Notes

Smart contracts
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Smart contracts are a type of self-executing contract in which self-enforcing conditions guide the performance of contractual terms. Each block in the blockchain contains an append-only log of the transactions that occurred in a given 2-3 days window. These transactions are referred to as ‘transactions’ or ‘nodes’ in the technical literature and to users of the blockchain. The conditions of the contract are the actions that trigger a block to be created, or, if a block is already present, added to, and then linked with other blocks. A smart contract may be distributed as a computer application program, a web application program, or as a data feed. The protocols for smart contracts, contracts written in Ethereum and Solidity are Turing complete.

Current use

Bitcoin was first described in a 2008 research paper by pseudonymous developer “Satoshi Nakamoto”, working for a company that would later become explicitly named “The Center for Financial Innovation”, a group of IBM employees and scientists that had explored the potential for digital currency. Nakamoto first released his white paper on the design of bitcoin in October 2008 and then released the first working version of the software that would go on to become bitcoin in April 2009. Nakamoto released source code for bitcoin in April 2010 and it has since become an open-source project.

Bitcoin was created as a digital cash system, designed to allow for limited anonymous transactions without using banks or other intermediaries. In addition to use as a currency, bitcoin was also used as a proof of concept for a digital ledger technology used to record Internet transactions.

After years of relative obscurity, bitcoin has seen growing interest, and more and more merchants are accepting payments in bitcoin. By the end of 2017, the amount of value transacted through bitcoin exceeded that transferred through credit cards. At the beginning of 2018, over nine million bitcoins had been mined.

Bitcoin and digital identity

Starting in early 2016, cryptocurrency miners began flagging several altcoins as child pornography using a computer program, which blocks transactions that are below a set of heuristic filters. This, in turn, forced some owners of the coins to move their funds to different addresses before block confirmations.[223] In January 2017, a transaction fee of ten thousand satoshis was charged for each of six transactions with the headline "Urging People Not to Use Child Pornography and Not to Support It".[224] Another headline was "
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