Bitcoin: A Peer-to-Peer Electronic Cash System
Bitcoin 比特币
peer 同辈
peer-to-peer 点对点
electronic 电子的
Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending.
abstract 摘要
purely 纯粹
version 版本
online payment 在线支付
party 当事人
financial institution 金融机构
digital signature 电子签名
third party 第三方
double-spending 重复消费
We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.
propose 提出
timestamp 时间戳
transaction 交易，合同
hash 哈希散列
ongoing 不断的
hash-based 基于哈希散列的
proof-of-work 工作证明
redo 重做
The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers.
sequence 序列
a majority of 绝大多数的
cooperate 合作
outpace 赶超
The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
broadcast 广播
on a best effort basis 尽力而为
rejoin 重新加入
at will 随意
- Introduction
Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model.
commerce 贸易
rely on 依赖
exclusively 仅仅
financial institution 金融机构
process 处理
inherent 固有的
the trust based model 基于信任的模式
Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes.
non-reversible 不可逆
mediate 调节
dispute 纠纷
The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services.
transaction costs 交易成本
practical 实际的
cut off 切断
casual 随便的
small casual transaction 小额临时交易
broader 更广泛的
loss 损失
With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need.
merchant 商人
wary 警惕
hassle 争论
otherwise 反之
A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.
fraud 骗局
uncertainty 不确定性
mechanism 机制
communications channel 通讯渠道
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