Bitcoin Protocol: Model of ‘Cryptographic Proof’ Based Global Crypto-Currency & Electronic Payments System

11 Pages Posted: 12 Feb 2017 Last revised: 10 Jul 2017

See all articles by Yogesh Malhotra

Yogesh Malhotra

Global Risk Management Network, LLC

Date Written: December 4, 2013

Abstract

This is the first research report with specific technical focus on cryptographic ‘proof of work’ in the context of virtual crypto-currencies such as Bitcoin. Situated somewhere along the trajectory between real money and quantum money, virtual crypto-currencies based upon ‘cryptographic proof’ represent a natural stage in the evolution of global finance. Its cryptographic solution enables creation and regulation of issue of crypto-currency, preventing its counterfeiting and double-spending, and securing its global transmission at minimal transaction cost while using little time. Specific cryptographic vulnerabilities however need attention to ensure its integrity as a reliable medium of exchange and store of value.

Keywords: Bitcoin, Block Chain, Block Chain Protocol, Bitcoin P2P Electronic Payments System, Attacks-Vulnerabilities of Bitcoin, Cryptographic Protocol, Cryptographic Proof of Work, , Cryptographic Trust, Cryptocurrencies, Money, Cryptographic Algorithms, Elliptic Curve Digital Signature Algorithm, ECDSA

Suggested Citation

Malhotra, Yogesh, Bitcoin Protocol: Model of ‘Cryptographic Proof’ Based Global Crypto-Currency & Electronic Payments System (December 4, 2013). Available at SSRN: https://ssrn.com/abstract=2911623 or http://dx.doi.org/10.2139/ssrn.2911623

Yogesh Malhotra (Contact Author)

Global Risk Management Network, LLC ( email )

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