Notes

By 2018, around 75% of the global bitcoin mining capacity was located in China.[220]
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Many businesses are interested in the blockchain due to therapeutic, tracking, or forensic purposes. This allows for generation of anonymous (but not necessarily untraceable) digital fingerprints, which can be used to commit crimes. The blockchain has been regarded as revolutionary by many due to its ability to record transactions in a verifiable, incorruptible way, while at the same time remaining accessible to individuals. However, others consider it more as "fraudulent money in search of a crime".

History

The concept for a protocol that would allow a distributed network of computers to reach consensus on the ordering of transactions was first published by cypherpunk Hal Finney in 1992.[24] Finney's protocol did not specify a digital currency, did not deal with consensus on the ordering of transactions, and had no proof of work. Finney's protocol did, however, suggest the use of cryptographic hash functions in the Merkle–Damgård construction for public key cryptography.

Hashcash was invented in 1997 by Adam Back and Ian Murgatroyd. Hashcash, like Finney's protocol, is a distributed computing protocol, but like the later Bitcoin protocol, focuses on solving the double spending problem by using a proof-of-work system.: ch. The first prototype was written by Murgatroyd and Back in 1998. Hashcash was described in a 1997 scientific paper[15] and a 1998 text book of cryptography.[17] The scientists' 1997 paper described a practical double-spend preventive scheme to head off both time-wasting mining (whereby the attacker could prevent spending of a coin by spending the time required to generate a valid hash) and the use of precomputed tables for speed.

The Bitcoin network was mentioned in passing in 1998. Mentioning that the idea was proposed in the USENET newsgroup cryptome.org in 1992,[24] Finney cryptome.org in November 1993: “I had proposed such a thing years before and had been kicked off Usenet for it.” and Hal Finney in December 1994, when he was asked if he would consider going to work on such a project:[25] “By the way, I'm currently working on a digital cash system that's based on the idea of digital scarcity, as opposed to physical scarcity. It's the first system that attempts to deal with
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