302.1 Lesson - peer2Peer

Screen: peer2Peer

Headline: Peer-to-Peer Network

Reward: 2

Text: To solve the earlier mentioned issues of centralization and possible double spends, Satoshi invented a solution based on a decentralized network of nodes.

Nodes are computers that are in constant contact with each other. This by itself is nothing new. The internet itself has a similar infrastructure of interconnected nodes.

All bitcoin nodes, however, store a copy of the ledger of all transactions in the history of the Bitcoin network.

This new, decentralized form of bookkeeping, called blockchain, was first successfully implemented in Bitcoin and is extremely resistant to tampering.

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QUIZ

Question: Which technology did Satoshi implement to solve issues of centralization and double spends?

Answer: The blockchain

Feedback: Correct! Satoshi was the first to successfully implement the blockchain - a concept first described in 1991 by Stuart Haber and W. Scott Stornetta. It's a decentralized form of bookkeeping that is resistant to tampering and allows users to make and verify transactions without the need for a central authority

Correct: true

Answer: The internet

Feedback: No. The internet is a global network of interconnected computers, but it was not invented by Satoshi and does not solve issues of centralization and double spends. Try again

Correct: false

Answer: A decentralized network of nodes

Feedback: A decentralized network of nodes is an important part of Bitcoin, but it does not solve issues of centralization and double spends by itself. Try again!

Correct: false