This idea of work can be thought of as finding a difficult solution to a mathematical puzzle. The ledger that the entire network will believe as the real one is the one with the most computational work put into it. A certain number of these are collected into a block and a proof-of-work is computed by the nodes in the network. It does so in the following way: every member of the distributed network receives a list of transaction.
Given that there is no central authority-the entire network needs to agree on a single transaction history.
Pauli exclusion principle free#
Another problem arises - how do we ensure that everybody has the same copy of this ledger? Furthermore, how do we add transactions to one copy and ensure all the others are updated correctly in real time? Why can’t I just edit my copy and give myself free money? However, being the sole keeper of this document, I can easily add of subtract transactional lines at my discretion.īlockchain technology removes the central authority (me) by giving every transacting member their own copy of the transaction list. Ideally, as the guardian of this list, my job is to check that nobody engages in more transactions than their balances allow, ensuring they don’t double-spend their money. I number them in order of occurrence, and require transacting parties to sign their names next to their transactions as verification. Imagine I have a piece of paper containing all the monetary exchanges between a group of friends. I then want to look at the curious similarities between this technology, and a fundamental law of nature: the Pauli Exclusion Principle. I want to begin by giving a brief overview of the significant components of the Blockchain system as outlined in this seminal paper. We propose a solution to the double-spending problem using a peer-to-peer network
In the abstract, Satoshi Nakamoto outlines one of the revolutionary aspects of this new technology. The original Bitcoin whitepaper laid the foundation for Blockchain. Blockchain and The Pauli Exclusion Principleįor weekly insight and inspiration - check out my newsletter!
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