Bitcoin

As mentioned in Satoshi Nakamoto’s paper that bitcoin is aimed to prevent double-spending as well as reduce the cost of third party involvement.

Bitcoin has three features that makes it Epoch-making

Decentralization
Using Peer-to-Peer Technology
Low-cost transaction

Brief Intro

Bitcoin is a distributed ledger which implement decentralization. Bitcoin ‘s design should solve Byzantine Generals Problem because it is running through public Internet. Bitcoin systems reply on Proof of Work to verify each node’s validation to prove itself running on a true CPU. Bitcoin also promise that : Malicious nodes’ blockchain won’t grow long, if most of nodes in the network are meritorious.

For double-spending problem, block-chain ensures that even if blockchain may fork at some point, but only one fork will be accepted in the end.

Drawbacks

Every new transaction need 10 min before recording on the blockchain
The trustworthiness grows as the chain grows longer, but still have chance to be waived by receiving a longer chain from other node.
Waste energy

Extends

You may read paper and watch lecture to get more detailed information about bitcoin.