Category: 1. What is Bitcoin’s architecture?

The Bitcoin network has no hierarchy, but does have different types of Nodes fulfilling the required functions (as detailed above) to a greater or lesser extent. Full Nodes: All functions except creating new bitcoin Lightweight Nodes: Routing & Wallet (1 & 5) Miners: Issuance/Ordering; Routing & Full ledger (3,4 & 7) API Clients – Providing…

In order to function as a monetary system, without a central mediator, Bitcoin needs different participants in its network to achieve the following: Maintaining an accurate historic ledger of transactions & unspent balances Validate new transactions that confirm with the rules (consensus mechanism) Add those transactions to the historic ledger, in the correct data format…

Satoshi Nakamoto – Bitcoin’s creator – solved the Double Spend issue by creating a monetary system with fixed rules defined in computer code, not a government policy document. Those rules run as a piece of software across a distributed network of computers without hierarchy, permission or trust. No central authority enforces the rules; participants in…

What you’ll learn The architecture of existing money The architecture of Bitcoin Bitcoin’s main functions Participants in the Bitcoin network Bitcoin is the first successful example of a trustless monetary system – one that has no need for a central authority, like the Federal Reserve or the European Central Bank. By learning how Bitcoin’s technical…