What better way to begin your week than with a journey to the roots of Bitcoin and the birth of cryptocurrency. It’s time for Words from Satoshi: Episode 2.
Let’s get into it.
This “Words from Satoshi” series is pretty self-explanatory, I want to pick a quote from Satoshi and display them for you all. If nothing else, I just want to simply introduce more people to his perspective and motivations for creating a peer-to-peer electronic cash system that doesn’t rely on a trusted third party.
Today’s quote is:
“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”
This was Satoshi’s first post regarding Bitcoin.
This was him bringing to light a new idea, a solution to the Byzantine Generals Problem and how it can be applied to an electronic cash system through the use of hashes and cryptography.
If you’re not sure what this Byzantine Generals Problem is, or how an ancient empire’s general could have anything to do with a thing like Bitcoin, I found a great article that relates this philosophical problem in an understandable way and also provides additional videos for a deeper understanding.
If you want to understand how consensus is achieved for these blockchain-based cryptocurrencies, understanding this problem first is a must.
Getting back to today’s Words from Satoshi, I can’t help but feel almost a sense of nostalgia.
Even though I was in no way connected or involved with the creation of Bitcoin, I love the fact that these first communications occurred electronically, so others could witness and take part in what would turn out to be the type of new technology that has the ability to turn the tables on how entire financial systems have run for centuries.
I get a sense of nostalgia because I feel like I can empathize with this being his first time exposing his ideas to the world, or at least to the few people who were active in that P2P foundation forum. This was the very start of Satoshi and those who helped make Bitcoin a reality. This should be a proudly historic moment for all of us who have become a bit obsessed with sharing this new world of cryptocurrency to everyone.