economic incentives align minersβ interests with network security.
β Satoshi Nakamoto
The system rewards nodes that follow the rules and punishes cheating.
β Satoshi Nakamoto
Simplified Payment Verification (SPV) allows payment verification without running a full network node.
β Satoshi Nakamoto
Bitcoinβs key innovation is the proof-of-work blockchain.
β Satoshi Nakamoto
The proof-of-work function is intentionally hard to compute but easy to verify.
β Satoshi Nakamoto
The consensus mechanism ensures all nodes agree on the transaction history.
β Satoshi Nakamoto
