Blockchain, DLT Technology, Mining and Consensus Protocols explained with 50 questions and Answers (3).

8. How did Satoshi Nakamoto’s paper “Bitcoin: A Peer-to-Peer Electronic Cash System” go viral?

While Satoshi Nakamoto’s paper did not go viral in the modern sense of the term, its strategic distribution, engaging content, active community and rapid practical implementation made it an influential document that had a significant impact on the technology and financial community, kick-starting the cryptocurrency revolution.

9.   What factors contributed to the dissemination and impact of Nakamoto’s paper?

Here are some factors that contributed to the dissemination and impact of the paper:

1. Distribution channels:

   • cypherpunks mailing list: Nakamoto initially distributed the paper through a mailing list of cypherpunks, a group of people interested in cryptography, privacy and individual freedom. This specific audience was well positioned to understand and appreciate the ideas in the paper.
   • Websites and forums: The paper was quickly published on a number of technology and cryptocurrency-related websites and forums, extending its reach to a wider audience.

2. Attractive content:

   • Novelty and relevance: The paper presented a novel and relevant idea for the time, addressing concerns about traditional financial systems and offering a decentralised alternative.
   • Clarity and detail: Despite its technical complexity, the paper was written in a clear and detailed manner, making it accessible to a technically literate audience.

3. Active community:

   • Discussion and collaboration: The paper generated a great deal of discussion and collaboration within the community of developers and technology enthusiasts. People met online and in person to discuss the ideas in the paper, propose improvements and work on Bitcoin software development.
   • Promotion and evangelism: Members of the active Bitcoin community promoted and evangelised the Bitcoin paper and technology through various channels, which helped increase its visibility and generate interest.

4. Practical implementation:

• Availability of source code: The publication of the Bitcoin source code along with the paper allowed developers to evaluate the proposal and start working on practical implementations.
• Software launch: The launch of Bitcoin software in 2009 marked an important milestone, allowing people to experience the technology first-hand and generating even more interest and

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Blockchain, DLT Technology, Mining and Consensus Protocols explained with 50 questions and answers (2)

The intervention of miners in the blockchain is not easy to understand. We will address it briefly now, and later explain the "economics" of the miners.

10.  What happened after the evangelisation of Nakamoto’s paper?

From there, the Bitcoin blockchain grew and expanded through the actions of miners. Miners, as we will explain below, are the computers in the Bitcoin network that solve complex mathematical problems to validate transactions and add new blocks to the chain.

Each time a new block is added to the chain, all nodes in the Bitcoin network must verify and validate the block before accepting it. This consensus process ensures that all nodes agree on the current state of the blockchain and that transactions are valid.

It is important to note that the Bitcoin community is not a monolithic entity. It is composed of a large number of individuals with different perspectives and interests. However, all members of the community share a common goal: to make Bitcoin a success.

The Bitcoin community plays a crucial role in the evolution and maintenance of the Bitcoin protocol. Through discussion, debate and software development, the community works to improve Bitcoin and make it more secure, efficient and scalable.

In short, the Bitcoin blockchain was not started by a single individual, but was the result of the collective (presumably inspired) actions of Satoshi Nakamoto and the Bitcoin community. The community continues to play a vital role in the maintenance and evolution of the Bitcoin network.

11.  Why are miners needed in DLT technology, Bitcoin, Blockchain …?

For those new to blockchain technology, one of the thorniest but most relevant issues is to understand the role of mining and miners in DLT technology (in general) and block formation (in particular).

In Bitcoin mining, miners compete against each other to solve a complex mathematical problem called “Proof of Work” (PoW). We will then explain what a “Proof of Work” or “Proof of Work” or “Pow” is.

The objective of PoW is to find a value that, when combined with a specific data set, produces a hash (256-character cryptographic algorithm) that meets certain requirements.

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Blockchain, DLT Technology, Mining and Consensus Protocols explained with 50 questions and answers (1).