Disc Lamer (LOL…!!):
The below mentioned knowledge is for public use only. All characters, names(including Satoshi), places are purely a work of Science. No animals were harmed or tortured in the process of writing this article(Only feelings of aliens were). This article does not promote any kind of discrimination (Specially with fiat currency). Resemblance to any other article is…… Not Possible, coz this is the original creation (Recreated from Satoshi’s Paper).
Ohh Who Am I Kidding…!! Just Read It…
With introduction of Satoshi Nakamoto’s white paper, the world has started to see a huge change in this digital decade. The name is quite obvious and hence funny. What paper can even be black? A paper has to be white.
Well, getting back on track, this white paper basically comprises of an architecture to build a foundational crypto entity, like bitcoin.
It’s Based on a very simple yet incomprehensible relation between the value and price balance. Sounds just like a modern relationship, doesn’t it?Divided in multiple parts, this alien knowledge is about to be wrapped out right in front of your eyes.
Yes, I specifically called it an alien knowledge as nobody knows who the [CENSORED] is this Satoshi Nakamoto. He can or can not be a person from Earth. It’s assumed to be a group of nerds who one day popped up out of nowhere and declared their dominance over computer world with deployment of this fascinating Crypto Entity called Cryptocurrency.
The first Crypto entity they deployed was Bitcoin, and that’s the basic reason it is that famous among investors these days. It’s been a belief that old people have more value in a society. With same analogy, the older Crypto entities like bitcoin have higher values in market.
Let us focus on what exactly made that event a history and not on what or who that history is about. It can be related to Martians too and I don’t want some slimy aliens to kill me. I will now reveal the sacred alien knowledge before you:
What Exactly Does White Paper Say?
White Paper basically describes ways and methods to plan, design and implement a Crypto coin.
This is defined in six basic parts but I will collectively shorten it for you in just four, because I know how much are you interested in reading this stuff.
GALACTIC SECRET 1: TRANSACTIONS
Transactions are just a method to exchange the entity between two peers. I know you did not understand this. Let’s assume you are a kid and you want to give away 5 Halloween candies to your crush. She is going to accept that only if you give it with love or compassion. You cannot just throw those candies at her face. This process of adding a bit of love to your action of transferring the candies is called Digital Signing.
A Crypto Entity must be digitally signed before it is taken under a transaction. This makes it simple to complete the transaction smoothly. Number of candies successfully transferred is directly proportional to number of hugs received.
I know this part is a bit longer, but bear with me guys. Just bear with me.
Once the candies are received by your crush, the feelings about you are generated in a heart. She cannot forget your smile, and she always keeps a record of you in her heart. That record/ impression you leave behind is called a Hash code. A has code basically comprises of data about previous block.
GALACTIC SECRET 2: PROOF OF WORK
Once you have successfully transferred the candies to your crush, the task isn’t over. You have to make sure you tell about this life changing event to your friends(Coz that’s what kids do. They just jabber around their stupidity.).
This jabbering around makes sure your feelings for the girl are pure, acceptable by your friends and at the same time keeps the other competitors away from the race course. This phenomenon of making the transactions accepted among other peers by broadcasting the hash is called as Validation/ Proof-Of-Work. That in a single word is known as mining.
GALACTIC SECRET 3: INCENTIVE
As Cryptocurrency Exchange does not have any central authorization or monitoring system, the records cannot be maintained centrally. Thus, records must be stored in a distributed manner.
Just like you cannot announce your success of transferring candies to your crush so you must tell it to your friends, so they can go and spread the word to world for you.
Incentive is basically the same concept. Once a new coin is created, it must increase the length of its blockchain for a deeper spread of the coin into the market. The creator gives away a small part of a coin to whoever finds the hash and creates a new block, adding it to chain. This increases the popularity of the coin increasing the number of investors thus bringing the currency in circulation, and profiting the creator.
GALACTIC SECRET 4: DISC SPACE REDUCTION
Now the news of chemistry between you and your crush has spread its reach throughout the town. You need to stop this plaque before it reaches your home and your parents ground you for eternity.
Disc Space reduction is a technique is used to clean up such transaction records which are obsolete in nature and are of no use to anyone in the blockchain now. So that the disc data space is not unwantedly occupied, and you stay clear to create new blocks and undertake new transactions.
I have promised to keep things short. So, I will keep my word.
If you want to read more, why don’t you just read the paper? I bet you won’t understand.
Well, maybe I should stop with my dark comedy now and equally respect you. You can come to me anytime if you need any info on this white paper thing. PS: Dark comedy is funny too.
May the alien white paper enlighten you and me.