ENTRIES TAGGED "trust by computation"

Bitcoin security model: trust by computation

A shift from trusting people to trusting math.

Bitcoin is a distributed consensus network that maintains a secure and trusted distributed ledger through a process called “proof-of-work.” Bitcoin fundamentally inverts the trust mechanism of a distributed system. Traditionally, as we see in payment and banking systems, trust is achieved through access control, by carefully vetting participants and excluding bad actors. This method of trust requires encryption,…
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