Notes

History
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The blockchain was introduced in 2008 in two pieces of related work: a paper by Satoshi Nakamoto and another paper by Hal Finney. Nakamoto published a paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. The paper was published in 2008 on the Cryptography Mailing List, authored by Satoshi Nakamoto and was immediately followed by two independent but substantially similar papers authored by Hal Finney, titled "Bitcoin: A Peer-to-Peer Electronic Cash System" and "Transaction Systems and Human-Rated Proofs of Work".

Cryptography

The main function of a blockchain is to secure transactions using cryptography. Bitcoins are created by popular consensus that the system achieves this through the use of a blockchain ledger and digital signatures, and a proof-of-work (PoW) scheme. The PoW scheme leverages computing power to authenticate transactions and secure the network.

Consensus
The bitcoin blockchain is a ledger of all transactions in bitcoin. Inclusion in the blockchain is a function of solving a cryptographic puzzle using a proof-of-work scheme. In solving the puzzle, the creator of the block receives transaction fees and newly created bitcoins as a reward and proof that the block's transactions are valid. The proof-of-work scheme requires users to use computer processing resources to "solve" a computationally difficult puzzle which must be manually validated and committed to the blockchain by repeating the process. This trustless, self-regulating consensus method uses an open-source, peer-to-peer network. As all users can see all transactions, this is an example of a distributed consensus network. In a distributed consensus network, no single user or central authority is responsible for achieving consensus. The bitcoin network is ordered chronologically and this is verified through the use of timestamps. To prevent users from using alternate cryptocurrencies, the network is resistant to value attacks and double spending.

The proof-of-work mechanism of the blockchain serves to differentiate a block from any other block in the chain. It is the primary means by which blockchain nodes validate transactions and are rewarded for their work. A miner must first verify the validity of a block by checking the proof of work. Once the block's validity has been verified by all nodes in the network, it is then added to the blockchain. This step is typically performed every 10 minutes. Once a block is committed to the blockchain it becomes a permanent transaction record. Bitcoin and some other cryptocurrencies are initialized with a total supply of bitcoins, with
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